California

Realm Group Acquires High-Rise Multifamily Development Site in Downtown Los Angeles

by Amy Works June 10, 2019

LOS ANGELES — Realm Group, a joint venture between Newport Beach, Calif.-based Realm Real Estate and Irvine, Calif.-based The Bascom Group, has purchased a 1.5-acre site, located at 675 S. Bixel St. in downtown Los Angeles. Realm Group entitled the site for the development of a 36-story, 422-unit mixed-use high-rise multifamily building. The concrete, steel and glass tower will have a loft-style design and feature a rooftop sky lounge providing views of the city’s skyline. A 40,000-square-foot amenity deck on the fifth floor will feature a pool terrace and dog park. Construction is slated to commence in 2020. Charles Halladay, Jamie Kline, Nicholas Lench and Samuel Godfrey of HFF facilitated the land financing. Starwood Property Trust provided the debt financing for the land purchased.

June 10, 2019

California Loans Multifamily Western

CIT Provides $48.2M in Financing for Southern California Apartment Complex

by Amy Works June 10, 2019

COLTON, CALIF. — CIT Group’s Real Estate Finance division has provided $48.2 million in senior secured financing for the acquisition and redevelopment of The District at Grand Terrace, a multifamily property located in Colton. The borrower, an investment fund managed by Tower 16 Capital Partners, previously announced its purchase of the property. Situated on 15 acres, the property features 352 garden-style apartment units. The financing includes funding for interior and exterior renovations of the property.

June 10, 2019

California Loans Multifamily Seniors Housing Western

Grandbridge Facilitates Refinance of Northern California Manufactured Housing Community

by Amy Works June 10, 2019

SONOMA, CALIF. — Grandbridge Real Estate Capital has arranged a cash-out refinancing for a manufactured home community in Sonoma. Situated on 39 acres, the age-restricted manufactured housing community features 292 sites. Hunter Curtis and Taylor Curtis of Grandbridge’s Newport Beach, Calif., office originated the transaction for the undisclosed borrower. The non-recourse loan was structured with a fully amortizing term and funded through one of Grandbridge’s insurance company correspondents.

June 10, 2019

California Development Multifamily Western

Pathfinder Partners Completes 41-Unit Creekside Apartments in Metro San Diego

by Amy Works June 7, 2019

VISTA, CALIF. — Pathfinder Partners, in partnership with Silvergate Development, has completed the construction of Creekside Apartments, a multifamily community located at 215 Vista Village Drive in Vista. Situated on 1.5 acres, the property features 41 units in a mix of studio, one- and two-bedroom layouts ranging from 480 square feet to 1,135 square feet. All units include washers/dryers, wood-style plank flooring, quartz countertops, floor-to-ceiling windows and energy-efficient stainless steel appliances. Community amenities include a high-end clubhouse and lounge, as well as an outdoor area with barbecues, fire pit and complimentary Wi-Fi. San Diego-based Sunrise Management is overseeing all marketing/branding, leasing and day-to-day operations at the property.

June 7, 2019

Acquisitions California Industrial Western

Rexford Industrial Buys Two Properties in Southern California for $34.5M

by Amy Works June 7, 2019

CITY OF INDUSTRY AND SUN VALLEY, CALIF. — Rexford Industrial Realty has acquired two industrial properties in Southern California for $34.5 million. The company purchased a 190,900-square-foot industrial property at 218 S. Turnbull Canyon Road in City of Industry for $27.1 million, or $142 per square foot. Situated on 8.8 acres, the property was fully leased to a single tenant at a below-market rent. The facility features 30-foot clear heights, 44 dock doors and ESFR fire sprinklers. Additionally, Rexford Industrial acquired an asset located at 9750 San Fernando Road in Sun Valley for $7.4 million, or $63 per square foot. The fully leased, paved site features 35,624 square feet of improvements on 2.7 acres, with significant outdoor storage space and potential for future development of a new distribution building. Year-to-date, Rexford has acquired $463 million in assets.

June 7, 2019

California Development Multifamily Seniors Housing Western

Silverado Prepares to Open $12M Memory Care Community in Orange County

by Amy Works June 7, 2019

BREA, CALIF. — Silverado plans to open Silverado Brea, located approximately 20 miles southeast of Los Angeles, by the end of summer 2019. The nearly 34,000-square-foot, two-story community joins nearby Silverado communities in Tustin, Costa Mesa and San Juan Capistrano. The number of units in the community was not disclosed. The $12 million development sits on 1.15 acres.

June 7, 2019

Acquisitions California Industrial Office Western

Stos Partners Sells Two Industrial, Office Assets in Southern California for $33.5M

by Amy Works June 6, 2019

CHULA VISTA AND SAN DIMAS, CALIF. — San Diego-based Stos Partners has completed the sales of two properties, totaling 221,448 square feet, for $33.5 million. In the first deal, Stos Partners sold two industrial buildings, located at 1670 and 1690 Brandywine in Chula Vista, to a large institution for $24.4 million. The 170,805-square-foot asset is divided into six industrial units ranging in size from 25,000 square feet to 55,000 square feet and is leased to a mix of national credit, regional credit and local companies. Bryce Aberg, Jeff Cole, Jeff Chiate and Brant Aberg of Cushman & Wakefield, along with Michael Mossmer of Voit Real Estate Services, represented the seller in the disposition. In the second transaction, Stos Partners sold a two-story, 50,634-square-foot office building, located at 650 W. Cienega in San Dimas. A trade union acquired the property for approximately $9.1 million. The buyer plans to use the facility as an owner-user. Taylor Ing at Newmark Knight Frank represented the seller, while Brandon Burns of Cushman & Wakefield represented the buyer in the deal.

June 6, 2019

Acquisitions California Retail Western

SRS Arranges $12.9M Sale of Avery Center Shops in Mission Viejo, California

by Amy Works June 6, 2019

MISSION VIEJO, CALIF. — SRS Real Estate Partners’ Investment Properties Group has arranged the sale of the retail component with Avery Center in Mission Viejo. Orange County-based Pacific Castle sold the property to an Orange County-based family for $12.9 million. The 16,568-square-foot retail portion includes two fully occupied retail buildings located at 28601-28621 Marguerite Parkway. Built in 1977 and renovated in 2016, the asset’s triple-net leased tenants include Jimmy John’s Gourmet Sandwiches, Epic Wings, Broken Yolk Café and Big Grill Mongolian BBQ, as well as four local retailers. Patrick Luther and Matthew Mousavi of SRS’ Investment Properties Group represented the seller in the deal. Terrison Quinn, also of SRS, advised the seller on repositioning the renovated center and leasing activities for the property.

June 6, 2019

Acquisitions California Retail Western

Capstone Advisors Buys 28,037 SF El Camino Square in Encinitas for $12.2M

by Amy Works June 6, 2019

ENCINITAS, CALIF. — Capstone Advisors has acquired El Camino Square, a retail property located in Encinitas. US Financial LP sold the asset for $12.2 million. Located at 191 N. El Camino Road, the two-level property features 28,037 square feet of retail space. Current tenants include T-Mobile, Salon Bella Bella, Golden State Bagels and Chiltonic. Vic Gausepohl and Kirk Allison of Colliers International San Diego Region represented the buyer, while the seller was self-represented in the deal. Gausepohl and Allison have also been retained to handle leasing for the property.

June 6, 2019

Acquisitions California Multifamily Western

Raintree Partners Buys Seven-Asset Multifamily Portfolio in California for $79M

by Amy Works June 5, 2019

GLENDALE, CALIF. — Orange County, Calif.-based Raintree Partners has purchased a seven-property multifamily portfolio in Glendale for $79 million. Totaling 231 units, the portfolio includes: Stanley Oaks Apartments, an 80-unit community located at 1435 Stanley Ave. Everett Apartments, an eight-unit community at 138 N. Everett St. Wilson Apartments, a 14-unit property located at 1458-1462 E. Wilson Ave. Justin Oaks Apartments, a 54-unit asset located at 1133 Justin Ave. Chestnut Apartments, a 33-unit property located at 120 W. Chestnut St. Galleria Pointe Apartments, a 22-unit community located at 1140 N. Columbus Ave. Burchett Apartments, a 20-unit asset at 314-320 W. Burchett St. Raintree Partners plans to implement a value-add renovation plan across the portfolio. The improvements will include addressing deferred maintenance; upgrading exteriors, amenity areas and unit interiors; and installing new washers and dryers in select properties. Additionally, the Raintree Partners will rebrand and operate the seven properties as The Indie Collection. Alex Mogharebi and Otto Ozen of The Mogharebi Group represented the seller in the deal. Wells Fargo provided acquisition financing.

June 5, 2019

Newer Posts

Older Posts