California

ESI Arranges $12.8M Sale of Seniors Housing Community in San Luis Obispo, California

by Amy Works May 30, 2019

SAN LUIS OBISBO, CALIF. — Evans Senior Investments (ESI) has arranged the sale of The Manse on Marsh, an 87-unit independent living and assisted living community in San Luis Obispo. An independent owner-operator sold the property to a California-based owner-operator for $12.8 million. The buyer is a turnaround specialist, and acquired the property as a value-add opportunity. The property was partially encumbered by a ground lease and included multiple cottages that were rented to residents at the community. Both the fee simple interest and leasehold interest were transferred to the buyer with the transaction. At the time of the sale, the community was 75 percent occupied and 100 percent private pay.

May 30, 2019

California Development Industrial Western

Stirling Capital Completes 466,255 SF Expansion at Southern California Logistics Airport

by Amy Works May 29, 2019

VICTORVILLE, CALIF. — Stirling Capital Investments has completed a building expansion for Newell Brands at Southern California Logistics Airport (SCLA) in Victorville. This is Newell’s second expansion at the property since it original lease for 407,600 square feet in 2006, bringing the new building total size to 1 million square feet. With the new 466,255-square-foot expansion, the building now features 78 dock-high doors with 32-foot clear heights. Newell first expanded its footprint at SCLA in 2012 by adding 176,800 square feet to accommodate increased regional and national distribution of company products. Newell will occupy the new building through 2029.

May 29, 2019

California Development Industrial Western

Dempsey Finishes Construction of 174,200 SF Industrial Building in San Diego

by Amy Works May 29, 2019

SAN DIEGO — Dempsey Construction has completed the ground-up construction of an industrial building at Frontera Business Park, located at 2695 Customhouse Court in the Otay Mesa neighborhood of San Diego. The concrete tilt-up building totals 174,200 square feet of space. Three main storefront entries feature spandrel glass and pop-out elevations. Situated on 9.2 acres, the facility has 43 dock-high truck doors, a 36-foot clear height and six grade-level truck doors. The building is part of Frontera Business Park, a seven-building, 517,207-square-foot industrial campus.

May 29, 2019

California Development Multifamily Seniors Housing Western

WellQuest Breaks Ground on Seniors Housing Community Near Sacramento

by Amy Works May 29, 2019

GRANITE BAY, CALIF. — WellQuest Living has broken ground on WellQuest of Granite Bay, a seniors housing community in Granite Bay, approximately 25 miles northeast of Sacramento. Once complete, the property will offer independent living, assisted living and memory care. The project is set for completion in summer 2020. WellQuest will have over 1,000 senior living apartments in operation or under construction by the end of 2019 throughout California and Nevada. The Salt Lake City-based company currently has three communities opened.

May 29, 2019

Cooley-Ranch-Professional-Center-Colton-CA

Acquisitions California Office Western

Marcus & Millichap Arranges $1.2M Sale of Cooley Ranch Professional Center in the Inland Empire

by Amy Works May 29, 2019

COLTON, CALIF. — Marcus & Millichap has arranged the sale of Cooley Ranch Professional Center, an office property located in Colton. An individual/personal trust sold the property to an undisclosed buyer for $1.2 million. Located at 1325 E. Cooley Dr., the two-story building features 16,554 square feet of office space. Drew Wetherhold and Kevin Struve of Marcus & Millichap’s Ontario, Calif., office represented the seller in the deal.

May 29, 2019

Acquisitions California Multifamily Western

Colliers Negotiates $46M Sale of The Gershwin Apartments in Hollywood

by Amy Works May 28, 2019

LOS ANGELES — Colliers International has facilitated the sale of The Gershwin Apartments, a landmark mixed-use property located at 5533 Hollywood Blvd. in Los Angeles’ Hollywood neighborhood. A local development, management and investment firm acquired the property for $46 million in an all-cash transaction. Kitty Wallace of Colliers represented the buyer and seller, a private real estate investment company, in the deal. Built during the 1920s and originally known as the St. Francis Hotel, the five-story building was renovated over the years and transformed into a mixed-use asset with 163 residential units, nine neighboring bungalows, a 17,000-square-foot surface parking lot and 10,565 square feet of ground-floor retail space. The apartments feature a mix of layouts from micro lofts with kitchenettes to two-bedroom bungalows with private yards. A total of 119 of the units have been completely renovated.

May 28, 2019

Acquisitions California Multifamily Western

Calvera Partners Buys 52-Unit Bay Area Apartment Building for $15.9M

by Amy Works May 28, 2019

ALAMEDA, CALIF. — Calvera Partners has acquired a 52-unit apartment building, located at 430 and 450 Buena Vista Ave. in Alameda, from an undisclosed seller for $15.9 million. As the final acquisition for the company’s current discretionary investment fund, the purchase is part of the firm’s ongoing plan to reposition vintage multifamily properties in the Bay Area. Calvera plans to rebrand the three-story building, which was constructed in 1964, with new signage, refreshed landscaping and common areas, and comprehensive upgrades to individual units. Additionally, the property renovation will address deferred maintenance issues and structural improvements.

May 28, 2019

California Development Multifamily Western

TCR, Barings Commence Construction of $90M Apartment Community in Bay Area

by Amy Works May 24, 2019

DANVILLE, CALIF. — Trammell Crow Residential (TCR) and Barings Real Estate Advisers are co-developing Alexan Downtown Danville, an apartment community located in Danville’s historic downtown district. Framing has commenced at the $90 million project, located at 375 Diablo Road, and completion is scheduled for summer 2020. Situated on 3.75 acres about 22 miles west of downtown Oakland, Alexan Downtown Danville will feature 144 apartments in a mix of one-, two- and three-bedroom apartments and townhomes, ranging in size from 500 square feet to 1,600 square feet. Community amenities will include a clubhouse with a lounge, conference room, business center, fitness center and package concierge. Outdoor amenities will include a resort-style swimming pool and spa, fire pit, outdoor kitchen, grill stations and dining area, a children’s play area, pet park and a vista overlooking the adjacent San Ramon Creek. Additionally, the property will feature private, gated subterranean parking with electric vehicle charging stations. The project team includes Wells Fargo as construction lender, LCA Architects as architect, Gates + Associates as landscape designer and Carlson, Barbee & Gibson as civil engineer.

May 24, 2019

Acquisitions California Loans Multifamily Seniors Housing Western

Harborview Capital Arranges $51.9M HUD Acquisition Loan for Skilled Nursing Portfolio in California

by Amy Works May 24, 2019

NEW YORK CITY — Harborview Capital Partners, a commercial real estate finance based in New York City, equity and advisory firm, has arranged a $51.9 million bridge-to-HUD loan for the acquisition of six skilled nursing facilities across California. The portfolio totals 678 beds, and the borrower is a national private investment group. Further details regarding the properties were not disclosed. The financing is a three-year bridge loan at 90 percent leverage. Harborview’s Jonathan Kutner and Eli Kutner originated the loan, which Robert Kellerman negotiated.

May 24, 2019

California Development Retail Western

Midwood Investment to Develop 94,000 SF Retail Property in Los Angeles’ Studio City

by Amy Works May 24, 2019

LOS ANGELES — Midwood Investment & Development plans to build The Shops at Sportmen’s Lodge at the intersection of Coldwater Canyon Avenue and Ventura Boulevard in the Studio City neighborhood of Los Angeles. Designed by Gensler, the new ground-up development will feature 94,000 square feet of retail space and communal outdoor space designed OLIN Studio, as well as more than 450 parking spaces. Groundbreaking will commence in August, with an estimated opening slated for fall 2020. Midwood is co-developing the project with Richard Weintraub, who originally introduced this retail concept to the Studio City neighborhood.

May 24, 2019

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