California

Acclaim Cos. Receives $65.7M in Construction Financing for 100,000 SF Office Building in Redwood City, California

by Amy Works November 30, 2018

REDWOOD CITY, CALIF. — Menlo Park, Calif.-based Acclaim Cos. has received $65.7 million in non-recourse construction financing for the 855 Main Street, a speculative office project development in downtown Redwood City. The company received entitlement approvals for the project in June and will develop the building with a team that includes W.L. Butler and DES Architects. The neoclassical-designed building will feature 100,000 square feet of office and retail space within a short walking distance of downtown amenities, multifamily buildings and public transit opportunities. Ramsey Daya, Chris Moritz and Travis Bailey of Newmark Knight Frank secured the financing for the borrower.

November 30, 2018

California Leasing Activity Retail Western

SRS Brings Seven New Tenants to Burbank Town Center

by Amy Works November 30, 2018

BURBANK, CALIF. — SRS Real Estate Partners has signed leases with seven tenants to bring 130,000 square feet of new retail space to Burbank Town Center, located at 201 E. Magnolia Blvd. in Burbank. With the new tenants, the 1.2 million-square-foot property is 94 percent occupied. The asset recently underwent a $60 million upgrade, including a new ground-floor food court and upper-level dining terrace. New tenants are: H&M (26,500 sf) Round 1 Bowling and Entertainment (45,000 sf) Bob’s Furniture (32,000 sf) A 7,200-square-foot contemporary Asian bar and grill concept Carter’s (4,600 sf) An international virtual reality concept (4,500 sf) Panini Kabob Grill (3,000 sf) Terrison Quinn and Casey Mahoney of SRS Real Estate Partners represented the landlord in the transactions.

November 30, 2018

Acquisitions California Retail Western

Marcus & Millichap Directs $5.6M Acquisition of Diablo Plaza in Novato, California

by Amy Works November 29, 2018

NOVATO, CALIF. — Marcus & Millichap has negotiated the purchase of Diablo Plaza, a retail property located in Novato. A limited liability company acquired the asset for $5.6 million. Ethan Pintard of Marcus & Millichap represented the buyer in the deal. The seller was not disclosed. Located at 975 Diablo Ave., the 10,948-square-foot property was fully leased at the time of sale. Tenants include Panda Express, Orangetheory Fitness and Domino’s. The 38,202-square-foot lot also includes 46 parking spaces.

November 29, 2018

California Hospitality Loans Mixed-Use Retail Western

Meridian Capital Arranges $5.5M in Financing for The Covell Building in Los Angeles

by Amy Works November 29, 2018

LOS ANGELES — Meridian Capital Group has secured $5.5 million to refinance The Covell Building, a mixed-use property in Los Angeles. Located at 4642-4632 Hollywood Blvd. the two-story, 15,000-square-foot building features ground-floor retail space and Hotel Covell on the second floor. Tenants include Go Get Em Tiger, Covell Wine Bar and McConnell’s Ice Cream. The boutique hotel features individually curated suites, each featuring a customized theme. Seth Grossman and Andy Strauss of Meridian Capital arranged the 10-year CMBS loan, which features a fixed rate and full-term interest-only payments.

November 29, 2018

Acquisitions California Multifamily Western

Levin Johnston Directs $16.8M Acquisition of Multifamily Property in Palo Alto, California

by Amy Works November 28, 2018

PALO ALTO, CALIF. — Levin Johnston of Marcus & Millichap has arranged the purchase of a multifamily community located at 283-301 and 327 Curtner Ave. in downtown Palo Alto. A private high-net-worth investor acquired the property from a Northern California-based multifamily development company for $16.8 million. The 32-unit apartment community features an upgraded community barbecue area and pet-washing station. Adam Levin and Robert Johnston represented the buyer and the seller in the deal.

November 28, 2018

Acquisitions California Industrial Self-Storage Western

Baron Equities Sells 88,000 SF Self-Storage Facility in San Diego’s Kearny Mesa

by Amy Works November 28, 2018

SAN DIEGO — Los Angeles-based Baron Equities has completed the sale of Aero Drive Self Storage, located at 9645 Aero Drive in the Kearny Mesa area of San Diego. A well-capitalized national operator acquired the facility for an undisclosed price. The property feature 88,000 square feet of self-storage space. Greg Wells of Cushman & Wakefield’s Self Storage Practice Group represented the buyer and seller in the transaction.

November 28, 2018

Acquisitions California Office Western

Redwood Partners Acquires 210,428 SF The Hubb Office Property in Downtown Long Beach for $60.5M

by Amy Works November 27, 2018

LONG BEACH, CALIF. — Redwood Partners has purchased The Hubb, a creative office property located at 100 W. Broadway in downtown Long Beach. A joint venture between Singerman Real Estate and Ocean West Capital Partners sold the property for $60.5 million. Originally built in 1986, the 210,428-square-foot creative office building underwent a $12 million capital improvement program in 2017. The renovation included the addition of high and exposed ceilings, operable windows, polished concrete floors and full-height glass lines. The Hubb also features an indoor-outdoor amenity area known as “WorkPark,” which provides a modern outdoor office environment with work tables, seating, lounge chairs and Wi-Fi stations. The property also features an adjacent, six-level parking structure. At the time of sale, the property was 88 percent occupied by a variety of office and retail tenants, including WeWork as the long-term anchor tenant. Kevin Shannon, Ken White, Rob Hannan, Laura Stumm and Michael Moll of Newmark Knight Frank represented the seller, while Bob Safai of Madison Partners represented the buyer in the deal.

November 27, 2018

California Loans Multifamily Western

Hunt Real Estate Capital Provides $5M Refinancing for Gabilan Hills Townhomes in Salinas, California

by Amy Works November 27, 2018

SALINAS, CALIF. — Hunt Real Estate Capital provided a $5 million loan for the refinancing of Gabilan Hills Townhomes, an affordable multifamily property in Salinas. The sponsor is Community Housing Improvement Systems and Planning Association, which developed the property with Low Income Housing Tax Credits. Built in 1996, the property features 100 units in a mix of 66 two-bedroom units and 34 three-bedroom units spread across 17 townhouse buildings. The gated community features four play structures and a basketball court, as well as open space for children in the community to play. Gabilan Hills has an in-place Low Income Housing Regulatory Agreement that mandates that 40 of the 100 units be rented to individuals and families whose income does not exceed 50 percent of the area median income (AMI). The remaining units are rented by families whose income does not exceed 60 percent AMI. The loan is a 10-year, fixed-rate facility that will amortize over 30 years. The property opened in 1996 and the initial tax credit period of 15 years has since expired. However, the asset is still within the 55-year extended use period, which does not expire until 2051.

November 27, 2018

Acquisitions California Multifamily Western

Marcus & Millichap Negotiates $8M Sale of 100-Unit Park View Apartments in Victorville, California

by Amy Works November 26, 2018

VICTORVILLE, CALIF. — Marcus & Millichap has negotiated the sale of Park View Apartments, a multifamily property located at 16366 Pebble Beach Drive in Victorville. A limited liability company acquired the property for $8 million. Chuck Shillington of Marcus & Millichap’s Ontario, Calif., represented the seller, another limited liability company, while Bruce Rajaee, also of Marcus & Millichap’s Ontario office, represented the seller in the deal. Park View Apartments has 100 units in a mix of 50 two-bedroom/two-bath units, 25 two-bedroom/one-bath units and 25 one-bedroom/one-bath units. On-site amenities include covered and open parking, drought resistant landscaped garden areas, laundry facilities and a swimming pool.

November 26, 2018

Acquisitions California Office Western

Capital Realty Solutions Brokers $2.7M Sale of Office Building in Sherman Oaks, California

by Amy Works November 26, 2018

SHERMAN OAKS, CALIF. — Capital Realty Solutions has arranged the sale of Wallace Literary, an office building located at 15464 Ventura Blvd. in Sherman Oaks. An undisclosed buyer acquired the asset for $2.7 million, or $1,342 per square foot. Named after Hollywood writer/director/producer Randall Wallace, the 2,012-square-foot boutique office building features ample parking and is adjacent to the Sherman Oaks Galleria. Ash Joshi of Encino, Calif.-based Capital Realty Solutions represented the seller, Randall Wallace, trustee of the Randall Wallace Family Trust, in the deal. Elizabeth Clark of Pacific Union International represented the buyer, which will occupy the property, in the transaction.

November 26, 2018

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