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Irvine-Ranch-Market-Costa-Mesa-CA
CaliforniaDevelopmentRestaurantRetailWestern

Space Investment Partners Completes $11M Renovation of Retail Property in Costa Mesa, California

by Amy Works

COSTA MESA, CALIF. — Space Investment Partners has completed an $11 million renovation of The Ranch at Newport Bay, a 60,000-square-foot, grocer-anchored mixed-use retail property in Costa Mesa. The asset is located at 2651-2675 Irvine Ave. With the addition of Verde, a restaurant and bar concept, The Ranch is fully occupied. Verde, which opened in November, occupies two spaces in the neighborhood center encompassing 5,000 square feet. Created by Koire Rogers and Anthony Laborin, Verde features a highly developed beverage program in its lower-level Verde Bar and ingredient-driven seasonal California cuisine in its upper level restaurant. Additional tenants include Nike Training Studio (4,100 square feet), XPT Studio (900 square feet), Del Mar Wellness (1,350 square feet), Coffee Dose (1,300 square feet) and Tiny Tooth Pediatric Dentistry (2,091 square feet). Irvine Ranch Market, as the anchor tenant, occupies 17,500 square feet at the center.

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2607-Solana-Way-Laguna-Beach-CA
AcquisitionsCaliforniaMultifamilyWestern

CBRE Negotiates $7.4M Sale of Apartment Community in Laguna Beach, California

by Amy Works

LAGUNA BEACH, CALIF. — CBRE has negotiated the sale of Sterling Plaza Apartments, a multifamily property in Laguna Beach. Located at 2607 Solana Way, Sterling Plaza features 12 one- and two-bedroom apartments, including a two-bedroom penthouse. The three-story, 9,823-square-foot property was built in 1962 and 1963. The property offers 14 parking spaces (11 carports plus three open spaces), an onsite laundry facility and the units are individually metered for electricity. Dan Blackwell and Mike O’Neill of CBRE represented the San Francisco Bay Area-based seller and the Los Angeles County-based buyer in the deal.

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AcquisitionsCaliforniaRetailWestern

ExchangeRight Acquires 13 Net-Leased Properties from Tractor Supply in Sale-Leaseback

by Amy Works

PASADENA, CALIF. — Pasadena, Calif.-based ExchangeRight has purchased 13 net-leased properties as a sale-leaseback transaction with Tractor Supply. Totaling more than 425,000 square feet, the properties are in Arizona, Florida, Georgia, Indiana, Maryland, Ohio, Pennsylvania, South Carolina and Texas. With this acquisition, ExchangeRight has expanded its portfolio of assets net leased to Tractor Supply to more than 100 properties as of Oct. 31, 2024.

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7833-Ventura-Canyon-Ave-Panorama-City-CA
CaliforniaLoansMultifamilyWestern

MMCC Arranges $13.5M in Refinancing for Two Multifamily Properties Near Los Angeles

by Amy Works

PANORAMA CITY AND HAWTHORNE, CALIF. — Marcus & Millichap Capital Corp. (MMCC) has arranged $13.5 million in refinancing for two multifamily properties in Panorama City and Hawthorne. Michael Derk of MMCC secured the agency financings on behalf of a private client. MMCC secured a 10-year, $7 million loan with full-term interest-only payments at 5.67 percent and a loan-to-value ratio of 50 percent for Canyon Crest Apartments. Located at 7833 Ventura Canyon Ave. in Panorama City, Canyon Crest features a mix of one-, two- and three-bedroom units, a spa, swimming pool, fitness center, parking garages, a dog park and picnic area. MMCC arranged a 10-year, $6.5 million loan with full-term interest-only payments at a rate of 5.9 percent and a loan-to-value ratio of 65 percent for Hawthorne Chateau Apartments. Located at 3505 W. 139th St. in Hawthorne, the property offers a mix of one- and two-bedroom apartments, laundry facilities, a fitness center and an underground gated parking garage.

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16980-Via-Tazon-San-Diego-CA
AcquisitionsCaliforniaIndustrialOfficeWestern

JLL Negotiates Sale of Vacant 35,312 SF Flex Office Building in San Diego

by Amy Works

SAN DIEGO — JLL Capital Markets has negotiated the sale of a fully vacant flex office building located at 16980 Via Tazon in San Diego. Montana Avenue Capital Partners sold the asset to a private investor for $9.9 million in an all-cash, off-market transaction. Built in 1984, the single-story, 35,312-square-foot property can accommodate a variety of uses, including wet/dry lab, manufacturing and creative office space. The building features 14- to 16-foot clear heights and roll-up doors for grade-level loading. Bob Prendergast, Lynn LaChapelle and Zac Saloff of JLL Capital Markets Investment Sales and Advisory team represented the seller in the deal.

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AcquisitionsCaliforniaHealthcareLee & AssociatesOfficeWestern

Lee & Associates Brokers Sale of 20,574 SF Office, Medical Building in Monrovia, California

by Amy Works

MONROVIA, CALIF. — Lee & Associates has arranged the sale of Huntington Professional Center, an office and medical center in Monrovia. The asset traded for $7.6 million. The names of the seller and buyer were not released. Located at 831 E. Huntington Drive, the two-story, 20,574-square-foot property offers 76 surface parking stalls. At the time of sale, the building was fully occupied by a variety of tenants, including Optum Healthcare, Tomdan (parent of Tommy Burgers) and Select Physical Therapy.

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Anchor-House-Berkeley-CA
CaliforniaDevelopmentMultifamilyStudent HousingWestern

UC Berkeley Completes 772-Bed Residence Hall for Transfer Students

by Amy Works

BERKELEY, CALIF. — The University of California, Berkeley has completed Anchor House, a 772-bed residence hall for transfer students. The 14-story community spans 450,000 square feet and offers 244 units in studio, two- and four-bedroom configurations. Apartments are fully furnished and offer private bedrooms with built-in desks, full kitchens and in-unit washers and dryers. Shared amenities include a central courtyard with multiple outdoor terraces and balconies; outdoor space for work and gathering; maker space run by the Berkeley Art Studio, which hosts classes for students and the community; a culinary classroom and rooftop vegetable garden for the Rausser College of Natural Sciences; two event spaces with catering kitchens; and an 8,600-square-foot fitness center with a yoga and meditation room. The community offers flexible rent prices to help transfer students with low-income backgrounds and first-generation college students. The development team for the project included Morris Adjmi Architects, BDE Architecture, BCV Architecture, Andrea Cochran Landscape Architecture, PAE Engineers, BKF Engineers and Luma Lighting Design. The development was funded by philanthropic donations and opened ahead of the 2024-2025 academic year. The development team is also targeting LEED Gold certification for the property.

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Westbrook-Apts-Riverside-CA
AcquisitionsCaliforniaMultifamilyWestern

Northmarq Negotiates $18.6M Sale of Westbrook Apartments in Riverside, California

by Amy Works

RIVERSIDE, CALIF. — Northmarq has arranged the sale of Westbrook Apartments, a multifamily property in Riverside. The asset traded for $18.6 million, or $332,000 per unit. The names of the seller and buyer were not released. Built in 2023, Westbrook Apartments offers 56 one- and two-bedroom apartments with modern kitchens, stainless steel appliances, quartz countertops and in-unit washers and dryers. Community amenities include a swimming pool, spa, fully equipped fitness center and covered parking. Shane Shafer and Peter Hauser of Northmarq’s Orange County Multifamily Investment Sales team represented the seller in the deal.

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Capitol-Square-Fremont-CA.jpg
AcquisitionsCaliforniaRetailWestern

Sares Regis, TMG Partners Sell 21,000 SF Capitol Square Retail Center in Fremont, California

by Amy Works

FREMONT, CALIF. — Sares Regis Group of Northern California (SRGNC) and TMG Partners have sold Capitol Square, a shopping property in downtown Fremont, for an undisclosed price. The name of the buyer was not released. The 21,000-square-foot Capitol Square is the fully leased retail component of Locale, a $100 million mixed-use project that was completed in spring 2021. Developed by TMG Partners, Sares Regis and Summerhill Homes, Locale includes 157 residences and retail space. KTGY served as architect for the development. Don LeBuhn, Rick Ryan and Dan Ward of Cushman & Wakefield brokered the transaction.

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Summit-Business-Center-Riverside-CA
AcquisitionsCaliforniaOfficeWestern

CIP Real Estate Sells 138,697 SF Summit Business Center in California’s Inland Empire

by Amy Works

RIVERSIDE, CALIF. — CIP Real Estate has completed the sale of Summit Business Center, a business park in Riverside, to Dunbar Real Estate Investment Management for $19.2 million. Jeffrey Cole, Nico Napolitano, Kristen Schottmiller, Francisco Vazquez and Christian Giles of Cushman & Wakefield represented the seller in the transaction. Located at 2002-2038 Iowa Ave., the five-building, single-story complex offers 138,697 square feet of multi-tenant space. The asset offers approximately 85 percent office space and 11 ground-level roll-up doors. Situated on 9.3 acres, the asset was originally built in 1989 but has undergone numerous renovations, with the most recent being in 2018.

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