SAN FRANCISCO — Nahla Capital has completed the sale of 30 rental apartment buildings in San Francisco. An undisclosed buyer acquired the assets for $260 million. Carl Schwartz, Matt Scoville, Michal Baum and Ida Phair of Hunton Andrews Kurth LLP advised Nahla Capital in the transaction.
TEJON RANCH, CALIF. — Tejon Ranch Co. has announced a third joint venture agreement with Majestic Realty Co. to develop a speculative industrial building at Tejon Ranch Commerce Center (TRCC) in Tejon Ranch. Situated on 34 acres with more than 2,000 feet of frontage along Interstate 5, the cross-docked distribution facility will feature 580,000 square feet of Class A space, 36-foot clear heights, an ESFR sprinkler system, 62 dock-high doors, 177 trailer parking stalls, 327 vehicle parking stalls and a 180-foot wide truck court. Construction is slated to begin later this year or early 2019, with delivery scheduled for third-quarter 2019. The new building will be located next to a 480,480-square-foot building, which Tejon and Majestic built in 2017 and leased to Dollar General and L’Oréal USA in 2018. The joint venture also owns a fully-leased 651,909-square-foot industrial building within TRCC on the west side of Interstate 5, adjacent to IKEA’s 1.8 million-square-foot distribution center. John DeGrinis of Colliers International will serve as the listing broker for the new facility.
IRVINE, CALIF. — Olympus Property has purchased Fusion, a multifamily property located in Irvine, for an undisclosed price. The name of the seller was not released. Completed in 2018 and designed by Withee Malcolm, the property features 280 apartments with quartz countertops, stainless steel appliances, wood-style plank flooring, tile backsplashes, gourmet kitchens, full-size stackable washer/dryer sets, private patios/balconies, USB charging outlets and ceiling fans. Community amenities include a rooftop saltwater pool with an indoor/outdoor clubhouse, a spa, pool-side cabanas and a fitness center. Additionally, amenities include a Zen garden, koi pond, fire features, waterfalls, children’s play areas, skyline views, community kitchen with commercial grade appliances and temperature controlled wine refrigerator, outdoor seating and hammocks.
EL SEGUNDO, CALIF. — Meridian Capital Group has arranged $16 million in financing to refinance The Hub – El Segundo, a retail property located at 600-630 N. Sepulveda Blvd. in El Segundo. Decron Properties is the borrower. Seth Grossman and Jackie Tran of Meridian Capital Group negotiated the seven-year loan, provided by a life insurance company, that features an extended period of interest-only payments followed by a 30-year amortization schedule. In-N-Out Burger, El Pollo Loco, Anytime Fitness and FedEx are tenants at the 37,000-square-foot property, which was built in 1990 and renovated in 2016.
SAN DIEGO — San Diego-based Parallel Capital Partners has completed the disposition of a 12-building office and lab portfolio, known as the Inspire Portfolio. Boston-based Longfellow Real Estate Partners acquired the asset for $112 million. Situated in the Sorrento Valley area of San Diego, the 318,969-square-foot portfolio was 95 percent occupied at the time of sale. The tenant roster includes 81 life science, technology, and research and development tenants. The properties are: 11535-11585 Sorrento Valley Road (127,991 square feet) 11772 Sorrento Valley Road (19,193 square feet) 11760 Sorrento Valley Road (35,731 square feet) 11750 Sorrento Valley Road (19,921 square feet) 11558-11588 Sorrento Valley Road (85,121 square feet) 11494 Sorrento Valley Road (31,012 square feet) Longfellow Real Estate Partners plans to continue the life science conversion plan started by the seller, adding value by repositioning the remaining 50 percent of the portfolio. Nick Frasco, Nick Psyllos and Michael Leggett of HFF represented the seller in the deal.
LOS ANGELES — Meridian Capital Group has secured a $16.5 million refinancing for Kingsley Drive Apartments, a multifamily property in Los Angeles. Decron Properties is the borrower. Seth Grossman and Jackie Tran of Meridian arranged the seven-year loan featuring full-term interest-only payments. A life insurance company provided the capital. Located at 737 S. Kingsley Drive in Los Angeles’ Koreatown neighborhood, the five-story complex consists of 83 one- and two-bedroom apartments. Originally built in 1988, a portion of the apartments were renovated in 2016 and 2017 and feature quartz countertops, stainless steel appliances, wine coolers, tile flooring and updated fixtures. Community amenities include a pool, spa, fitness center, putting green and driving range.
SAN CLEMENTE, CALIF. — CBRE has negotiated the sale of Seacrest Apartment Homes, a multifamily property located at 240 Avenida Vista Montana in San Clemente. Newport Beach, Calif.-based TA Realty acquired the property from Western National Group, on behalf of Western National Realty Fund II, for an undisclosed price. Built in 1988, Seacrest Apartment Homes feature 368 units in a mix of one- and two-bedroom floor plans, ocean views, resort-style swimming pools and spas, a resident clubhouse with kitchen, barbecue and picnic areas, a business center, laundry facilities, and an open-air fitness center. Stewart Weston, Dean Zander and John Montakab of CBRE represented the seller. The buyer was self-represented in the transaction, which according to CBRE is the largest Orange County multifamily sale this year.
LOS ANGELES — Walker & Dunlop has arranged $153.7 million in construction financing for Rise Koreatown, a seven-story multifamily property located off Wilshire Boulevard in Los Angeles’ Koreatown submarket. Boca Raton, Fla.-based Rescore Property Corp. is developing the property along with Los Angeles-based Cal-Coast. Rise Koreatown will feature 364 studio and one-bedroom apartments, averaging 649 square feet, catering to the young professional demographic. The property will also feature 52,000 square feet of ground-floor retail anchored by Zion Market, a Korean grocery chain. Kevin O’Grady and Eric McGlynn of Walker & Dunlop’s Capital Markets group structured both senior and mezzanine financing for the project.
FOUNTAIN VALLEY, CALIF. — Bend, Oregon-based Sunshine Retirement Living has announced plans for Park View Estates, a 100,000-square-foot assisted living and memory care community in Fountain Valley, located approximately 35 miles southeast of downtown Los Angeles. The property will sit on 3.5 acres and feature 150 units adjacent to Fountain Valley Regional Hospital and Medical Center. Construction is scheduled for completion in the first quarter of 2020. The memory care neighborhood will total 44 units, all located on the first floor. The assisted living neighborhood will total 106 units spread across the first and second floors. Lantz-Boggio Architects & Interior Designers designed the community. Sunshine Retirement Living is a family-owned seniors housing company with 21 retirement communities in 10 states.
GARDEN GROVE, CALIF. — A private Northern California-based investor has purchased a retail center located at 11072 Magnolia St. in Garden Grove. DECMAC II, a local investor, sold the property for $5.1 million. 99 Cents Only occupies approximately half of the 36,469-square-foot property, with the remaining space vacant. Alex Kozakov, Patrick Wade and Matthew Greenberg of CBRE represented the seller, while Jeff Helm of Helm Properties represented the buyer.