California

PCCP Provides $128M Acquisition Loan for 540,000 SF Office Portfolio in Southern California

by Amy Works September 25, 2018

NEWPORT BEACH AND IRVINE, CALIF. — PCCP has provided a $128 million senior loan to a joint venture between Angelo Gordon and Lincoln Property Co. for the acquisition and leasing of a four-property office portfolio in Newport Beach and Irvine. Totaling 540,000 square feet, the portfolio includes the 181,000-square-foot Redstone Plaza, an 83,000-square-foot property at 1201 Dove St. in Newport Beach, the 163,000-square-foot Inwood Park and the 112,000-square-foot Newport Summit in Irvine. Tenants from a range of industries — including finance, marketing, tech, food and beverage, legal, healthcare and real estate — occupy the properties. The buyer plans to execute an improvement plan to capitalize on strong rent growth and leasing in the submarket, as well as fill any remaining vacancy.

September 25, 2018

Acquisitions California Multifamily Western

Champion Real Estate Co. Buys Two-Property Multifamily Portfolio in Glendale for $14.1M

by Amy Works September 25, 2018

GLENDALE, CALIF. — Champion Real Estate Co. has purchased a two-property apartment portfolio in Glendale. A private individual sold the portfolio for $14.1 million. The acquisition includes a 36-unit community located at 348 W. Chevy Chase Drive and a 26-unit community located at 1119-1123 E. Elk Ave. Champion South Glendale, a subsidiary of Champion, will immediately implement a $2.6 million comprehensive interior and exterior physical improvement and renovation program. The upgrade plan will also address significant deferred maintenance issues stemming from the previous long-term owner including seismic retrofitting on both properties. Built in 1963, 348 W. Chevy Chase Drive features four studio units, 20 one-bedroom/one-bath units and 12 two-bedroom/one-bath units. 1119-1123 E. Elk Ave. was built in 1961 and features 24 one-bedroom/one-bath units and two two-bedroom/one-bath units. With this acquisition, Champion now owns and operates more than 225 units in the Tri-Cities region, which also includes Pasadena and Burbank.

September 25, 2018

Acquisitions California Industrial Western

Cushman & Wakefield Brokers $12M Sale of Benicia Industrial Park in California

by Amy Works September 25, 2018

BENICIA, CALIF. — Cushman & Wakefield has arranged the sale of Benicia Industrial Park in South Solano County. Benicia Partners sold the property to Sarkissian Trust for $12 million. Located at 5500 E. Second St. in Benicia, the property features 63,108 square feet of flex and R&D space. At the time of sale, Bio-Rad Laboratories fully occupied the building. Brooks Pedder, Douglas Longyear and Tony Binswanger of Cushman & Wakefield’s Walnut Creek, Calif., and San Francisco offices represented the buyer and seller in the deal.

September 25, 2018

Acquisitions California Retail Western

SRS Directs $15.6M Sale of Newly Constructed Inland Empire Retail Center

by Amy Works September 24, 2018

RANCHO CUCAMONGA, CALIF. — SRS Real Estate Partners has negotiated the sale of Spruce Plaza, a newly constructed Class A retail center in Rancho Cucamonga. A Bay Area-based family trust acquired the property from Costanzo Investments, a Southern California-based development company, for $15.6 million, or $1,005 per square foot. Situated at 10877-10895 E. Foothill Blvd. within the master-planned community of Terra Vista, Spruce Plaza is fully occupied by Blaze Pizza, Tokyo Joe’s, Luna Grill, Jersey Mike’s Sub, Café Rio and Habit Burger. Matthew Mousavi and Patrick Luther of SRS’ National Net Lease Group and Garrett Colburn of SRS’ Newport Beach, Calif., office represented the seller, while Ralph Borelli and Caleb Scherer of Borelli Investment Co. represented the buyer in the deal.

September 24, 2018

California Loans Multifamily Western

Bellwether Enterprise Arranges $7.7M Refinancing for Trevi Villas Apartments in North Hollywood

by Amy Works September 24, 2018

NORTH HOLLYWOOD, CALIF. — Bellwether Enterprise has secured a $7.7 million permanent loan and construction loan refinancing for Trevi Villas Apartments, a luxury apartment building located on Hartsook Street in North Hollywood. The newly built property features 27 units in a mix of two-bedroom/two-bath and three-bedroom/two-bath layouts. Mack Mower of Bellwether Enterprise’s Los Angeles office arranged the loan through Nationwide for the undisclosed borrower. The 10-year loan features one year of interest-only payments followed by a 30-year amortization period. Additionally, the financing included approximately a $500,000 cash-out to the borrower after the construction debt and closing costs were paid.

September 24, 2018

Acquisitions California Retail Western

Cushman & Wakefield Arranges $55 Million Sale of Whole Foods Property in Silicon Valley

by Amy Works September 21, 2018

LOS ALTOS, CALIF. — Cushman & Wakefield has arranged the $55 million sale of a 50,451-square-foot retail property leased to Whole Foods Market in Los Altos. Kevin Held and Matt McNeil of Cushman & Wakefield arranged the transaction on behalf of the buyer, Imperial Hornet Developers LLC. Compass Grand Associates LLC sold the asset. The store features dual entry on the ground floor, as well as two levels of subterranean parking.

September 21, 2018

Acquisitions California Retail Western

Faris Lee Investments Brokers $1.3M Sale of Value-Add Retail Property in Orange County

by Amy Works September 21, 2018

SANTA ANA, CALIF. — Faris Lee Investments has directed the sale of a retail property located at 111 E. Saint Andrew Place and 1947 and 1959 S. Main St. in Santa Ana. An undisclosed buyer acquired the property for $1.3 million. The property is a value-add, multi-tenant asset situated in Santa Ana’s historic district. Nick Coo, Matt Brooks, Tom Chichester and Joe Chichester of Faris Lee represented the undisclosed seller, while Andres Cortez of RE/MAX Orange County East represented the buyer in the deal.

September 21, 2018

Acquisitions California Multifamily Western

TruAmerica, ASB Real Estate Purchase Multifamily Community in Orange County for $85.8M

by Amy Works September 20, 2018

FOUNTAIN VALLEY, CALIF. — TruAmerica Multifamily, in partnership with ASB Real Estate Investments on behalf of its Allegiance Real Estate Fund, has acquired Corte Bella, a multifamily property located 9580 El Rey Ave. in Fountain Valley. An undisclosed seller sold the property for $85.8 million. Built in 1969 and situated on 12 acres, the property features 251 units in a mix of one- and two-bedroom layouts spread across multiple two-story buildings. Community amenities include seven swimming pools, a fitness center, dog park, courtyards and barbecue picnic areas. At the time of closing, Corte Bella was 97 percent occupied. Mike Murphy, Tom Moran Jr. and Mary Ann King of Moran & Co. represented the seller in the transaction.

September 20, 2018

Acquisitions California Industrial Western

Duke Realty Acquires 25.5-Acre Industrial Development Site in Irwindale, California

by Amy Works September 20, 2018

IRWINDALE, CALIF. — Duke Realty has purchased a 25.5-acre land parcel located at 13131 Los Angeles St. in Irwindale for an undisclosed amount. The site is zoned and entitled for heavy industrial users and can accommodate a variety of layouts, including a nearly 500,000-square-foot warehouse. Additionally, the property features Interstate 605 frontage. Darla Longo and Barbara Perrier of CBRE and Andy White of Colliers International represented the undisclosed private seller in the deal.

September 20, 2018

Acquisitions California Retail Western

Newman International Buys 159,324 SF Shopping Center in Southern California for $20M

by Amy Works September 20, 2018

SAN BERNARDINO, CALIF. — Newman International has acquired Seley Plaza, a neighborhood shopping center located at 2002-2383 E. Highland Ave. in San Bernardino. A joint venture between Robhana Group and SAFCO Capital Corp. sold the property for $20 million, or $125 per square foot. At the time of sale, the 159,324-square-foot property was 91 percent occupied by 21 tenants. Current tenants include 99 Cents Only, Rite Aid Pharmacy, Big 5 Sporting Goods, Dollar Tree, Chase Bank, Rent-A-Center, Western Dental, Del Taco and Goodyear Tire. Dixie Walker and Charley Simpson of Cushman & Wakefield represented the seller, while Max Wang and John Griffin, also of Cushman & Wakefield, represented the buyer in the deal.

September 20, 2018

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