California

CBRE Arranges Sale of 12-Unit Apartment Complex in Orange County

by Jeff Shaw July 8, 2019

PLACENTIA, CALIF. — CBRE has arranged the $2.9 million sale of a 12-unit multifamily property in Placentia. CBRE’s Dan Blackwell represented the seller, a private investor. Located at 911 Cypress Ave., the 9,216-square-foot property consists of 12 single-story cottages on a lot just under one acre. Each unit is 768 square feet and features two bedrooms and one bathroom, as well as a washer and dryer. The property is located in an Opportunity Zone. The complex sits within one mile of both the CA-91 and CA-57 freeways connecting Placentia to Los Angeles and Riverside counties. California State University, Fullerton is located two miles north of the site.

July 8, 2019

California Leasing Activity Restaurant Retail Western

Social Syndicate Signs $2.4M Retaurant Lease in San Diego

by Jeff Shaw July 8, 2019

SAN DIEGO — Location Matters has arranged a $2.4 million, 10-year lease for Social Syndicate, a San Diego-based multi-concept restaurant group, for a space at 1852 Bacon St. in the Ocean Beach neighborhood of San Diego. Nati’s Mexican Restaurant had occupied the freestanding restaurant building for nearly 60 years before the Social Syndicate lease. The new restaurant will also carry a Mexican theme. Nati’s Inc., which is controlled by Foley Development, owns the property. Future plans call for developing the land directly behind the restaurant into an apartment complex. Mike Spilky of Location Matters represented the landlord and tenant in the transaction. Social Syndicate will occupy 2,660 square feet inside the building, in addition to 1,468 square feet of patio space.

July 8, 2019

California Industrial Market Reports Western Western Market Reports

LA’s Industrial Basin Heads North

by Taylor Williams July 6, 2019

The Los Angeles County industrial market continues to see record low vacancy rates, which are hovering in the 1 percent range with a conservative forecast calling for rents to increase by 7.5 percent in 2019. Ecommerce companies and third-party logistics providers (3PLs) — many of which support ecommerce operations — will continue to be dominant market players, according to NKF’s Los Angeles industrial market report for Q1 2019. In North Los Angeles, we are seeing multiple submarkets, including those in the San Fernando Valley, Ventura County, Conejo Valley, Kern County, and the Santa Clarita areas, becoming more connected than ever before. These areas and projects are now “connecting the dots” between all the submarkets as the opportunities for industrial space in Los Angeles’ core markets become increasingly more competitive and scarce. For example, occupiers that have been in the 130 million-square-foot San Fernando Valley industrial market for decades are now needing more space. However, the opportunities for larger, modern product are just not there. The majority of industrial product is less than 100,000 square feet with 16- to 24-foot clear heights. This can work for users like cosmetics, entertainment and aerospace, but others need more modern features to streamline operations. …

July 6, 2019

Acquisitions California Healthcare Office Western

JLL Income Property Trust Acquires Genessee Plaza Medical Office Complex in San Diego for $90M

by Jeff Shaw July 5, 2019

SAN DIEGO — JLL Income Property Trust, an institutionally managed daily NAV REIT, has acquired a two-building medical office campus known as Genesee Plaza for $90 million. Genesee Plaza is located in San Diego’s University Town Center, near the University of California, San Diego and Scripps Hospital campuses.

July 5, 2019

Acquisitions California Office Western

Cushman & Wakefield Negotiates Sale of Sorrento Ridge Office Building in San Diego

by Jeff Shaw July 5, 2019

SAN DIEGO — Cushman & Wakefield has advised the seller in the disposition of Sorrento Ridge, a 103,325-square-foot, three-story office building in the Miramar submarket of San Diego. Tappan Corp. purchased the property, located at 7220 Trade St., from an unnamed seller. The price was not disclosed. Cushman & Wakefield’s Rick Reeder, Brad Tecca, Brooks Campbell and Duncan Dodd represented the seller, while Bill Cavanagh and Mike Novkov provided local market advisory. Larry Glenn of Glendale Mortgage represented the buyer. Sorrento Ridge was nearly 60 percent leased at the time of sale to mainly smaller tenants representing a mix of professional services, engineering and technology firms, with the largest leasing less than 10,000 square feet. The property is situated on 4.4 acres near interstates 5 and 805 and the Sorrento Plaza shopping center.

July 5, 2019

California Market Reports Multifamily Western Western Market Reports

Greater Los Angeles Apartment Sector Stays Strong After Record 2018

by Taylor Williams July 5, 2019

The City of Los Angeles checks all the boxes for an excellent apartment owner environment. This includes a booming economy, expensive housing, meaningful job growth, and an abundance of Millennials and professionals. Los Angeles enjoys an immense and fast-growing high-tech industry, especially within the media, tech, aerospace and advanced transportation industry with the likes of Netflix, Google, SpaceX and Northrop Grumman. Los Angeles County houses the nation’s largest international trade industry, the nation’s largest manufacturing base, and an increasing amount of venture capital investment startups. A growing economy is almost always paired with escalating housing costs, and Los Angeles is no exception. More than ever, residents are driven to rental housing as homeownership is prohibitively expensive and not conducive to job mobility and flexibility. Last year was a banner year for region’s apartment sector. The average market rent in the Los Angeles MSA has seen extremely impressive growth, increasing an average of 5.3 percent annually since the turn of the century, according to Axiometrics. This remarkable trajectory has been spurred by the extremely tight rental market, with annual occupancies averaging between 94 percent and 97 percent. Such indicators allow landlords to be extremely discerning when vetting tenants, which, in turn, …

July 5, 2019

Acquisitions California Office Western

Harvest Properties, New York Life Real Estate Investors Sell One Bay Plaza in Bay Area for $75.3M

by Jeff Shaw July 3, 2019

BURLINGAME, CALIF. — Harvest Properties and joint-venture partner New York Life Real Estate Investors, on behalf of McMorgan Northern California Value Add Development Fund I, have sold One Bay Plaza in Burlingame to local developer/operator Woodstock Development for an undisclosed amount. The 196,000-square-foot, nine-story office tower was originally purchased in 2016. Paul Nelson, Stephen Van Dusen, Cartter Berg and Cameron Palmer of Eastdil Secured represented Harvest and New York Life Real Estate Investors on the transaction. Sources close to the sale confirmed a price of $75.3 million.

July 3, 2019

California Development Multifamily Seniors Housing Western

Oakmont Senior Living Plans 90,000 SF Community in Southern California

by Jeff Shaw July 3, 2019

OXNARD, CALIF. — Oakmont Senior Living has announced plans for Oakmont of Riverpark, slated to open this winter in Oxnard, a coastal city approximately 70 miles west of Los Angeles. Senior living veteran Gina Salman will be executive director of the 90,000-square-foot, resort-style senior living community located on three acres. The property will feature 59 assisted living and 25 memory care apartment homes. A marketing information center is already open at the site.

July 3, 2019

California Development Industrial Self-Storage Western

StorQuest Self Storage Opens Facility in Metro San Diego

by Jeff Shaw July 3, 2019

ESCONDIDO, CALIF. — StorQuest Self Storage has opened a new facility on 222 W. Mission Ave. in downtown Escondido. Set on 1.57 acres, the four-story structure spans 70,000 square feet with 810 rentable units. Features include climate-controlled units, extended access hours, electronic gate access, online bill payment and month-to-month rentals.

July 3, 2019

Acquisitions California Retail Western

Stan Johnson Co. Brokers $24.5M Sale-Leaseback of California C-Store Portfolio

by Jeff Shaw July 2, 2019

LOS ANGELES — Stan Johnson Co. has completed the $24.5 million sale-leaseback of six Mobil-branded convenience and gasoline retail sites in Los Angeles. Matt Lipson, Chris Lomuto and Milo Spector of Stan Johnson’s Portland, Oregon and Walnut Creek, California offices represented the seller/operator in the transaction. Known as 1234 M Division Street, the seller/operator is a boutique carwash and convenience store operator based in southern California. A New York-based institutional investor purchased the portfolio at a 7.25 percent capitalization rate.

July 2, 2019

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