California

Calavo Growers Sells Industrial Property in Southern California for $7.1M

by Amy Works May 22, 2019

TEMECULA, CALIF. — Calavo Growers, an international farm products company known for its distribution of avocados, has completed the sale of an industrial property located at 28410 Vincent Moraga Drive in Temecula. Stos Partners acquired the asset for $7.1 million. Calavo Growers has occupied the 64,678-square-foot industrial property since 1985. The building features an open warehouse, refrigerated cooler space, large yard space, excess land, dock loading, heavy power and 125 parking spaces. Calavo primarily uses the building as an avocado packing plant and will continue its operations under a new long-term, 30,000-square-foot lease in Suite B of the building. Rob Gunness and Kevin Kelly of CBRE represented the seller in the transaction.

May 22, 2019

Acquisitions California Multifamily Western

Tower 16 Capital Partners Buys 352-Unit Multifamily Project in California for $63M

by Amy Works May 21, 2019

COLTON, CALIF. — San Diego-based Tower 16 Capital Partners has acquired The District at Grand Terrace, a multifamily community located at 1315 S. Meadow Lane in Colton. FPA Multifamily sold the asset for $63 million in an off-market transaction. The District at Grand Terrace features 352 units in a mix of one-, two- and three-bedroom layouts with covered parking and private balconies or patios, four pools, a fitness center, two laundry facilities, two playgrounds and a leasing office. The buyer will oversee renovations and upgrades to the property, including new outdoor amenities, an upgraded leasing office and interior renovations. Alliance Residential will take over as property manager. Tyler Martin, Alex Garcia and Chris Zorbas of Institutional Property Advisors, a division of Marcus & Millichap, represented the buyer and seller in the deal. Scott Peterson and Bill Chiles of CBRE’s Capital Markets team in San Diego handled placement of the financing on behalf of Tower 16.

May 21, 2019

Acquisitions California Multifamily Western

Levin Johnston Brokers $25.5M Sale of Pacific Gardens Apartment Community in San Mateo, California

by Amy Works May 21, 2019

SAN MATEO, CALIF. — Levin Johnston of Marcus & Millichap has arranged the sale of Pacific Gardens, a townhome-style apartment community in San Mateo. Located at 25 McAker Court and constructed in 1993, Pacific Gardens features 38 two-story townhouse units with two bedrooms and 2.5 bathrooms, as well as in-unit washers/dryers, private patios, fireplaces, underground parking and individual storage. Adam Levin and Robert Johnston of Levin Johnston represented the undisclosed buyer and seller in the deal.

May 21, 2019

California Development Multifamily Seniors Housing Western

Eden Housing Opens 90-Unit Pauline Weaver Senior Apartments in Bay Area

by Amy Works May 21, 2019

FREMONT, CALIF. — Eden Housing has opened Pauline Weaver Senior Apartments, a 90-unit affordable housing community for seniors in Fremont, located at the southeast edge of San Francisco Bay. KTGY Architecture + Planning designed the project. The City of Fremont also partnered on the development. Formerly known as Mission Court, units are reserved for seniors earning between 30 and 50 percent of area median income. The community sits on a 2.25-acre site approximately one mile from the Warm Springs BART Station. “As the first piece of a greater age-qualified master plan, Pauline Weaver Senior Apartments sits across the street from a future senior center. This future amenity will not only enhance the lives of the residents living in this affordable community but also the future master plan,” says Jessica Musick, a principal in KTGY’s Oakland office. Pauline Weaver, the property’s namesake, is a longtime advocate for affordable housing in California. She has been on the Eden Housing Board of Directors since joining in 1988. Weaver was an assistant public defender in Alameda County and the past president of both the National Conference of Women’s Bar Association and California Women Lawyers. According to Eden Housing, the development has a unique financing …

May 21, 2019

Acquisitions California Retail Western

Capital Rivers Commercial Arranges $11.2M Sale of Oakmont Plaza Retail Center in Fairfield, California

by Amy Works May 20, 2019

FAIRFIELD, CALIF. — Capital Rivers Commercial has brokered the sale of Oakmont Plaza, a shopping center in Fairfield. San Diego-based The Niki Group acquired the property from a Fairfield-based private investor for $11.2 million. FoodMaxx anchors the 105,000-square-foot retail center, which also includes a freestanding Chase Bank and O’Reilly Auto Parts in addition to 35,000 square feet of in-line space. Additional tenants include Mountain Mikes Pizza and Check to Cash. Greg Aguirre and Frank Kozlowski of Capital Rivers Commercial represented the seller, while Brandon Norton of John Cumbelich & Associates represented the buyer in the deal.

May 20, 2019

Acquisitions California Office Western

CGS3 Arranges $58M Sale of Ground Lease Interest in Brentwood Gateway Office Building in Los Angeles

by Amy Works May 17, 2019

LOS ANGELES — Crosbie Gliner Schiffman Southard & Swanson LLP (CGS3) has arranged the sale of a ground lease interest in Brentwood Gateway, a 10-story office building in Los Angeles’ Brentwood neighborhood. Brentwood Gateway LLC, an affiliate of Vintage Capital Group, sold the asset to Sargossa LLC, an affiliate of Fortress Investment Group, for $58 million. Located at 11611 San Vicente Blvd., the 104,716-square-foot building was built in 1977. At the time of sale, the property was 99 percent occupied by a variety of tenants including Buter, Buzard, Fishbien & Royce; Allison & Partners; and Oaktree Capital Management. David Alvardado and Eoin Gubbins of CGS3 handled the deal. Newmark Knight Frank served as broker for the seller, while the buyer was self-represented in the transaction.

May 17, 2019

Acquisitions California Industrial Loans Retail Self-Storage Western

Cronheim Mortgage Secures $17.4M Acquisition Loan for Retail/Self-Storage Facility in Sacramento

by Amy Works May 17, 2019

SACRAMENTO, CALIF. — Cronheim Mortgage has arranged a $17.4 million bridge loan for the acquisition of an existing retail and self-storage facility, located on 16.8 acres outside of Sacramento. DealPoint Merrill is the borrower and property owner. At the time of financing, the property was fully operational and stabilized. The financing includes future funding for the renovation and stabilization of the adjoining parcel. The three-year loan features two one-year extensions and an interest rate of 30-day LIBOR plus 375 basis points. When renovated, the asset will provide mixed-use retail and self-storage space with a total of 1,616 self-storage units and 46,904 square feet of retail space. The existing structures were built in 1991; a portion was renovated in 2014, and the remaining portion is being started with the funding of this loan. The existing self-storage facility totals 51,825 square feet and has 685 climate-controlled storage units. The property was built in 1980 as a retail building and converted to self-storage space in 2015. CubeSmart operates the facility.

May 17, 2019

Acquisitions California Multifamily Seniors Housing Western

Senior Housing Properties Trust Sells Three Skilled Nursing Facilities in California

by Amy Works May 17, 2019

VAN NUYS, THOUSAND OAKS AND LASALETTE, CALIF. — Senior Housing Properties Trust has sold three skilled nursing facilities in California as part of a previously announced restructuring plan. The 276-unit portfolio included undisclosed facilities in Van Nuys, LaSalette and Thousand Oaks. The transaction, which also included a 15,647-square-foot medical office building in Thornton, Colorado, totaled $24.1 million. The buyers were not disclosed. The sales were part of SNH’s disposition plan to sell up to $900 million of assets in connection with the restructuring of its business arrangements with Five Star Senior Living Inc. Based in Newton, Massachusetts, Senior Housing Properties Trust is a REIT that owns medical office buildings, senior living communities and wellness centers throughout the United States. SNH is managed by the operating subsidiary of The RMR Group Inc., an alternative asset management company.

May 17, 2019

Acquisitions California Net Lease Retail Western

Avison Young Negotiates $6.5M Sale of Single-Tenant Bank Location in Cerritos

by Amy Works May 17, 2019

CERRITOS, CALIF. — Avison Young has arranged the sale of a retail property, located at 11355 South St. in Cerritos. A private investor from Southern California sold the property for $6.5 million. Built in 1974, the 5,225-square-foot property features of 1,200 square feet of mezzanine space. Comerica Bank occupies the building on an absolute triple-net leased basis. Brian Hennessey and Armand Aghadjanians of Avison Young represented the seller, while Brian Russell of Kinnery’s Brokerage and The Primemark Group represented the buyer, a Southern California-based private investor, in the deal.

May 17, 2019

California Industrial Leasing Activity Western

Mutual Trading Co. Signs 299,786 SF Lease at Goodman El Monte Logistics Center

by Amy Works May 16, 2019

EL MONTE, CALIF. — Mutual Trading Co., a Japanese food, beverage and restaurant supply specialist, has leased 299,786 square feet of space at Goodman El Monte Logistics Center, an industrial facility under development at 4300 Shirley Ave. in El Monte. Goodman Group owns and manages the project, which will be a two-building, 1.2 million-square-foot tech-enabled logistics facility, with additional leasing opportunities available for up to 935,657 square feet. Slated for delivery fourth-quarter 2019, the property will feature 36-foot clear heights, minimum 185-foot concrete truck courts, 164 trailer stalls, 24/7 operations and site security, 147 dock doors, offices to suit, an ESFR sprinkler system, a LEED-certified shell, and close proximity to major freeways, airports and ports. Mutual Trading Co. is upgrading and consolidating its five previous locations into one by expanding to a bigger and more modern facility to support its U.S. growth. The company plans to move into the new space in November.

May 16, 2019

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