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Ares-Mgmt-Portfolio-CA
CaliforniaIndustrialLoansWestern

Cushman & Wakefield Arranges $475M CMBS Financing for 4.8 MSF Industrial Portfolio for Ares Management

by Amy Works

LOS ANGELES — Cushman & Wakefield, on behalf of an Ares Management Real Estate fund, has arranged $485 million in financing backed by a 4.8 million-square-foot, 25-building industrial portfolio spanning 16 markets in 12 states. The floating-rate, CMBS single-borrower (SASB) financing was provided by a syndicate led by J.P. Morgan, with Morgan Stanley and Natixis Corporate & Investment Banking as joint bookrunners. Rob Rubano, Gideon Gil, Brian Share, Joe Lieske, Ernesto Sanchez and Lars Weston of Cushman & Wakefield Equity, Debt and Structured Finance led the financing. Managed by Ares Industrial Management, the portfolio is currently 97 percent leased to 58 tenants. The properties feature Class A and Class B, bulk warehouse and light industrial assets. The individual assets offer a variety of industrial features, including 30-foot average clear heights, ample dock doors and an average 5 percent of office space square footage across the portfolio. The portfolio includes two properties in the San Francisco Bay area totaling 518,300 square feet; three properties in Southern California totaling 344,700 square feet; five properties in Houston totaling 693,900 square feet; a 722,500-square-foot property in Reno, Nev.; and a 797,600-square-foot property in Atlanta. The remaining properties in the portfolio are spread across Salt …

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13201-Dahlia-St-Fontana-CA
AcquisitionsCaliforniaIndustrialWestern

Rexford Industrial Buys Fully Leased Industrial Building in Fontana, California for $70.1M

by Amy Works

FONTANA, CALIF. — Rexford Industrial has acquired an industrial property, located at 13201 Dahlia St. in Fontana, from an undisclosed seller for $70.1 million. Constructed in 1989, the cross-dock industrial facility features 30-foot clear heights, 59 dock-high door and four grade-level doors. At the time of sale, the 278,650-square-foot building was fully leased to a credit tenant. Mark Detmer, Patrick Nally, Evan Moran, Mike McCrary, Jeff Bellitti, Ruben Goodsell and Hunter McDonald of JLL handled the transaction.

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Danville-Livery-Danville-CA.jpg
CaliforniaLoansOfficeRetailWestern

PSRS Secures Refinancing for Two Adjacent Office and Retail Properties in Danville, California

by Amy Works

DANVILLE, CALIF. — PSRS has arranged $14 million and $4.5 million in refinancing for two adjacent properties at Danville Livery in Danville. The properties offer more than 123,000 square feet of retail and office space. The retail and service-oriented office space offers a mix of tenants, including eateries, home goods, salons, real estate offices and title services. James Mulvihill and Kevin Mulvihill of PSRS secured the undisclosed borrower with a separate loan for each property, both of which are underwritten with interest-only payments. The non-recourse loans were provided by correspondent life insurance companies.

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AcquisitionsCaliforniaRetailWestern

CenterCal Properties, Heitman Purchase 358,700 SF Streets of Brentwood Retail Center in Northern California

by Amy Works

BRENTWOOD, CALIF. — CenterCal Properties and Heitman, through a joint venture, have purchased The Streets of Brentwood, a shopping destination in Brentwood. Terms of the transaction were not released. The Streets of Brentwood offers 358,700 square feet of retail and mixed-use space that serves four major California regions — Bay area, Tri-Valley, Sacramento Delta and the Central Valley. The buyers plan to reimage and enhance the center’s offerings, including the addition of a community gathering space for seasonal events and more lifestyle brands and restaurants.

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One-Meadow-Glen-Millbrae-CA
CaliforniaDevelopmentMultifamilyWestern

HSR Breaks Ground on 278-Unit Multifamily Community in Millbrae, California

by Amy Works

MILLBRAE, CALIF. — High Street Residential (HSR), the residential subsidiary of Trammell Crow Co., has started construction on One Meadow Glen, an apartment property at 959 El Camino Real in Millbrae, approximately 15 miles south of San Francisco. Situated on 1.8 acres, the six-story property will offer 278 apartments, including 26 affordable units, and 17,000 square feet of ground-floor retail space. The studio, one-, two- and three-bedroom units will range in size from 450 square feet to 1,460 square feet. Community amenities will include a 25-yard lap pool with spa, sauna, cold plunge, a fitness center, coworking lounge, clubhouse and entertainment lounge, pet wash, resident maker space, secure bike storage and secure parking. Completion is slated for second-quarter 2027. Project partners include BDE Architecture as architect of record and SBI Builders as general contractor. HSR acquired the land from Bay Properties, which plans to retain a retail interest in the property.

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Tustin-Financial-Plaza-Tustin-CA
AcquisitionsCaliforniaOfficeWestern

Sagard Real Estate Sells Tustin Financial Plaza in Southern California for $27.5M

by Amy Works

TUSTIN, CALIF. — Sagard Real Estate has completed the disposition of Tustin Financial Plaza, a multi-tenant office property in Tustin. A local investment firm acquired the asset for $27.5 million. The five-building asset is located at 17772, 17782, 17852 and 17862 E. 17th St. in north Tustin, about 34 miles south of Los Angeles via I-5. Totaling 185,180 square feet, Tustin Financial Plaza consists of four two-story buildings, one four-story building and a 533-space parking lot. At the time of sale, the plaza was 70 percent occupied. Tustin Financial Plaza was built on 8.5 acres in 1973. Anthony DeLorenzo, Sammy Cemo, Bryan Johnson and Greg Sullivan of CBRE represented the seller in the deal.

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Sequoia-Housing-Fullerton-CA
CaliforniaDevelopmentMultifamilyStudent HousingWestern

California State University, Fullerton Breaks Ground on $160M Student Housing Project

by Amy Works

FULLERTON, CALIF. —California State University, Fullerton has broken ground on Sequoia, a $160 million student housing project located on the university’s campus. The six-story community will span 155,000 square feet and offer 510 beds for graduate students and students completing their senior year of undergraduate study. Four students will occupy each two-bedroom unit, which will include two bathrooms, a kitchen and a living area. The community will also include student resident adviser apartments, one staff apartment, a laundry area, mail room, market and outdoor eating and seating areas. A portion of the project’s units will be deemed affordable housing, offered at rental rates below the standard rate for students facing housing insecurity. Financing for the state-funded project includes $89 million for the affordable housing units, according to Sarab Singh, the university’s associate vice president for capital programs and facilities management. The community is scheduled for completion in fall 2026.

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Central-Industrial-Center-Stockton-CA
CaliforniaDevelopmentIndustrialWestern

Conor, Dayton Street Partners Complete 1.1 MSF Industrial Center in Stockton, California

by Amy Works

STOCKTON, CALIF. — The co-development team of Conor Commercial Real Estate and Dayton Street Partners, along with an affiliate of Heitman as a partner, has completed the 1.1-million-square-foot Central Industrial Center in Stockton. Situated on a 56-acre infill site, Central Industrial Center consists of three speculative industrial buildings. The 135,200-square-foot, front-load Building 1 features 32-foot clear heights, 50- by 52-foot column spacing, 28 dock doors, two drive-in doors, 76 parking spaces and 24 trailer stalls. The 121,680-square-foot, front-load Building 2 offers 32-foot clear heights, 50- by 52-foot column spacing, 25 dock doors, two drive-in doors, 76 parking spaces and 26 trailer stalls. The 833,280-square-foot Building 3 features a cross-dock configuration with 40-foot clear heights, 50- by 60-foot column spacing, 141 dock doors, four drive-in doors, 310 parking spaces and 198 trailer stalls. All three buildings offer skylights, ESFR sprinklers, high-capacity natural gas and electrical infrastructure, 60-foot speed bays and offices. Each building is designed to accommodate a multi-tenant configuration as small as 60,000 square feet. McShane Construction Co. provided design-build services and Ware Malcomb provided construction and architectural services for the project.

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CaliforniaLoansRetailWestern

PSRS Arranges $10.8M in Refinancing for Nissan Car Dealership in El Monte, California

by Amy Works

EL MONTE, CALIF. — PSRS has secured $10.8 million in refinancing for an owner-user Nissan dealership in El Monte. The 65,000-square-foot property consists of three buildings across individual parcels, housing a showroom, parts and service departments and corporate offices. Grady Seldin and Thomas Rudinsky of PSRS arranged the financing for the undisclosed borrower.

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Torrey-View
CaliforniaDevelopmentLife SciencesTop StoriesWestern

Breakthrough Properties Completes 520,000 SF Life Sciences Campus in San Diego

by Katie Sloan

SAN DIEGO — Breakthrough Properties, a joint venture between Tishman Speyer and Bellco Capital, has completed the development of Torrey View, a 520,000-square-foot life sciences campus located in the Del Mar Heights neighborhood of San Diego.  The 10-acre property was fully preleased and is home to the oncology division of biopharmaceutical company Pfizer, which occupies 230,000 square feet across two buildings; and the innovation center for the biosciences division of BD, a global medical technology company, which occupies a 220,000-square-foot-building. Additional tenants include Charles River Laboratories, Actio Biosciences and Architect Therapeutics. Torrey View offers expansive ocean views and a full suite of amenities, including a client clubhouse, multiple dining options, a fitness center and pickleball court, 400-person conference facility, bike and surfboard storage and a partially below-grade parking garage covered by open green spaces and gardens.  The joint venture acquired the development site for the campus, which has achieved LEED Gold certification, in October 2020. Equity partners in the project included Mitsui Fudosan America, Investment Management Corp. of Ontario and AP2. The development team included life sciences architectural firm Flad Architects and general contractor Clark Construction, and leasing for the project was handled by JLL.  Formed in 2019, Breakthrough Properties …

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