California

Arbor Funds $19M Refinancing for 166-Unit Tuscany Villas in Southern California

by Amy Works April 24, 2019

WEST COVINA, CALIF. — Arbor Realty Trust has provided a Fannie Mae Streamlined Rate Lock (SRL) deal for a multifamily property in West Covina. An undisclosed borrower received the $19 million loan to refinance Tuscany Villas, a garden-style apartment community. Greg Gillam of Arbor’s Manhattan Beach Office originated the 10-year, fixed-rate loan, which features a 30-year amortization schedule. Built in 1966 and recently renovated, Tuscany Villas features 166 apartments in a mix of studio and one-bedroom layouts with upgraded interiors, including hardwood flooring, custom cabinets and granite countertops. Community amenities includes swimming pools, charcoal grilling areas and a fitness center.

April 24, 2019

Acquisitions California Industrial Top Stories Western

Exeter Property Group Buys 806,322 SF Industrial Asset in the Inland Empire for $97.7M

by Amy Works April 24, 2019

SAN BERNARDINO, CALIF. — Exeter Property Group, a Pennsylvania-based industrial development and investment firm, has purchased a distribution building located at 6227 Cajon Blvd. in the southern California city of San Bernardino. The sales price was $97.7 million. Bob’s Discount Furniture occupies the 806,322-square-foot property, which is situated on 41 acres. The property offer access to the BNSF Intermodal Yard, FedEx Group Rialto, UPS Air Hub and Ontario International Airport. Bo Mills, Mark Detmer and Ryan Sitov of JLL, along with Scott Schwartz of Insignia PMG, represented the undisclosed seller in the transaction. “This listing represented the opportunity for an investor to acquire a building with a long-term lease to a strong tenant in the largest industrial market in the world,” says Detmer. “The buyer was attracted to the stability of the property, the tenant’s commitment to the area and potential for future development growth.” — Amy Works

April 24, 2019

Acquisitions California Industrial Retail Western

Online Vehicle Auction Company Acquires 51 Acres in San Diego for $30M

by Amy Works April 23, 2019

SAN DIEGO — Copart, a Dallas-based online vehicle auction company, has purchased 51 acres of land in San Diego’s Otay Mesa submarket. The Street Family sold the property for $30 million. Located at the north end of La Media Road and the east side of Brownfield Airport, the property was most recently used as a truck yard. Additionally, the asset was recently improved with power, water, landscaping, fencing, screening and secure gates. Rob Hixson of CBRE represented the seller, while Joe Carroll of Resource One represented the buyer in the deal. Copart sells roughly 14,000 used cars per day, using patented virtual auction technology.

April 23, 2019

California Development Mixed-Use Student Housing Top Stories Western

UC Hastings Selects Greystar as Master Developer of $450M Student Housing Village in San Francisco

by John Nelson April 23, 2019

SAN FRANCISCO — The University of California Hastings College of the Law (UC Hastings) has selected Greystar Real Estate Partners LLC as the master developer of its planned on-campus academic village in downtown San Francisco. Charleston, S.C.-based Greystar plans to build the $450 million project in two phases. “We are excited to be moving forward with Greystar to further develop this vibrant academic village in the heart of San Francisco,” says David Faigman, chancellor and dean at UC Hastings. The law school is situated in downtown San Francisco near the Supreme Court of California and San Francisco City Hall. Phase I of the new project will be the ground-up construction of 630 student housing apartments available for students, faculty and staff. The first phase is estimated to cost $250 million to develop, which will be funded using tax-exempt bonds. UC Hastings and Greystar plan to open the first phase in time for the fall 2022 semester. Phase II is the approximately $200 million renovation of McAllister Tower, a historic on-campus dormitory. The overhaul will update 300 units and add new mixed-use amenities, including a fitness center, study lounges, community kitchens, social lounges and a new auditorium. Overall, the expansion will …

April 23, 2019

Acquisitions California Industrial Western

Innovative Industrial Properties Buys Southern California Industrial Portfolio for $27.1M

by Amy Works April 22, 2019

SAN DIEGO — Innovative Industrial Properties (IIP) has acquired a five-property industrial portfolio in Southern California for $27.1 million. The assets total 102,000 square feet of industrial space. This acquisition marks IIP’s second investment in California, following the company’s acquisition in Sacramento earlier this year. The company claims to be the only real estate company on the New York Stock Exchange focused on the regulated U.S. cannabis industry. Concurrent with the closing of the purchase, IIP entered into a long-term, triple-net lease at each property with a licensed cannabis operator. The tenant intends to operate the properties as licensed cannabis cultivation, manufacturing, processing and distribution facilities in accordance with California regulations.

April 22, 2019

California Development Loans Mixed-Use Multifamily Retail Western

HFF Arranges Joint Venture Equity for $320M Residential Development in San Francisco

by Amy Works April 19, 2019

SAN FRANCISCO — HFF has secured joint venture equity for the development of 1629 Market Street, a fully entitled multifamily project in San Francisco. Working on behalf of the developer, Strada Investment Group, HFF arranged a joint venture equity partnership with an affiliate of Stockbridge Capital Group for the $320 million project. 1629 Market Street will feature 420 apartments, averaging 732 square feet, and nearly 9,000 square feet of retail space situated within three mid-rise buildings that will share a sub-grade parking garage. Situated on 1.7 acres at the intersection of Van Ness Avenue and Market Street in San Francisco’s Mid-Market technology hub, the project is slated for completion in mid-2021. Scott Bales, Charles Halladay, Jordan Angel, Peter Yorck, Eric Bet and Nolan Moore of HFF represented the developer in the equity placement transaction.

April 19, 2019

Acquisitions California Industrial Western

Rexford Industrial Acquires Four Industrial Assets in Southern California for $84.5M

by Amy Works April 19, 2019

CITY OF INDUSTRY, ORANGE, CARLSBAD AND SAN MARCOS, CALIF. — Rexford Industrial has purchased four industrial properties located in Southern California for a total of $84.5 million. The acquisitions were funded using cash on hand. Totaling 456,000 square feet, the portfolio includes: A 256,993-square-foot facility, located at 13890 East Nelson Ave. in City of Industry, was purchased for $41.8 million, or $163 per square foot. The fully occupied building features 24-foot clear heights, 36 dock positions and active rail service. A 92,647-square-foot property, located at 445 W. Freedom Ave. in Orange, was acquired for $18 million, or $94 per square foot. The three-tenant property is fully leased and offers 24-foot clear heights and 13 dock positions. A 106,311-square-foot facility, located at 2270 Camino Vida Roble in Carlsbad, was purchased for $16.8 million, or $158 per square foot. At the time of sale, the property was 70 percent occupied. In a separate, off-market transaction, Rexford Industrial purchased 980 Rancheros Drive in San Marcos for $7.9 million, or $173 per square foot. The single-tenant industrial building contains 45,678 square feet of industrial space with 24-foot clearance, three dock positions, heavy power and a private yard. At the time of sale, the property …

April 19, 2019

Acquisitions California Industrial Western

Cushman & Wakefield Directs $15.9M Sale of 73,000 SF Industrial Facility Near San Diego

by Amy Works April 19, 2019

POWAY, CALIF. — Cushman & Wakefield has arranged the sale of an industrial building, located at 13450 Stowe Drive in Poway. SENTRE sold the facility to SOCAL Stowe LLC for $15.9 million. SENTRE is an acronym for Stewards and Entrepreneurs of Real Estate. Situated on 4.3 acres and originally constructed in the early 1990s, the single-story building with mezzanine space features dock- and grade-level loading, open outdoor amenities, efficient office layouts, new LED lighting and a secured yard. Aldila Composite Materials, a subsidiary of Mitsubishi and a designer and manufacturer of composite materials, occupies the 73,000-square-foot facility. Bryce Aberg, Jeff Chiate, Jeffrey Cole, Ed Hernandez, Mike Adey, Brooks Campbell, Zach Harman and Devin Muna of Cushman & Wakefield’s San Diego and Orange County, Calif., offices represented the seller, while Jim Snyder and Patrick Lacey of Lee & Associates represented the buyer in the deal.

April 19, 2019

California Loans Multifamily Western

Capital One Provides $56.7M in Loans to Refinance Two Southern California Multifamily Assets

by Amy Works April 18, 2019

LOMA LINDA AND RIVERSIDE, CALIF. — Capital One has funded a total of $56.7 million in Fannie Mae fixed-rate loans for the refinancing of two age-restricted apartments communities in Southern California. The transactions consist of a $36.7 million loan for Loma Linda Springs, a 444-unit community in Loma Linda, and a $20 million loan for Victoria Springs, a 240-unit property in Riverside. Spruce Grove, the sponsor, was founded in 1964 and has built and managed a diversified commercial real estate portfolio. Chuck Christensen of Capital One Multifamily Finance’s office in Newport Beach, Calif., originated the interest-only loans, which both have a term of 15 years. Both communities feature fitness centers and swimming pools. A portion of the residents at the communities have Section 8 vouchers. Additionally, 17 furnished units at Loma Linda Springs are rented on the short-term leases to cancer patients being treated at nearby Proton Therapy Treatment and Research, part of Loma Linda University Medical Center.

April 18, 2019

Acquisitions California Office Western

Voit Real Estate Negotiates $9.5M Purchase of Cornerstone Office Center in San Diego

by Amy Works April 18, 2019

SAN DIEGO — Voit Real Estate Services has negotiated the purchase of Cornerstone Office Center, located at 6020 Cornerstone Court West in San Diego’s Sorrento Mesa submarket. A private investor acquired the property from Newport Beach, Calif.-based MIG Real Estate for $9.5 million. Todd Holley of Voit Real Estate Services represented the buyer, while Louay Alsadek and Hunter Rowe of CBRE represented the seller in the deal. At the time of sale, Cornerstone Office Center was 100 percent leased. The three-story property features 43,210 square feet of Class B office space. Tenants include Motive Interactive, Rohm Semiconductor and Microchip Technologies.

April 18, 2019

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