California

Bascom Group Buys 78-Unit Apartment Community in Southeast Los Angeles for $12.5M

by Amy Works August 1, 2018

LOS ANGELES — The Bascom Group has acquired Island Apartments, a multifamily property located at 8222 Rosemead Blvd. in Southeast Los Angeles. An undisclosed seller sold the asset for $12.5 million, or about $160,000 per unit. Constructed in 1957, the property features 78 apartment units. The buyer plans to renovate the complex to modernize the look and feel of the unit interiors. Mike Krantz of Brentwood Realty Partners brokered the transaction. Erich Pryor of Talonvest arranged $9.6 million in debt financing through California Bank & Trust for the buyer.

August 1, 2018

Acquisitions California Office Western

Avison Young Brokers $8.7M Sale of Office Building in Brea, California

by Amy Works July 31, 2018

BREA, CALIF. — Avison Young has arranged the sale of an office building located at 330 E. Lambert Road in Brea. Miller Brothers Eureka Road One LLC acquired the asset from Brea Metro LLC for $8.7 million in a 1031 exchange transaction. Built in 1988 as a single-tenant property, the two-story, 43,800-square-foot building underwent a renovation and conversion to multi-tenant use in 1997. Situated on 2.4 acres, the property is fully occupied by five tenants, including Southland Corp. (7-Eleven), PharMedQuest, National Mortgage Services and Merchant Money Corp. Alan Pekarcik and Chris Smith of Avison in collaboration with Tim Walker and Steve Heimuli of Lee & Associates represented the seller, while Colliers International represented the buyer in the deal.

July 31, 2018

Acquisitions California Office Western

TMG Partners Sells 320,000 SF Office Building in Downtown Oakland to KKR

by Amy Works July 27, 2018

OAKLAND, CALIF. — TMG Partners has completed the sale of 1330 Broadway, an office building located in downtown Oakland. KKR, a global investment firm, acquired the property for an undisclosed price. In addition to the sale, TMG is partnering with KKR and will continue with on-site property management and asset management. TMG originally purchased the 18-story, 320,000-square-foot building in November 2015. Tenants at the property include Oracle, Arup, Clovis Oncology, UCSF, Verizon, Chase Bank and Citizens Engagement Lab.

July 27, 2018

Acquisitions California Multifamily Western

IREA Brokers $10.1M Sale of Bonita Terrace Apartment Building in Hollywood Hills

by Amy Works July 27, 2018

LOS ANGELES — Investment Real Estate Associates (IREA) has arranged the sale of Bonita Terrace, an apartment building located at 6900 Bonita Terrace in Los Angeles’ Hollywood Hills. A California-based private individual acquired the property for $10.1 million, or $632,000 per unit. Built in 2014, the property features 16 apartments, elevator service and secure subterranean parking garage. Jonathan Krikorian, Clark Everitt and William Everitt of IREA represented the buyer and seller, a California-based private individual.

July 27, 2018

California Industrial Loans Office Western

Phase 3 Real Estate Receives $149M Refinancing for Genesis Campus Point in San Diego

by Amy Works July 26, 2018

SAN DIEGO — Phase 3 Real Estate Partners has received a $149 million refinancing for Genesis Campus Point, a life science campus in the University Town Center (UTC) submarket of San Diego. Located at 4224 and 4242 Campus Point Court and 10210 Campus Point Drive, the three-building campus features 314,135 square feet of state-of-the-art life science space. Additionally, the campus includes an underground parking facility; an amenity building featuring a fitness center with lap pool, yoga studio, spin studio and showers/lockers; an on-site restaurant; and conference centers. Current tenants include Poseida Therapeutics, MabPlex USA, Heron Therapeutics, Celgene, Tocagen, BioLabs San Diego LLC and AveXis Inc. Tim Wright, Todd Sugimoto and Olga Walsh of HFF arranged the financing for the borrower.

July 26, 2018

Acquisitions California Office Retail Top Stories Western

Equus Sells Office, Retail Complex in Downtown San Jose for $284M

by Camren Skelton July 26, 2018

SAN JOSE, CALIF. — Equus Capital Partners Ltd. has sold Cityview Plaza, a nine-building, 579,541-square-foot office and retail complex in downtown San Jose. Jay Paul Co., a privately held real estate development firm based in San Francisco, acquired the asset. The 11-acre property sold for $284 million, according to local media reports. Spanning an entire city block, Cityview Plaza is situated across from the Adobe Worldwide Headquarters, and near the planned 8 million-square-foot Google Village. The complex includes 534,036 square feet of office space and 45,505 square feet of retail. In addition, the property includes more than 1,000 parking stalls situated within both a subterranean and structured parking garage. Equus’ equity fund, BPG Investment Partnership VIII & VIIIA, originally acquired Cityview Plaza in 2007 and invested $10 million in capital improvements. The renovation included new entrance points to the complex, landscaping, renovated lobby entries and common area improvements. Equus added on-site amenities including a fitness center, conference center, new restaurants and seating/meeting areas within the property’s central plaza. “We acquired the 67 percent leased Cityview Plaza in 2007 with a particular focus on the rare opportunity to secure a large, well-located mixed-use property in the rapidly evolving downtown San Jose …

July 26, 2018

Acquisitions California Development Multifamily Western

Joint Venture Buys Former Convent Near San Diego for Apartment Conversion

by Amy Works July 25, 2018

LA MESA, CALIF. — Pathfinder Partners has partnered with San Diego-based Silvergate Development to acquire a 4.1-acre former convent and seniors housing community in La Mesa for an undisclosed price. The partnership plans to develop Little Flower Haven, a 130-unit apartment community on the site. Development plans include preserving portions of the 1930s-era mission-style property, including the existing bell tower and chapel. Once complete, the property will feature 68 one-bedroom/one-bath units, 55 two-bedroom/two-bath apartments and seven studio units. Each unit will feature stainless steel appliances, in-unit washer/dryers, central heat and air conditioning, new flooring and solid-surface countertops. On-site amenities will include a recreation room with kitchen, fitness facility, exterior decks, pool and spa, barbecues, electric vehicle charging stations, bike lockers, resident storage areas, covered parking and dog park. Construction is slated to begin this fall. Austin Dias of Duhs Commercial represented the buyer, while Eric Knowles of Kidder Mathews represented the undisclosed seller in the deal.

July 25, 2018

California Loans Multifamily Western

Kennedy Funding Arranges $2.1M Acquisition Loan for Development Site in Northern California

by Amy Works July 25, 2018

LINDA, CALIF. — Kennedy Funding has arranged $2.1 million in financing for the acquisition of a 17.5-acre development site located on Riverbank Drive in Linda. The borrower, Tanglewood Racquet Village LLC, use the loan proceeds to purchase the land parcel for $1.5 million from an undisclosed seller. The buyer plans to develop Tanglewood Racquet Club, a 400-unit multifamily community, on the site. The property will feature one- and two-bedroom units spread across 10 two-story buildings and 10 three-story buildings. Additionally, the property will feature a community center and a storage building. Englewood Cliffs, N.J.-based Kennedy Funding secured the loan, which was more than 38 percent above the acquisition price.

July 25, 2018

California Development Multifamily Western

Realm Group Buys Development Site in Downtown Los Angeles for High-Rise Multifamily Project

by Amy Works July 24, 2018

LOS ANGELES — Realm Group, a joint venture between Realm Estate and The Bascom Group, has purchased a 1.7-acre land parcel located within Los Angeles’ Fashion District. An undisclosed seller sold the property for $24.2 million. The site is entitled for the development of a 33-story, 452-unit, high-rise multifamily property. Additionally, the site’s existing parking lot, located at the corner of Seventh Street and Maple Avenue, will be redeveloped into 13,600 square feet of ground-floor commercial space. The concrete, steel and glass tower will feature a rooftop lounge with city skyline views and a one-acre amenity deck on the sixth floor with a pool terrace and oversized dog park. Charles Halladay, Andrew Hornblower and Jamie Kline of HFF secured a land loan from Ladder Capital for the acquisition of the site. Realm is co-developing the mixed-use property with Urban Offerings.

July 24, 2018

Acquisitions California Multifamily Western

Luxo II Apartment Homes Acquires 40-Unit Complex in San Diego for $21.3M

by Amy Works July 24, 2018

SAN DIEGO — Luxo II Apartment Homes has purchased Villa Cusma, a 40-unit apartment complex at 1907 Columbia St. in San Diego’s Little Italy neighborhood. The price was $21.3 million, more than $500,000 per unit. Raymond Choi of Marcus & Millichap represented the seller, 1907 Columbia St. LLC, and procured the buyer in the all-cash transaction. Built in 2012, Villa Cusma features 24 one-bedroom/one-bath apartments, one two-bedroom/one-bath unit and 15 two-bedroom/two-bath apartments. Additionally, the property features a a gated subterranean parking garage and a 2,475-square-foot, ground-floor retail space leased to Harumama, a sushi and ramen restaurant.

July 24, 2018

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