California

Archway Capital Provides $22.8M Acquisition Loan for Simi Valley Town Center in California

by Amy Works October 17, 2024

SIMI VALLEY, CALIF. — Archway Capital has provided a $22.8 million loan for the purchase of Simi Valley Town Center, a 637,728-square-foot, open-air retail center situated on more than 42 acres in Simi Valley. Archway closed the non-recourse, two-year loan within 30 days of origination on behalf of the undisclosed borrower. Marshalls, Ulta Beauty, Studio Movie Grill, Five Below, California Pizza Kitchen, Red Robin, Verizon Wireless, Corner Bakery and Starbucks Coffee are tenants at the center, which is located at 1403-1685 Simi Town Center Way and was built in 2005. According to Archway Capital, the new ownership has a strategic plan to reposition the property to lifestyle retail over the next 12 months.

October 17, 2024

Acquisitions California Multifamily Western

Berkadia Negotiates $11.7M Sale of Multifamily Community in Torrance, California

by Amy Works October 17, 2024

TORRANCE, CALIF. — Berkadia has negotiated the sale of Anza South Apartments, a garden-style multifamily property in Torrance. Gardena, Calif.-based Swami International acquired the asset from Paladin Co. for $11.7 million. Located at 21010 Anza Ave., Anza South Apartments offers 34 residences, averaging 1,121 square feet. The gated community was built in 1964. Steffan Braunlich and Trent Gardner of Berkadia’s El Segundo office represented the seller, while John Barbie of Bro-Deals Los Angeles represented the buyer in the transaction.

October 17, 2024

Acquisitions California Retail Western

JEBS Hollywood Entertainment Buys 3,400-Seat Dolby Theatre in Hollywood

by Amy Works October 16, 2024

LOS ANGELES — JEBS Hollywood Entertainment LLC has acquired Dolby Theatre, an iconic live performance entertainment auditorium in Los Angeles’ Hollywood neighborhood. Terms of the transaction, which included two surface parking lots totaling 1.45 acres, were not released. Built in 2001 and home of the Academy Awards since 2002, the 180,000-square-foot theater offers 3,400 seats. The asset is located at 6801 Hollywood Blvd. within the Ovation Hollywood retail complex. Chris Bonbright of Avison Young represented the buyer, while Will Poulsen and Peter Hajimihalis of JLL and Carl Muhlstein of Muhlstein CRE represented the undisclosed seller in the deal. Slatt Capital’s Antonio Hachem, Cornelius Baliukonis and Wendy Wang arranged debt financing, which was provided by Castellan Real Estate Partners. JEBS Hollywood Entertainment is led by Elie Samaha and includes Sherwin Jarol, Jeff Sagansky, Jonah Lazowski, Two Girls Holdings LLC and Sheikh Abdulla Bin Mohamed Al Qasimi through his investment firm, Master Investment Group.

October 16, 2024

California Hospitality Loans Western

Berkadia Arranges $92.5M in Refinancing for Hotel Portfolio in Carlsbad, California

by Amy Works October 16, 2024

CARLSBAD, CALIF. — Berkadia has arranged $92.5 million in refinancing for two hotels in Carlsbad — Cape Rey Carlsbad Beach, a Hilton Resort & Spa and Hilton Garden Inn Carlsbad Beach. Scott Hall and Aaron Lapping of Berkadia Hotels & Hospitality secured the loan through MetLife Investment Management on behalf of the borrower, California-based Wave Crest Hotels and Resorts. The five-year loan features a half-term interest-only provision and a 65 percent loan-to-value ratio. The 215-key Cape Rey Carlsbad Beach and the 161-key Hilton Garden Inn Carlsbad Beach both offer access to beaches, shopping, golf, Legoland and the Flower Fields. The hotels feature ocean views, outdoor pool areas and meeting and event venues.

October 16, 2024

California Development Multifamily Western

Forge Development Starts Residential Conversion of Humboldt Bank Office Building in San Francisco

by Amy Works October 16, 2024

SAN FRANCISCO — Forge Development Partners has started its project to convert the historic Humboldt Bank, an office building located at 785 Market St. in San Francisco into workforce housing. Forge plans to begin construction on 785 Market Street in early 2025, contingent on pending legislation. Planned renovations will preserve the 19-story building’s historic façade, ground-floor retail space and Baroque-style dome, while upgrading the infrastructure of the building to provide a high-quality scaled living experience for middle-income residents. Upon completion, 785 Market Street, which was originally built in 1908, will feature 124 apartments. The project aligns with the city’s housing production initiative to bring 30,000 new residences and students to downtown San Francisco by 2030 and targets a zero net carbon and energy solution. Forge is partnering with Cordia, a San Francisco-based energy solution company that purifies groundwater, to produce steam that will be piped through 785 Market Street and used for space heating, domestic hot water and air conditioning.

October 16, 2024

Gortikov-Samo-Collection-Santa-Monica-CA

Acquisitions Affordable Housing California Multifamily Western

Gortikov Capital Buys Affordable Housing Portfolio in Santa Monica for $120M

by Amy Works October 15, 2024

SANTA MONICA, CALIF. — Gortikov Capital has acquired Samo Collection, a portfolio of income- and rent-restricted affordable housing units in Santa Monica, for $120 million. Spanning 11 buildings, the portfolio offers a total of 399 units. Built between 1997 and 2009, Samo Collection features studio, one-, two- and three-bedroom units with stainless steel appliances, hardwood-style flooring and central heating and air conditioning. The name of the seller was not released.

October 15, 2024

Acquisitions California Retail Western

Faris Lee Investments Brokers $5.3M Presale of Single-Tenant Retail Property in Fresno, California

by Amy Works October 15, 2024

FRESNO, CALIF. — Faris Lee Investments has arranged the $5.3 million presale of a newly constructed, single-tenant retail property in Fresno. The Learning Experience daycare occupies the property on a long-term 20-year net-lease basis. Scott DeYoung, Jeff Conover and Greg Lukosky of Faris Lee represented the seller in the transaction. The names of the buyer and seller were not released.

October 15, 2024

California Development Hospitality Western

KPC Development to Bring 300-Key Kali Hotel and Rooftop to Hollywood Park in Inglewood

by Amy Works October 14, 2024

INGLEWOOD, CALIF. — KPC Development Co. has announced its newest project, Kali Hotel and Rooftop, Autograph Collection, at Hollywood Park in Inglewood. Located at 3737 Stadium Drive, the 300-key hotel is adjacent to SoFi Stadium (home of the Los Angeles Rams and Los Angeles Chargers) and YouTube Theater, within walking distance to Intuit Dome (home of the Los Angeles Clippers) and Kia Forum and four miles from Los Angeles International Airport (LAX). The 13-story hotel will offer 34 suites, a pool and yoga deck, spa, fitness center, three food-and-beverage concepts and nearly 20,000 square feet of meeting and event space. The property will also offer 315 onsite parking stalls. The hotel will join Autograph Collection Hotels, part of Marriott Bonoy’s global portfolio of more than 30 brands. The development team includes Clayco as general contractor and design firms Lamar Johnson Collaborative and Sixteenfifty Creative Intelligence.

October 14, 2024

California Development Industrial Western

Dedeaux Properties to Develop 510,500 SF Warehouse at TRCC in Tejon Ranch, California

by Amy Works October 14, 2024

TEJON RANCH, CALIF. — Tejon Ranch Co. has signed a joint venture agreement with Dedeaux Properties to develop and lease a 510,500-square-foot, industrial warehouse at Tejon Ranch Commerce Center (TRCC) in Tejon Ranch. TRCC is a mixed-use master-planned community that operates as a logistics hub serving all of California and the western United States. The facility will be located on 25 acres just east of Interstate 5. The Class A warehouse will offer Class A divisible cross-dock space with 185-foot truck courts and 36-foot clear heights. Mac Hewett, Mike McCrary and Brent Weirick of JLL will serve as listing agents for the industrial facility. As master developer of TRCC, Tejon has realized 8.2 million square feet of industrial development with an additional 11.1 million square feet of entitled property remaining. TRCC also has 674,000 square feet of existing commercial development, including the Outlets at Tejon. Tejon Ranch Co.’s first residential offering, the 228-unit first phase of Terra Vista at Tejon, a 495-unit apartment community, will open in spring 2025.

October 14, 2024

Acquisitions California Multifamily Western

CBRE Facilitates Sale of 266-Unit Ascend Apartments in Milpitas, California

by Amy Works October 14, 2024

MILPITAS, CALIF. — CBRE has arranged the sale of Ascend Apartments, a multifamily community in Silicon Valley. Keith Manson of CBRE represented the buyer in the off-market transaction. Details of the deal were not released. Located at 1821 S. Milpitas Blvd. in Milpitas, Ascend Apartments features 266 studio, one- and two-bedroom floor plans, courtyards, a rooftop terrace with a skyline swimming pool and spa and a fitness center with an outdoor yoga lounge. Built in 2021, the community is situated across from the Milpitas BART and VTA Light Rail stations.

October 14, 2024

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