California

PCCP Provides $145M Loan for Development of 442-Unit Multifamily Asset in San Diego

by Amy Works April 11, 2019

SAN DIEGO — PCCP has funded a $145 million senior loan to Sunroad Enterprises for the development of Sunroad Centrum Phase 6, a seven-story, Class A multifamily community in the Kearny Mesa neighborhood of San Diego. The 442-unit project is the final phase of the 24-acre Centrum master plan, which includes more than 800 multifamily units and an 11-story office tower. The new multifamily property will feature a 4,200-square-foot, two-level fitness center, pool, spa, rooftop bar with grill area and outdoor televisions, business center lounge, conference rooms, wine room with outdoor patio, game room and pet-grooming center. Aldon Cole, Tim Wright and Bharat Madan of HFF’s San Diego office arranged the financing.

April 11, 2019

California Development Loans Multifamily Western

Oakdale Communities Receives $83M Construction Loan for 300-Unit Multifamily Property in Sacramento

by Amy Works April 11, 2019

SACRAMENTO — Houston-based Oakdale Communities has received an $83 million loan for the development of The Core Natomas, an apartment complex in Sacramento. Located at 2705 Orchard Lane, the 300-unit, village-style community will feature 13 two- and three-story buildings offering one-, two- and three-bedroom layouts. On-site amenities will include a clubhouse, resort-style swimming pool, fitness center and outdoor kitchens. Construction is slated to begin in May. Kevin Randles, Angelica Heath, Jim Richards and Susan Speer of CBRE arranged the financing, which represents 90 percent of total needed project capital. William Ayres, also of CBRE, brokered the acquisition of the land site.

April 11, 2019

Acquisitions California Retail Western

Optimus Properties Sells Multi-Tenant Retail Asset in Los Angeles

by Amy Works April 11, 2019

LOS ANGELES — An affiliate of Optimus Properties has completed the disposition of a retail building located at 8036-8038 W. Third St. in Los Angeles. Terms of the transaction were not released. Built in 1946, the property features 2,200 square feet of retail space and 12 parking spaces. At the time of sale, the building was fully occupied by The Osso Good Co., a maker of bone broth and paleo soups; I Love Nails, a nail salon; and Shampoo, a hair salon.

April 11, 2019

California Development Multifamily Western

MBK Rental Living Buys 14.5-Acre Site in Southern California for Azure Multifamily Community

by Amy Works April 10, 2019

SANTA MARIA, CALIF. — MBK Rental Living has acquired a 14.5-acre land site in Santa Maria for the development of Azure, a multifamily property. Easton Plaza LP sold the site for an undisclosed price. Upon completion, Azure will feature 318 two- and three-story garden-style apartments ranging in size from 406 square feet to 1,211 square feet. Community amenities will include two swimming pools, two hot tubs, a dog park, sports court, fitness center and playground. Grading of the site is slated for this spring, with leasing expected to begin in mid- to late-2020.

April 10, 2019

Acquisitions California Office Western

Madison Partners Directs $31M Sale of 55,000 SF Office Building Near Los Angeles

by Amy Works April 10, 2019

EL SEGUNDO, CALIF. — Madison Partners has arranged the off-market sale of an office building, located at 2221 Park Place in El Segundo. Powerscourt Partners purchased the property from 2221 PPA LLC for $31 million, or $564 per square foot. Bob Safai, Matt Case and Brad Schlaak of Madison Partners represented the seller, while Geoff Ludwig of Colliers International represented the buyer in the deal. The 55,000-square-foot office building was vacant at the time of sale.

April 10, 2019

Acquisitions California Lee & Associates Multifamily Seniors Housing Western

Lee & Associates Arranges Sale of 132-Unit Seniors Housing Project in Southern California for $8.7M

by Amy Works April 10, 2019

LANCASTER, CALIF. — Lee & Associates-LA North/Ventura has negotiated the sale of Aurora Village Apartments, a low-income seniors housing project in Lancaster. The property is located in what city planners hope will be a “Medical Main Street” district for the city, which is north of Los Angeles in the western Mojave Desert area. It features 132 units on a 3.4-acre site within the city’s Amargosa Creek Master Plan, which envisions a mixed-use, pedestrian-friendly district with retail and medical amenities. The seller, Aurora Village LP, was the original developer and used federal Low Income Housing Tax Credit funding to finance the project. Afton Properties acquired the community for $8.7 million. Matt Benwitt of Lee & Associates-LA North/Ventura represented the seller in the transaction. Edward Mulflur of Re/Max Commercial represented the buyer. “With the expiration of the 15-year initial operation period, the new buyer is able to sell new tax credits,” says Benwitt. “The buyer will also benefit from the property’s location in an Opportunity Zone. Recent installation of solar electric and water heating systems by the seller presented an attractive package to the buyer.”

April 10, 2019

California Loans Retail Western

SRS Secures $6.5M Acquisition Loan for Mimi’s Plaza in Tustin, California

by Amy Works April 10, 2019

TUSTIN, CALIF. — SRS Real Estate Partners has secured a $6.5 million loan for the purchase of Mimi’s Plaza, a retail center located at 13911, 13931 and 13951 Carroll Way in Tustin. Built in 1990 and situated on 2.4 acres, the three-building property features 30,795 square feet of retail space. At the time of financing, the property was fully occupied. Ben Townsend and Matt Marlin of SRS’s Debt & Equity team structured the non-recourse, five-year loan on behalf of an out-of-state private investor. The loan features a 4.65 percent fixed interest rate and a 30-year amortization.

April 10, 2019

Acquisitions California Multifamily Western

Levin Johnston Directs $10M Sale of Multifamily Community in San Jose, California

by Amy Works April 9, 2019

SAN JOSE, CALIF. — Levin Johnston of Marcus & Millichap has arranged the sale of Delano Apartments, a multifamily property located at 272-280 La Pala Drive in San Jose. A private, high-net-worth investor sold the property for an undisclosed price. Built in 1960, Delano Apartments features 35 units in a mix of one- and two-bedroom layouts. Community amenities include a swimming pool, on-site leasing office, coin-operated laundry facility and secured gated perimeter with security cameras. The newly renovated units feature granite countertops, engineered hardwood flooring, stainless steel appliances and modern light fixtures. Adam Levin and Robert Johnston of Levin Johnston represented the seller in the deal.

April 9, 2019

Acquisitions California Restaurant Retail Western

Hanley Investment Group Arranges $3.5 Million Sale of Raising Cane’s Location in Southern California

by Amy Works April 9, 2019

FONTANA, CALIF. — Hanley Investment Group has arranged the $3.5 million sale of a single-tenant building situated on 0.6 acres within a Sprouts Farmers Market-anchored retail center in Fontana. The 3,233-square-foot property is fully leased to a Raising Cane’s Chicken Fingers restaurant, which opened in February. Other tenants at Highland Village shopping center include Jack in the Box, Burgerim, Jersey Mike’s, Oggi’s Restaurant, Mountain View Tires, Pacific Dental and Quick Quack Car Wash. Kevin Fryman, Bill Asher and Jeff Lefko of Hanley represented the seller, Adler Realty Investments Inc., in the transaction. Kevin Boeve of Marcus & Millichap represented the buyer, a private investor based in Covina, Calif.

April 9, 2019

Acquisitions California Office Western

Optimus Properties Sells 16,000 SF Office Building in West Los Angeles

by Amy Works April 9, 2019

LOS ANGELES — An affiliate of Optimus Properties has completed the sale of an office building located at 864 S. Robertson Blvd. in West Los Angeles. Terms of the sale were not disclosed. Originally built in 1956 and renovated in the 1980s, the 16,000-square-foot property features three floors, parking and several rooftop patios. Optimus completed improvements on the interior and exterior, including modernization of the entrance, lobby, common areas and new, ADA-compliant bathrooms.

April 9, 2019

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