SANTA FE SPRINGS, CALIF. — Realty Advisory Group has arranged the purchase of an industrial property located at 9601-9603 John St. in Santa Fe Springs. An undisclosed buyer acquired the property for $24.8 million. Situated on 7.2 acres, the 181,070-square-foot facility features 22- to 28-foot ceiling heights, 16 DH positions and future divisibility. At the time of sale, the building was fully leased to Windsor Fashions. John Repstad and Mark Repstad of Realty Advisors Group represented the buyer and undisclosed seller in the deal.
SAN DIEGO — Next Space Development Realty, a residential and multifamily development company, has purchased 25 on Fifth, an apartment complex, for $14.5 million. Located at 3265 Fifth Ave. in San Diego, the property features 25 apartment units. Mayfair initially developed the building in 2007 but lost the property to Bank of America in the 2008 recession. Pacifica Cos. provided acquisition equity for the transaction. Eric Comer, Jim Neil and Merrick Matricardi of Kidder Mathews represented the buyer in the deal.
The Inland Empire office market got off to a slow start in 2018, continuing a trend of positive momentum with little excitement. The average asking rent registered $1.81 per square foot, down 3.7 percent from the fourth quarter of 2017 and $0.01 below the first quarter of 2017. Preliminary sales and lease volumes are off 39.1 percent over the prior year. However, the Inland Empire is seeing one of the lowest vacancy rates since 2007, with more than 108,000 square feet of new construction added to the market this quarter. As of the first quarter of 2018, vacancy was 7.9 percent, down 30 basis points over the quarter and 90 basis points below last year at this time. Nine projects totaling 201,671 square feet are under construction, with the largest being Rady Children’s Medical Plaza at 60,000 square feet. Much of the new growth in the office sector is being driven by the healthcare industry. Office medical space comprised more than half of the space under construction, as the education and health services sector employment has grown by 4 percent between January 2017 and January 2018. This has accounted for 8,800 of the 13,500 new jobs in the office-occupying sectors. …
LOS ANGELES — Walker & Dunlop (NYSE: WD) has provided approximately $392.4 million in agency financing for three apartment communities in the greater Los Angeles area. The portfolio includes The Medici and The Orsini I in downtown Los Angeles and The Colony Townhomes in Santa Clarita, about 34 miles north of Los Angeles. Walker & Dunlop closed approximately $233.6 million through Freddie Mac’s Green Up program for the two Los Angeles properties. The Bethesda, Md.-based company also provided a $158.8 million loan through Fannie Mae’s Green Rewards program for the 752-unit community in Santa Clarita. G.H. Palmer Associates, the borrower and developer of all three communities, used the funding to refinance the assets. Led by Walker & Dunlop’s Trevor Fase, each transaction provided cash out to the borrower and was structured as a 10-year, non-recourse loan with interest-only payments for the entire term. As part of the green lending programs from the two government-sponsored enterprises (GSEs), G.H. Palmer is also using the proceeds to improve the apartment communities’ energy and/or water efficiency. In order to qualify for the agencies’ green lending programs, borrowers have to plan improvements for at least 25 percent savings in energy or water usage, according to …
REDWOOD CITY, CALIF. — Levin Johnston, a division of Marcus & Millichap, has arranged the purchase of 10 Birch, a multifamily property located at 10 Birch St. in the Mount Carmel neighborhood of Redwood City. A private investor acquired the property for $13.6 million from another private investor, which was the long-time owner of the property. The buyer plans to renovate the exterior of the property, as well as execute a full interior remodel on each of the 27 apartment units. Adam Levin and Robert Johnston of Levin Johnston represented the buyer in the transaction.
FREMONT, CALIF. — Rev Projects has purchased a freestanding R&D building, located at 46355 Landing Parkway in Fremont. Oplink Communications, the former occupant, sold the property for $9.6 million, or $183 per square foot. The buyer plans to complete improvements at the 52,321-square-foot building, which is located within Bayside Business Park. Oplink Communications, a United States-based manufacturer of optical components, relocated its operations to a nearby building after being acquired by Koch Industries. Mike Spiro of Newmark Knight Frank Oakland represented the seller in the transaction.
BREA, CALIF. — DAUM Commercial has brokered the sale of an industrial property located 331-333 Cliffwood Park St. in Brea. SAME Investments sold the building to LFT-Cliffwood for $16.1 million. Constructed in 1974, the 99,552-square-foot property features 7,900 square feet of office space, four dock-high loading doors, a ground-level loading door, 22- to 24-foot minimum warehouse clearance, a fenced yard and a recently installed Energy Star-rated “cool roof.” Chris Migliori and the DAUM Commercial team represented the seller, while Chuck Wilson and Brain Chastain of Colliers International represented the buyer in the deal.
WALNUT, CALIF. — Faris Lee Investments has arranged the sale of Walnut Town & Country, a multi-tenant retail center located at 1205-1243 N. Grand Ave. in Walnut. A Northern California-based family trust acquired the property from an Oregon-based family trust for $10.7 million. Built in 1988, the 22,322-square-foot property is situated on 1.2 acres of land at the intersection of Amar Road and Grand Avenue. At the time of sale, the property was 95 percent occupied by a variety of tenants, including Jack in the Box, Subway, Wing Stop, Lollicup and Mathnasium. Shaun Riley of Faris Lee represented the seller and buyer in the deal.
SAN JUAN CAPISTRANO, CALIF. — The Ensign Group, on behalf of a wholly owned subsidiary, has acquired an office building located in San Juan Capistrano. The name of the seller and acquisition price were not released. The Ensign Group plans to enter into a lease with its wholly owned subsidiary, Ensign Services, and expects Ensign to occupy a portion of the 115,517-square-foot property upon termination of its existing office leases in 2019. At the time of acquisition, the property was 92 percent occupied by third-party tenants. The Ensign Group is the parent company of the Ensign line of skilled nursing, rehabilitative care services, home healthcare, hospice care and assisted living companies. Mitch Lundquist and Ryan Hawkins of JLL represented the buyer in the transaction.
TEMECULA, CALIF. — Avison Young has arranged the acquisition of MCA Business Center, a newly constructed industrial building located on Dendy Parkway in Temecula. An undisclosed buyer purchased the property from MCA Realty for $16.8 million. The buyer plans to occupy the entire 143,689-square-foot facility. Completed in 2018, MCA Business Center features 32-foot clear-height ceilings, 120-foot truck courts, 26 dock-high loading doors, three grade-level doors, 255 skylights and unobstructed views of the Temecula Valley. The property is located within Westside Business Center, a 385-acre master-planned business park that is 95 percent built out. Stan Nowak and Cody Lerner of Avison Young represented the buyer, while Lee & Associates, along with CBRE, represented the seller in the deal.