California

MWest Holdings Purchases 168-Unit The View Apartments in Los Angeles

by Amy Works December 21, 2018

LOS ANGELES — MWest Holdings has acquired The View, a high-rise apartment community located at 3460 W. Seventh St. in the Koreatown district of Los Angeles. CIM Group sold the property for an undisclosed price. Originally constructed in 1965 and redeveloped in 2013, the 13-story building features 168 apartment units in a mix of one- and two-bedroom layouts with Caserstone countertops, soft-close cabinetry, Frigidiare stainless steel appliances, double basin stainless steel sinks, recessed lighting and washers/dryers in select units. On-site amenities include a Yoga Works studio on the ground floor, a fitness center, pool and sundeck, barbecue area, outdoor lounge and community room. MWest plans to implement a minor interior upgrade program and revitalize the existing common areas and community amenities.

December 21, 2018

Acquisitions California Office Top Stories Western

Paramount Agrees to Acquire Historic Office Tower in San Francisco for $227M

by Kristin Harlow December 21, 2018

SAN FRANCISCO — Paramount Group Inc. (NYSE: PGRE) has agreed to acquire 111 Sutter Street, a 293,000-square-foot office tower in San Francisco’s North Financial District, for $227 million. The transaction, expected to close in the first quarter of 2019, equates to $775 per square foot. Paramount is considering bringing in a joint venture partner at the property. The seller was not disclosed. The building is currently 79.6 percent leased to technology, media, business services and nonprofit tenants. JLL serves as the property’s leasing agent. The 22-story building originally opened in 1927 and was known as the Hunter-Dulin Building. Electrical and plumbing upgrades as well as new elevator systems were added in 2001. The property, which served as NBC’s West Coast headquarters from 1927 to 1942, is on the National Register of Historic Places. The LEED Silver-certified property includes a 24-hour fitness center on the ground floor. New York City-based Paramount is a real estate investment trust that owns and operates Class A office properties in select central business district submarkets of New York City, Washington, D.C. and San Francisco. PGRE’s stock price closed at $12.79 per share on Thursday, Dec. 20, down from $15.58 per share one year ago. — …

December 21, 2018

California Industrial Loans Office Western

HFF Secures $70.5M in Financing for Two-Property Life Science Portfolio in San Diego

by Amy Works December 20, 2018

SAN DIEGO — HFF has arranged $70.5 million in financing for a two-property life science portfolio in San Diego’s Sorrento Mesa neighborhood. Bioscience Properties and Singerman Real Estate, the borrowers, plan to use loan proceeds to convert the buildings into Class A laboratory assets. The portfolio comprises The Peak at Wateridge, a 180,000-square-foot, two-story office/R&D building situated on 11.1 acres at 10770 Wateridge Drive, and 6325 Lusk, a 50,005-square-foot life science building situated on 5.5 acres. Overall, the portfolio is 65 percent leased to two tenants: Abzena PLC and TriLink Biotechnologies. Tim Wright, Zack Holderman, Olga Walsh and Daniel Pinkus of HFF arranged the five-year, floating-rate bank loan.

December 20, 2018

Acquisitions California Industrial Western

Cushman & Wakefield Negotiates $24.7M Sale of Industrial Facility in Southern California

by Amy Works December 20, 2018

VISTA, CALIF. — Cushman & Wakefield has arranged the sale of an industrial facility, located at 2710 Progress St. in Vista. A global real estate investment firm acquired the property from 2710 Progress Street LLC for $24.7 million. Captek Softgel International occupies the 135,000-square-foot, single-tenant facility on a long-standing lease basis. Aric Starck and Barry Hendler of Cushman & Wakefield’s San Diego office represented the seller, while the buyer was self-represented in the deal.

December 20, 2018

California Development Multifamily Seniors Housing Western

Joint Venture to Develop 338-Unit Seniors Housing Community in Los Angeles

by Amy Works December 19, 2018

LOS ANGELES — South Bay Partners Inc., through a joint venture with LAMB Properties LLC, has acquired two parcels totaling 2.7 acres in the Woodland Hills neighborhood of Los Angeles. Plans call for an eight-story midrise seniors housing community on the property. Named The Variel, the Class A community will feature 215 independent living units, 94 assisted living units and 29 memory care units. Construction is slated to begin in early 2019. The development will be located within a mile of a variety of dining and shopping options, plus the 264-bed Kaiser Permanente Woodland Hills Medical Center. Pre-leasing will begin in fourth-quarter 2019 in advance of a planned opening in fourth-quarter 2020. Los Angeles-based West Bay Senior Living will operate the community upon opening.

December 19, 2018

Acquisitions California Retail Western

Faris Lee Investments Brokers $6.8M Sale of Three-Tenant Retail Property in Tulare, California

by Amy Works December 19, 2018

TULARE, CALIF. — Faris Lee Investments has arranged the sale of a three-tenant net-leased investment asset located within Tulare Pavilion Shopping Center in Tulare. Hillman Tulare LLC sold the property to an undisclosed buyer for $6.8 million. Totaling 62,500 square feet, Big Lots, Dollar Tree and Harbor Freight Tools occupy the property. Additional tenants at Tulare Pavilion Shopping Center include Ross Dress for Less and dd’s Discounts. Jeff Conover and Donald MacLellan of Faris Lee Investments represented the seller in the transaction.

December 19, 2018

Affordable Housing California Development Multifamily Western

NAI Capital Arranges 99-Year, $287M Ground Lease for Affordable Housing Project in Santa Ana

by Amy Works December 18, 2018

SANTA ANA, CALIF. — NAI Capital’s Irvine, Calif., office has arranged a 99-year ground lease for a 6.8-acre affordable housing development project in Santa Ana. David Knowlton and Kirby Greenlee of NAI Capital represented the lessor, Broomell Commercial Properties, and lessee, Alexis Gevorgian of AMG & Associates, The Pacific Cos. and Jamboree Housing. Valued at $287 million, the ground lease includes three parcels located at 2110, 2114 and 2020 E. First St. in Santa Ana. The buyer plans to develop two six-story buildings featuring 552 workforce housing units and approximately 10,000 square feet of ground-floor retail space. Once complete, the development will be one of the largest affordable housing projects in the state of California. Construction is slated to begin in early 2019.

December 18, 2018

Acquisitions California Office Western

Barker Pacific Group, Rockwood Capital Acquire 227,019 SF Office Building in Pasadena

by Amy Works December 18, 2018

PASADENA, CALIF. — A joint venture between Barker Pacific Group and Rockwood Capital has purchased a Class A office building, located at 301 N. Lake Ave. in Pasadena. The price was not disclosed. Washington Capital Management previously operated the asset on behalf of an unidentified seller. Built in 1989, the 11-story building features 227,019 square feet of office space. The buyers plan to improve the asset by modernizing the property. CBRE’s Mike Longo and Sean Sullivan brokered the sale. JP Morgan provided debt financing for the buyers.

December 18, 2018

California Market Reports Office Western Western Market Reports

Spec, New Development Continue in Orange County’s Office Sector

by Taylor Williams December 18, 2018

The Orange County office market continues to remain healthy with an unemployment rate of 2.6 percent in the second quarter of 2018. This is down from 3.2 percent 12 months prior. The driving industry sectors for Orange County that occupy a large portion of office space include financial services, information technology, logistics and healthcare. We are currently seeing vacancy rates around 11.7 percent, which is about a 10 basis point increase from the second quarter of this year. The main reason for this increase has been momentum in completed construction projects with more than 2.2 million square feet that has been delivered over the past 12 months. At the mid-year point of 2018, more than 808,000 square feet of office space was under construction — the majority of which was speculative. The largest office projects under construction right now include Flight at Tustin Legacy in Tustin and the Quad at Discovery Business Center in Irvine Spectrum. There are four Class A, institutional-quality office projects currently under construction in the county that total nearly 1.3 million square feet — 75 percent of which is pre-leased to tenants. All this bodes well for the continued confidence in the Orange County market. We …

December 18, 2018

California Development Loans Multifamily Seniors Housing Western

Lancaster Pollard Provides $36M HUD Financing for 145-Unit Seniors Housing Development Near Los Angeles

by Amy Works December 17, 2018

FOUNTAIN VALLEY, CALIF. — Lancaster Pollard has provided $36 million in fixed-rate, HUD-insured financing for the construction of Park View Estates. The 145-unit seniors housing community will be located in Fountain Valley, approximately 35 miles southeast of Los Angeles. Welbrook Senior Living and Sunshine Retirement Living are developing the property, which is adjacent to Fountain Valley Regional Hospital. Once completed, the community will offer 106 assisted living units and 39 memory care units. The project is scheduled for completion in 2020. Jason Dopoulos led the transaction for Lancaster Pollard.

December 17, 2018

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