California

Shea Properties, Ivanhoé Cambridge Begin Construction of Mixed-Use Property in San Jose

by Amy Works February 7, 2019

SAN JOSE, CALIF. — Shea Properties and Ivanhoé Cambridge have broken ground on a two-property mixed-use project in San Jose’s Japantown. Situated on a 3.8-acre parcel, the project will include Facet, a two-building, 518-unit apartment community, and 6th and Jackson, a 19,000-square-foot retail area with restaurants, shops and services. Additionally, the project will feature a community park situated between the residential structures. Being built by San Jose-based Swenson, the residential component will feature units ranging from 512-square-foot studios to 1,537-square-foot three-bedroom units. Units will include stainless steel appliances, full-size washers/dryers, quartz countertops and smart home technology. Community amenities will include swimming pool/spa, poolside BBQ grills, outdoor gaming areas, fitness room, indoor kitchen/lounge, rooftop deck, pet spa and large dog run area. Additionally, the North building will offer flexible work options, including work pods, collaborative work lounges and multimedia rooms, for residents. The South Building will feature amenities for an active lifestyle, including large, gym-quality fitness areas, as well as shopping and dining options on the ground level. Facet is slated to begin leasing in Spring 2021, with the retail space at 6th and Jackson scheduled to open at the same time.

February 7, 2019

Acquisitions Arizona California Industrial Western

BKM Capital Partners Acquires Three Industrial Portfolios in California, Arizona for $138.7M

by Amy Works February 6, 2019

NEWPORT BEACH, CALIF. — Newport Beach, Calif.-based BKM Capital Partners, through its BKM Industrial Value Fund II, has acquired three industrial portfolios for a combined consideration of $138.7 million. The company purchased a two-property portfolio consisting of four buildings totaling 99,187 square feet in metro San Diego. 3G Properties sold the properties for $16.6 million. At the time of sale, the property was 96 percent occupied with rents that range from 20 percent to 39 percent below market rate. The properties include Del Abeto Commerce Center, located at 6325 and 6354 Corte del Abeto in Carlsbad, Calif.; and Waples Industrial Centre, located at 9540 and 9550 Waples St. in Sorrento Mesa, Calif. Mark Avilla at Cushman & Wakefield represented the seller, while BKM was self-represented in the deal. BKM also acquired South Bay Portfolio, a five-building light industrial portfolio in Fremont, Calif., from Stockbridge for $49 million. Located at 48430-48490 Lakeview Blvd. and 48500-48560, 48400, 47745-47787 and 47703-47737 Fremont Blvd., the portfolio totals 221,651 square feet. At the time of sale, the portfolio was 94 percent occupied by a diverse range of 13 tenants with unit sizes ranging from 4,800 square feet to 42,500 square feet. Eastdil Secured represented the seller, …

February 6, 2019

California Development Multifamily Seniors Housing Western

San Francisco Campus for Jewish Living Opens Preview Center for $140M Expansion

by Amy Works February 6, 2019

SAN FRANCISCO — San Francisco Campus for Jewish Living (SFCJL), a continuing care retirement community in San Francisco, has opened a preview center at its 190-unit Frank Residences expansion. The $140 million project will add 113 assisted living apartments and 77 memory care suites. The expansion includes 270,000 square feet of new construction, plus renovations to the community’s 362 skilled nursing units. The new units are slated for occupancy in late 2019. “SFCJL leadership embarked on this project because they saw there was a real need in the community for modern housing where older adults could receive higher levels of care,” says Staci Chang, director of marketing and communications. “With this expansion, we are creating an economically sustainable model that will be viable for generations to come and expanding our services to serve the needs and wants of a broader population of older adults and their families.” In addition to the new residential units, SFCJL is creating a “downtown” on campus with social and cultural activities, as well as medical services. Named Byer Square, the area will feature a primary, specialty and integrative health care clinic, along with a fitness and aquatics center, library, café, cinema, and a cultural and …

February 6, 2019

California Development Office Western

Alvarez & Marsal Capital Real Estate to Develop ELEVAR Creative Office Campus in Los Angeles

by Amy Works February 5, 2019

LOS ANGELES — Alvarez & Marsal Capital Real Estate recently acquired a 4.3-acre site at 18362-18424 Oxnard St. in Los Angeles’ Tarzana neighborhood for redevelopment into a creative office campus with studio capabilities. The site, which was formerly used as production space, will be redeveloped into ELEVAR, a state-of-the-art studio and creative office campus. Situated at the corner of Oxnard Street and Reseda Boulevard, the asset currently consists of four standalone flex and industrial buildings totaling 73,045 square feet. The new construction will add more than 20,000 square feet, bringing the total project size to 96,500 square feet. The redeveloped campus will feature usable outdoor space, including a greenbelt, WiFi-enabled patios and an artisanal café. Additionally, the campus will feature shaded outdoor areas, above-standard power and data capabilities, high ceilings and a fitness center for tenants. ELEVAR will offer ample surface-level parking and close proximity to the Metro Orange Line Reseda Station. Rob Hooks, Katie Bernhisel and Dillon Moscone of Cushman & Wakefield, along with Kevin Fenenbock and Jacob Mumper of Colliers, will serve as the leasing agents for the property.

February 5, 2019

California Company News Retail Western

Charlotte Russe Holdings Corp. Files for Chapter 11 Bankruptcy, Plans to Close 94 Stores in U.S.

by Jeff Shaw February 5, 2019

SAN DIEGO — Charlotte Russe Holdings Corp. has filed for Chapter 11 bankruptcy in Delaware. The San Diego-based retailer announced Monday that it plans to close 94 of its more than 500 locations in the United States, while continuing to pursue a going-concern sale of the business and assets. Charlotte Russe said it will provide details of the closings at a later date. Charlotte Russe offers fast-fashion clothing, shoes and accessories for young women in the contiguous 48 states, Hawaii and Puerto Rico. In the meantime, all locations, web services and the 10 Peek Kids locations, which Charlotte Russe Holdings acquired in 2016, will remain available to customers. An undisclosed debtor has committed a maximum of $50 million to Charlotte Russe Holdings. If approved by the court, the financing will support Charlotte Russe Holdings’ operations and administration during the Chapter 11 proceedings. According to court documents, the company could begin liquidating the business entirely if a buyer ultimately doesn’t emerge. Although the company didn’t identify the stores that will be closing, USA Today has complied a full list. Cooley LLP is serving as Charlotte Russe Holdings’ legal counsel, Berkeley Research Group is serving as its financial adviser and Guggenheim Securities LLC is …

February 5, 2019

Acquisitions California Office Western

Peregrine Realty Partners Buys Carlsbad Airport Plaza Office Property for $14M

by Amy Works February 5, 2019

CARLSBAD, CALIF. — Peregrine Realty Partners has acquired Carlsbad Airport Plaza, an office asset in Carlsbad. Swift Real Estate Partners sold the property for $14 million. Located at 5963 La Plaza Court, the three-story, 64,817-square-foot building features newly renovated common areas and restrooms, balconies for select units and new landscaping. At the time of sale, the property was 86 percent occupied by a diverse tenant roster, including technology, healthcare, finance and engineering firms. Louay Alsadek and Hunter Rowe of CBRE represented the seller, while Peregrine was self-represented in the transaction.

February 5, 2019

Acquisitions California Industrial Western

Del Rey Avocado Co. Acquires 41,944 SF Industrial Property in San Diego County for $7.8M

by Amy Works February 5, 2019

VISTA, CALIF. — Del Rey Avocado Co. has purchased an industrial property located at 1390 Engineer St. in Vista. Vista Carlsbad LLC sold the asset for $7.8 million. Situated in the North County Industrial Park, the 41,944-square-foot property features 24-foot to 28-foot clear heights, nine grade doors, four dock doors and a high-quality truck loading/circulation area. Based in Fallbrook, Calif., the family-run business has packed California avocados from San Diego to San Luis Obispo since 1969. Roger Carlson, Adam Molnar and Greg Lewis of CBRE represented the seller, while Robert Gunness, also of CBRE, represented the buyer in the deal.

February 5, 2019

Acquisitions California Multifamily Top Stories Western

Integral, Wanxiang Sell High-Rise Apartment Building in Denver for $110.5M

by Amy Works February 5, 2019

DENVER — A partnership between Atlanta-based The Integral Group and Chicago-based Wanxiang America Real Estate Group has sold EVIVA on Cherokee, a high-rise apartment building located at 1250 Cherokee St. in Denver’s Golden Triangle neighborhood. The partnership developed the 18-story property in 2017. The buyer and sales price were undisclosed, but multiple media outlets report that an affiliate of Chicago-based Equity Residential purchased the asset for $110.5 million. EVIVA on Cherokee features apartments averaging 820 square feet with industrial-inspired finishes, including exposed concrete, high-gloss custom cabinetry, quartz countertops, stainless steel appliances, sliding barn doors and floor-to-ceiling windows. Community amenities include a resort-style saltwater pool with private cabanas, outdoor grilling area, bocce ball court, fitness center, movie room with billiards, demonstration kitchen, private indoor/outdoor conference room, rotating art gallery throughout the common areas, dog wash and 24-hour concierge services. Jordan Robbins, Anna Stevens, Mack Nelson and Chris White of HFF represented the seller in the transaction. “The limited availability of concrete, high-rise apartment communities in Denver created significant interest in the asset,” says HFF’s Robbins. Founded in 2010, Wanxiang America Real Estate Group LLC has invested more than $1 billion of equity into nearly 100 commercial real estate investments of all product …

February 5, 2019

Acquisitions California Office Western

Harvest Properties, True North Sell 20-Story Tribune Tower in Oakland

by Amy Works February 4, 2019

OAKLAND, CALIF. — A joint venture between Harvest Properties and True North Management Group has completed the disposition of Tribune Tower, an office property located at 409 13th St. in Oakland. Highbridge Equity Partners purchased the property for an undisclosed price. The historic 20-story building features 95,350 square feet of office space, an original 1920s-era clock and its namesake “Tribune” sign. Steve Golubchik, Tyler Meyerdirk, David Hosler and Jack Phipps of Newmark Knight Frank represented the sellers, while John Dolby and Dane Hooks of Cushman & Wakefield represented Harvest and True North on the leasing of the building.

February 4, 2019

Acquisitions California Industrial Western

BB Properties Sells 35,400 SF Industrial Asset in California for $3.5M

by Amy Works February 4, 2019

FONTANA, CALIF. — BB Properties has completed the sale of an industrial property located at 14978 Ceres Ave. in Fontana. Descansando Partners acquired the multi-tenant asset for $3.5 million. The asset features two metal buildings and two parcels totaling more than 3.9 acres of industrial-zoned land. Eight tenants occupy the 35,400-square-foot property. Larry Kliger of Lawrence Allen & Associates represented the seller, while David Brackman of Ashwill Associates represented the buyer in the deal.

February 4, 2019

Newer Posts

Older Posts