California

NAI Horizon Arranges $31.5M Sale of Two-Property Self-Storage Portfolio in Metro Sacramento

by Amy Works October 15, 2018

FOLSOM AND ROSEVILLE, CALIF. — NAI Horizon has arranged the sale of a two-property self-storage portfolio located in metro Sacramento. Rohnert Park-based L.P.G. Associates sold the properties to Salt Lake City-based Extra Space Properties Two LLC for $31.5 million. The portfolio includes Folsom Parkshore Self-Storage at 185 Parkshore Drive in Folsom, and All Size Self-Storage at 1011 Foothills Blvd. in Roseville. The two assets total 165,920 net rentable square feet and feature 1,109 units. Denise Nunez and David Loui of NAI Horizon Self-Storage Team represented the seller in the deal.

October 15, 2018

Acquisitions California Restaurant Retail Western

Charles Dunn Co. Negotiates $5.5M Acquisition of Del Taco-Occupied Property in San Pedro, California

by Amy Works October 15, 2018

SAN PEDRO, CALIF. — Charles Dunn Co. has arranged the acquisition of a newly developed, single-tenant restaurant property located at 359 S. Gaffey St. in San Pedro. A joint venture between Rich Development Enterprises and Paragon Commercial Group sold the property to a Los Angeles-based private investor for $5.5 million in a 1031 exchange. Del Taco occupies 2,420-square-foot property under a newly signed, 20-year, corporate-guaranteed, triple-net lease. Kyle Gulock of Charles Dunn CO. represented the buyer, while Highland Partners Corp. represented the seller in the deal.

October 15, 2018

California Loans Multifamily Seniors Housing Western

CBRE Provides $24.9M Refinancing for 207-Unit Seniors Housing Community in Southern California

by Amy Works October 12, 2018

RIVERSIDE, CALIF. — CBRE has provided a $24.9 million Fannie Mae refinancing for Welbrook Arlington, a 207-unit independent living, assisted living and memory care community in Riverside. MBK Senior Living operates the property, located about 55 miles east of Los Angeles, under a third-party management agreement. The borrower is a joint venture between Capitol Seniors Housing and Welbrook Senior Living. CBRE’s Aron Will arranged the refinancing. CBRE Multifamily Capital originated the 10-year, floating-rate loan with 48 months of interest-only payments through its Fannie Mae DUS Multifamily loan origination program. This is CBRE’s third financing of the property over a five-year period, and its second through Fannie Mae. Capitol and Welbrook acquired the property in 2013 as an independent living community. Shortly after the acquisition, the new owners executed a capital improvement program to modernize the property and convert one of the buildings into an assisted living and memory care facility. Since that time the property has experienced strong leasing and is currently over 93 percent occupied.

October 12, 2018

Acquisitions California Retail Western

Progressive Real Estate Negotiates $4.6M Sale of Retail Building in the Inland Empire

by Amy Works October 12, 2018

FONTANA, CALIF. — Progressive Real Estate Partners has arranged the sale a retail property, located at 14273 Baseline Ave. in Fontana. A San Diego-based private investor sold the property to a Los Angeles-based private investor for $4.6 million in an all-cash 1031 exchange. Frank Vora of Progressive Real Estate Partners represented the seller, while Chris Wen of Walton Realty represented the buyer in the deal. Tutor Time Learning Center occupies the 10,492-square-foot building, which was built in 2003. The childcare center caters to children six weeks to 12 years of age and offers a variety of programs for infants, toddlers, pre-school, and before- and after-school care. The property is adjacent to Heritage Village, a 110,000-square-foot neighborhood center anchored by Vons, U.S. Bank, Fitness 19, Panda Express and Wendy’s.

October 12, 2018

California Multifamily Top Stories Western

Republic Urban Properties Sells Luxury Apartment Community in San Jose for $104M

by Jeff Shaw October 12, 2018

SAN JOSE, CALIF. — Republic Urban Properties has sold Meridian at Midtown in San Jose for $104 million. The luxury apartment community includes 218 units and 14,000 square feet of ground-floor retail space. The property is situated at 1432 W. San Carlos St., less than one mile west of downtown and just north of I-280. The location is surrounded by restaurants and retail, as well as just a few blocks from a light rail station. Built in 2015, the mid-rise property offers amenities such as fitness centers, conference rooms, a resort-style pool, community lounge, dog park and playground. Retail amenities include The Breakfast Club and Starbucks. Floor plans average 875 square feet each. Scott Bales, Peter Yorck and Eric Bet of HFF arranged the sale on behalf of the seller, Republic Urban Properties LLC, a division of the Republic Family of Cos. The buyer was not disclosed. — Kristin Hiller

October 12, 2018

California Loans Retail Western

CBRE Arranges $24.3M Refinancing for Stater Bros. Plaza in Chino, California

by Amy Works October 11, 2018

CHINO, CALIF. — CBRE has secured a $24.3 million loan for the refinance of Stater Bros. Plaza, a neighborhood retail center in Chino. Situated on 6.9 acres at 6989 Schaefer Ave., the property consists of 73,641 square feet of rentable space. Stater Bros. Market anchors the center, which was built in 2008. Other tenants include Chase Bank, Subway, Sprint, The UPS Store and Mountain Mike’s Pizza, among others. Marina Massari and Sharon Kline of CBRE’s Newport Beach, Calif., office arranged the five-year loan featuring 36 months of interest-only payments for the borrower, Euclid Plaza LLC. Buchanan Mortgage Holdings, a division of Buchanan Street Partners, provided the loan. Joseph Maehler of Buchanan Street Partners represented the lender in the financing.

October 11, 2018

Acquisitions California Multifamily Western

Levin Johnston Negotiates Two Multifamily Sales in California Totaling $32.1M

by Amy Works October 11, 2018

REDWOOD CITY, CALIF. — Levin Johnston of Marcus and Millichap has negotiated the sales of two multifamily assets located in Redwood City. The combined sales price was $32.1 million. Adam Levin and Robert Johnston of Levin Johnston handled the transactions. In the first deal, a private equity investment firm sold 180 Flats, a 48-unit apartment community in Redwood City, for $21.7 million. Built in 1964, the property features studio, one- and two-bedroom apartments with open floor plans, walk-in closets, private balconies and state-of-the-art appliances. Community amenities include two open community courtyards with barbecue areas and a new dog park. Levin Johnston represented the seller in the deal. In the second transaction, Levin Johnston arranged the $10.4 million acquisition of a 23-unit apartment community located at 3520-3540 Farm Hill Blvd. in Redwood City. Built in 1959, the property is in close proximity to local schools, dining, shopping and entertainment.

October 11, 2018

Acquisitions California Office Western

Harbor Associates Sells 37,090 SF Office Property in Southern California for $11.7M

by Amy Works October 11, 2018

LAKE FOREST, CALIF. — Harbor Associates has completed the sale of 71 at the Park, an office building located at 25371 Commercentre Drive in Lake Forest. An unidentified overseas buyer acquired the property for $11.7 million. The 37,090-square-foot property features abundant natural light, on-site amenities, a two-story lobby, exposed ceilings, flexible floor space and outdoor community areas. Anthony DeLorenzo, Gary Stache, Doug Mack, Jeff Carr and Brian Cole of CBRE represented the seller in the deal.

October 11, 2018

California Loans Office Western

Pearlmark Provides $13M Recapitalization for Office Campus in Pleasanton, California

by Amy Works October 10, 2018

PLEASANTON, CALIF. — Pearlmark has closed on a $13 million mezzanine loan investment for the recapitalization of Britannia Business Center I within Hacienda Business Park in Pleasanton. Pearlmark originated the investment on behalf of Pearlmark Mezzanine Realty Partners IV. The four-building center features 292,000 square feet of office, lab and R&D space. Current tenants include ADP, NeoTract, Carl Zeiss and Diebold. Additionally, the site includes more than 1,100 parking spaces. Bill Swackhamer of Pearlmark arranged the transaction.

October 10, 2018

Acquisitions California Industrial Self-Storage Western

Levin Johnston Arranges $27.8M Sales of Two Self-Storage Facilities in Bay Area

by Amy Works October 9, 2018

SUNNYVALE AND FREMONT, CALIF. — Levin Johnston of Marcus & Millichap has brokered the sales of two self-storage facilities in Sunnyvale and Fremont, totaling $27.8 million. Adam Levin of Levin Johnston and Jacob Becher of Marcus & Millichap represented the seller and buyers in each transaction. In the first transaction, a multifamily investor acquired a 517-unit Lock It Up Self-Storage, located at 220 W. Ahwanee Ave. in Sunnyvale. Lock It Up Self-Storage sold the property for $15.5 million. Built in 1987, the property offers 44,781 net rentable square feet and was 97 percent occupied at the time of sale. In the second deal, a high-net-worth individual purchased a 637-unit Lock It Up Self-Storage property located at 38491 Fremont Blvd. in Fremont. Constructed in 1986, the property offers a total of 54,550 net rentable square feet and six RV parking spaces. At the time of sale, the property was 94 percent occupied.

October 9, 2018

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