California

Mosser-245-Leavenworth-St-San-Francisco-CA

HFF Arranges $113.5M in Financing for 12-Property Multifamily Portfolio in San Francisco

by Amy Works September 18, 2018

SAN FRANCISCO — HFF has arranged $113.5 million in financing for a 12-building multifamily portfolio in San Francisco. The borrower is Mosser Capital. Peter Smyslowski and Bercut Smith of HFF secured the six-year (including extension options), floating-rate loan through an affiliate of Walton Street Capital. The financing includes interest-only payments through the first five years of the term. The planned use of the funding was not disclosed. The portfolio features a total of 455 residential units and 13 ground-floor retail suites. The properties are located at 775 (36 units) and 1029 (58 units) Geary St.; 17 Decatur St. (eight units); 840 (50 units) and 2360 (21 units) Van Ness Ave.; 245 Leavenworth St. (48 units); 305 Hyde St. (38 units); 347 Eddy St. (40 units); 371 Turk St. (25 units); 575 O’Farrell St. (47 units); 618 Bush St. (38 units); and 891 Post St. (46 units).

September 18, 2018

Acquisitions California Office Western

Granite Properties Buys 346,334 SF Office Building in Southern California

by Amy Works September 18, 2018

NEWPORT BEACH, CALIF. — Granite Properties has purchased 100 Bayview — a six-story, Class A office property located in Newport Beach — for undisclosed price. The 346,334-square-foot building features an on-site fitness center and close proximity to a 250-room Marriott hotel, restaurants, retail and walking trails. The building has undergone a number of renovations. Granite Properties plans to further invest in the property by improving the lobby and outdoor common spaces, including balconies and private patios. Granite Properties owns and manages six Class A office buildings in Southern California totaling more than 1.7 million square feet. Eastdil Secured represented the undisclosed seller in the deal.

September 18, 2018

Mira-Mesa-Distribution-Center-San-Diego-CA

Acquisitions California Industrial Western

Sukut Real Properties Buys 293,800 SF Mira Mesa Distribution Center in San Diego

by Amy Works September 17, 2018

SAN DIEGO — Orange County, Calif.-based Sukut Real Properties has acquired Mira Mesa Distribution Center, a multi-building distribution park located in San Diego’s Sorrento Mesa submarket. The Sickels Group sold the property for an undisclosed price. The property resides on a ground lease, which has approximately 68 years remaining. Bryce Aberg, Jeff Chiate, Jeffrey Cole, Ed Hernandez, Dean Asaro and Brant Aberg of Cushman & Wakefield’s San Diego and Orange County offices represented the seller in the deal. Located at 5960 Pacific Mesa Court and 5985 and 5995 Pacific Center Blvd., Mira Mesa Distribution Center comprises three buildings totaling 293,800 square feet. Developed in 1989, the campus features flexible divisibility options, efficient warehouse and office layouts, dock and grade loading and ample parking. At the time of sale, the property was fully leased to 10 national and international tenants.

September 17, 2018

California Industrial Loans Multifamily Western

Ready Capital Closes Two Loans Totaling $8.1M in California

by Amy Works September 17, 2018

BALDWIN PARK AND SAN FRANCISCO, CALIF. — Ready Capital Structured Finance has arranged two loans totaling $8.1 million for properties in California. In the first transaction, Ready Capital secured a $5.8 million loan for the acquisition, renovation and stabilization of a 23,000-square-foot industrial property with 3.4 acres of exterior storage space. The property is located in Baldwin Park within the San Gabriel Valley industrial submarket. The non-recourse, interest-only, floating-rate loan features a 24-month term and flexible pre-payment options. Additionally, the financing includes a facility to provide future funding for capital expenditures, working capital and operating shortfalls during the renovation and lease up. In the second transaction, the company arranged $2.3 million for the refinance of a multifamily property located at 6-8 Nottingham Place on the border of San Francisco’s North Beach and Financial District. The undisclosed sponsor operates the 11-unit property as part of its co-living portfolio. The non-recourse, fixed-rate loan features a 60-month term with flexible pre-payment terms and partial-term interest-only payments.

September 17, 2018

Acquisitions California Retail Western

Sterling Organization Buys 76,797 SF Shopping Center in Metro Los Angeles for $23.7M

by Amy Works September 14, 2018

HUNTINGTON PARK, CALIF. — Sterling Organization, on behalf of Sterling United Properties I LP, has acquired Margarita Plaza. The grocery-anchored shopping center located at the northeast corner of Santa Fe Avenue and East Florence Avenue in Huntington Park, approximately four miles from downtown Los Angeles. Private investors sold the property in an off-market transaction for $23.7 million, or $309 per square foot. A 43,350-square-foot Food 4 Less grocery store anchors the 76,797-square-foot shopping center, which was built in 1989 and renovated in 2014. Additional national retail tenants include Little Caesar’s Pizza and Jackson Hewitt. At the time of sale, the property was 93 percent occupied. Sterling United Properties I LP is Palm Beach, Fla.-based Sterling Organization’s institutional grocery-anchored shopping center core fund.

September 14, 2018

Acquisitions California Retail Western

Hanley Investment Group Brokers $23M Sale of Retail Building in Pasadena

by Amy Works September 14, 2018

PASADENA, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the $23 million sale of a 39,290-square-foot retail building in Pasadena. Carlos Lopez and Lee Csenar of Hanley Investment Group arranged the transaction on behalf of the seller, AEGON USA Realty Advisors. John Repstad of Realty Advisory Group Inc. represented the buyer, a private investor based in Beverly Hills. The first and second floor of the freestanding building — totaling 27,025 square feet — are triple-net-leased to Walgreens until 2027. Walgreens subleased the 14,057-square-foot second floor to Sit ‘n Sleep. The building’s 12,265-square-foot basement space is leased to Premier Dental Care Group. The sale also included a portion of the parking lot behind the property and the use of the adjacent reciprocal parking managed by the City of Pasadena.

September 14, 2018

California Development Retail Western

Ross Dress for Less to Open Three New Stores in Greater Los Angeles

by Amy Works September 14, 2018

GLENDALE, SOUTH LOS ANGELES AND SANTA FE SPRINGS, CALIF. — Ross Dress for Less will open three stores in downtown Glendale, South Los Angeles and Santa Fe Springs on Oct. 13. The 27,000-square-foot Glendale store is located in the Glendale Marketplace at the corner of North Brand Boulevard and East Broadway; the 30,000-square-foot South Los Angeles location is in the Vermont-Slauson shopping center at the corner of South Vermont Avenue and West Slauson Avenue; and the 23,000-square-foot Santa Fe Springs store is located in Gateway Plaza at the corner of Telegraph Road and Carmenita Road. With these new openings, Ross will operate 300 stores in California for a total of 1,459 locations. Together, Ross Dress for Less and dd’s Discounts currently operate nearly 1,700 off-price apparel and home fashion stores is 38 states, the District of Columbia and Guam. In late August, Ross Stores, the parent company of Ross Dress for Less, signed a lease for 1 million square feet of industrial space at 4100 Express Ave. in Shafter, Calif., within Wonderful Industrial Park, which is owned by Wonderful Real Estate Development. Additionally, the company owns a 1.7 million-square-foot distribution center located near the newly leased facility in Shafter.

September 14, 2018

McClellan-Distribution-Center-Sacramento-CA

California Development Industrial Western

McClellan Park Breaks Ground on 417,000 SF Distribution Warehouse in Sacramento

by Amy Works September 13, 2018

SACRAMENTO — McClellan Business Park LLC has broken ground on McClellan Distribution Center, a speculative warehouse facility located at 2400 McClellan Park Drive in Sacramento. Slated for completion in mid-2019, the 417,214-square-foot Class A property will be divisible and able to accommodate up to 22,000 square feet of customizable office space. Additionally, the property will feature cross-dock loading with 135-foot truck courts, 95 dock doors, four grade-level doors, 36-foot clear heights, 50-foot by 54-foot column spacing, rail spur potential (Union Pacific Railroad and BNSF Railway) and ESFR sprinklers. The property is being constructed on 22.9 acres on McClellan Park’s west side industrial district. McClellan Park LLC has more than 500 acres of developable land in this specific district and is entitled to construct more than 5 million square feet of industrial space. Since the official closure of McClellan Air Force Base in 2001, the privatized McClellan Park has grown to include a mix of companies that span its 8.5 million square feet of leasable space and 500 acres of developable land. A total of $580 million has been invested across the project in infrastructure and building improvements. The project includes a mix of residential, office, warehouse, event venue, retail and …

September 13, 2018

Acquisitions California Retail Western

DealPoint Merrill Negotiates Sale of 109,098 SF Shopping Center in Northern California

by Amy Works September 12, 2018

SACRAMENTO, CALIF. — DealPoint Merrill has arranged the sale of Elverta Crossing I, a shopping center located adjacent to Antelope Greens Golf Course in Sacramento’s Antelope submarket. Situated on 9.8 acres, the property features 109,098 square feet of retail space. David Frank of DealPoint negotiated the transaction, while Sterling McGregor, also of DealPoint, handled the due diligence for the sale. The acquisition was completed by DealPoint’s Jason Limbert. The buyer and seller were not disclosed.

September 12, 2018

Acquisitions California Office Western

Hines Sells 345,775 SF Office Portfolio in Sacramento

by Amy Works September 12, 2018

SACRAMENTO, CALIF. — Hines has completed the sale of Point West, a three-building office portfolio located in Sacramento. Basin Street Properties acquired the asset for an undisclosed price. Totaling 345,775 square feet, the properties are located at 1545 River Park Drive, 1601 Response Road and 1610 Arden Way. At the time of sale, the portfolio was 78 percent occupied by a diverse tenant base, including UBS, GSA, WestAmerica Bank and Covered CA. Grant Lammersen, Steve Golubchik, Edmund Najera and Tyler Meyerdirk of NKF Capital Markets represented the seller in the deal.

September 12, 2018

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