California

IPA Negotiates Sale of 288-Unit Apartment Property in San Gabriel Valley for $78.5M

by Amy Works August 24, 2018

SAN DIMAS, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of The Trails at San Dimas, a multifamily property located 444 N. Amelia Ave. in San Dimas. Stockbridge Capital Group and CNS Focused Investments sold the property to Korda Group for $78.5 million, or $272,569 per unit. The Trails at San Dimas features 288 apartment units in a mix of studio, one- and two-bedroom layouts. On-site amenities include a resident lounge with Wi-Fi, resort-style swimming pool, dog park with dog wash station, fitness center, outdoor grilling area, covered parking, laundry facilities and tennis courts. Kevin Green, Greg Harris and Joseph Grabiec of IPA represented the sellers and procured the buyer in the transaction.

August 24, 2018

Acquisitions California Office Western

Salvation Army Sells 199,156 SF Office Tower in Downtown Long Beach, California

by Amy Works August 24, 2018

LONG BEACH, CALIF. — The Salvation Army has completed the sale of an office tower, located at 180 E. Ocean Blvd. in downtown Long Beach. An affiliate of Thrifty Oil Co. acquired the 199,156-square-foot property for an undisclosed price. Completed in 1984, the 12-story building features an ocean view, granite-clad lobby, 16,000-square-foot octagonal floor plates and above-standard parking. The buyer plans to further improve the building. Jeffrey Cole, Robert Gary, Ed Hernandez and Nico Napolitano of Cushman & Wakefield’s Capital Markets Group represented the seller in the disposition.

August 24, 2018

Acquisitions California Multifamily Seniors Housing Western

Marcus & Millichap Brokers $30.2M Sale of Seniors Housing Community in Southern California

by Amy Works August 24, 2018

SAN MARCOS, CALIF. — Marcus & Millichap has brokered the sale of Grandon Village, a 161-unit age- and income-restricted housing asset in San Marcos, approximately 35 miles north of San Diego. The seller was Grandon Village LP, which originally developed the community in 2004. An undisclosed buyer acquired the property for $30.2 million, or $187,578 per unit. The community was 100 percent occupied at the time of sale and historically has a long waiting list, according to Marty Cohen of Marcus & Millichap, who represented the seller. The property is walking distance from a 357,000-square-foot shopping center and a North County Transit District Breeze bus stop.

August 24, 2018

Acquisitions California Restaurant Retail Western

CalBay Development Buys Two Restaurant Properties Near Los Angeles for $5.8M

by Amy Works August 24, 2018

ONTARIO, CALIF. — CalBay Development has acquired two restaurant properties in Ontario for a total of $5.8 million. In June, the company purchased a to-be-vacated restaurant building, located at 2345 S. Grove Ave., for $2 million. MGR Real Estate represented the seller, an owner-user, in the deal, while MidFirst Bank provided acquisition financing. In May, the City of Ontario Planning Commission approved CalBay’s application to change the use of the property from restaurant to express car wash. Construction for the new Fast5Xpress Car Wash is scheduled to begin in November. In a separate transaction, CalBay acquired a Chevy’s Fresh Mex Restaurant, located at 4551 Mills Circle, for $3.8 million. Situated on a two-acre outparcel of Ontario Mills Mall, the restaurant building totals 8,000 square feet. CAPRE Brokerage arranged the transaction, while Comerica Bank provided financing for the acquisition.

August 24, 2018

Acquisitions California Restaurant Retail Western

Hanley Investment Group Brokers Sale of Two Starbucks Properties in Northern California for $5.5M

by Amy Works August 23, 2018

RIPON AND PARADISE, CALIF. — Hanley Investment Group Real Estate Advisors has negotiated the sale of two newly constructed, single-tenant retail properties in two separate transactions in Northern California. In the first transaction, Bill Asher and Jeff Lefko of Hanley Investment Group represented a Glendale, Calif.-based private developer in the disposition of a 1,550-square-foot drive-thru property located at 338 E. Main St. in Ripon. A Northern California-based private investor acquired the property for $2.7 million, or $1,773 per square foot. Starbucks Coffee occupies the property, which was built in 2018. Steve Zakula of Pacific Union International in San Francisco represented the buyer in the deal. In the second transaction, a Los Angeles-based private investor sold a 2,482-square-foot drive-thru property, located at 6344 Skyway Road in Paradise, to a Sonoma, Calif.-based private investor for $2.7 million, or $1,091 per square foot. Starbucks Coffee occupies the property, which was constructed in 2018. Asher and Lefko of Hanley Investment Group represented the seller, while Harry Dematatis of CBRE represented the buyer in the transaction.

August 23, 2018

Acquisitions California Industrial Office Western

CJ3 Sells 20,329 SF Industrial/Office Building Near San Diego for $3.5M

by Amy Works August 23, 2018

CARLSBAD, CALIF. — CJ3 has completed the sale of a fully occupied industrial property located at 2721 Loker Ave. West in Carlsbad. A private investor acquired the property for $3.5 million. The freestanding building features 20,329 square feet, with 50 percent of the space dedicated to office use and 50 percent dedicated to warehouse space. The office space includes a mix of window-lined private offices, multiple conference/meeting areas and large open collaborative spaces. Dennis Visser and Chris Baumgart of Cushman & Wakefield’s San Diego office represented the seller, while Baugmart also represented the buyer in the deal.

August 23, 2018

Acquisitions California Hospitality Western

Alagem Capital Group, Cain International Partner for Ownership of Waldorf Astoria Beverly Hills, Beverly Hilton

by Amy Works August 22, 2018

BEVERLY HILLS, CALIF. — Alagem Capital Group has joined with Cain International as part of an investment partnership to own the Waldorf Astoria Beverly Hills and The Beverly Hilton, two luxury hotels in Los Angeles. As the first of its kind between Alagem and Cain International, the partnership will support the success of the 170-guest room Waldorf Astoria Beverly Hills, located at 9850 Wilshire Blvd., and the future revitalization of the 596-guest room Beverly Hilton, located at 9876 Wilshire Blvd. The partnership values the combined properties at over $1 billion. Specific terms of the partnership were not disclosed.

August 22, 2018

California Development Industrial Western

Shea Properties Begins Construction of 500,000 SF Industrial Park in Santa Ana

by Amy Works August 21, 2018

SANTA ANA, CALIF. — Shea Properties has started construction of Shea Business Center, an industrial park located on a former ITT site on Dyer Road in Santa Ana. Consisting of nine buildings, the development will feature a total of 500,000 square feet of Class A industrial space. Completion is slated for October 2019. The buildings will feature dock-high and ground-level loading doors, ESFR sprinklers, concrete truck courts, gas service to all buildings, potential private yards, ample power and 28-foot to 30-foot clear heights. Additionally, the site will feature drought-tolerant landscaping, bicycle racks, and enhanced outdoor patio areas, benches and pathways, as well as power for electric vehicles. John Griffin and Max Wang of Cushman & Wakefield are handling leasing for the project.

August 21, 2018

Acquisitions California Industrial Western

DAUM Commercial Brokers Sales of Nine Industrial Assets in Central Los Angeles for $18.5M

by Amy Works August 21, 2018

LOS ANGELES — DAUM Commercial Real Estate Services has brokered the sales of nine adjacent industrial properties totaling more than 145,000 square feet in Central Los Angeles. A private investor sold the properties to three separate buyers — an owner-user and two private investors — for a total of approximately $18.5 million. James Vu, Michael Collins and Ben Spinner of DAUM represented the seller in the transactions. Originally constructed in the 1950s and 1960s, the properties feature major street exposure, separate legal parcels with ample parking, and dock-high and grade-level parking. At the time of sale, the properties were 100 percent leased. The investment properties are located at 1177 E. 58th Drive, 1213-1217 E. 58th Drive, 1206 E. Slauson Ave., 1223 E. 58th Place, 1237 E. 58th Place, 1247 E. 58th Place, 1253 E. 58th Place, 1168-1202 E. 58th Place and 1206-1212-1220-1226 and 1232 E. 58th Place.

August 21, 2018

California Loans Multifamily Western

Walker & Dunlop Arranges $10.8M in Acquisition Financing for Multifamily Property in Palm Springs, California

by Amy Works August 21, 2018

PALM SPRINGS, CALIF. — Walker & Dunlop has structured $10.8 million in financing for Prism Multifamily Group’s acquisition of Latitude 33, a multifamily property in downtown Palm Springs. Alison Williams, Mark Grace and Matt Baldwin of Walker & Dunlop arranged the financing. Built in 1965, Latitude 33 operates under a 99-year ground lease that is regulated by the United States Department of Interior of Indian Affairs. The 121-unit property underwent a comprehensive renovation and repositioning in 2016. On-site amenities include a resort-style swimming pool, grilling stations and a private courtyard with shade sails.

August 21, 2018

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