California

Equus Sells Office, Retail Complex in Downtown San Jose for $284M

by Camren Skelton July 26, 2018

SAN JOSE, CALIF. — Equus Capital Partners Ltd. has sold Cityview Plaza, a nine-building, 579,541-square-foot office and retail complex in downtown San Jose. Jay Paul Co., a privately held real estate development firm based in San Francisco, acquired the asset. The 11-acre property sold for $284 million, according to local media reports. Spanning an entire city block, Cityview Plaza is situated across from the Adobe Worldwide Headquarters, and near the planned 8 million-square-foot Google Village. The complex includes 534,036 square feet of office space and 45,505 square feet of retail. In addition, the property includes more than 1,000 parking stalls situated within both a subterranean and structured parking garage. Equus’ equity fund, BPG Investment Partnership VIII & VIIIA, originally acquired Cityview Plaza in 2007 and invested $10 million in capital improvements. The renovation included new entrance points to the complex, landscaping, renovated lobby entries and common area improvements. Equus added on-site amenities including a fitness center, conference center, new restaurants and seating/meeting areas within the property’s central plaza. “We acquired the 67 percent leased Cityview Plaza in 2007 with a particular focus on the rare opportunity to secure a large, well-located mixed-use property in the rapidly evolving downtown San Jose …

July 26, 2018

Acquisitions California Development Multifamily Western

Joint Venture Buys Former Convent Near San Diego for Apartment Conversion

by Amy Works July 25, 2018

LA MESA, CALIF. — Pathfinder Partners has partnered with San Diego-based Silvergate Development to acquire a 4.1-acre former convent and seniors housing community in La Mesa for an undisclosed price. The partnership plans to develop Little Flower Haven, a 130-unit apartment community on the site. Development plans include preserving portions of the 1930s-era mission-style property, including the existing bell tower and chapel. Once complete, the property will feature 68 one-bedroom/one-bath units, 55 two-bedroom/two-bath apartments and seven studio units. Each unit will feature stainless steel appliances, in-unit washer/dryers, central heat and air conditioning, new flooring and solid-surface countertops. On-site amenities will include a recreation room with kitchen, fitness facility, exterior decks, pool and spa, barbecues, electric vehicle charging stations, bike lockers, resident storage areas, covered parking and dog park. Construction is slated to begin this fall. Austin Dias of Duhs Commercial represented the buyer, while Eric Knowles of Kidder Mathews represented the undisclosed seller in the deal.

July 25, 2018

California Loans Multifamily Western

Kennedy Funding Arranges $2.1M Acquisition Loan for Development Site in Northern California

by Amy Works July 25, 2018

LINDA, CALIF. — Kennedy Funding has arranged $2.1 million in financing for the acquisition of a 17.5-acre development site located on Riverbank Drive in Linda. The borrower, Tanglewood Racquet Village LLC, use the loan proceeds to purchase the land parcel for $1.5 million from an undisclosed seller. The buyer plans to develop Tanglewood Racquet Club, a 400-unit multifamily community, on the site. The property will feature one- and two-bedroom units spread across 10 two-story buildings and 10 three-story buildings. Additionally, the property will feature a community center and a storage building. Englewood Cliffs, N.J.-based Kennedy Funding secured the loan, which was more than 38 percent above the acquisition price.

July 25, 2018

California Development Multifamily Western

Realm Group Buys Development Site in Downtown Los Angeles for High-Rise Multifamily Project

by Amy Works July 24, 2018

LOS ANGELES — Realm Group, a joint venture between Realm Estate and The Bascom Group, has purchased a 1.7-acre land parcel located within Los Angeles’ Fashion District. An undisclosed seller sold the property for $24.2 million. The site is entitled for the development of a 33-story, 452-unit, high-rise multifamily property. Additionally, the site’s existing parking lot, located at the corner of Seventh Street and Maple Avenue, will be redeveloped into 13,600 square feet of ground-floor commercial space. The concrete, steel and glass tower will feature a rooftop lounge with city skyline views and a one-acre amenity deck on the sixth floor with a pool terrace and oversized dog park. Charles Halladay, Andrew Hornblower and Jamie Kline of HFF secured a land loan from Ladder Capital for the acquisition of the site. Realm is co-developing the mixed-use property with Urban Offerings.

July 24, 2018

Acquisitions California Multifamily Western

Luxo II Apartment Homes Acquires 40-Unit Complex in San Diego for $21.3M

by Amy Works July 24, 2018

SAN DIEGO — Luxo II Apartment Homes has purchased Villa Cusma, a 40-unit apartment complex at 1907 Columbia St. in San Diego’s Little Italy neighborhood. The price was $21.3 million, more than $500,000 per unit. Raymond Choi of Marcus & Millichap represented the seller, 1907 Columbia St. LLC, and procured the buyer in the all-cash transaction. Built in 2012, Villa Cusma features 24 one-bedroom/one-bath apartments, one two-bedroom/one-bath unit and 15 two-bedroom/two-bath apartments. Additionally, the property features a a gated subterranean parking garage and a 2,475-square-foot, ground-floor retail space leased to Harumama, a sushi and ramen restaurant.

July 24, 2018

Acquisitions California Healthcare Office Western

Pinnacle Capital, Harrison Street Buy Medical Office Building Near San Francisco for $30M

by Amy Works July 23, 2018

DALY CITY, CALIF. — A joint venture between Pinnacle Capital Management Services and Harrison Street Real Estate Capital has purchased Physicians Medical Center. The medical office building is located at 901 Campus Drive in Daly City, south of San Francisco. Swift Real Estate Partners sold the property for $30 million. Situated on 2.4 acres, the purpose-built medical office building features 70,705 square feet of space. At the time of sale, the three-story property was 92 percent leased to a variety of tenants, including Palo Alto Medical Foundation, Sutter Health, Campus Surgery Center and AmSurg/Envision Healthcare. Evan Kovac, Andrew Milne and David Dokko of HFF represented the seller and procured the buyer in the deal. Additionally, HFF’s Zack Holderman, John Chun and Trent Jemmett arranged a $25 million, non-recourse, floating-rate acquisition loan for the buyer.

July 23, 2018

California Development Industrial Self-Storage Western

Platinum Storage Group to Develop 1,087-Unit Self-Storage Facility in Oakland

by Amy Works July 23, 2018

OAKLAND, CALIF. — Orange County-based Platinum Storage Group is developing Storage Direct Oakland, a self-storage facility in Oakland. With construction is slated to begin immediately, the four-story, 155,000-square-foot property will feature 1,087 self-storage units. Completion is scheduled for July 2019. Platinum’s portfolio comprises 2.5 million square feet of space with a value of approximately $250 million.

July 23, 2018

Acquisitions California Retail Western

Progressive Arranges Sale of Gas Station Near Los Angeles for $2.9M

by Amy Works July 23, 2018

CHINO, CALIF. — Progressive Real Estate Partners has facilitated the sale of a retail property located at 12510 Central Ave. in Chino. An undisclosed buyer acquired the property and business for $2.9 million. A Shell-branded gas station and convenience store occupies the free-standing property. Built in the mid-1980s, the property features four 10,000-gallon tanks and an 840-square-foot, 24-hour convenience store. The full-service store offers a variety of snacks, to-go coffee, drinks, beer, wine and ATM. Victor Buendia and Mike Lin of Progressive Real Estate represented the buyer and the undisclosed seller in the transaction.

July 23, 2018

Acquisitions California Retail Western

SRS Real Estate Negotiates $2.8M Sale of Retail Property in Orange County

by Amy Works July 23, 2018

ORANGE, CALIF. — SRS Real Estate Partners has arranged the sale of retail property located at the intersection of East Katella Avenue and North Tustin Street in Orange. A San Francisco-based private investor acquired the property from a Los Angeles-based private investor for $2.8 million. BIG-O Tires occupies the 3,380-square-foot property on a triple-net lease basis with 5.5 years remaining on the lease at the close of escrow. Matthew Mousavi and Michael Walseth of SRS’ National Net Lease Group represented the seller, while Eric Chin of Coldwell Banker Residential Brokerage represented the buyer in the transaction.

July 23, 2018

Acquisitions California Office Top Stories Western

Boston Properties, CPPIB Acquire 47-Acre Business Park in Santa Monica for $627.5M

by Taylor Williams July 23, 2018

SANTA MONICA, CALIF. — A joint venture between Boston Properties Inc. (NYSE: BXP) and Canada Pension Plan Investment Board (CPPIB) has acquired the 47-acre Santa Monica Business Park for approximately $627.5 million. The seller was not disclosed. Santa Monica Business Park consists of 21 buildings totaling roughly 1.2 million square feet of office and retail space in Santa Monica, a coastal city just west of downtown Los Angeles. The property is located near Interstates 10 and 405 and features a variety of on-site services, including a health club, restaurants, banks, a car wash and a dog park. The property lies within the Ocean Park neighborhood and was 94 percent leased at the time of sale. Boston Properties will invest $147.4 million in the acquisition, yielding a 45 percent ownership stake, while CPPIB will invest $180.1 million. An undisclosed lender provided a $300 million acquisition loan to fund the remainder of the acquisition. The loan features a 4.06 percent interest rate and matures in July 2025. Approximately 70 percent of the rentable square footage is subject to a ground lease with 80 years remaining, including renewal periods. The ground lease provides the joint venture with the right to purchase the land …

July 23, 2018

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