California

CT Sells Two Industrial Buildings in Northern California for $47M

by Amy Works July 20, 2018

STOCKTON, CALIF. — Newport Beach-based CT has completed the sale of two newly constructed industrial buildings within its NorCal Logistics Center in Stockton. Prologis acquired the properties for $47 million. Totaling 575,127 square feet, the assets mark the initial completion of CT’s three-building Phase I development of the larger 4.4 million-square-foot NorCal Logistics Center. Prologis paid approximately $82 per square feet for the buildings, which were unleased and in shell condition at closing. Cushman & Wakefield’s Kevin Dal Porto, Blake Rasmussen and John McManus represented CT, while Prologis was self-represented in the deal. Situated on a 345-acre site, NorCal Logistics Center is home to General Mills, KeHE Foods, Allen Distributors and Fox Head.

July 20, 2018

Acquisitions California Industrial Western

Tortilla Maker Purchases Bakery in Metro Sacramento, Plans $25M Retrofit

by Amy Works July 20, 2018

ELK GROVE, CALIF. — Mi Rancho, a California-based tortilla maker, has acquired the former Bimbo Bakeries property, located at 10115 Iron Rock Way in Elk Grove, a southern suburb of Sacramento. An undisclosed seller sold the property for $8.1 million. San Leandro-based Mi Rancho plans to invest $25 million to retrofit the facility to Safe Quality Food Institute standards. The company’s expansion plans include state-of-the-art manufacturing operations to support its growing business. Mi Rancho plans to commence local operations within the next 90 days and fully retrofit and occupy the building within 24 months. When fully operational, the company will employ approximately 250 people in Elk Grove.

July 20, 2018

Echelon-Business-Park-City-of-Industry-CA

Acquisitions California Industrial Western

DAUM Commercial Brokers Sales of Seven Industrial Properties in Southern California for $50M

by Amy Works July 19, 2018

CITY OF INDUSTRY, CALIF. — DAUM Commercial Real Estate Services has brokered the individual sales of seven buildings that comprise Echelon Business Park, a newly constructed industrial campus in City of Industry. Los Angeles-based Dedeaux Properties sold the assets for a total of $50 million. Located at 801-821 Echelon Court, the freestanding buildings range in size from 27,438 square feet to 43,166 square feet. The properties feature ample dock-high and ground-level loading, large truck courts, ESFR sprinklers, high-speed fiber optic cabling and two-story office space. Dennis Sandoval, Robert Dipre, Bryan Sandoval and Kurt Yacko of DAUM represented the seller in the transactions. The names of the buyers were not released.

July 19, 2018

California Loans Retail Western

MetLife, Northwestern Mutual Provide $450M Refinancing for Broadway Plaza in California

by Amy Works July 18, 2018

WALNUT CREEK, CALIF. — MetLife Investment Management and Northwestern Mutual have provided a $450 million, fixed-rate loan for Broadway Plaza, a 958,000-square-foot, open-air retail center in Walnut Creek. The 12-year loan was provided on behalf of the property owner, a joint venture between The Macerich Co. and Northwestern Mutual. Broadway Center, which originally opened in 1951, underwent a renovation in 2014 that more than doubled the shopping center space, adding more than 50 new retailers. The center is 98 percent leased and anchored by Nordstrom, Neiman Marcus and Macy’s. Additional tenants include Aldo, LUSH, Madewell, lululemon athletica, Nespresso, Zara, Kate Spade and Sephora, among others.

July 18, 2018

Acquisitions California Self-Storage Western

Levin Johnston Arranges $25M Sale of Two Self-Storage Facilities in Silicon Valley

by Amy Works July 18, 2018

LOS GATOS, CALIF — Levin Johnston of Marcus & Millichap has arranged the sale of two institutional-quality self-storage facilities located at 688 University Ave. and 17443 Farley Road West in Los Gatos within California’s Silicon Valley. A private high-net-worth family acquired the assets for $25 million. Constructed in 1999 and 2005, the Stor’ It Los Gatos facilities feature a total of 785 self-storage units, ranging from 25 square feet to 300 square feet, and in a mix of climate-controlled and standard unit offerings. At the time of sale, the 45,287-square-foot asset was 84 percent occupied. Adam Levin of Levin Johnston and Jacob Becher of Marcus & Millichap represented the buyer and the seller, a private high-net-worth individual, in the deal.

July 18, 2018

Acquisitions California Office Western

Colliers Brokers $4.1M Sale of Office Property in Hollywood

by Amy Works July 18, 2018

LOS ANGELES — Colliers International has negotiated the sale of a creative office property located at 6507-6509 De Longpre Ave. in Hollywood. Weinandroses LLC sold the property for $4.1 million, or $949 per square foot. The 4,320-square-foot asset includes an office building and a private writer’s bungalow. Formerly occupied by Go Film, a commercial and television production company, the property features private gated parking and a fully wired security/sound system. Nathan Pellow and Patrick Moody of Colliers’ Los Angeles office represented the seller. The name of the buyer was not released.

July 18, 2018

Acquisitions California Hospitality Western

Mani Brothers Real Estate Acquires 205-Room Hotel in Napa Valley

by Amy Works July 17, 2018

NAPA, CALIF. — Mani Brothers Real Estate Group has purchased the Embassy Suites by Hilton Napa Valley, located at 1075 California Blvd. in Napa, for an undisclosed price. The seller was RLJ Lodging Trust. The buyer plans to convert the 205-room hotel into a Curio Collection property, complete with a refurbishment and overall renovation of the existing property. Upgrades will include a redesign of all guest rooms and restaurant spaces, addition of a full-service space, new pools and a 54-room expansion. Situated on more than eight acres, the property features over 10,000 square feet of indoor and outdoor event space, including a rose garden, chef’s garden, fire pits, mill pond with resident swans and year-round pool.

July 17, 2018

Acquisitions California Retail Western

Kidder Mathews Arranges Sale of Four-Building Retail Property in California’s Central Valley

by Amy Works July 17, 2018

VISALIA, CALIF. — Kidder Mathews has brokered the sale of The Shops at Visalia Pavilion, located at 3833, 3837, 3927 and 4015 W. Caldwell Ave. in Visalia. Toor Capital purchased the four-building property for $8.7 million. At the time of sale, the 33,000-square-foot asset was 95 percent occupied by a variety of tenants, including Starbucks Coffee, T-Mobile and Papa Murphy’s Pizza. Peter Beauchamp, Darren Tappen and Jenette Bennett of Kidder Mathews represented the seller, a New York-based private equity firm, in the deal.

July 17, 2018

Acquisitions California Industrial Self-Storage Western

Loeffler Negotiates $4.5M Sale of Self-Storage Facility in Northern California

by Amy Works July 17, 2018

REDDING, CALIF. — Loeffler Self-Storage Group has arranged the sale of All-Preferred Mini-Storage, a self-storage facility located in Redding. The Raudman Family sold the property to a local investor for $4.5 million, or $57.62 per square foot. Situated on 3.9 acres, the 78,095-square-foot facility features 530 storage units and a cellular antenna. The property comprises 13 single-story buildings with asphalt drive aisles, plus a manager’s office and residence. Bobby Loeffler and Tyler Skelly of Loeffler Self-Storage Group represented the seller and buyer in the transaction.

July 17, 2018

California Loans Multifamily Western

Greystone Provides $70.8M Refinancing for Apartment Building in San Jose

by Amy Works July 16, 2018

SAN JOSE, CALIF. — Greystone has provided a $70.8 million Fannie Mae DUS loan to refinance a newly constructed multifamily property located at 251 Brandon St. in San Jose. Simon Herrmann, Todd Vitzthum and Cody Field of Greystone’s Northern California Advisory team secured the financing for the undisclosed borrower. The loan carries a fixed rate for 10 years, eight years of interest-only payments and a 30-year amortization period. The multifamily property features 271 apartments, an outdoor entertaining space, business resources and event spaces.

July 16, 2018

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