SAN JOSE, CALIF. — Marcus & Millichap has arranged the sale of a six-unit apartment property in San Jose. The asset traded between two individual/personal trusts for $1.4 million. Located at 640 North 3rd St., the property features six two-bedroom/one-bath units. The building was built in 1962. Adam Levin, Robert Johnston, Eymon Binesh and Jake Clyne of Marcus & Millichap represented the seller and buyer in the transaction.
NEWPORT BEACH, CALIF. — JLL has arranged $52 million in refinancing for Atria Newport Beach, a seniors housing community located at 393 Hospital Road in Newport Beach. The borrower is a partnership between a national REIT and Atria Senior Living. Aaron Rosenzwieg and Dan Baker of JLL Capital Markets arranged the financing. MidCap Financial provided the floating-rate, first-mortgage loan. Built in two phases with the north building fully renovated in 2023 and the south building purpose-built and opened in 2021, the three-story buildings offer a total of 168 studio, one- and two-bedroom independent living, assisted living and memory care units. Community amenities include 24-hour support staff, all-day dining, valet and concierge services, fitness classes, car services, housekeeping, a salon and spa, yoga studio, theatre, library, game room and underground parking garage.
SAN DIEGO — San Diego-based EZ Fit Movers LLC has purchased an industrial building located at 2548 Cactus Road in the Otay Mesa submarket of San Diego. A local development company sold the asset for $11.4 million. EZ Fit Movers entered into a build-to-suit agreement in 2021 with the seller with the intent of occupying the 44,278-square-foot building. EZ Fit Movers will occupy more than half of the office and warehouse space of the facility. Todd Holley of Voit Real Estate Services represented the buyer, while CBRE represented the seller in the transaction.
INGLEWOOD, CALIF. — A public-private partnership between Murphy’s Bowl LLC and the City of Inglewood has opened Intuit Dome, a 915,000-square-foot events arena in Inglewood that will be the home of the National Basketball Association’s LA Clippers. Former Microsoft executive Steve Ballmer owns the team. Intuit Dome is situated on a 28-acre site between Prairie Avenue and Century Boulevard and near SoFi Stadium, the new home arena for the Los Angeles Rams football team. The arena will host home games for the Clippers, as well as sporting events not involving the Clippers, family shows, concerts, conventions and corporate events. The arena opened yesterday with a concert from Grammy award winner Bruno Mars. The Clippers have been headquartered at the Staples Center in Los Angeles since 1999. The team shared the facility with the Los Angeles Lakers. However, the Clippers will be the only tenant at the Intuit Dome, according to the Los Angeles Times. The development team broke ground on the project in September 2021. Intuit Dome offers 86,000 square feet of training, medical and player spaces, as well as five basketball courts with more than 17,700 seats and 640 bathrooms. The arena also features 48,000 square feet of retail and restaurant space …
— By Erick Parulan — The Orange County industrial market, along with Los Angeles and the Inland Empire, is experiencing a general decline in leasing activity as it navigates the post-pandemic landscape. Tenant demand and leasing have significantly slowed as occupiers adopt a more cautious approach to expansion, with some occupiers deciding to downsize and consolidate their industrial footprints. Tenant occupancies continue to contract in the second quarter, with manufacturers, retailers and 3PL (third-party logistics) companies shedding unused space that may have been acquired during the pandemic frenzy, further increasing sublet availabilities. Orange County sublet availabilities surpassed 3.3 million square feet in the second quarter of 2024, raising total availabilities to 9.5 percent for the quarter. While pandemic-driven rental rates hit historic highs, they have since cooled amid softening demand. Many landlords now offer increased free rent concessions to attract new tenants. Average asking lease rates have been on the decline in Orange County over the past two quarters. They decreased by 5.2 percent from the prior quarter, reaching $1.64 per square foot in second-quarter 2024. High market rents previously deterred many occupiers, but with rents on the decline, some tenants have adopted a wait-and-see approach to see where rates …
MONROVIA, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Paragon at Old Town, an apartment community in Monrovia, northeast of Los Angeles. Sequoia Equities sold the asset to SCS Development Co. for $87.2 million, or $535,276 per unit. Paragon at Old Town features 163 apartments in six floor plans with units ranging from 744 square feet to 1,247 square feet, a resident lounge, fitness center, game room, and elliptical swimming pool and spa with private cabanas, outdoor lounges and courtyards. The 6,077-square-foot ground-floor retail space offers four suites that are fully occupied by The UPS Store, eateries and a sporting goods store. Joseph Grabiec, Kevin Green and Gregory Harris of IPA represented the seller and procured the buyer in the deal.
SAN DIEGO — Hill Properties and Westport Capital Partners have completed the disposition of 8250-8260 Camino Santa Fe in San Diego to CSF LLC for $17.1 million, or $282 per square foot. Situated on 3.6 acres, the two-building property offers 60,866 square feet of industrial space. At the time of sale, the asset was 96 percent occupied by eight tenants. The property, which was built in the late 1980s, recently underwent extensive capital improvements, including new exterior paint, suite and directional signage, monument signage, parking lot resurfacing and new landscaping. Matt Poucho, Anthony DeLorenzo, Matt Harris and Casey Sterk of CBRE’s Investment Properties represented the seller, while Chris Nelson of Matthews Real Estate and Brian Reyes of Tangram Commercial represented the buyer in the deal.
CULVER CITY, CALIF. — Gantry has arranged a $21.4 million construction takeout loan for a two-building creative office project in Culver City, just west of Los Angeles. Located at 3520-3524 and 3512-3516 Schaefer St., the 30,000-square-foot Class A buildings feature 18-foot ceiling, open floor plans with modern interiors, and landscaped exteriors with gathering spaces. Tony Kaufmann and Andrew Ferguson of Gantry represented the borrower, a private real estate investment and development firm based in West Los Angeles. One of Gantry’s correspondent insurance company lenders provided the loan, which features a fixed rate with a three-year initial term and 30-year amortization.
CARSON, CALIF. — PSRS has arranged $5.9 million in construction financing for Carson Loft Apartments, a multifamily project in Carson, a suburb south of Los Angeles. The community will feature 20 market-rate apartments spread across two parcels totaling 22,587 square feet. Michael Warner of PSRS secured the two-year loan with a 63 percent loan-to-cost ratio and interest-only payments. The borrower is a first-time developer/borrower, and a local bank provided the funds.
COSTA MESA AND CHULA VISTA, CALIF. — JLL has secured $35.8 million in financing in two separate transactions for Turner Healthcare Facilities Fund, launched by Santa Monica-based Turner Impact Capital in 2017. John Chun and Matt DiCesare of JLL Capital Markets arranged the financing in both transactions. The JLL team arranged a three-year, $6.7 million loan through a regional bank for 1650 Adams Ave., a 12,436-square-foot medical property in Costa Mesa, and a seven-year, $29.1 million loan through a national healthcare lender for 480 4th Ave., a 64,231-square-foot medical building in Chula Vista.
