California

Voit Real Estate Negotiates $3.3M Sale of Industrial Asset in El Cajon, California

by Amy Works May 1, 2018

EL CAJON, CALIF. — Voit Real Estate Services has brokered the sale of a two-building industrial property located at 680 W. Bradley Ave. and 1675 N. Johnson Ave. in El Cajon. Simmons Family Trust acquired the property from Actus Holdings for $3.3 million. The buyer plans to use the property, which totals 21,058 square feet, as a warehouse/distribution center for Bicycle Warehouse. The new acquisition will be Bicycle Warehouse’s eighth location and will house the company’s corporate offices, distribution warehouse and central service center. Randy LaChance and Greg Marx of Voit represented the seller, while Chris Duncan, also of Voit, represented the buyer in the transaction.

May 1, 2018

California Loans Multifamily Western

Invesco Closes $80M Loan for 344-Unit Multifamily Property in San Diego’s Mission Valley

by Amy Works April 30, 2018

SAN DIEGO — Invesco Real Estate has originated an $80 million senior loan for the acquisition and full redevelopment of Bella Posta Apartments, a 344-unit multifamily property located in San Diego’s Mission Valley submarket. The sponsor is Sares Regis Multifamily Value Add Fund II, an affiliate of Sares Regis Group. Loan proceeds will be used to acquire, as well as renovate and upgrade, the property. Planned renovations include the full modernization of exteriors, common areas and amenities.

April 30, 2018

California Loans Office Retail Western

Continental Partners Arranges $9.3M in Financing for Mixed-Use Property in Tustin, California

by Amy Works April 30, 2018

TUSTIN, CALIF. — Continental Partners has secured $9.3 million in financing for an office and retail property located at 15501 Red Hill Ave. in Tustin. Eugene Rutenberg of Continental Partners arranged the five-year loan, which includes $8.7 million in initial funding and $588,000 to be released as cash-out proceeds after the undisclosed sponsor completes minor tenant improvements to fully stabilize the property. Recently renovated, the 44,123-square-foot property was vacant at the time of loan application. During the loan application, the borrower executed two long-term leases, including TAPS Fish House & Brewery, for the property.

April 30, 2018

California Development Multifamily Seniors Housing Western

Carlton Senior Living to Build $30M Seniors Housing Community in Santa Rosa, California

by Amy Works April 30, 2018

SANTA ROSA, CALIF. — The Sonoma County Board of Zoning Adjustments has approved plans by Carlton Senior Living LLC to build a senior living complex in Santa Rosa. The Concord-based Carlton owns and operates 11 Northern California seniors housing communities. The company expects to break ground soon on the 134 rental apartments on the 3.7-acre site. Development costs were estimated at $30 million. The property will offer independent living, assisted living and memory care. Construction is expected to take approximately 14 months.

April 30, 2018

Acquisitions California Industrial Western

Partners Capital Acquires 15,000 SF Industrial Building in Metro Los Angeles for $2M

by Amy Works April 27, 2018

GARDENA, CALIF. — Partners Capital has purchased a 15,000-square-foot industrial building, located at 510 E. Airline Way in Gardena. Jennifer M Anderson sold the property for $2 million. The building offers direct access to interstates 110, 91 and 405. At the time of sale, Sparks Recycling fully occupied the space. Remington Moss and David Bales of Lee & Associates represented the buyer, while Brent Daniels and Robert Colacion of Gateway Business Properties represented the seller in the deal.

April 27, 2018

Manchester-Financial-Centre-San-Diego-CA

California Loans Office Western

CBRE Arranges $44.7M Refinancing for 160,000 SF Office Property in San Diego

by Amy Works April 26, 2018

SAN DIEGO — CBRE Capital Markets’ Debt & Structured Finance team has arranged a $44.7 million loan for the refinancing of Manchester Financial Centre. The office property located at 2550 Fifth Ave. in San Diego’s Bankers Hill submarket. Mark McGovern, Scott Peterson and Brian Cruz of CBRE’s San Diego office secured the 10-year, fixed-rate loan for the borrower, Manchester Financial Group. Originally built in 1965, the 12-story, 160,000-square-foot features a fitness center, an on-site coffee shop, valet parking, storage and bicycle racks. Tenants include Bertrand at Mister’s A, a fine dining restaurant, and Manchester Financial Group.

April 26, 2018

Acquisitions California Retail Western

ValueRock Realty Acquires 41,150 SF Best Buy Property in Irvine, California

by Amy Works April 26, 2018

IRVINE, CALIF. — ValueRock Realty Partner has purchased a retail property located at 16171 Lake Forest Drive in Irvine. An undisclosed seller sold the property for $9 million in an off-market transaction. Best Buy has occupied the 41,150-square-foot property since 2004.

April 26, 2018

California Development Office Western

BLT Enterprises Redevelops Modern Flex Facility in San Diego

by Amy Works April 26, 2018

SAN DIEGO — BLT Enterprises has completed the renovation of a two-story, 77,000-square-foot office building located at 5454 Ruffin Road in San Diego’s Kearny Mesa submarket. The company originally acquired the property in 2017 and has converted it back to its original 54,000-square-foot footprint by removing the dated addition of a second-story office space constructed in the late 1980s. The renovated space features modern office, research and development, and flex space, as well as an enhanced parking ratio. Additional renovations include an updated exterior, new HVAC equipment and a new roof membrane. Ware Malcomb provided architectural services and Bycor General Contracting served as the contractor for the project.

April 26, 2018

Acquisitions California Lee & Associates Office Western

Lee & Associates Negotiates $11M Sale of Office Building in Metro Los Angeles

by Amy Works April 25, 2018

WESTLAKE VILLAGE, CALIF. — Lee & Associates-LA North/Ventura has arranged the sale of an office building located at 31248 Oak Crest Drive in Westlake Village in metro Los Angeles. K-Swiss, an athletic footwear maker, sold the property to Selleck Development Group for $11 million. The 53,133-square-foot building was constructed as a build-to-suit for K-Swiss and the company occupied the property from 1999 until it relocated to downtown Los Angeles. Joe Jusko of Lee & Associates represented the seller, while Mike Tingus and Grant Fulkerson of Lee & Associates represented the seller.

April 25, 2018

Acquisitions California Retail Western

CalBay Buys 29,000 SF Retail Redevelopment Site in California for $2.1M

by Amy Works April 25, 2018

MONROVIA, CALIF. — CalBay Development has completed the acquisition and entitlement of a redevelopment site located on West Huntington Drive in Monrovia. McMahans Furniture sold the site for $2.1 million. The 29,000-square-foot site is comprised of two parcels and features a 21,000-square-foot retail store occupied by 3-Day-Suit Broker. CalBay plans to develop a freestanding 2,200-square-foot Starbucks drive-thru on the site. Construction is slated to begin in third-quarter 2018, with store opening scheduled for second-quarter 2019. The City of Monrovia Planning Commission approved the company’s development plans in earlier this year. Adam Fisher of JLL arranged the off-market transaction.

April 25, 2018

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