California

GMH Capital, AGC Equity Partners Plan 305-Bed Student Housing Community Near California State University – Sacramento

by Amy Works April 24, 2018

SACRAMENTO, CALIF. — GMH Capital Partners and AGC Equity Partners have announced plans for The Academy on 65th, a 305-bed student housing community located near California State University – Sacramento. The property will offer fully furnished units, alongside shared amenities including a fitness center, game room, motion studio, private and group study spaces, an outdoor courtyard and a hot tub. The main entrance will be situated along 65th Street, steps away from the Hornet Crossing entrance, a pedestrian and bike trail leading directly to campus. GMH recently announced its new partnership with AGC to acquire and develop core and value-add student housing properties. GMH University Housing will manage the community, with leasing set to begin in August 2018.

April 24, 2018

Acquisitions California Loans Multifamily Western

Greystone Provides $28.5M Fannie Mae Acquisition Loan for Multifamily Property in Sacramento

by Amy Works April 24, 2018

SACRAMENTO, CALIF. — Greystone has provided a $28.5 million Fannie Mae DUS loan for the acquisition of Carmel Pointe in Sacramento. Located at 7826 Center Parkway, the garden-style multifamily property features 22 two-story buildings offering a total of 332 residences. On-site amenities include two outdoor swimming pools, a spa, fitness center, clubhouse, playground, dog park, tennis court and five laundry rooms. Simon Herrmann, Todd Vitzthum and Cody Field of Greystone arranged the financing for the undisclosed borrower.

April 24, 2018

California Loans Multifamily Western

Greysteel Arranges $9M Refinancing for Multifamily Property in North Hills, California

by Amy Works April 24, 2018

NORTH HILLS, CALIF. — Greysteel has arranged $9 million in refinancing for Appletree Village Apartments, a multifamily property located at 9229 Sepulveda Blvd. in North Hills. John Mullen of Greysteel secured the 12-month bridge-to-HUD financing on behalf of a Los Angeles-based affordable housing developer. Built in 1982, the property features 125 units in a mix of two- and three-bedroom layouts.

April 24, 2018

Acquisitions California Office Property Type Top Stories Western

Harvest Properties, Cerberus Capital Buy Office Building in Bay Area for $114.5M

by John Nelson April 24, 2018

DALY CITY, CALIF. — Harvest Properties and an affiliate of New York City-based Cerberus Capital Management LP have purchased DC Station, a nine-story office building in Daly City, about seven miles southwest of San Francisco. The purchase price and seller were not disclosed, but the San Francisco Business Times reports the partnership purchased the Class A asset from Deutsche Asset & Wealth Management for $114.5 million. “Both Cerberus and Harvest see this as an opportunity to acquire a high-quality property at a compelling price and, ultimately, add value through thoughtful leasing activity as we capitalize on the changing demand drivers in the area,” says John Winther, managing partner at Harvest Properties, a real estate investment and management firm based in the Bay Area. The 383,000-square-foot, LEED Silver-certified building is anchored by the global headquarters of Genesys, a tech firm that sells businesses both cloud-based and onsite software for customer experience and call center solutions. According to Harvest Properties, the previous owner was marketing DC Station for sale as part of a mixed-use investment that included adjacent retail space and the Century 20 Daly City movie theater, but Harvest proposed separating the office building from the investment package and ultimately won …

April 24, 2018

Acquisitions California Multifamily Western

Mogharebi Group Facilitates $12.2M Sale of Apartment Community in Bakersfield, California

by Amy Works April 23, 2018

BAKERSFIELD, CALIF. – The Mogharebi Group (TMG) has arranged the sale of Case Del Sol Apartments, a 205-unit multifamily community located at 2601 Fremont St. in Bakersfield. A San Fernando Valley, Calif.-based private investment group purchased the property for $12.2 million. Built in 1965, the gated community features a mix of studio and one-bedroom layouts, a swimming pool, 24-hour maintenance and a central laundry facility. Alex Mogharebi, Otto Ozen, Robin Kane and Mark Bonas of TMG represented the buyer and seller, a San Diego-based private investment group, in the deal.

April 23, 2018

California Development Office Western

HFF Arranges $145M Construction Loan for Office Building Renovation, Expansion in San Francisco’s SOMA District

by Amy Works April 20, 2018

SAN FRANCISCO – HFF has arranged $145 million in construction financing for 633 Folsom, a seven-story office building located in the SOMA submarket of San Francisco. The Swig Co. will use the loan proceeds to complete a full-building renovation and expansion, which will add five floors to the property. Once completed, the 171,632-square-foot building will become a 12-story, 266,053-square-foot Class A office building. Originally built in 1967 by The Swig Co., 633 Folsom has been fully leased for the past 20 years, most recently to California Pacific Medical Center. The project is scheduled to commence this summer. Bruce Ganong and Bercut Smith of HFF secured the financing for Swig.

April 20, 2018

Acquisitions California Data Centers Industrial Western

CV Mission Critical REIT II Acquires Two-Building Data Center Portfolio in Sacramento from Digital Realty Trust for $51M

by Amy Works April 19, 2018

SACRAMENTO, CALIF. – Carter Validus Mission Critical REIT II (CV Mission Critical REIT II) has purchased the Rancho Cordova Data Center Portfolio for $51 million, excluding acquisition fees and costs. Located in Sacramento, the portfolio consists of two single-story facilities: a 69,048-square-foot turnkey colocation data center, located at 11085 Sun Center Drive, and a 63,791-square-foot, multi-tenant wholesale data center, located at 3065 Gold Camp Drive. At the time of sale, the portfolio was 82.4 percent occupied. Michael Hochanadel, Raul Saavedra and Jake Wagner of JLL represented the seller, Digital Realty Trust, in the deal.

April 19, 2018

California Data Centers Development Industrial Western

CIM Group, 1547 Break Ground for 187,000 SF Data Center in San Francisco

by Amy Works April 18, 2018

SAN FRANCISCO – CIM Group, in partnership with fifteenfortyseven Critical Systems Realty (1547), has commenced construction for its 240,000-square-foot data center campus on 7.3 acres at 400 Paul Ave. in San Francisco. The first phase of development will include the renovation of two existing 1930s-era buildings. Totaling 54,225 square feet, the buildings will be modernized to provide creative office and support space for data center tenants. Additionally, construction will start immediately for the campus, including a 187,000-square-foot purpose-built data center. The two-story building will feature a secure and scalable data center with 24 MW of power capacity.

April 18, 2018

Acquisitions California Office Western

JLL Arranges $33M Sale of Seven-Story Office Building in San Diego

by Amy Works April 18, 2018

SAN DIEGO – JLL Capital Markets has brokered the sale of 1450 Frazee, an office building located in San Diego’s Mission Valley district. A joint venture between Hill Properties and a fund managed by DRA Advisors acquired the property from an affiliate of Menlo Equities for $33 million. At the time of sale, the seven-story, 140,477-square-foot building was 90.6 percent leased to 27 tenants. Lynn LaChapelle, Bob Prendergast and Sach Kirpalani of JLL arranged the transaction.

April 18, 2018

Acquisitions California Industrial Western

Colony Industrial Acquires Two-Building Industrial Portfolio in Bay Area

by Amy Works April 18, 2018

SAN LEANDRO, CALIF. – Colony Industrial has purchased the two-building East Bay industrial portfolio in San Leandro for an undisclosed price. Totaling 587,051 square feet, the portfolio includes two light industrial buildings located at 2380-2388 Williams St. and 1717 Doolittle Drive. The portfolio is leased to five tenants. This is Colony Industrial’s first investment in the Oakland/East Bay area. Darla Longo, Barbara Perrier, Rebecca Perlmutter Finkel and Michael Kendall of CBRE brokered the transaction.

April 18, 2018

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