California

Barings Sells 263-Bed Varsity Berkeley Student Housing Community in California

by Amy Works September 27, 2024

BERKELEY, CALIF. — Barings has divested of Varsity Berkeley, a purpose-built student housing property in Berkeley. Hawkins Way Capital acquired the asset for an undisclosed price. Within walking distance of the University of California, Berkeley campus, Varsity Berkeley offers 79 units totaling 263 beds in a mix of furnished and unfurnished studio, two- and three-bedroom floor plans with fully equipped kitchens and bathrooms that include washers and dryers. Community amenities include a rooftop terrace and sun deck, a recently renovated resident lounge, ground-floor courtyard with firepit and electric car charge. Peter Katz and Salvatore Saglimbeni of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal. Tony Solomon served as Marcus & Millichap’s broker of record in California.

September 27, 2024

6325-6355-Topanga-Canyon-Blvd-Woodland-Hills-CA

California Loans Office Western

Northmarq Arranges $23.9M Refinancing for Office Building in Woodland Hills, California

by Amy Works September 27, 2024

WOODLAND HILLS, CALIF. — Northmarq has secured $23.9 million in refinancing for Topanga & Victory, an office building located at 6325 and 6355 Topanga Canyon Blvd. in Woodland Hills. The 165,336-square-foot property offers office and medical office space, an upgraded lobby space and ample parking. David Blum of Northmarq’s Newport Beach Debt + Equity team arranged the permanent fixed-rate, internal refinancing for the undisclosed borrower through a correspondent relationship with a national commercial mortgage-backed securities platform. The transaction, which had a sub-60 percent loan-to-value ratio, was structured on a 5-year, interest-only term.

September 27, 2024

Acquisitions California Office Western

TP-Link Systems Closes $40.6M Acquisition of 157,455 SF Office Building in Irvine

by Amy Works September 26, 2024

IRVINE, CALIF. — TP-Link Systems, as an owner-user, has purchased 5 Peter Canyon Road in Irvine from a joint venture led by Pendulum Property Partners for $40.6 million, or $258 per square foot. Situated on 9.5 acres, the 157,455-square-foot office building offers an onsite café, outdoor patio, a renovated lobby and more than 700 parking spaces. At the time of sale, the three-story building was 87.9 percent leased to a variety of tenants. Anthony DeLorenzo, Sammy Cemo, Bryan Johnson, Matt Didier, Jennifer Whittington and David Dowd of CBRE represented the seller, while Eric Purmort, also with CBRE, represented the buyer in the transaction.

September 26, 2024

Acquisitions California Industrial Western

GID Industrial Acquires 105,469 SF Trolley Industrial Center in San Diego for $27.2M

by Amy Works September 26, 2024

SAN DIEGO — GID Industrial Acquisition has purchased Trolley Industrial Center, a multi-tenant, light industrial property in the San Ysidro submarket of San Diego, for $27.2 million. Bryce Aberg, Jeff Chiate, Jeffrey Cole, Matthew Leupold and Ryan Demerest of Cushman & Wakefield represented the seller, Washington Capital Management, in the deal. Originally built in the mid-1980s, Trolley Industrial Center has since been renovated and now offers 105,469 square feet of industrial space that is fully leased to three tenants. The building features a variety of bay sizes, 24-foot clear heights and grade-level and dock-high doors. The property is situated on 5 acres at 1330 30th St.

September 26, 2024

Acquisitions California Net Lease Restaurant Retail Western

Marcus & Millichap Facilitates Purchase of 3,500 SF Starbucks-Occupied Retail Property in Sacramento

by Amy Works September 26, 2024

SACRAMENTO, CALIF. — Marcus & Millichap has arranged the acquisition of a restaurant property located at 9660 Kiefer Blvd. in Sacramento. An individual/personal trust acquired the asset from an undisclosed seller for $2.6 million. Starbucks Coffee occupies the 3,500-square-foot property on a 15-year, corporate net-lease basis. Yuri Sergunin and J.J. Taughinbaugh of Marcus & Millichap’s Palo Alto, Calif., office represented the buyer, while Cushman & Wakefield represented the seller in the deal. The transaction included a 1031 exchange for the buyer.

September 26, 2024

Acquisitions California Retail Western

SRS Real Estate Partners Negotiates $5M Sale of Retail Property in Murrieta, California

by Amy Works September 25, 2024

MURRIETA, CALIF. — SRS Real Estate Partners has negotiated the $5 million, or $975 per square foot, sale of a two-tenant retail property within the 26.3-acre The Vineyard Shopping Center in Murrieta. Located at 27970 Clinton Keith Road, the 5,128-square-foot building was constructed in spring 2024. Verizon Wireless and Chipotle Mexican Grill, with drive-thru, fully occupy the property on 10-year, corporate-guaranteed triple-net leases. Winston Guest, Matthew Mousavi and Patrick Luther of SRS Capital Markets represented the seller, a California-based private developer, in the deal. The buyer was a California-based private investor.

September 25, 2024

Acquisitions California Office Western

SC Properties Buys 235,000 SF Office Campus in San Mateo, California

by Amy Works September 24, 2024

SAN MATEO, CALIF. — San Mateo-based SC Properties has acquired San Mateo Gateway Center, a Class A office campus in San Mateo. Kennedy Wilson sold the three-building asset for an undisclosed price. Located at 1800, 1810 and 1820 Gateway Drive, the 235,000-square-foot campus features natural light on all floors, an onsite café, speculative suite, upgraded lobby and common areas, an outdoor lounge and seating areas, a common conference room, fitness center and ample parking. At the time of sale, the property was 40 percent vacant. SC Properties’ Kevin Phillips and Chris Giotinis led the transaction. Gary Boitano of Cushman & Wakefield and Clarke Funkhouser of JLL consulted the buyer on the acquisition and were retained to handle leasing of the campus.

September 24, 2024

California Development Office Western

Techbilt Cos. Breaks Ground on 67,714 SF Creative Flex Campus in Carlsbad, California

by Amy Works September 24, 2024

CARLSBAD, CALIF. — The Techbilt Cos., an owner and developer, has broken ground on Evolve, a three-building creative flex campus within a 600-acre master-planned development in Carlsbad. Evolve is the first of three new developments that Techbilt Cos. will bring to the Carlsbad market within the next two years. Evolve will include a 17,419-square-foot Building A, a 20,330-square-foot Building B and a 29,965-square-foot Building C. The buildings will offer clear heights of 28 feet, glass sectional roll-up doors, ample natural light, clean air/electric vehicle parking and bike storage. The project is designed to be divided for up to eight tenants and allows for each space to have its own shaded private patio/outdoor space and lunch area directly adjacent to the space. Cushman & Wakefield’s Conor Boyle and Tyler Stemley, along with the Cuthbert Industrial Team at Colliers, are handling leasing efforts for the project.

September 24, 2024

Acquisitions California Industrial Lee & Associates Western

Lee & Associates Facilitates $17.9M Sale of Industrial Property in West Sacramento

by Amy Works September 23, 2024

WEST SACRAMENTO, CALIF. — Lee & Associates has arranged the sale of a heavy industrial-zoned property at 3961 Channel Drive in West Sacramento. Yara North America sold the asset Greencycle Properties, an affiliate of Teichert Inc., for $17.9 million. Alex Weiss and Greg Pieratt of Lee & Associates represented the seller in the transaction. The site, which was formerly used by Yara International as a fertilizer supply port, was decommissioned a year ago. Situated on 23.4 acres, the asset includes one existing building, rail spurs, 5.5 acres of undeveloped industrial land and direct access to the Sacramento Deep Water Ship Channel.

September 23, 2024

California Market Reports Multifamily Western Western Market Reports

Shifting Generations Redefine the Bay Area’s Multifamily Market

by Jeff Shaw September 23, 2024

— By Rachel Ivers, senior analyst, multifamily investment sales team, and Bryan Danforth and Matt Thomson, senior vice presidents, Compass Commercial — The multifamily investment sales market in the San Francisco Bay Area is undergoing a noticeable transformation that’s driven by economic pressures and evolving investor strategies. Unlike in previous years — where sellers might list properties to capitalize on market highs or interest rate lows — the current environment is seeing fewer sales motivated by profit. Many sellers today are cashing out due to expiring fixed interest rates or selling for personal reasons rather than purely financial motivations. This includes circumstances such as inheritance, divorce or retirement. With the Baby Boomer generation, currently aged 60 to 78 and reaching retirement age in larger numbers, we’re beginning to see the front end of significant changes in property ownership. This demographic shift is likely to drive a substantial increase in inheritance sales in the near future as life expectancy hovers around 77.5 years. A significant factor driving this shift is the belief among many investors that the market has peaked. Concerns about stricter rent control measures, which continue to appear on ballots, are prompting these investors to seek opportunities elsewhere. Markets …

September 23, 2024

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