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CaliforniaLoansRetailWestern

Keystone Mortgage Arranges $25.7M Bridge Loan for Neighborhood Retail Center in Upland, California

by Amy Works

UPLAND, CALIF. — Keystone Mortgage Corp. has arranged a $25.7 million fixed-rate bridge loan to fund the repositioning of a 140,000-square-foot neighborhood retail center in Upland, approximately 35 miles east of Los Angeles. Amazon Fresh, Ross Dress for Less and Burlington are tenants at the property, which is situated on 12.3 acres. Tim Winton of Keystone’s Orange County office arranged the financing on behalf of the borrower, a private real estate investor. One of Keystone’s correspondent life company lenders provided the 36-month, high-leverage, nonrecourse loan.

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AcquisitionsCaliforniaRestaurantRetailWestern

CBRE Brokers Sales of Two Restaurant Properties in Metro Los Angeles

by Amy Works

MANHATTAN BEACH AND OXNARD, CALIF. — CBRE has arranged the sale of two restaurant properties in Manhattan Beach and Oxnard, both suburbs of Los Angeles, for a total consideration of $9.7 million. Alex Kozakov, Patrick Wade, Matthew Greenberg, Jack Webber and Bo Henderson of CBRE represented the sellers in both the transactions. In the first deal, 800 Manhattan acquired a 2,572-square-foot building at 800 N. Sepulveda Blvd. in Manhattan Beach from local private investors for $5.1 million. El Pollo Loco occupies the property and has for more than 40 years. In the second deal, a private family trust purchased a building at 110 Riverpark Blvd. in Oxnard from a private family trust for $4.6 million. McDonald’s occupies the 3,500-square-foot property, which includes a double drive thru and 27 parking spaces.

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AcquisitionsCaliforniaFloridaHealthcareOfficeOregonTexasWestern

IRA Capital, Oaktree Acquire 600,000 SF Medical Office Portfolio Across Four States

by Amy Works

IRVINE, CALIF. — Irvine-based IRA Capital, in partnership with funds managed by Oaktree Capital Management, has purchased 12 medical outpatient buildings totaling 600,000 square feet. The transaction includes two separate institutional sellers and features a mix of single and multi-tenant medical buildings in California, Texas, Florida and Oregon. Terms of the transaction were not released. The Class A portfolio is anchored by health systems and medical providers including UC Davis Health, Palomar Health, UCLA, CommonSpirit, Ascension, McKesson and SCA Health, which collectively occupy approximately 50 percent of the space.

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CaliforniaLoansMultifamilySeniors HousingWestern

Lument Provides $38.8M Freddie Mac Refinancing for Carlton Senior Living Portfolio in California

by Amy Works

FREMONT AND SAN JOSE, CALIF. — Lument has provided $38.8 million in Freddie Mac refinancing loans for Carlton Senior Living, one of Northern California’s largest senior living providers with 11 independent living, assisted living, and memory care communities in operation.  The loans are spread across two separate properties — $13.5 million to refinance a 123-unit senior living property in Fremont and $25.3 million to refinance a 126-unit senior living property in San Jose. Both loans feature a fixed interest rate, 10-year term and 30-year amortization. One loan also provides funds for renovations to improve the San Jose property.   Lument’s Nick Hamilton and Casey Moore, both based in San Diego, led the transaction.

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CaliforniaDevelopmentIndustrialWestern

Sudberry Properties Completes Second Phase of Otay River Business Park in Chula Vista, California

by Amy Works

CHULA VISTA, CALIF. — Sudberry Properties has completed Phase II at the 50-acre Otay River Business Park in Chula Vista, just south of San Diego. The second phase consists of two manufacturing and warehouse buildings totaling 205,435 square feet. The 97,230-square-foot building is located at 2995 Faivre St., and the 108,205-square-foot building is located at 2855 Faivre St. The buildings offer 28- to 32-foot clear heights, dock-high and grade-level doors, 4,000 amps of 277/480-volt power and flexible spaces ranging from approximately 25,000 square feet to more than 108,000 square feet. PGW Auto Glass, a supplier of auto glass and shop accessories with more than 120 distribution branches in the United States and Canada, has leased approximately 23,500 square feet of warehouse space at 1995 Faivre St. The 137,500-square-foot Phase One is fully leased to variety of tenants, including Starbucks Coffee, SuperStar Car Wash, Jamba Juice, Menuderia Guadalajara, Knockaround Sunglasses, Colonna’s Shipyard Inc., Sunbelt Rentals, Luv Sola wood flowers, Shore Total Office and Boochcraft hard kombucha. The final phase of Otay River Business Park will include 108,700 square feet of manufacturing/warehouse space. Michael Mossmer of Voit Real Estate Services is handling leasing for the buildings. The project team includes San Diego-based TFW …

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601-611-619-S-Fairfax-Ave-Los-Angeles-CA
AcquisitionsCaliforniaDevelopmentMultifamilyRetailWestern

BOLOUR Buys Retail Property in Los Angeles for 120-Unit Multifamily Redevelopment

by Amy Works

LOS ANGELES — BOLOUR Associates has acquired a site with three retail buildings in the Los Angeles Mid City submarket for $6 million. Located at 601, 611 and 619 S. Fairfax Ave., the buildings offer more than 11,500 square feet of net rentable area, including a former 99 Cents Only store. BOLOUR purchased the 99 Cents Only property through a bankruptcy auction after Number Holdings Inc., the parent company of 99 Cents Only Stores LLC, filed for Chapter 11 bankruptcy earlier this year and closed all of its stores. The company will renovate the three buildings to cater to gallery, design, furniture and showroom uses. In the long-term, BOLOUR plans to redevelop the site into 120 multifamily residential units. Hilco Global represented the undisclosed seller, while BOLOUR was self-represented in the deal.

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AcquisitionsCaliforniaRestaurantRetailWestern

Marcus & Millichap Brokers Sale of 3,200 SF North Park Retail Property in San Diego

by Amy Works

SAN DIEGO — Marcus & Millichap has arranged the sale of North Park Retail, a restaurant property at 2884 University Ave. in San Diego’s North Park neighborhood. Carlos Partners LLC sold the asset to 1295 University Family LP for $1.9 million. Built in 1948, North Park Retail features 3,200 square feet of space. The single-tenant property was renovated in 2014 for Saiko Sake and Sushi Bar’s tenant build out. After operating for 10 years, Saiko Sushi will close when its lease expires in October. The buyers plan to lease out the property after Saiko Sake and Sushi Bar’s vacates. Ross Sanchez and Nick Totah of The Totah Group of Marcus & Millichap represented the seller, while Nate Benedetto of Next Wave Commercial procured the buyer in the transaction.

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CaliforniaLoansMultifamilyWestern

Värde Partners Provides $105M Loan for Artisan Crossing Multifamily Property in Belmont, California

by Amy Works

BELMONT, CALIF. — Värde Partners has provided Windy Hill Property Ventures, a firm specializing in real estate development in the Greater Bay Area, with $105 million in construction takeout refinancing for its Artisan Crossing apartment property in the Bay Area city of Belmont. The bridge financing supports the lease-up of the newly developed property. Chris Gandy and Tom Gilliland of JLL arranged the floating-rate loan, which has a three-year initial term with two one-year extension options. The 250-unit community features a fitness center, pool, dog spa, clubroom with rooftop deck, conference room, work pods and underground parking.

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Affordable HousingCaliforniaDevelopmentMultifamilySeniors HousingWestern

USA Properties, Riverside Charitable Corp. Start Construction of 166-Unit The Orion Affordable Seniors Housing Project in Orange, California

by Amy Works

ORANGE, CALIF. — USA Properties Fund and Riverside Charitable Corp. have started construction of The Orion, an affordable seniors housing community in Orange. Located at 1800 E. La Veta Ave., The Orion will offer 166 affordable one- and two-bedroom apartments with energy-efficient appliances, lighting insulations and windows, as well as low-flow faucets, shower and toilets. Additionally, some apartments will include a balcony. Community amenities will include a clubroom, dog park, fitness center, computer workstations, a community garden with some elevated planters, a courtyard and shaded patio, and secured parking. Residents will also have access to LifeSTEPS, a social-services provider. The Orion will be available to seniors age 55 years and older who earn 30 percent to 70 percent of the area median income for Orange County. USA Properties Fund will manage the community. The City of Orange, County of Orange and Orange County Housing Finance Trust provided financial support for the $64 million project. The California Tax Credit Allocation Committee awarded bond funding for the development. Bank of America offered construction and tax credit equity financing, while Citibank served as the permanent lender.

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AcquisitionsCaliforniaMultifamilyWestern

TMG Arranges $17.6M Sale of Pinetree Terrace Apartments in Reseda Area of Los Angeles

by Amy Works

LOS ANGELES — The Mogharebi Group (TMG) has brokered the sale of Pinetree Terrace Apartments, a multifamily property located at 7940 Reseda Blvd. in Reseda, a neighborhood in the San Fernando Valley area of Los Angeles. GLS Building Corp. sold the asset to Foundation for Affordable Housing for $17.6 million. The buyer plans to transform the 58-unit property into long-term affordable housing. Built in 1978, Pinetree Terrace features a mix of one-, two- and three-bedroom floor plans, ranging from 900 square feet to 1,263 square feet, spread across five two-story residential buildings. Community amenities include a pool and spa, fitness center, laundry room, leasing office and subterranean parking. At the time of sale, the property was 100 percent occupied. Otto Ozen and Brian Nakamura of TMG represented the seller in the deal.

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