California

Koelsch to Build $71M, 240,000 SF Seniors Housing Community Near Sacramento

by Amy Works March 26, 2018

ELK GROVE, CALIF. — Koelsch Communities has announced plans for Laguna Springs Senior Community, a 240,000-square-foot seniors housing property in the Sacramento suburb of Elk Grove. Groundbreaking is scheduled for June for a planned opening in December 2019. Development costs were estimated at $71 million. Located on 11 acres, the project will feature The Park at Laguna Springs Independent Living and The Gardens at Laguna Springs Memory Care. The independent living portion will be a three-story building housing 135 apartments plus 16 single-story homes. The memory care portion can house up to 70 residents in various stages of memory loss. Koelsch Communities will manage the property upon completion. The company is developing the project in partnership with RJ Development, with Koelsch Construction acting as general contractor. Judy Koelsch and David Goularte of JSK Design will design the interiors.

March 26, 2018

California Development Multifamily Western

Jamison Properties Completes 72-Unit Multifamily Property in Los Angeles’ Koreatown

by Amy Works March 23, 2018

LOS ANGELES — Jamison Properties has completed the development of Maya, a multifamily property located at 535 Kingsley Drive in Los Angeles’ Koreatown. Designed by Santa Monica, Calif.-based KFA, the seven-story property features 66 market-rate apartments and six affordable units in a mix of one- and two-bedroom layouts. On-site amenities include bicycle parking, clubhouse, gym, pool, courtyard and rooftop terrace.

March 23, 2018

Acquisitions California Retail Western

Marcus & Millichap Brokers $9.2M Sale of Retail Property in Santa Clarita, California

by Amy Works March 23, 2018

SANTA CLARITA, CALIF. — Marcus & Millichap has negotiated the sale of a multi-tenant retail property located at 23460 Cinema Drive in Santa Clarita. A local investor purchased the property from a limited liability company for $9.2 million. At the time of sale, the 32,343-square-foot property was fully occupied. Built in 1997, the property consists of 13 suites anchored by Valencia Laser Blast. Marty Cohan and Neda Rassouli of Marcus & Millichap represented the seller in the deal.

March 23, 2018

California Development Healthcare Office Western

Trammell Crow Breaks Ground on 200,000 SF Medical Office Building in Moreno Valley, California

by Amy Works March 22, 2018

MORENO VALLEY, CALIF. — Trammell Crow Co.’s Southern California-Newport Beach office has started construction of a 200,000-square-foot medical office building in Moreno Valley. Riverside University Health System (RUHS) will occupy the three-story facility, which will feature space for specialty physician groups, an outpatient surgery center and expanded pharmacy services. he new medical office building will occupy 17.4 acres on the southern portion of RUHS’s 80-acre medical center campus and feature a single-story, 7,000-square-foot lobby and café. The new outpatient building and the existing medical center will be linked to the new property by a second-floor pedestrian bridge. Completion is slated for 2019.

March 22, 2018

California Loans Office Western

Bellwether Enterprise Arranges $22.5M Refinancing for Office Campus in Los Angeles

by Amy Works March 22, 2018

LOS ANGELES — Bellwether Enterprise Real Estate Capital, a subsidiary of Enterprise Community Investment, has arranged $22.5 million in refinancing for MDR Truss Campus, an office complex located in the Marina Del Rey submarket of Los Angeles. Situated on 2.7 acres, the property consists of six separate buildings totaling 68,693 square feet of creative office space and 179 parking spaces. The 15-year, fully amortizing, fixed-rate loan features a 3.64 percent interest rate. It was used to pay off the construction loan and cover closing costs. Shelley Magoffin and Max Sauerman of Bellwether secured the loan through one of the company’s correspondent life insurance companies. The name of the borrower was not released.

March 22, 2018

Acquisitions California Retail Western

JLL Capital Markets Brokers Sales of Two Retail Properties in Southern California

by Amy Works March 22, 2018

LAGUNA HILLS AND MURRIETA, CALIF. — JLL Capital Markets has brokered the sales of two retail properties in Laguna Hills and Murrieta. In the first deal, an undisclosed buyer acquired a restaurant property, located at 23971 El Toro Road in Laguna Hills, for $5.5 million. Raising Cane’s Chicken Fingers leases the property on a 13-year, triple-net ground lease. Additionally, this Raising Cane’s location is the first to sell in California. In the second transaction, an undisclosed buyer sold a gas station and convenience store property located in Murrieta. Shell Gas Station occupies the property under a 20-year, triple-net lease. Adam Friedlander and Matt Berres of JLL Capital Markets’ Irvine, Calif., office arranged the transactions.

March 22, 2018

California Development Mixed-Use Multifamily Office Restaurant Retail Western

Trammell Crow-Led Group to Build $500M Mixed-Use Project in Bay Area

by Amy Works March 21, 2018

ALAMEDA, CALIF. — A joint venture led by Trammell Crow Residential (TCR) plans to develop Alameda Point, a $500 million mixed-use project located in the Bay Area city of Alameda. Alameda Point Partners (AAP), which includes srmERNST Development Partners, Madison Marquette, Eden Housing and Cypress Equity Investments, officially closed on the transfer of approximately 30 acres for Site A of the mixed-use, transit-oriented waterfront development. The first phase of Site A will consist of 673 housing units, including 130 units for low- and very-low-income households and 310 units for middle-income households; eight acres of parks and open space; funding for the Seaplane Lagoon Ferry Terminal; and 93,000 square feet of retail space. Completion of the new infrastructure is expected over the next two to three years, with the first new residences scheduled to open in 2021. AAP negotiated the sale of several parcels to various builders and developers to coincide with the sale and transfer of the first 30 acres: Block 8 – Eden Housing will develop a 70-unit multifamily affordable community and a 60-unit affordable seniors housing community. Block 6 – Trumark Homes will develop 123 townhomes. Block 9 – Cypress Equity Investments will develop a 200-unit apartment community with …

March 21, 2018

California Development Multifamily Student Housing Western

HighBridge to Develop 708-Bed Student Housing Community Near University of California, Davis

by Amy Works March 21, 2018

DAVIS, CALIF. — HighBridge Properties will soon break ground on Lincoln40, a 708-bed student housing community located near the University of California, Davis. The community will include a mix of three-, four- and five-bedroom, fully furnished units with bed-to-bath parity. Shared amenities will include a fitness center, game room, café lounge, swimming pool with cabanas, and outdoor lounges with barbeque stations and gas fire pits. In addition, the community will offer LincolnLift, a student rental-assistance program that will offer reduced monthly rents to students based on 50 to 60 percent of the area’s median income. The program will be available for up to 10 percent of the property’s residents. Lincoln40 is expected to open in time for the 2020-2021 academic year.

March 21, 2018

Acquisitions California Industrial Western

Bridge Development Sells Three Industrial Buildings Totaling 224,000 SF in Santa Fe Springs, California

by Amy Works March 21, 2018

SANTA FE SPRINGS, CALIF. — Bridge Development Partners has completed the disposition of three industrial properties totaling 224,000 square feet at Bridge Point Santa Fe Springs in Los Angeles County. Two of the buildings were completed as build-to-suit developments for the companies that acquired them, while the third was sold to a real estate investment firm. UniFirst Corp. acquired the 74,120-square-foot Building I, located at 13101 Rosecrans Ave. Paul Sablock and Christopher Lawrence of JLL represented the buyer. Novella Plastics purchased 75,331-square-foot Building II, located at 13123 Rosecrans Ave. Michael Lee of Redpoint Realty represented Novella Plastics in the deal. Westcore Properties acquired the 74,038-square-foot Building III, located at 13915 Maryton Ave., upon completion of the shell. Westcore leased the property to Carroll Tire Co., a division of Sumitomo Tire. Scott Heaton and Chris Sheehan of Colliers International represented Bridge Development in all three transactions, as well as Westcore Properties. Financial terms of the deals were not disclosed.

March 21, 2018

Acquisitions California Retail Western

Hanley Investment Arranges Sale of 31,980 SF Shopping Center in Sacramento

by Amy Works March 21, 2018

SACRAMENTO, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the sale of Westlake Village, a shopping center located at 3501-3511 Del Paso Road in Sacramento. The sale also included 4.3 acres of developable land. Donahue Schriber Realty Group sold the 31,980-square-foot property to a San Francisco-based family trust for an undisclosed price. Built in 2007, the center was 92 percent occupied at the time of sale. Tenants include Walgreens, Allstate Insurance, AIM Mail Center, Chase Bank, Creative Nail Spa, Donahue Schriber, Subway and Westlake Hair Studio. Bill Asher and Ed Hanley of Hanley Investment, in conjunction with Ten-X, represented the seller, while Eric Vu, also of Hanley, represented the buyer in the deal.

March 21, 2018

Newer Posts

Older Posts