California

Walker & Dunlop Provides $82M Green Loan for Seniors Housing Community Near San Diego

by Nellie Day February 12, 2018

NATIONAL CITY, CALIF. — Walker & Dunlop Inc. (NYSE: WD) has structured an $82 million loan for Paradise Village, located just outside of San Diego in National City. Built in 2009, Paradise Village consists of seven four-story buildings and 394 units of independent living, assisted living and memory care. The 10-year loan provided a two-year period of interest-only payments and a 30-year amortization schedule for Generations Senior Living. The financing replaced a previous construction loan and provided cash to enable the financing of an adjacent, newly developed memory care facility. The transaction for the Class A community represents Fannie Mae’s first Green Rewards loan backed by a seniors housing property, according to Walker & Dunlop. Jeff Ringwald and Bill Jackson led the Walker & Dunlop team.

February 12, 2018

California Multifamily Western

Decron Properties Acquires 220-Unit Apartment Complex in California for $87.4M

by Nellie Day February 12, 2018

EMERYVILLE, CALIF. — Decron Properties Corp. has acquired the 220-unit Bridgecourt apartment complex in Emeryville for $87.4 million. The community is located at 1325 40th St. Bridgecourt contains a mix of one- and two-bedroom units, ranging from 554 square feet to 1,179 square feet. Common area amenities include a pool, spa, sauna, outdoor barbecue with seating area and a dog park. Decron plans to complete a renovation program started by the seller, which included interior upgrades to 126 of the units, featuring black/stainless steel appliances, quartz countertops, tile backsplash, new cabinet doors and drawers, and upgraded lighting. Decron will also perform additional upgrades to the common areas. Moran & Co. represented both Decron and the seller, a joint venture between Bascom Group and Carlyle Group, in this transaction.

February 12, 2018

California Retail Western

Marcus & Millichap Arranges $6.6M Sale of Wells Fargo Bank Property in Long Beach

by Nellie Day February 9, 2018

LONG BEACH, CALIF. — Marcus & Millichap has facilitated the sale of a retail property located at 4411 Pacific Coast Highway in Long Beach. A partnership sold the property to an individual/personal trust for $6.6 million. Wells Fargo Bank occupies the 3,479-square-foot property under a 10-year, triple-net lease with five five-year options to renew. Kevin Boeve of Marcus & Millichap represented the seller, while Neema Ahadian, also of Marcus & Milichap, represented the buyer in the transaction.

February 9, 2018

California Retail Western

Progressive Real Estate Brokers Sales of Two Development Sites in California for $4.7M

by Nellie Day February 9, 2018

VICTORVILLE AND HESPERIA, CALIF. — Progressive Real Estate Partners has arranged the sales of two parcels of land to Circle K and Chevron for a combined total of $4.7 million. Pablo Velasco of Progressive Real Estate Partners represented the sellers in both transactions. In the first deal, Circle K acquired a 3-acre land parcel, located at 15 Freeway and Nisqualli Road in Victorville, for $2.8 million. Circle K plans to build a convenience store, gas station and car wash on the site. The development is slated to open in mid-2018. In the second transaction, Chevron purchased a 1.2-acre land parcel, located at 15 Freeway and Ranchero Road in Hesperia, for $1.9 million. Projected to open in mid-2018, the development will feature a convenience store and car wash.

February 9, 2018

California Retail Western

CBRE Brokers $4.2M Sale of Coffee Bean & Tea Leaf Location in Redondo Beach

by Nellie Day February 9, 2018

REDONDO BEACH, CALIF. — CBRE has arranged the sale of a retail property located at 2525 Artesia Blvd. in Redondo Beach. El Indio Property LLC sold the property to MattKarr Properties LLC for $4.2 million. A drive-through Coffee Bean & Tea Leaf, which signed a 15-year lease in 2017, occupies the property. Alex Kozakov and Patrick Wade of CBRE represented the seller, while Sanjo Investments represented the buyer in the deal.

February 9, 2018

California Retail Western

NKF Adds Daniel Samulski as Senior Managing Director in Newport Beach

by Nellie Day February 9, 2018

NEWPORT BEACH, CALIF. — Newmark Knight Frank has added Daniel Samulski as a senior managing director with the firm’s Newport Beach office. Samulski has almost two decades of retail expertise in Southern California. Previously, he served as a senior vice president at CBRE.

February 9, 2018

California Office Western

PCCP Provides $44.5M Acquisition Loan for 518,156 SF Office Campus in Sacramento

by Nellie Day February 8, 2018

SACRAMENTO, CALIF. — PCCP has provided a $44.5 million senior loan to S&P Co. and Basin Street Properties for the acquisition of Prospect Green, a 518,156-square-foot office campus in the Sacramento submarket of Rancho Cordova. The campus is located at 10877 to 10951 White Rock Road and 10850 and 10860 Gold Center Drive. The property is 73 percent occupied. Notable tenants include the State of California, Liberty Financial Home Equity, Allstate Insurance and NEC Solutions. The five buildings were developed in phases between 1990 and 2001 and range from 70,000 square feet to 124,000 square feet. The campus also features a workout facility, showers and cafe.

February 8, 2018

California Industrial Western

Newcastle Partners Completes Construction of Inland Empire Industrial Facility, Starts Construction of Another

by Nellie Day February 8, 2018

RIVERSIDE AND CHINO HILLS, CALIF. — Newcastle Partners has completed construction of the 503,592-square-foot Meridian Distribution Center II in Riverside. It is situated on a 26.9-acre land parcel at 22000 Opportunity Way. Phil Lombardo, Chuck Belden and Andrew Starnes of Cushman & Wakefield’s Ontario office are responsible for marketing the project. Newcastle also started construction of a 100,326-square-foot building in the Chino Hills Commerce Center in Chino Hills. The center is located at 15291 Fairfield Ranch Road and is situated on approximately 5 acres of land. David Consani, Jim Koenig and Jason Chao of CBRE are responsible for marketing the asset for sale or lease. Newcastle Partners has developed more than 5 million square feet of industrial product in the Inland Empire region over the past eight years.

February 8, 2018

California Multifamily Western

Demmon Partners Acquires 272-Unit Apartment Community in Sacramento

by Nellie Day February 8, 2018

SACRAMENTO, CALIF. — Demmon Partners has acquired The Falls at Arden apartments in Sacramento for an undisclosed sum. The 272-unit community is located at 2345 Northrop Ave. The Falls at Arden was built in 1986. It includes studio to two-bedroom units that are currently 95 percent occupied. The asset has received $3.6 million in improvements since March 2016. Jason Parr of Cushman & Wakefield represented the seller, FPA Multifamily, in this transaction.

February 8, 2018

California Mixed-Use Top Stories Western

Brookfield Residential Acquires Developer OliverMcMillan, Including ‘Certain Assets’

by John Nelson February 8, 2018

CALGARY, ALBERTA AND SAN DIEGO — Brookfield Residential Properties Inc., the residential development arm of private equity firm Brookfield Asset Management, has closed on its acquisition of OliverMcMillan, a San Diego-based developer of large-scale mixed-use properties. Details of the acquisition were not disclosed, but on a conference call Wednesday (Feb. 7), Brookfield Residential chairman and CEO Alan Norris stated that the acquisition encompasses “certain assets” of OliverMcMillan. According to a release from Brookfield Residential, OliverMcMillan will continue to design and build mixed-use developments and will also continue to manage its existing real estate assets. “We simply could not have found a better long-term home,” says Dene Oliver, CEO of OliverMcMillan, in a prepared statement about the merger with Brookfield Residential. OliverMcMillan has several mixed-use projects under development across the country, including the second phases of River Oaks District in Houston and Buckhead Atlanta in Atlanta’s Buckhead district. As part of the merger, Brookfield Residential is acquiring the future pipeline of these two projects but not the operations of the existing assets, according to a source familiar with the acquisition. The second phase of Buckhead Atlanta includes 315,000 square feet of office space, according to the OliverMcMillan website. The project’s first …

February 8, 2018

Newer Posts

Older Posts