BURLINGAME, CALIF. — Matthews Real Estate Investment Services has arranged the sale of The Clock Tower, an office building in Burlingame. Sazze Partners, a venture capital firm from South Korea, acquired the asset for $5.4 million and plans to establish a U.S. office at the site. Located at 20 Park Road, The Clock Tower offers 6,815 square feet of office space. Marko Buljan of Matthews facilitated the transaction.
LOS ANGELES — Live Oak Bank has provided a $25 million bridge-to-sale loan to finance a community located near Los Angeles. An entity doing business as Harbert Seniors Housing Fund I LP is the borrower. The financing features a three-year initial term, 36 months of interest-only payments and $2.8 million in potential future earnout proceeds. The property totals 97 units, with independent, assisted living and memory care residences.
DALY CITY, CALIF. — MidPen Housing and partners have completed the construction of Midway Village I, which includes 147 affordable housing units in Daly City. MidPen also broke ground on Midway Village II, which will include 113 affordable units and a childcare facility. Midway Village I is reserved for renters earning between 30 and 80 percent of the area median income (AMI). The developer has earmarked 12 of the apartments for young adults aging out of foster care. Local teachers/members of the area’s education workforce will have priority for 27 of the units. When complete in 2027, Midway Village II will feature homes for families earning between 30 and 60 percent of AMI. Twenty-nine of the units will be reserved for individuals with supportive housing needs, provided through the Housing for a Healthy California program. This second phase will also feature a 15,000-square-foot childcare center where Peninsula Family Service will serve 109 children, including children from low-income families in the broader community. These are the first two phases of a four-phase revitalization and expansion effort that will ultimately transform an existing San Mateo County Housing Authority property from 150 outdated units into 555 new apartment homes. Residents of the original …
CUDAHY, CALIF. — Stream Realty Partners has secured project entitlements for Central LA Commerce Center, a Class A light industrial development located at 4900 Cecilia St. in Cudahy, a suburb 11 miles southeast of Los Angeles. The project will transform a functionally obsolete 1950s-era manufacturing building into a LEED-certified light industrial development. The 100,000-square-foot property will feature a clear height of 36 feet, 5,000 square feet of speculative two-story office space, 11 dock-high doors and two drive-in doors. Additionally, the asset will include a fully secured truck court, independent ingress and egress for autos and trucks, and heavy base building power to meet the needs of modern light industrial tenants. Stream’s Industrial Development team for Central LA Commerce Center includes Nick Kreuter, Andrew Warren and Scott Sowanick, who will collaborate with the brokerage team led by Matt Moore and Wes Hunnicutt.
CHULA VISTA, CALIF. — M.A. Mortenson and McCarthy Building Cos. have completed the Gaylord Pacific Resort and Convention Center, a $1.3 billion hospitality project located on the Chula Vista Bayfront, about seven miles from downtown San Diego. The nearly 2 million-square-foot development, construction of which began in August 2022, is the largest hotel project in the United States, according to the development team. Spanning 36 acres, the development consists of a 22-story Marriott hotel with 1,600 guestrooms (including 89 suites) and an 800,000-square-foot convention center that has an open-floor exhibit hall with meeting rooms, elevated ballrooms and areas to host large-scale events. The property also features a 4.3-acre outdoor waterpark with a waterslide, lazy river, wave pool, poolside bars and private cabanas. Guests have access to additional amenities such as a sports bar, fitness center, full-service spa and salon, nine-story parking garage and several restaurants, including Old Hickory Steakhouse, Trēō Kitchen + Bar, Shallow End Grill and Sunny’s. The development team, which includes HKS Architecture, the City of Chula Vista, the Port of San Diego and Marriott International, completed the project in 34 months, creating approximately 3,000 annual jobs during the construction phase. The team also estimates that the project will …
— By Tony Solomon of Marcus & Millichap — The positive relationship between retailers and rooftops is proving true in key ways across Los Angeles County. The market’s retail vacancy has risen in recent years — with the metro-wide rate up 120 basis points since 2022 – but the overall measure of 6.5 percent belies strong local dynamics. Retailers are continuing to find opportunities, especially in zones with recent and upcoming residential growth. Multifamily vacancy dropped by 50 basis points or more last year in the Santa Clarita Valley, Southeast Los Angeles and the South San Gabriel Valley. These same submarkets recorded retail vacancy rates at or under 5.2 percent at the onset of this year, which are some of the lowest in the county. Property performance momentum is set to continue in those areas amid numerous upcoming move-ins, including from tenants like Savers and Planet Fitness. The growing local apartment sector is expected to help absorb the primary area of heightened availability: Downtown Los Angeles. Retail vacancy here jumped 220 basis points last year to 9.1 percent, more than 100 basis points above the next highest submarket. Thankfully, that vacancy pressure may begin to ease in the near future. …
COVINA, CALIF. — Longpoint has purchased Grand Covina Plaza, a grocery-anchored shopping center in Covina, from a private family partnership for $24.9 million. Located at 1001-1075 N. Grand Ave., Grand Covina Plaza offers 111,975 square feet of retail space. Stater Bros Market, Dollar Tree, KFC, 7-Eleven and O’Reilly Auto Parts are tenants at the property, which is situated on 8.9 acres. At the time of sale, the property was 89 percent occupied. Dan Tyler, Gleb Lvovich and Geoff Tranchina of JLL Capital Markets’ Investment Sales and Advisory team represented the seller in the deal.
SAN MARCOS, CALIF. — Lee & Associates has arranged the sale of a showroom and flex building located at 307 Carmel St. in San Marcos. Creative Carmel LLC, an owner-user, acquired the asset from 307 E Carmel LLC for $6 million. Situated on 1.8 acres, the 18,452-square-foot single-tenant building offers 40 percent showroom, 25 percent office and 35 percent warehouse space. Marko Dragovic, Isaac Little and Olivia Baffert of the Little Dragovic Team at Lee & Associates – North San Diego County represented the seller, while Russ Jabara and Shawn Espino of San Diego Commercial Realty represented the buyer in the deal.
IRVINE, CALIF. — PSRS has arranged $4.5 million in refinancing for Armstrong Industrial in Irvine. The fully occupied, 32,055-square-foot industrial property is located within the Irvine Business District. Michael Tanner and George Gianoukakis of PSRS secured the financing through one of PSRS’ correspondent life insurance companies. The nonrecourse loan features a five-year term and 30-year amortization.
SAN JOSE, CALIF. — Federal Realty Investment Trust has completed the $74 million disposition of Levare, a Class A apartment building located within Santana Row in San Jose. The name of the buyer was not released. Delivered in 2011, Levare features 108 apartments that were 95 percent leased at the time of sale.
