SANTA MONICA, CALIF. — Muselli Commercial Realtors has brokered the sale of a retail building located at 2914 Main St. in Santa Monica. An undisclosed buyer acquired the property for $3.2 million, or $1,780 per square foot. The buyer plans to occupy the 1,825-square-foot building, which is currently vacant. Evan Pozarny of Muselli Commercial Realtors represented the undisclosed seller in the deal.
LOS ANGELES — Madison Marquette has added three new tenants to District La Brea, the company’s adaptive re-use development in Los Angeles. Interior Define, Best Made and Made Gold will open at the 110,214-square-foot retail, dining and office property this fall. Interior Define is a custom furniture store; Best Made offers a lifestyle line of outdoor gear from graphic designer Peter Buchanan-Smith; and Made Gold is a denim-focused streetwear brand by Marta Goldschmeid.
ANTIOCH, CALIF. — CBRE has arranged acquisition financing for Cypress Meadows, a 110-unit assisted living and memory care community in Antioch, located approximately 40 miles northeast of San Francisco. The buyer is a joint venture between Agemark Senior Living and Trellis Real Estate Group. The seller was not a local mom-and-pop owner. Agemark will operate the property following the acquisition. Cypress Meadows was built in 1999. The new owners plan to spend $2.6 million in capital upgrades. Aron Will of CBRE National Senior Housing secured a five-year, floating-rate loan with 36 months of interest-only payments from a national bank.
DAVIS, CALIF. — University Student Living and The University of California, Davis have started development of two communities that will total 2,775 on-campus beds. The projects include West Village, a 1,875-bed community primarily targeted towards transfer and continuing students with apartment-style units; and Orchard Park, the redevelopment of an existing complex to offer 900 beds in two-bedroom units for students with families and single graduate students. A timeline for the development has yet to be announced.
CHICAGO — Duke Realty Corp. (NYSE: DRE) has purchased a 10-building industrial portfolio totaling nearly 3.5 million square feet, plus two additional land parcels, for $515 million. The assets are situated in Southern California, Northern New Jersey and South Florida. The two parcels will eventually contain two buildings totaling 852,745 square feet. Construction on these projects will commence later this year. The total value of the portfolio will be approximately $700 million once construction is completed. The seller, Bridge Development Partners, has completed more than $2 billion in developments and acquisitions since its joint venture with Dallas-based Banner Oak Capital Partners in 2013. Bridge’s current pipeline contains more than 10.3 million square feet valued at $1.3 billion in the most supply constrained U.S. core industrial markets, including Chicago, Miami, New Jersey, Los Angeles, San Francisco and Seattle. “This portfolio sale is part of the $1.1 billion of new state-of-the-art industrial assets Bridge will sell in 2017,” says Steve Poulos, the company’s founder and CEO. “The portfolio includes a mix of fully stabilized, partially stabilized and completely vacant assets.” Though the exact properties included in this transaction were not disclosed, some of Bridge’s assets include the 306,466-square-foot Bridge Point I-95 in …
SAN DIEGO — Interstate Equities Corporation (IEC) has purchased the 133-unit Verse La Mesa apartment complex in San Diego for $34 million. The value-add community is located at 7400 Parkway Drive in La Mesa. It was built in 1976 and is currently 96 percent occupied. The property will be rebranded as The Cove. It will also undergo renovations, including the installation of washers, dryers and dishwashers, new paint, laminate wood floors and upgraded fixtures throughout the units. Shane Shafer, Ed Rosen, John Chu, and Kyle Pinkalla of Berkadia executed the transaction.
FREMONT, CALIF. — Trion Properties has purchased an 88-unit multifamily property in Fremont for $26.5 million. The community is located at 4445 Stevenson Blvd. in East Bay, within the northern part of Silicon Valley. The apartment community is situated less than five miles from Fremont’s Tesla factory, which currently employs more than 6,000 people and encompasses 5.3 million square feet. The Fremont City Council recently approved a 4.6 million-square-foot expansion of the Tesla factory, which is predicted to bring 3,100 new workers to the area. Shivu Srinivasan of NAI Capital represented Trion Properties, while Victor Makras of Makras Real Estate represented the seller, the Jones Family, in this transaction.
SANTA ANA, CALIF. — Montgomery Partners has acquired the 62-unit Sherry Lane Garden Homes in Santa Ana for $19.8 million. The community is located at 1920 Sherry Lane. The property was built on 9.8 acres in 1964 near the 5, 22 and 55 freeways. Joseph Berkson of Marcus & Millichap represented both the buyer and unnamed seller in this transaction.
LONG BEACH, CALIF. — Killefer Flammang Architects (KFA) has completed Immanuel Place, an affordable seniors housing community in the Bluff Heights Historic District of Long Beach. The $12 million project converted the 90-year-old Immanuel Church into a 31,000-square-foot, 25-unit community. Thomas Safran & Associates developed the property. The adaptive reuse project preserved the church’s stained-glass windows, pipe organ and three-story sanctuary. The development also moved an adjacent home to another area of Long Beach, making room for a parking lot. Immanuel Place was financed through a combination of Low Income Housing Tax Credit equity from Union Bank, an Infill Grant from the California State Department of Housing and Community Development, a loan from the U.S. Department of Housing and Urban Development (HUD), HOME Investment Partnership Program funds from the City of Long Beach/The Long Beach Community Investment Co., a loan from the Community Development Commission of the County of Los Angeles and funds from the Federal Home Loan Bank. KFA is an architecture and design firm specializing in urban infill and adaptive reuse projects. The company is based in Santa Monica, Calif.
SANTA CLARA, CALIF. — CBRE Global Investors has acquired The Campus @ 3333 – Phase III, a 940,564-square-foot, four-building office campus located at 3333 Scott Blvd. in Santa Clara. Situated within the prestigious Silicon Valley district, the property was acquired on behalf of a joint venture between Korea Post and another undisclosed client. The sales price and seller were undisclosed, but media outlets are reporting that Menlo Equities and Beacon Capital Partners, co-developers of The Campus, sold Phase III for $610 million. The newly constructed LEED Silver-certified campus is fully leased to Palo Alto Networks, a cybersecurity firm, and serves as its headquarters. The property features a dedicated 30,485-square-foot amenity building with a full-service cafeteria, conference center, outdoor amphitheater, dedicated open space, outdoor dining and collaborative meeting space, 200 electric vehicle charging stations, bicycle storage, a grass picnic area and access to a fitness center. “The San Jose market has experienced broad-based growth primarily driven by the rapid and sustained technology boom in Silicon Valley,” says Gardner Ellner, senior director of Commercial Acquisitions-Americas at CBRE. “As a result, vacancy rates have dramatically declined to the lowest levels since 2000, and tenants are actively moving to submarkets such as Santa Clara …
