California

Twin-Canyon-Shopping-Center-San-Ramon-CA

TownCentre Capital Buys Twin Canyon Shopping Center in San Ramon, California for $9M

by Amy Works November 4, 2024

SAN RAMON, CALIF. — TownCentre Capital has acquired Twin Canyon Shopping Center, a retail strip center in San Ramon, from a private entity for $9 million.Located at 2450-2550 San Ramon Valley Blvd., Twin Canyon Shopping Center offers 23,149 square feet of retail space. The property is fully leased to a variety of tenants, including Round Table Pizza, Beer Area Liquors and Bricks & Minifigs. The shopping center was built in 1980. Eric Kathrein and Warren McClean of JLL Capital Markets represented the seller in the deal.

November 4, 2024

2505-2575-Highland-Ave-San-Bernardino-CA

Acquisitions California Retail Western

Progressive Real Estate Negotiates Sale of Four Adjacent Retail Properties in San Bernardino for $7M

by Amy Works November 4, 2024

SAN BERNARDINO, CALIF. — Progressive Real Estate Partners has arranged the sale of four adjacent separately parceled retail properties in San Bernardino. An undisclosed Los Angeles-based seller sold the assets to an undisclosed San Bernardino County, Calif.-based buyer for $7 million. Located at 2505-2575 Highland Ave., the properties are net leased to tenants including IHOP, Wienerschnitzel, Taco Bell and a 76 gas station. Lance Mordachini and Trinnie Lee of Progressive Real Estate represented the seller, while Kevin Kwan of Realiv represented the buyer in the transaction.

November 4, 2024

Acquisitions California Industrial Loans Western

Keystone Mortgage Secures $6.8M Acquisition Loan for Industrial Flex Building in South Orange County

by Amy Works November 4, 2024

SOUTH ORANGE COUNTY, CALIF. — Keystone Mortgage Corp. has arranged a $6.8 million permanent loan to fund the acquisition of an industrial flex building in South Orange County. Situated on 2.7 acres, the property offers one dock-high loading door, one grade-level loading door and 24-foot clear heights. At the time of sale, the building was fully occupied by a single tenant. No further information about the property was released. Nick Viscount of Keystone’s Orange County production office secured the financing on behalf of the borrower, a private real estate investor. One of Keystone’s correspondent life company lenders provided the non-resource loan, which features a 30-year amortization schedule.

November 4, 2024

Acquisitions California Retail Western

Marcus & Millichap Brokers Sale of 4,673 SF Adams Heritage Row Retail Center in San Diego

by Amy Works November 4, 2024

SAN DIEGO — Marcus & Millichap has arranged the sale of Adams Heritage Row, a corner retail center located at 4200-04 Adams Ave. in San Diego’s Kensington neighborhood. The Davis/Logan Family Trust sold the asset to an undisclosed buyer for $2.9 million. Ross Sanchez and Nick Totah of Marcus & Millichap’s The Totah Group represented the seller in the deal. Constructed in 1935, Adams Heritage Row offers 4,673 square feet of multi-tenant retail space, occupied by Pappalecco Italian Café and The OAS Center, as well as an adjacent seven-space parking lot.

November 4, 2024

Acquisitions California Industrial Western

Ardmore Home Design Purchases 282,377 SF Industrial Property in City of Industry, California for $59.9M

by Amy Works November 1, 2024

CITY OF INDUSTRY, CALIF. — Ardmore Home Design, a luxury wholesale furniture manufacturer and the building’s tenant, has acquired an industrial property in City of Industry for $59.9 million. Situated on 13 acres at 918 S. Stimson Ave., the 282,377-squared-foot distribution facility features 24- to 30-foot clear heights, 34 dock-high doors, two grade-level doors, 28 trailer stalls and 150 auto stalls. Patrick Nally, Makenna Peter, Mark Detmer and Even Moran of JLL represented the seller, while Rick Sherburne of HRS Commercial represented the buyer in the deal.

November 1, 2024

California Loans Retail Western

Majestic Realty Co. Secures Refinancing Totaling $118.9M for Two Shopping Centers in California

by Amy Works October 31, 2024

REDLANDS, CALIF. — Majestic Realty Co. Capital Markets has secured loans totaling $118.9 million for the refinancing of two shopping centers located in Redlands. Situated within a 100-acre mixed-use development, the properties — Mountain Grove Shopping Center and Citrus Plaza Shopping Center — together comprise roughly 1 million square feet. A life insurance company provided first trust deed loans of $62.4 million and $56.5 million, respectively, for the centers, which Majestic Realty Co. and affiliates developed and manage. Tenants at the properties include Target, Harkins Theaters, Aldi, Nordstrom Rack, Kohl’s, Hobby Lobby, T.J. Maxx, HomeGoods, Ross Dress for Less, Ulta Beauty, Nike and Barnes & Noble.

October 31, 2024

Acquisitions California Office Western

Manulife US REIT Sells 400 Capitol Mall Office Tower in Sacramento for $117M

by Amy Works October 31, 2024

SACRAMENTO, CALIF. — Manulife US REIT has completed the disposition of 400 Capitol Mall, a 29-story Class A office tower in downtown Sacramento. PacWest Equities, an affiliate of Buzz Oates, acquired the asset for $117 million. The 501,308-square-foot property has maintained a nearly 90 percent historical occupancy over the past 25 years. Tenants include Wells Fargo, Morgan Stanley, PWC, Deloitte and Orrick. The tower features a five-story, 1,094-space parking garage, valet parking, car detailing, a fitness center with locker rooms and saunas, a private outdoor pool, conference center facility and a high-end ground-floor restaurant and café. Adam Lasoff, Rob Hielscher, Erik Hanson and Caroline Reynolds of JLL Capital Markets Investment Sales and Advisory team represented the seller in the deal.

October 31, 2024

Acquisitions California Multifamily Western

Interstate Equities Buys Multifamily Community in Santa Rosa, California for $38M

by Amy Works October 31, 2024

SANTA ROSA, CALIF. — Interstate Equities Corp. (IEC) has acquired 888 Fourth St. Apartments, a multifamily property in downtown Santa Rosa, from a private individual for $38 million, or $350,000 per unit. At the time of sale, the 108-unit property was approximately 50 percent occupied. The IEC investment team and Philip Saglimbeni of Institutional Property Advisors handled the all-cash transaction.

October 31, 2024

Affordable Housing California Loans Multifamily Western

JLL Arranges $30.2M in Refinancing for Monte Alban Apartments in San Jose, California

by Amy Works October 31, 2024

SAN JOSE, CALIF. — JLL Capital Markets has arranged $30.2 million in refinancing for Monte Alban Apartments, an affordable housing complex in San Jose. The borrower, The John Stewart Co., received a 35-year, fixed-rate HUD 223(f) cash-out refinancing loan. The refinancing allows for $47,000 per unit in property renovations and upgrades. Located at 1324 Santee Drive, Monte Alban Apartments was built in 1970 and renovated in 2006. The property offers 192 garden-style one-, two-, three- and four-bedroom apartments spread across 12 buildings. Amenities include a community room, laundry facilities, an exercise room, basketball court, two swimming pools and two playgrounds. The community maintains 100 percent occupancy with many long-term tenants and provides rents 40 percent to 60 percent below market rates. Anson Snyder led the JLL Capital Market’s Debt Advisory team in the refinancing.

October 31, 2024

Acquisitions California Retail Western

NAI Capital Directs $6.8M Purchase of Dollar Tree-Occupied Retail Building in Garden Grove, California

by Amy Works October 30, 2024

GARDEN GROVE, CALIF. — NAI Capital Commercial has arranged the acquisition of a retail building located at 10840 Katella Ave. in Garden Grove. An entity doing business as Katella Gateway Plaza LLC purchased the asset from Garden Grove Gateway LLC for $6.8 million. Dollar Tree occupies the 15,000-square-foot building, which was built in 2005, under a triple-net lease. Sheri Messerlian and Ilmar Kalviste of NAI Capital Commercial represented the buyer, while Shawn Bakke represented the seller in the deal.

October 30, 2024

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