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California

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AcquisitionsCaliforniaIndustrialLoansWestern

PCCP Provides $85M Acquisition Loan for Three-Building Industrial Park in Richmond, California

by Amy Works

RICHMOND, CALIF. — PCCP has provided an $85 million loan to an affiliate of WPT Capital Advisors for the acquisition of a three-building industrial park at 6000, 6015 and 6025 Giant Road in Richmond. Built in 2015 and 2016, the 517,894-square-foot asset is 57 percent leased to two tenants. The Class A logistics asset features 30- to 32-foot clear heights, LED lighting and ESFR sprinklers. The property is located within Pinole Point Business Park, a 100-acre master-planned industrial park offering 2.2 million square feet of Class A space.

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EOV-Portfolio-San-Diego-County-CA
CaliforniaIndustrialLoansOfficeWestern

Equity Oak Ventures Receives $12.2M in Financing for Four-Building Flex Portfolio in San Diego County

by Amy Works

RANCHO BERNARDO AND CARLSBAD, CALIF. — Equity Oak Ventures has received $12.2 million in portfolio financing for a four-building flex industrial, research-and-development (R&D) and office portfolio in San Diego County. Alex Witt, Chris Collins and Daniel Pinkus of JLL Debt Advisory’s team represented Equity Oak Ventures in securing a fixed-rate, three-year loan. The fully leased portfolio includes a 42,865-square-foot, three-building flex industrial and office campus in Rancho Bernardo and a 44,757-square-foot R&D and cGMP (Current Good Manufacturing Practice) facility within Carlsbad Research Center, repositioned post-acquisition with long-term leases. The Rancho Bernardo asset, located at 11225, 11235 and 11245 W. Bernardo Court, consists of three buildings totaling 42,865 square feet, including a single-tenant, 29,000-square-foot flex industrial building. Located at 1900 Aston Ave. in Carlsbad, the property occupies a corner lot and features dock-level doors, multiple roll-up doors, temperature-controlled industrial space and high-quality office improvements. The newest tenant has signed a long-term lease and is making an investment in a large-scale cGMP facility.

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CaliforniaDevelopmentMultifamilyWestern

Highridge Costa, Western Community Housing Open Affordable Housing Development in Los Angeles

by Amy Works

LOS ANGELES — Highridge Costa and Western Community Housing, along with Los Angeles Housing Department, Los Angeles County Department of Mental Health and the Housing Authority of the City of Los Angeles, have opened Main Street Apartments, an affordable housing development in the South Park neighborhood of Los Angeles. The community provides 57 fully furnished, permanent supportive housing apartment homes to homeless veterans and families earning at or below 30 percent to 50 percent of the area median income (AMI). The property offers 42 studio units targeted toward homeless veterans, 14 two-bedroom units targeting homeless families and a one-bedroom unit reserved for the onsite property manager. With 23 units set aside for homeless persons experiencing a mental health disorder, the community is also fully accessible, including all indoor and outdoor spaces, to those with physical disabilities. While 56 of the residences are fully adaptable units, an additional seven units have features for mobility accessibility and four units have features for communication accessibility. Units will include a bed, couch, dresser, dining table, chairs, kitchenette, closet and a private bathroom. Community amenities include a community room, residential courtyard, roof terraces, bike storage, laundry facilities and onsite resident services, as well as 1,500 square …

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AcquisitionsCaliforniaRetailWestern

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

by Amy Works

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.

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

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

by Amy Works

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.

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AcquisitionsCaliforniaIndustrialLoansWestern

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

by Amy Works

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.

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4200-04-Adams-Ave-San-Diego-CA
AcquisitionsCaliforniaRetailWestern

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

by Amy Works

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.

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918-S-Stimson-Ave.City-of-Industry-CA
AcquisitionsCaliforniaIndustrialWestern

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

by Amy Works

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.

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CaliforniaLoansRetailWestern

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

by Amy Works

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.  

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400-Capitol-Mall-Sacramento-CA
AcquisitionsCaliforniaOfficeWestern

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

by Amy Works

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.

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