California

Hanley Investment Arranges $11.6M Sale of Shopping Center in Lake Elsinore

by Nellie Day August 24, 2017

LAKE ELSINORE, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the $11.6 million sale of Oak Grove Crossing, a 22,577-square-foot shopping center located in Lake Elsinore. The Target shadow-anchored property is home to tenants including McDonald’s, Starbucks Coffee, GameStop, GNC, H&R Block, Pacific Dental, Papa John’s Pizza, Subway, Supercuts, Verizon and Yogurtland. Kevin Fryman of Hanley Investment Group represented the seller, a Murrieta, Calif.-based private investment partnership. Jeff Lefko and Bill Asher, also of Hanley, represented the buyer, an Orange, Calif.-based family trust.

August 24, 2017

California Retail Western

Shea Properties Signs Seven Tenants at Mercado del Barrio in San Diego

by Nellie Day August 24, 2017

SAN DIEGO — Shea Properties has signed seven new tenants to open at Mercado del Barrio, a mixed-use center located in the Barrio Logan neighborhood of San Diego. Tenants set to open include Actitude Cerveceria, a first-to-market gastropub and brewery; Barrio Bros, a craft beer and pizza restaurant; Oi Asian Fusion, a cooked-to-order concept influenced by Filipino, Korean, Japanese, Taiwanese, Chinese and American soul food cuisines; Partners Personnel, a staffing agency; Pho Bo, a Vietnamese rice noodle soup café; Taqueria Revolucion, a local street taco restaurant; and Posh & Polished Nail Lounge. The property is anchored by a 36,000-square-foot Northgate Market, and home to tenants including Mariscos el Pulpo, Little Caesars, T-Mobile, Asia Wok, Fade Factory, Iron Fist Brewing Co., National Laundry & Dry Cleaning, Sally Beauty and Tocumbo Ice Cream & Tortas.

August 24, 2017

California Multifamily Western

Universe Holdings Purchases Nob Hill Towers Apartments in Los Angeles for $12.6M

by Nellie Day August 23, 2017

LOS ANGELES — Universe Holdings has acquired the 53-unit Nob Hill Towers in the Los Angeles submarket of Westlake for $12.6 million. The community is located at 2430 Ocean View Ave. Nob Hill was built in 1929. It features studio to three-bedroom units. The new owner plans to implement $917,000 in property improvements. These will include modernizing interiors with new flooring, appliance packages, counters and cabinets, in addition to updating exterior treatments with lighting, paint, enhanced common areas and new landscaping. The company also plans to convert dormant space in the basement level to a business center and fitness area.

August 23, 2017

California Retail Western

Hanley Investment Arranges $5.7M Sale of Two-Tenant Retail Property in Foothill Ranch

by Nellie Day August 23, 2017

FOOTHILL RANCH, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the $5.7 million sale of a two-tenant retail building located in Foothill Ranch. The 4,150-square-foot pad site is a part of Foothill Ranch Towne Center, and is occupied by Dunkin’ Donuts and MOD Pizza. Bill Asher and Ed Hanley of Hanley Investment group represented the seller, Spectrum Development Group, in the transaction. John Carpenter of The 949 Group represented the buyer, a private investor from Newport Beach.

August 23, 2017

California Office Western

JV Purchases Koll Center Newport Office Building in Newport Beach for $59.8M

by Nellie Day August 22, 2017

NEWPORT BEACH, CALIF. — A joint venture between Greenlaw Partners and Hilrod has acquired a 156,310-square-foot office building within the master-planned Koll Center Newport in Newport Beach for $59.8 million. The Class A building is located at 4400 MacArthur Blvd. The property is 92 percent leased to tenants like Bank of the West and Fidelity National Title Co. It was built in 1979 and renovated between 2014 and 2016. The JV represented itself in this transaction. NKF’s Kevin Shannon, Paul Jones and Blake Bokosky represented the seller, an East Coast-based pension fund advisor.

August 22, 2017

California Hospitality Western

R.D. Olson Construction Begins Building Hotel Trio in Healdsburg

by Nellie Day August 22, 2017

HEALDSBURG, CALIF. — R.D. Olson Construction has started construction of the 122-room Hotel Trio in the Sonoma wine country submarket of Healdsburg. The hotel will be located at 110 Dry Creek Road. The property includes 13 one-bedrooms and 109 studios. It is within walking distance of the downtown area and a host of local wineries. Hotel Trio will also offer on-site bicycle rentals to provide access to the hundreds of wineries within a 30-mile radius. Amenities will include a bar, meeting room, outdoor pool, BBQ area, lounge, fully equipped fitness center and multiple outdoor patios with fireplaces. The hotel will connect the Dry Creek, Russian River and Alexander wine valleys, which is why it is named “Trio.” Additional partners on the project include Axis/GFA Architecture + Design, ZFA Structural Engineers, CSW/Stuber-Stroeh Engineering Group, Tuan and Robinson Engineering and CU Investors.

August 22, 2017

California Retail Western

Savills Studley Arranges $18.5M Sale of Anaheim Lincoln Shopping Center

by Nellie Day August 22, 2017

ANAHEIM, CALIF. — Savills Studley has arranged the $18.5 million sale of Anaheim Lincoln Shopping Center, a 72,950-square-foot retail center located roughly 27 miles outside Los Angeles in Anaheim. Savills Studley’s Kyle Miller and Bill Bauman brokered the transaction. A Los Angeles-based private investor acquired the center from an undisclosed private partnership. Vallarta Supermarket anchors the property.

August 22, 2017

California Market Reports Multifamily Western Western Market Reports

Apartment Values Continue to Climb in Orange County

by Camren Skelton August 22, 2017

Orange County’s well-diversified and growing economy, coupled with its high quality of life, attract residents nationally and internationally to the region. Prohibitive home pricing also intensifies the high barrier to home ownership, further supporting overall apartment fundamentals in the Orange County market. Developers are targeting urban centers where they can transform the areas with Class A rentals. Anaheim’s Platinum Triangle, the Disney Resort, Convention Center Complex and surrounding area are undergoing an infusion of more than $5 billion that is redefining the area as a highly urbanized residential, entertainment and business hub. A similar transformation is happening at the Irvine Business Complex (IBC). In addition to these clusters, about 19,000 units are scheduled to come online over the next few years, particularly in the Class A product category. Rents in Orange County rose 4.8 percent year-over-year through January, outpacing the 4.6 percent national growth rate. Renter demand remains elevated, fueled by a rapidly expanding economy and population gains. Large companies and startups alike are drawn to the market’s highly educated workforce as nearly 25 percent of residents have at least a bachelor’s degree. This reinforces the foundation for the multifamily sector’s rent growth in both “renter by necessity” (students/young professionals/blue-collar/subsidized …

August 22, 2017

California Industrial Western

Trammell Crow, Clarion Partners to Develop 132-Acre Industrial Park in Santa Clarita

by Nellie Day August 21, 2017

SANTA CLARITA, CALIF. — Trammell Crow Co. and Clarion Partners have purchased 54 additional acres of land to develop the Center at Needham Ranch, a 132-acre business park in the Los Angeles submarket of Santa Clarita. The Class A park will be situated one mile from the intersection of Interstate 5 and Highway 14, about 30 miles from downtown Los Angeles and 15 miles from Burbank Airport. Phase I will include an 869,760-square-foot park with 30- to 36-foot clear heights, ESFR fire sprinklers, abundant dock-high loading, and large truck courts and yard areas. Construction of Phase I is scheduled to begin this month, with completion scheduled for the third quarter of 2018.

August 21, 2017

California Multifamily Student Housing Western

AMCAL Opens 660-Bed Community Near California State University, Stanislaus

by Nellie Day August 21, 2017

TURLOCK, CALIF. — AMCAL Equities LLC has opened The Vista, a 660-bed student housing community located near California State University, Stanislaus in Turlock. The property offers one-, two-, three- and four-bedroom units. Community amenities include a clubhouse with outdoor volleyball and basketball courts; a resort-style swimming pool; outdoor television lounge; theater; cyber café with free coffee; and 24-hour fitness center. Asset Campus Housing is managing the property. Humphreys & Partners Architects LP designed the community, and AMCAL General Contractors Inc. managed construction. Coleraine Capital Group, AMCAL’s joint venture partner, sourced the land and assisted with the entitlement process.

August 21, 2017

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