California

University Student Living to Develop Two Communities at UC Davis

by Nellie Day October 5, 2017

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.

October 5, 2017

California Industrial Top Stories Western

Duke Realty Buys 3.5 MSF Industrial Portfolio for $515M

by Nellie Day October 5, 2017

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 …

October 5, 2017

California Multifamily Western

IEC Acquires Verse La Mesa Apartments in San Diego for $34M

by Nellie Day October 4, 2017

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.

October 4, 2017

California Multifamily Western

Trion Properties Purchases 88-Unit Apartment Community in Fremont for $26.5M

by Nellie Day October 4, 2017

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.

October 4, 2017

California Multifamily Western

Sherry Lane Garden Homes in Santa Ana Trades for $19.8M

by Nellie Day October 4, 2017

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.

October 4, 2017

California Multifamily Seniors Housing Western

Killefer Flammang Architects Completes $12M Conversion of Historic Church to Affordable Seniors Housing

by Nellie Day October 3, 2017

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.

October 3, 2017

California Office Top Stories Western

CBRE Global Investors Acquires 940,564 SF Office Campus in Silicon Valley on Behalf of JV

by Katie Sloan October 3, 2017

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 …

October 3, 2017

California Industrial Western

PCCP, LDK Ventures Acquire 843,248 SF Industrial Facility in Vacaville

by Nellie Day October 2, 2017

VACAVILLE, CALIF. — A joint venture between PCCP and LDK Ventures has purchased a vacant 843,248-square-foot cross‐docked industrial building in Vacaville for an undisclosed sum. The asset is situated on 75 acres at 700 Crocker Drive in the Bay Area’s northern most city. The facility was built in the late 1970s. Features include 30-foot clear heights, a secured gated site with guard shack, excess yard area, a three-bay truck maintenance facility and a 30,000-square-foot cross-dock sorting facility with 32 dock-high doors. Brooks Pedder, John McManus and Tony Binswanger of Cushman & Wakefield represented both the buyer and seller in this transaction.

October 2, 2017

California Retail Western

Charles Dunn Co. Negotiates $5M Sale of Bank-Anchored Property in Lynwood

by Nellie Day September 29, 2017

LYNWOOD, CALIF. — Charles Dunn Co. has arranged the sale of retail property located at 3645 E. Imperial Highway in Lynwood. A Los Angeles-based private investor sold the property to a private international investor for $5 million, or $538 per square foot. U.S. Bank anchors the 9,375-square-foot two-tenant retail property. Kyle Gulock and Matt Kramer of Charles Dunn Co. represented the seller, while Industry Partners represented the buyer in the deal.

September 29, 2017

California Retail Western

Alpha Brothers Acquires 6,200 SF Retail Property in Rancho San Diego for $4.8M

by Nellie Day September 29, 2017

RANCHO SAN DIEGO, CALIF. — Alpha Brothers has purchased a single-tenant retail property located at 3777 Willow Glen Drive in Rancho San Diego. Rancho San Diego 111 Partners sold the property for $4.8 million. BevMo occupies the 6,200-square-foot property. Don Mose of Retail insite and Marcus & Millichap represented the seller, while Sereno Group represented the buyer in the transaction.

September 29, 2017

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