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Mar-at-Mesa-Apts-San-Diego-CA
AcquisitionsCaliforniaMultifamilyWestern

IPA Negotiates Sale of 62-Unit Mar at Mesa Apartment Homes in San Diego

by Amy Works

SAN DIEGO — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Mar at Mesa Apartment Homes in San Diego. An affiliate of F&F Properties acquired the asset for an undisclosed price. Built in 1988 and renovated in 2022, Mar at Mesa features 62 one-bedroom/one-bath, two-bedroom/one-bath and two-bedroom/two-bath units with breakfast bars, dishwashers, large closets, patios and balconies. Community amenities include a swimming pool, sundeck, spa, barbecue area, firepit, off-street parking and laundry facility. Chris Zorbas, Alexander Garcia Jr. and Kyle Pinkalla of IPA represented the undisclosed seller and procured the buyer in the deal.

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Hillcrest-Center-Roseville-CA
AcquisitionsCaliforniaRetailWestern

Marcus & Millichap Brokers Sale of 20,265 SF Hillcrest Center Retail Property in Roseville, California

by Amy Works

ROSEVILLE, CALIF. — Marcus & Millichap has arranged the sale of Hillcrest Center, a retail property in the Sacramento suburb of Roseville. A private investor sold the asset to a real estate investor for $2.8 million, or $136 per square foot. Located at 1018 Douglas Blvd., Hillcrest Center offers 20,265 square feet of retail space. Wyatt Figueroa and Edward Nelson of Marcus & Millichap represented the seller, while Nelson and Dominic Mazzoni of Marcus & Millichap procured the buyer in the transaction.

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1400-Long-Beach-Blvd-Long-Beach-CA
Affordable HousingCaliforniaDevelopmentMultifamilyWestern

Meta Housing Breaks Ground on 163-Unit Affordable Community in Long Beach, California

by Amy Works

LONG BEACH, CALIF. — Los Angeles-based Meta Housing Corp., in partnership with Foundation for Affordable Housing, has broken ground on 1400 Long Beach, an affordable housing community in Long Beach, a suburb south of Los Angeles. Located at 1400 Long Beach Blvd., the development will be a six-story residential building offering 163 one-, two- and three-bedroom units. Onsite amenities will include a community room, technology hub and private courtyard. The project will offer housing for low- and moderate-income family households earning between 30 percent and 70 percent of the area median income. Project partners include Foundation for Affordable Housing, California Housing Finance Agency, Bank of America, Century Housing Corp., California Tax Credit Allocation Committee and California Debt Limit Allocation Committee.

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4261-Business-Dr-Cameron-Park-CA
AcquisitionsCaliforniaIndustrialWestern

Marcus & Millichap Brokers Sale of 33,183 SF Industrial Building in Cameron Park, California

by Amy Works

CAMERON PARK, CALIF. — Canada-based Can-Windoor Hardware USA LLC has entered the United States market with the acquisition of an industrial headquarters property in Cameron Park, approximately 30 miles east of Sacramento. Reynolds Family Trust sold the asset for $5.3 million. The seller originally built the 33,183-square-foot property, located at 4261 Business Drive, as headquarters for its business, Snowline Engineering. The property includes a full rooftop solar array. Mark Hefner of Marcus & Millichap represented the seller, while David Campbell of Marcus & Millichap Capital Corp. advised the buyer and seller in the deal.

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3948-3964-University-Ave-Riverside-CA
AcquisitionsCaliforniaRetailWestern

Progressive Real Estate Arranges $3.6M Sale of Retail Strip Center in Riverside, California

by Amy Works

RIVERSIDE, CALIF. — Progressive Real Estate Partners has negotiated the sale of a retail strip center located at 3948-3964 University Ave. in the Inland Empire city of Riverside. A Los Angeles-based seller sold the asset to an Orange County-based private investor for $3.6 million, or $503 per square foot. Fully leased to six tenants at the time of sale, the 7,250-square-foot property offers suites ranging from 750 square feet to 1,750 square feet. The asset was recently remodeled. Greg Bedell of Progressive Real Estate Partners represented the seller, while Girges Gad of Pacific Realty & Finance represented the buyer in the transaction.

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18435-Bear-Valley-Rd-Hesperia-CA
AcquisitionsCaliforniaIndustrialSelf-StorageWestern

Merit Hill Capital Purchases 726-Unit Bear Valley RV Park and Self Storage in Hesperia, California

by Amy Works

HESPERIA, CALIF. — New York-based Merit Hill Capital has acquired Bear Valley RV Park and Self Storage, a self-storage facility at 18435 Bear Valley Road in the Inland Empire city of Hesperia. The price was not disclosed. Brian Somoza of JLL Capital Markets Self Storage team represented the undisclosed seller and procured the buyer in the deal. Built in 1996 on 49.6 acres, Bear Valley RV and Self Storage features 726 units spread across a single-story structure, RV parking units, surface parking units and portable storage units. Additionally, the facility offers electronic gate access, 24-hour video surveillance, climate-controlled units and an on-site office. Right Move Storage manages the property, which is 87 percent occupied.

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AcquisitionsCaliforniaCivicWestern

City of Oakland Sells Share of Athletics Coliseum to African American Sports and Entertainment Group for $105M

by Amy Works

OAKLAND, CALIF. — The City of Oakland has agreed to sell its share of the Oakland-Alameda County Coliseum complex to African American Sports and Entertainment Group (AASEG) for $105 million. Mayor Sheng Thao signed off on the city’s sale of the property, where the MLB’s Oakland Athletics currently play. Revenue from the sale to AASEG will be used to close part of the city’s budget deficit — $117 million this year and $175 million next year. Payments for the sale of Oakland’s 50 percent stake in the Coliseum site to AASEG will be made in installation over the next several years. AASEG is also in talks to purchase the portion of the Coliseum owned by the Athletics, which is still paying off the team’s 2019 purchase of Alameda County’s share of the site. The Athletics plan to finish the season at the Coliseum before moving to Sacramento for at least three seasons. The team’s long-term plan remains to build a stadium in Las Vegas.

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Retail-Center-Upland-CA
CaliforniaLoansRetailWestern

Keystone Mortgage Arranges $25.7M Bridge Loan for Neighborhood Retail Center in Upland, California

by Amy Works

UPLAND, CALIF. — Keystone Mortgage Corp. has arranged a $25.7 million fixed-rate bridge loan to fund the repositioning of a 140,000-square-foot neighborhood retail center in Upland, approximately 35 miles east of Los Angeles. Amazon Fresh, Ross Dress for Less and Burlington are tenants at the property, which is situated on 12.3 acres. Tim Winton of Keystone’s Orange County office arranged the financing on behalf of the borrower, a private real estate investor. One of Keystone’s correspondent life company lenders provided the 36-month, high-leverage, nonrecourse loan.

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800-N-Sepulveda-Blvd-Manhattan-Beach-CA
AcquisitionsCaliforniaRestaurantRetailWestern

CBRE Brokers Sales of Two Restaurant Properties in Metro Los Angeles

by Amy Works

MANHATTAN BEACH AND OXNARD, CALIF. — CBRE has arranged the sale of two restaurant properties in Manhattan Beach and Oxnard, both suburbs of Los Angeles, for a total consideration of $9.7 million. Alex Kozakov, Patrick Wade, Matthew Greenberg, Jack Webber and Bo Henderson of CBRE represented the sellers in both the transactions. In the first deal, 800 Manhattan acquired a 2,572-square-foot building at 800 N. Sepulveda Blvd. in Manhattan Beach from local private investors for $5.1 million. El Pollo Loco occupies the property and has for more than 40 years. In the second deal, a private family trust purchased a building at 110 Riverpark Blvd. in Oxnard from a private family trust for $4.6 million. McDonald’s occupies the 3,500-square-foot property, which includes a double drive thru and 27 parking spaces.

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AcquisitionsCaliforniaFloridaHealthcareOfficeOregonTexasWestern

IRA Capital, Oaktree Acquire 600,000 SF Medical Office Portfolio Across Four States

by Amy Works

IRVINE, CALIF. — Irvine-based IRA Capital, in partnership with funds managed by Oaktree Capital Management, has purchased 12 medical outpatient buildings totaling 600,000 square feet. The transaction includes two separate institutional sellers and features a mix of single and multi-tenant medical buildings in California, Texas, Florida and Oregon. Terms of the transaction were not released. The Class A portfolio is anchored by health systems and medical providers including UC Davis Health, Palomar Health, UCLA, CommonSpirit, Ascension, McKesson and SCA Health, which collectively occupy approximately 50 percent of the space.

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