California

Lincoln Property, Alcion Ventures Move Forward with 870,000 SF Office Campus in Tustin

by Nellie Day November 17, 2016

TUSTIN, CALIF. — Lincoln Property Co. and Alcion Ventures have gained approval from the City of Tustin to move forward on Flight, an 870,000-square-foot creative office campus within the 1,600-acre master-planned community of Tustin Legacy. Flight will contain a mix of four-story buildings with outdoor platform decking and roll-up doors. The Rios Clementi Hale Studios-designed buildings will feature perforated metal building skins that shade the indoor/outdoor office space and large glass curtain walls on the ends to allow light penetration. Flight will be constructed in two phases, with Phase I anticipated to begin in early 2017 and finish within 14 to 18 months. Phase I will include more than 470,000 square feet of office space, a mess hall and conference center.

November 17, 2016

California Multifamily Western

JRK Property Holdings Purchases 168-Unit Apartment Complex in Oxnard for $30.7M

by Nellie Day November 17, 2016

OXNARD, CALIF. — JRK Property Holdings has purchased the 168-unit Rancho Solana apartments in Oxnard for $30.7 million. The community is located at 2444 Alvarado St. Rancho Solana borders RiverPark, a 704-acre master planned community, that includes a mix of housing, schools and 14 community parks. The community was 99 percent leased at closing. Amenities include controlled access, swimming pool and spa, barbecue area, sports court, children’s playground and covered parking. Gregory Harris, Kevin Green and Joseph Grabiec of IPA represented both parties in the transaction. The seller was a private investor.

November 17, 2016

California Multifamily Western

Century West Partners Completes Chelsea Luxury Apartments in Santa Monica

by Nellie Day November 17, 2016

SANTA MONICA, CALIF. — Century West Partners has completed construction of the 56-unit Chelsea luxury apartment building in Santa Monica. The community is located at 1320 2nd St. in the downtown area. Chelsea’s units are set within a four-story building atop two restaurants, occupying 3,150 square feet and 2,850 square feet, respectively.

November 17, 2016

California Office Western

Vanbarton Group Buys Office Building in San Francisco for $83M

by Nellie Day November 16, 2016

SAN FRANCISCO — Vanbarton Group has purchased a 117,000-square-foot office building in San Francisco for $83 million. The 15-story tower is located at 115 Sansome St. It is fully leased. The property was built in 1912 as the Standard Oil Co. headquarters. The seller, TA Realty, had converted more than 70 percent of the building to creative office space. JLL’s Michel Seifer and Erik Hanson represented TA Realty in the transaction.

November 16, 2016

California Industrial Western

Trammell Crow, Principal Real Estate Complete Construction of Spec Industrial Building in San Jose

by Nellie Day November 16, 2016

SAN JOSE, CALIF. — A partnership between Trammell Crow Company and Principal Real Estate Investors has completed construction of MidPoint@237, a 563,000-square-foot manufacturing project in San Jose. The three-building project is situated at North 1st Street and Nortech Parkway at the top of Silicon Valley’s Golden Triangle. Rob Shannon and Chip Sutherland of CBRE marketed the Class A project. The architect is ARC TEC Inc. and the general contractor is Lusardi Construction Co.

November 16, 2016

California Office Western

NSB Associates Buys Office Building in El Segundo

by Nellie Day November 16, 2016

LOS ANGELES — NSB Associates has purchased a 59,395-square-foot office building in El Segundo for an undisclosed sum. The Class B building is located at 181-185 S. Douglas St. in the Los Angeles submarket. NSB represented itself in the transaction, while Alan Pekarcik and Chris Smith of Avison Young represented the seller, an institutional investor.

November 16, 2016

California Loans Office Western

Mesa West Provides $283.3M Loan to Acquire, Renovate Lantana Media Campus in Santa Monica

by Nellie Day November 15, 2016

SANTA MONICA. CALIF. — Mesa West Capital has provided a $283.3 million loan for the acquisition and renovation of the Lantana Media Campus, a 478,713-square-foot office complex in Santa Monica. The campus contains four Class A office buildings on a 12-acre site on Olympic and Exposition boulevards in Santa Monica’s Media District. It is leased to a variety of entertainment and media companies. A joint venture between Brightstone Capital Partners and Artisan Realty Advisors owns the campus. The seven-year, floating rate, non-recourse financing was originated out of the private lender’s open-ended Mesa West Core Lending Fund. Steve Fried and Jason Bressler led the origination for Mesa West.

November 15, 2016

California Loans Multifamily Western

George Smith Partners Secures $33M in Financing for L.A. Multifamily Portfolio

by Nellie Day November 15, 2016

LOS ANGELES — George Smith Partners has secured $33 million in refinancing for a nine-property multifamily portfolio in Los Angeles. The portfolio is located in the West Hollywood and Koreatown neighborhoods. The transaction required nine separate loans to close concurrently with a structure that provided $5 million in return of equity to the owner and developer. Ultimately, two capital providers provided the loans at a five-year fixed rate of 3.15 percent. Each of the nine loans will self-liquidate over 30 years. After the initial five-year fixed-rate period, the rates will reset and float at 235 over LIBOR for the remaining 25-year term. A step-down prepayment is underwritten, which opens without penalty after the third year. Bryan Shaffer, Jon Shapiro and Max Lehrman arranged the loans.

November 15, 2016

California Hospitality Retail Western

Mount Palomar Winery to Build Resort, Events Venue in Temecula

by Nellie Day November 15, 2016

TEMECULA, CALIF. — The Mount Palomar Winery has received county approval to develop a resort and event venue in Temecula. The resort will include 180 guest rooms ranging from hotel rooms to cottages and villas. It will also feature a 1,800-seat amphitheater, restaurant, retail space and spa, in addition to a 17,000-square-foot tasting room. Mount Palomar will also add more vineyards and a production facility capable of producing 60,000 cases of wine per year.

November 15, 2016

California Market Reports Multifamily Western Western Market Reports

The Bay’s Multifamily Market Experiences Some Transition

by Camren Skelton November 15, 2016

Financial markets worldwide have seen dramatic volatility in this past 12 months. The Bay Area economy and new hiring have cooled, while the San Francisco housing and condo markets have started to normalize after four feverishly overheated years. We are hearing about a big jump in apartment vacancy rates, with more apartments for rent than we’ve seen in many years just as rental rates begin to decline from recent all-time peaks. As would be expected, preliminary indicators show a transition to a cooler market when it comes to apartment building sales activity. However, as illustrated in the charts below, we haven’t seen any significant changes in the statistics. The second half of 2016 will undoubtedly provide more insight regarding the speed and scale of any market condition changes. San Francisco multifamily assets that contained more than five units experienced a plateau in cap rates year over year between 2015 and 2016. However, this same product experienced an increase in dollars per square foot, price per unit and average sale prices. The politics of new home development in San Francisco are not for the weak of heart. There are vocal disagreements between neighborhood and homeowner associations, developers, affordable housing advocates, tenant’s …

November 15, 2016

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