California

The Pacific Cos. Opens $17M Affordable Seniors Housing Community Near Oakland

by Nellie Day January 26, 2016

RICHMOND, CALIF. — The Pacific Cos. has opened the doors on Harbour View Apartments, a 61-unit affordable seniors housing community in Richmond, just north of Oakland along San Francisco Bay. The four-story property features 50 one-bedroom units and 12 two-bedroom units. It cost $17 million to develop. Financing for the project came from low-income housing tax credits, a forward interest rate swap, and $13 million in tax-exempt bonds. The bonds were issued in two series with Mechanics Bank directly purchasing $9 million of the senior series and a private investor purchasing $4 million of the junior series. Wells Fargo Affordable Housing Community Development Corporation committed to purchasing the LIHTCs. The Pacific Cos. is an Idaho-based developer of multifamily communities. Mechanics Bank is a California-based lender.

January 26, 2016

California Industrial Western

Vibe Base Renews Industrial Lease in San Gabriel Valley

by Nellie Day January 26, 2016

EL MONTE, CALIF. — Vibe Base has signed a five-year lease renewal for its 60,000-square-foot facility in the San Gabriel Valley submarket of El Monte. The lease is valued at $2 million. The space is located at 9328 Telstar Ave. Barry Saywitz of the Saywitz Company represented the international designer, manufacturer and importer of clothing product. Mickey Isen of Kennedy Wilson Properties represented the landlord, KW Telstar, in this transaction.

January 26, 2016

California Loans Retail Western

Newmark Realty Capital Arranges $43.5M Loan for Grocery-Anchored Center

by Nellie Day January 25, 2016

WOODLAND HILLS, CALIF. — Newmark Realty Capital Inc. has arranged $43.5 million in permanent financing for a 122,523-square-foot grocery-anchored shopping center located in the Woodland Hills submarket of Los Angeles. The center is anchored by Ralphs and located adjacent to Warner Center. George Mitsanas and Doug Tisdale of Newmark’s Los Angeles office arranged the fixed-rate, non-recourse financing on behalf of the borrower. The 10-year loan was placed with a life insurance company and provides interest-only payments during the first five years, followed by a 30-year amortization.

January 25, 2016

California Industrial Western

Strategic Storage Trust II Buys Self-Storage Facility in California for $4.7M

by Nellie Day January 25, 2016

LANCASTER, CALIF. — Strategic Storage Trust II has acquired a 550-unit self-storage facility in Lancaster for $4.7 million. The 10-building facility, located at 43707 North Sierra Highway, was built in 1991. It was 88 percent occupied at the time of sale. SmartStop Asset Management LLC sponsors the Strategic Storage Trust II fund.

January 25, 2016

California Multifamily Student Housing Western

Vertex, Harrison Street Buy Student Housing Project in Sacramento

by Nellie Day January 22, 2016

SACRAMENTO, CALIF. — VerTex Student Housing Partners, a joint venture of Vermilion Development and TEXLA Housing Partners, has acquired The Element, a 288-unit, 792-bed student housing development near Sacramento State University, for an undisclosed price. The acquisition is the fourth transaction in partnership with Chicago-based Harrison Street Real Estate Capital. The Element is located less than one mile from the campus, and was originally constructed in 2004. The garden-style property consists of 18 three-story residential buildings and a clubhouse and leasing office. The partnership will soon implement operational and capital improvements. VerTex Student Housing Management will act as property manager of the asset. All units are fully furnished with amenities such as full-size washers and dryers, microwaves, dishwashers, access to the Internet and digital satellite television. The community amenities include a resort-style swimming pool and hot tub, half-size indoor basketball court, fitness center and sand volleyball court. Additionally, a game room, resident business center, student lounge, private shuttle to campus and other amenities are available to all residents. VerTex has now acquired 3,200 beds with Harrison Street Real Estate Capital. Senior Vice President at TSB Capital Advisors Shawn Sweeney helped arrange the acquisition loan with Capital One.

January 22, 2016

California Retail Western

Charles Dunn Co. Arranges $2.1M Sale of Retail Property in Culver City

by Nellie Day January 22, 2016

CULVER CITY, CALIF. — Charles Dunn Co. has brokered the sale of a single-tenant retail property located at 5400 Sepulveda Blvd. in Culver City. A partnership of two family trusts and two charitable organizations sold the property to Jack in the Box for $2.1 million. Jack in the Box has occupied the 9,309-square-foot property since it was built in 1963. Justin Mendelson and Ashley Saye of Charles Dunn Co. represented the seller in the transaction.

January 22, 2016

California Retail Western

Hanley Investment Group Negotiates $1.4M Sale of Hammer Plaza in Stockton

by Nellie Day January 22, 2016

STOCKTON, CALIF. — Hanley Investment Group has arranged the sale of Hammer Plaza, a 20,388-square-foot retail center located at 2701 E. Hammer Lane in Stockton. A Tracy, Calif.-based private investor acquired the property from a Stockton-based investor for $1.4 million. Built in 1980 and situated on 1.5 acres, the property was 55 percent vacant at the time of sale. Eric Vu of Hanley Investment Group represented the seller and buyer in the transaction.

January 22, 2016

California Retail Western

EMMES Realty Services to Open Crunch Fitness Downtown in San Diego

by Nellie Day January 22, 2016

SAN DIEGO — EMMES Realty Services has signed a lease with CFG Downtown LLC to open Crunch Fitness Downtown, a four-level fitness center at 701 B St. in downtown San Diego. Slated to open in the later this year, the 30,000-square-foot fitness center will feature a glass-enclosed cardio deck overlooking the renovated lobby; tiered memberships, including preferred pricing for all EMMES tenants; locker rooms; towel service; an advanced spin studio with state-of-the-art equipment; hydrotherapy and tanning; personal training; group training, including high intensity interval training; and turf and open areas for plyometric training and functional/athletic-based training. The new fitness center represents an approximately $3.5 million investment in the 24-story, Class A office building.

January 22, 2016

California Retail Western

Moshayedi Brothers Buy Newport Beach Land Parcels for $71.7M

by Nellie Day January 21, 2016

NEWPORT BEACH, CALIF. — Manouch and Mark Moshayedi have purchased three parcels of land in Newport Beach for $71.7 million. The parcels are located at 2101, 2201 and 2200 West Coast Highway. Two of the parcels are situated along the waterfront, while one is inland. The land contains existing retail buildings that are fully leased. The seller, Ardell Investment Company, will lease back four buildings, along with several boat slips. The buyers participated in a 1031 exchange under the name Chino Hills LLC. John Martin and David Romero of Lee & Associates Newport Beach represented the LLC. The seller represented itself in this transaction.

January 21, 2016

California Multifamily Western

Kennedy Wilson Sells Multifamily Property in San Francisco for $55M

by Nellie Day January 21, 2016

SAN FRANCISCO — Kennedy Wilson and its equity partners have sold a 159-unit multifamily property in the San Francisco Bay Area to an unnamed buyer for $55 million. Kennedy Wilson acquired the property in 2013. It then undertook a value-add asset management program and grew the property’s net operating income by 20 percent prior to the sale. The company and its partners have sold six multifamily properties totaling 1,997 units throughout the Western U.S. since Sept. 30, 2015. The gross proceeds from these sales total $479 million.

January 21, 2016

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