California

Gantry Secures $21M Loan to Refinance San Diego County Office Property

by Amy Works March 5, 2025

ESCONDIDO, CALIF. — Gantry has secured a $21 million permanent loan to refinance the San Diego County’s North Inland Live Well Center, located at 649 W. Mission Ave. in Escondido within the North County suburb of San Diego. The 111,000-square-foot, build-to-suit office facility was redeveloped for its current use in 2015 from a big box retail building formerly occupied by Office Depot and Albertsons. The fully leased property houses the County’s Health and Human Services Agency community-facing programs, as well as retail space occupied by restaurant tenants. Spencer Fisher of Gantry represented the borrower, a private real estate investor responsible for the property’s original redevelopment. The 10-year, CMBS loan was secured from one of Gantry’s conduit lending sources and features a 30-year amortization and nonrecourse terms.

March 5, 2025

Acquisitions California Restaurant Retail Western

Levin Johnston Brokers $12.7M Sale of Restaurant Property in Berkeley, California

by Amy Works March 5, 2025

BERKELEY, CALIF. — Levin Johnston, part of Marcus & Millichap, has arranged the $12.7 million sale of a retail building at 2310 Telegraph Ave. in Berkeley. Raising Cane’s will occupy the 12,419-square-foot property, which is currently anchored by Walgreens, as a new flagship restaurant. Additional details of the transaction were not released.

March 5, 2025

Affordable Housing California Development Loans Multifamily Western

Walker & Dunlop Secures $34.8M Construction Loan for Affordable Housing Project in Los Angeles

by Amy Works March 4, 2025

LOS ANGELES — Walker & Dunlop has arranged $34.8 million in construction financing for 4301 Vermont, an affordable housing development in Los Angeles. Chris Montes of Walker & Dunlop secured the loan on behalf of the client, SoLa, and identified the lender as ACORE Capital. The five-story multifamily complex will offer 188 affordable residences at 4301 Vermont Ave. Approximately 80 percent of the units will be designated for low-income residents, while 20 percent will be reserved for moderate-income residents. The project will feature prefabricated modular units supplied by Model Z, a subsidiary of SoLa Impact.

March 4, 2025

California Development Industrial Western

Dedeaux Properties Delivers 850,000 SF of Logistics Space Across Southern California

by Amy Works March 4, 2025

LOS ANGELES — Dedeaux Properties has received certificates of occupancy on five recently completed industrial developments totaling approximately 850,000 square feet in Southern California. The projects include a 167,000-square-foot warehouse in Ontario, a 326,000-square-foot warehouse in Riverside, a 165,000-square-foot high-velocity distribution center in Fontana, a 53,000-square-foot cross-dock facility in Perris, a 52,000-square-foot cross-dock property in San Bernardino and an 83,000-square-foot distribution facility in Rialto.

March 4, 2025

California Development Industrial Western

Voit Real Estate, Hines Break Ground on 139,535 SF Industrial Development in Anaheim, California

by Amy Works March 4, 2025

ANAHEIM, CALIF. — Voit Real Estate Services, in partnership with Hines as the owner, has broken ground on an industrial project located at 701 E. Ball Road in Anaheim. Situated on 7 acres, the 139,535-square-foot Class A industrial property is slated for completion in November. Seth Davenport, Adam Hill, Mitch Zehner and Michael Zehner of Voit Real Estate Services are handling marking, sale and leasing efforts for the project.

March 4, 2025

California Market Reports Office Western Western Market Reports

Suburban Residential Appeal Fuels Office Demand in Orange County

by John Nelson March 4, 2025

— By Sebastian Bernt and Erick Parulan of Avison Young — The Orange County office market continues to show resilience, particularly compared to urban centers like Downtown Los Angeles. Its suburban environment, coupled with higher office utilization rates, has made it an attractive option for businesses adapting to evolving workplace strategies. As a result, leasing activity has remained steady with availability stabilizing and tenant demand holding firm. Total leasing volume reached 1.6 million square feet in the fourth quarter of 2024, bringing the annual total to 7.8 million square feet. Notable transactions included Willow Laboratories, which signed a 63,440-square-foot lease at 121 Theory Drive in Irvine, and Acrisure, which secured 59,409 square feet at 611 Anton Blvd in Costa Mesa. While leasing slowed slightly in the fourth quarter, demand for modern, amenity-rich office spaces remained strong as companies continued implementing return-to-office strategies. This demand has pushed average asking lease rates to $35.05 per square foot, reflecting a broader shift toward high-quality, collaborative work environments that prioritize employee engagement and workplace experience. Orange County’s growing residential appeal has further fueled office demand as young professionals and families increasingly opt for a suburban lifestyle. As a result, companies are prioritizing locations with …

March 4, 2025

Acquisitions California Multifamily Western

TMG Arranges $37.6M Sale of Summerview Apartments in Modesto, California

by Amy Works March 3, 2025

MODESTO, CALIF. — The Mogharebi Group (TMG) has directed the sale of Summerview Apartments, a 136-unit multifamily community located at 3601 Prescott Road in Modesto. Summerview Apartments ABC LP acquired the asset from San Francisco-based Tesseract Capital Group for $37.6 million. Built in 1988, Summerview Apartments features 20 one- and two-story buildings offering one- and two-bedroom floor plans with full-sized washers/dryers. The previous owner renovated 120 of the 136 units. Renovated apartments include stainless steel appliances, Shaker cabinets, stone countertops, modern water fixtures, vinyl plank flooring, new baseboards, two-toned paint, LED-recessed lighting and modern ceiling fans. Community amenities include a resort-style pool and spa, fitness center, secure parcel lockers and a leasing office. Otto Ozen, Brian Nakamura and Nazli Santana of TMG represented the seller in the deal.

March 3, 2025

Acquisitions California Development Hospitality Multifamily Student Housing Western

Ambient Communities Buys 110-Room Vacant Hotel in San Diego, Plans Multifamily Conversion

by Amy Works March 3, 2025

SAN DIEGO — Ambient Communities has purchased Consulate Hotel, a shuttered hotel located at 2901 Nimitz Blvd. in San Diego’s Point Loma neighborhood, from Noble Legacy LLC for $17.4 million. Al Apuzzo, Matt Weaver, Alex Bentley and Brianna Lehman of Lee & Associates represented the seller, while Rick Wu and Austin Dias of Duhs Commercial represented the buyer in the transaction. The buyer plans to convert the property, which includes a bar (ABC 47), restaurant and amenity space, into market-rate and student housing apartments. The 63,234-square-foot building, situated on 0.9 acres, was originally built in 1971. The transaction closed with entitlements in place for the proposed redevelopment.

March 3, 2025

Acquisitions California Office Western

Pacific Coast Commercial Brokers $6.6M Sale of Multi-Tenant Office Building in San Diego

by Amy Works March 3, 2025

SAN DIEGO — Pacific Coast Commercial has arranged the sale of a multi-tenant office property located at 9466 Black Mt. Road in San Diego’s Miramar neighborhood. Hindu Mandir Society of San Diego acquired the asset from 9466 BMR LLC for $6.6 million. The two-story, 31,575-square-foot building was constructed in 1977 as a racquetball facility and converted to a multi-tenant office property in 1983. Bo Gibbons, Brian Crepeau and Daniel Goodman of Pacific Coast Commercial represented the seller, while Paul Britvar of Lee & Associates represented the buyer in the deal.

March 3, 2025

Acquisitions California Multifamily Western

Bascom Group Buys Value-Add Apartment Community in Rancho Palos Verdes, California for $127M

by Amy Works February 28, 2025

RANCHO PALOS VERDES, CALIF. — The Bascom Group has acquired Highridge Apartments, a value-add multifamily property in Ranchos Palos Verdes, for $127 million, or $494,163 per unit. Built in 1972, Highridge Apartments has undergone significant upgrades and renovations over the years, including the addition of in-unit washers/dryers and enhanced amenities. The community features 257 apartments, averaging 1,157 square feet, as well as 28 loft-style units with high ceilings. Property amenities include ample parking, two pools and spas, two fitness centers, a tennis court and a clubhouse. Bascom plans to renovate unit interiors to a Class A standard and enhance amenities. Annie Rice and Jamie Kline of JLL Capital Markets arranged the debt financing for the acquisition, while AXA Investment Managers US Inc. provided the acquisition loan. Blake Rogers and Kevin Sheehan of JLL Investment Sales represented the undisclosed seller in the deal. AMC will provide property management services for the community and SD-Cap will manage planned property renovations.

February 28, 2025

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