California

Replay Destinations to Develop 53-Room Luxury Hotel on Former Lumber Yard in Downtown Healdsburg, California

by Amy Works June 28, 2024

HEALDSBURG, CALIF. — Replay Destinations is developing a luxury hotel within Mill District, a master-planned neighborhood in downtown Healdsburg in Sonoma County. The company will redevelop a 10-acre former lumber site to construct the hotel. The hotel will offer 53 guest rooms; a spa and wellness center; an outdoor pool and spa deck; a restaurant and bar; and a vintners and wine program, as well as curated local guest experiences throughout Healdsburg and Sonoma County. Replay will retain ownership in the hotel “to ensure the realization of the company’s vision.” Dunnigan Sprinkle Architects will blend local agrarian influences and industrial inspiration from the site’s past with a contemporary wine-country aesthetic. The project is currently in the design review process with the City of Healdsburg, with construction expected to begin in spring 2025.

June 28, 2024

Acquisitions California Retail Western

Calbay Development Sells 1,429 SF Retail Building in Encinitas, California for $3.1M

by Amy Works June 28, 2024

ENCINITAS, CALIF. — Calbay Development has completed the sale of 1967 San Elijo Ave. in Cardiff-by-the-Sea, a beach community in Encinitas, north of San Diego. Albatross LLC acquired the asset for $3.1 million. Situated on 16,702 square feet, the coastal pad is adjacent to Cardiff Seaside Market Center and across from San Elijo State Beach. Jack in the Box formerly occupied the 1,429-square-foot building, which offers 20 parking spaces. The buyer plans to redevelop the property and occupy the site. Reg Kobzi, Michael Peterson and Joel Wilson of CBRE represented the seller in the deal.

June 28, 2024

California Development Multifamily Western

SRGNC Opens 479-Unit The Martin Multifamily Property in Sunnyvale, California

by Amy Works June 27, 2024

SUNNYVALE, CALIF. — Sares Regis Group of Northern California (SRGNC) has started leasing at The Martin, an apartment community in downtown Sunnyvale, just west of San Jose. The 12-story building offers 479 apartments in a mix of studio, one-, two- and three-bedroom layouts, along with penthouse and townhome options. The first residents are expected to move in in July. Situated within the master-planned Cityline, The Martin’s on-site amenities include a pool, spa, clubroom, two fitness centers, a sky lounge on the 11th floor with panoramic views, a 3,000-square-foot rooftop deck with outdoor barbecues, pet spa and bike storage. Additionally, the development will offer 11 retail spaces and co-working space for residents. The Martin’s all-electric, high-efficiency apartments will offer stainless steel appliances, contemporary cabinets with quartz countertops, ceramic tile bathtubs and showers, in-unit washers/dryers, central air conditioning, wall-to-wall wood-plank flooring, floor-to-ceiling windows, private bathrooms and patios. San Francisco-based Heller Manus is the architect for the project. A joint venture between SRGNC and Hunter Partners is developing the larger Cityline project. Upon completion, Cityline will encompass 1,100 new apartments, 1 million square feet of office space and more than 500,000 square feet of retail space.

June 27, 2024

California Development Hospitality Loans Mixed-Use Retail Western

Priority Capital Advisory Arranges $35M Refinancing for Robertson Lane Mixed-Use Project in West Hollywood

by Amy Works June 27, 2024

WEST HOLLYWOOD, CALIF. — Priority Capital Advisory has arranged $35 million in debt financing to refinance Faring’s planned Robertson Lane, a 400,000-square-foot retail and hotel project in West Hollywood. Centennial Bank provided the financing, which Zachary Streit of Priority Capital Advisory arranged. Located at 645-681 N. Robertson Blvd., the 84,506-square-foot development site is an assemblage of eight contiguous lots. The assembled site was originally entitled for a 10-story, 237-room hotel with dining, nightclub, entertainment and retail space, a rooftop pool and a three-level, 750-car underground parking garage. In 2022, the ownership submitted a revised plan for a 123-room luxury hotel and seven-story office tower over ground-floor retail space and a subterranean garage. Current plans include the adaptive reuse and rehabilitation of the Factory Building, a historical building dating to 1929.

June 27, 2024

Stevenson-Ranch-Plaza-Stevenson-Ranch-CA

Acquisitions California Retail Western

Hanley Investment Group Negotiates Sale of 29,817 SF Shopping Center in Stevenson Ranch, California

by Amy Works June 27, 2024

STEVENSON RANCH, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the sale of Stevenson Ranch Plaza, a neighborhood shopping center in Stevenson Ranch, approximately 35 miles northwest of Los Angeles. San Francisco-based Catalyst Real Estate sold the asset to a Los Angeles-based private investor for an undisclosed price. Kevin Fryman, Ed Hanley, Sean Cox and Alexander Moore of Hanley Investment Group represented the seller, while Edmond Bina of Beverly Hills-based EMB Properties represented the buyer in the deal. Originally built in 1999 and remodeled in 2023, Stevenson Ranch Plaza offers 29,817 square feet of retail space at 25804-25860 Hemingway Ave. Tutor Time, a subsidiary of Learning Care Group, anchors the retail center and has operated at the property since it was built.

June 27, 2024

Acquisitions California Retail Western

NAI Capital Brokers $2.5M Sale of The Powerhouse Retail Property in Santa Monica, California

by Amy Works June 27, 2024

SANTA MONICA, CALIF. — NAI Capital Commercial has arranged the sale of The Powerhouse, a historic retail building located at 3116 2nd St. in Santa Monica, a coastal city west of Los Angeles. Temple Mishkon sold the asset to 2nd Street Santa Monica LLC for $2.5 million, or $1,660 per square foot. Built in 1909 and totaling 1,500 square feet, The Powerhouse is on the California Register of Historical Resources. In 1982, Ry Hay, Paul Linke and Lucinda Zeising converted the building into a playhouse, but by the early 1990s, the theatre fell into disrepair and was abandoned. The Powerhouse Theatre Co. revitalized the space in 1995 and operated until 2011. In 2016, the building underwent an extensive renovation that included an earthquake retrofit, new electrical and plumbing systems, a new roof, updated bathrooms and an exterior dock.

June 27, 2024

Acquisitions California Industrial Western

CBRE Brokers $9.2M Sale of Arrow Pines Business Park in San Dimas, California

by Amy Works June 26, 2024

SAN DIMAS, CALIF. — CBRE has brokered the sale of Arrow Pines Business Park, an industrial business park in San Dimas. Arrow SD LLC acquired the asset from SoCal Industrial LLC, a joint venture between Birtcher Anderson Davis & Associates and Belay Investment Group, for $9.2 million. Built in 1987, Arrow Pines Business Park offers three buildings ranging in size from 11,240 square feet to 16,473 square feet, with unit sizes varying from 960 square feet to 3,192 square feet. The 44,125-square-foot property features 12- to 15-foot clear heights and 32 grade-level doors. The property is situated on 3.1 acres at 210 and 260 W. Arrow Highway and 440 S. Cataract Ave. CBRE Investment Properties’ Mark Shaffer, Anthony DeLorenzo, Gerand Poutier and Dylan Rutigliano, along with CBRE National Partners’ Barbara Perrier and Eric Cox, represented the seller in the deal.

June 26, 2024

Acquisitions California Restaurant Retail Western

SRS Negotiates $6.1M Ground Lease Sale of Chick-fil-A-Occupied Property in Murrieta, California

by Amy Works June 25, 2024

MURRIETA, CALIF. — SRS Real Estate Partners has arranged the $6.1 million ground lease sale of a restaurant property at 27960 Clinton Keith Road in the Inland Empire city of Murrieta. Chick-fil-A occupies the 5,000-square-foot property, which opened for business in March and has a 15-year ground lease in place. Winston Guest, Matthew Mousavi and Patrick Luther of SRS Capital Markets represented the seller and developer, Newport Beach-based Sage Investco, and the buyer, a California-based private family trust, in the all-cash transaction. The Chick-fil-A property sale is part of a break-up strategy valued in excess of $20 million for the Class A pads at The Vineyard Shopping Center, a 26.3-acre retail project anchored by Costco and ALDI.

June 25, 2024

Acquisitions California Retail Western

Progressive Real Estate Partners Brokers $2.4M Sale of Value-Add Retail Strip Center in West Covina, California

by Amy Works June 25, 2024

WEST COVINA, CALIF. — Progressive Real Estate Partners has arranged the sale of a multi-tenant retail strip center in West Covina, approximately 20 miles east of Los Angeles. A San Bernardino County-based private investor sold the asset to a West Covina-based investor for $2.4 million in an all-cash transaction. Located at 532-540 N. Azusa Ave., the 7,760-square-foot property was fully occupied at the time of sale by five service-oriented tenants ranging in size from 1,300 square feet to 2,000 square feet. Current tenants include a nail salon, hair salon, martial arts school, massage studio and Friar Tux. Greg Bedell and Roxanne Klein of Progressive Real Estate Partners represented the seller in the deal.

June 25, 2024

California Loans Multifamily Western

Gortikov Capital Arranges $49.5M Refinancing for Lux Villas in Brentwood, California

by Amy Works June 24, 2024

BRENTWOOD, CALIF. — Gortikov Capital has arranged $49.5 million in refinancing for Lux Villas, a Class A multifamily building in the East Bay city of Brentwood. Bryan Gortikov of Gortikov Capital led the capital markets team representing the undisclosed borrower. Developed in 2005 and fully renovated in 2023, Luxe Villas features 60 apartments, a fitness center, clubhouse, sunlit central courtyard and a rooftop lounge with expansive city views. Units offer expansive glass windows, high ceilings, top-of-the-line appliances and in-unit washers/dryers.

June 24, 2024

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