California

Landmark Arranges $100M Financing for Multifamily Community in California

by Nellie Day September 25, 2015

LAKE FOREST, CALIF. — Landmark Capital Advisors has arranged $100 million in financing for Portola Center South, a 626-building multifamily community in Lake Forest. The owner, SunRanch Capital Partners, began improving the land this past June. It plans to begin selling the lots to builders by early 2016. The site contains five planning areas. The improvements will commence in one phase, which will take seven to nine months to complete. Portola Center South will eventually include 569 for-sale units and 57 affordable units. Adam Deermount and Terry Ruckle of Landmark Capital Advisors structured the financing.

September 25, 2015

California Multifamily Seniors Housing Western

City of Hayward Breaks Ground on Three New Multifamily Communities

by Nellie Day September 25, 2015

HAYWARD, CALIF. — The City of Hayward recently broke ground on three new multifamily communities. The properties are situated on the site of the former South Hayward BART overflow parking lots. Eden Housing is developing two affordable communities off Mission Boulevard that will provide a total of 151 affordable apartments near the South Hayward BART station. AMCAL Equities is developing a market-rate community of 206 luxury apartments off Dixon Street, adjacent to the BART station. Both developments received transit-oriented development grants from the California Department of Housing and Community Development. The Eden Housing development is known as the South Hayward BART Family & Seniors Communities. The two affordable rental communities will be composed of adjacent five-story, standalone buildings that share a common courtyard. They will provide 87 affordable rental apartments for families and 64 affordable rental apartments for seniors, aged 62 or older. AMCAL’s development is known as Cadence. The community will feature one- and two-bedroom, market-rate apartments. Amenities will include a state-of-the-art fitness center with separate yoga room, a resident lounge, pool and spa deck, clubhouse, business center, pet spa, self-service bike parking and repair, and package concierge service.

September 25, 2015

California Retail Western

Grocery Outlet Bargain Market to Open 14 Locations in Los Angeles

by Nellie Day September 25, 2015

LOS ANGELES — Grocery Outlet Bargain Market plans to open 14 stores throughout the Los Angeles area beginning in December and continuing through 2016. According to the company, shoppers have saved more than $1 billion on products purchased at Grocery Outlet as compared to traditional grocery stores this year alone. The company’s buyers negotiate directly with manufacturers to buy overstock and surplus products at discounts.

September 25, 2015

California Multifamily Western

The Capri Apartments in Redwood City Sells for $25.7M

by Nellie Day September 24, 2015

REDWOOD CITY, CALIF. — The Capri Apartments, an 85-unit apartment building in Redwood City, has sold to an unnamed buyer for $25.7 million. The community is located at 1491 Hess Road, 441 Poplar Ave. and 403 Poplar Ave. Don Sung of Colliers and Larry Aikins of Terrace Associates executed the transaction.

September 24, 2015

California Multifamily Western

Orchard Adams Purchases Palisades Apartments Near USC for $12.6M

by Nellie Day September 24, 2015

LOS ANGELES — Orchard Adams LLC has purchased the 28-unit Palisades Apartments in Los Angeles for $12.6 million. The community is located at 1210 and 1226 W. Adams Blvd., near the University of Southern California (USC). It was built in 2002. Robert Ip of Avison Young represented Orchard Adams. CBRE represented the seller, Palisades USC LLC.

September 24, 2015

California Industrial Western

Cress Capital, PacVentures Acquire Industrial Property in Perris for $11.3M

by Nellie Day September 24, 2015

PERRIS, CALIF. — Cress Capital and partner PacVentures have acquired a 30-acre property in Perris that includes two industrial buildings for $11.3 million. The property is located at 3411 N. Perris Blvd. Both buildings are occupied by single tenants on long-term leases. The transaction also includes a 10-acre excess land parcel. HFF’s Wally Reid and Jeff Sause provided debt financing.

September 24, 2015

California Retail Western

FresYes Realty Leases Retail Space in Fresno

by Nellie Day September 24, 2015

FRESNO, CALIF. — FresYes Realty has leased 1,320 square feet of retail space in Fresno. The space is located at 7785 N. Palm Ave. The landlord is Park Place Retail Partners LLC. John Lee and Lewis Smith of Retail California and Scott Christensen of Newmark Grubb Pearson Commercial brokered the transaction.

September 24, 2015

California Multifamily Western

Pacific Eagle Buys Villa Malibu Luxury Apartments for $62M

by Nellie Day September 23, 2015

LOS ANGELES — Pacific Eagle has purchased the 68-unit Villa Malibu luxury apartments for $62 million. The community is located at 6487 Cavalleri Road in the Los Angeles submarket of Malibu. Villa Malibu was originally built in 1993 and renovated in 2007. It currently operates as a rental property, though the community is entitled for residential condominiums. The seller was the Carlyle Group. Bob Safai, Darin Beebower, Brad Schlaak and Matt Case of Madison Partners executed the transaction.

September 23, 2015

California Industrial Loans Western

Century Business Center in Hawthorne Receives $57M in Financing

by Nellie Day September 23, 2015

HAWTHORNE, CALIF. — HFF has arranged $57 million in senior financing for Century Business Center, a 1.4-million-square-foot industrial manufacturing facility in Hawthorne. The center is located at 3901 Jack Northrop Ave. The seven-building campus is fully leased to Triumph Aviation Group and SpaceX. Triumph produces fuselages for Boeing’s 747 passenger and freighter commercial jets, while SpaceX is the largest private space transport company in the world. HFF’s Paul Brindley, Anthony Brent and Ryan Martin arranged the 10-year, fixed-rate loan on behalf of Zelman Development Co. It was placed with AIG Investments. The proceeds were used to recapitalize the property.

September 23, 2015

California Hospitality Western

Chatham Lodging Trust Buys Hilton Garden Inn Marina del Rey

by Nellie Day September 23, 2015

LOS ANGELES — Chatham Lodging Trust has purchased the 134-room Hilton Garden Inn Marina del Rey for $44.5 million. The hotel is located at 4200 Admiralty Way in the Los Angeles submarket of Marina del Rey. The property was converted from an independent hotel in June 2013 after an extensive renovation. The new owner says it will not need to make a major capital investment until 2020. The hotel includes the Marina Bar & Grill; two meeting venues and rooms; suites and loft-style casitas with private patios; and an underground parking garage that serves hotel guests and local visitors. Chatham funded the purchase through the assumption of a $22.6 million loan that carries an interest rate of 4.68 percent and matures in July 2024. The balance was financed with available cash and borrowings on the company’s revolving credit facility. The hotel is subject to a long-term ground lease that matures in December 2067. Island Hospitality Management will manage the hotel.

September 23, 2015

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