California

SyRES, ConAm Receive $52M to Buy Roseville Apartment Community

by Nellie Day January 30, 2015

ROSEVILLE, CALIF. — A joint venture between SyRES Properties and ConAm Properties has received $52 million in acquisition financing to purchase the 465-unit Rosemeade at Olympus Pointe apartment community in Roseville. The community is located at 1451 Rocky Ridge Drive. The loan features a 20-year term with three years interest only and a 25-year amortization schedule. It was arranged for the JV by Dennis Sidbury of NorthMarq Capital’s San Francisco office through the firm’s correspondent relationship with a life insurance company. The unnamed seller will still serve as property manager. It will also carry a minority interest in the new borrowing entity, Rosemeade Residential Holdings LLC. SyRES Properties is a Syufy Enterprises company.

January 30, 2015

California Office Western

Medical Realty Group Buys Medical Office Building in San Diego for $2.5M

by Nellie Day January 29, 2015

SAN DIEGO – Medical Realty Group has acquired an 8,500-square-foot medical office building in the San Diego submarket of El Centro for $2.5 million. The building is located at 1410 South La Brucherie Road. It is fully occupied by Vantage Oncology Treatment Centers. The property also underwent a recent renovation and expansion. The seller, the Scott Family Trust, was represented by Paul Lafrenz of Colliers International.

January 29, 2015

California Retail Western

Donahue Schriber Buys Village Oaks Shopping Center in San Jose

by Nellie Day January 28, 2015

SAN JOSE, CALIF. — Donahue Schriber Realty Group has acquired Village Oaks, a 320,000-square-foot shopping center in San Jose, for a reported $111 million. The center is located at the intersection of Cottle Road and Great Oaks Parkway, between Highway 101 and State Route 85. Village Oaks was built in 2014 as part of the city’s master-planned Hitachi Transit Village, which is the largest infill development project in the region, according to Donahue Schriber. Notable tenants at the center include Target, Safeway, Marshalls, Party City, Petco, ULTA, Chase Bank, Bank of America, Panera Bread, MOD Pizza, Five Guys Burgers & Fries and Chipotle Mexican Grill.

January 28, 2015

California Industrial Western

YRC Bloomington Truck Terminal Near San Bernardino Changes Hands

by Nellie Day January 28, 2015

SAN BERNARDINO, CALIF. — Realterm/NAT has purchased YRC Bloomington Truck Terminal, a 51.4-acre industrial site near San Bernardino, for $58.1 million. The site is located at 18298 Slover Ave., off Interstate 10 at Cedar Street. The property is 12 miles east of Ontario International Airport. The site contains two truck terminals with 325 loading doors that total 165,141 square feet, in addition to a 32,630-square-foot shop building. The terminal is fully leased to YRC, Inc. through January 2019. The company is a subsidiary of YRC Worldwide, one of the world’s largest transportation service providers. CBRE’s Darla Longo, Barbara Emmons, Mike Caprile, Rebecca Perlmutter Finkel and Grant Ross represented both the buyer and the seller, Pacific Industrial and institutional investors advised by J.P. Morgan Asset Management, in this transaction. The team was supported by Steve Sprenger of Newmark Grubb Knight Frank.

January 28, 2015

California Industrial Western

Keeco Leases 677,225-SF Industrial Facility in Rialto

by Nellie Day January 28, 2015

RIALTO, CALIF. — Keeco LLC has signed a 10-year lease for a 677,225-square-foot industrial facility in Rialto. The facility is located at 1420 N. Tamarind Ave., within the 2.6-million-square-foot ProLogis Park Rialto I-210 Distribution Center. Keeco pre-leased this facility before construction began this past November. The facility is expected to be complete this June. The industrial park is centrally located near Interstates 10, 15 and 210. Notable nearby tenants include Target, Solo Cup, UnderArmour, Black & Decker and OHL Logistics. The new space will allow Keeco to consolidate its 250,000-square-foot distribution center in Ontario, which will relocate to the new Rialto property upon its completion. The home textile supplier also operates a 445,000-square-foot distribution center in Hayward, about 20 minutes from the Port of Oakland. The new industrial space in Rialto will leave Keeco with a total of 1.1 million square feet in distribution operations throughout California. Keeco was represented by Michael Chavez and Craig Hagglund of Lee & Associates. The landlord, ProLogis, was represented by Paul Earnhart of the same firm. The value of the lease was not divulged.

January 28, 2015

California Industrial Western

Moreno Valley Industrial Facility Sells for $17M

by Nellie Day January 27, 2015

RIVERSIDE, CALIF. – A 260,000-square-foot industrial building in the Riverside submarket of Moreno Valley has sold to Westcore Properties for $17 million. The building is located at 17101 Heacock Street. It is situated on the March Air Reserve Base and sits adjacent to an Amazon Fulfillment Center. The facility was built in 2006. DHL Express holds a master lease on the property, though it is subleased to tenants like Amro Fabricating Corp. and Ross Dress for Less. The seller, a joint venture between Marhub LLC and Global Port Ramp Services, was represented by HFF’s Anthony Brent, Ryan Martin and Jeremy Womack.

January 27, 2015

California Multifamily Western

Ocean Plaza Apartments in Long Beach Sells for $6.2M

by Nellie Day January 27, 2015

LONG BEACH, CALIF. – The 44-unit Ocean Plaza Apartments in Long Beach has sold to Joda Investments for $6.2 million. The community is located at 633 E. 1st Street in Downtown’s East Village Arts District. It was built in 1956. Robert Stepp of Stepp Commercial represented both the buyer and seller, Luna Bear Investments, in this transaction.

January 27, 2015

California Retail Western

Fontana Retail Center Sells for $2.6M

by Nellie Day January 27, 2015

FONTANA, CALIF. – A 7,194 square-foot retail center in Fontana has sold to a private Riverside investor for $2.6 million. The center is located at 17218 Foothill Blvd. It is shadow-anchored by Brunswick Foothill Bowling Center. The property, which was built in 2008, is situated across from a Walmart-anchored shopping center. The buyer was represented by Janet Valentin of VRE Commercial. The seller, a private, Los Angeles-based trust, was represented by Brad Umansky, Frank Vora and Greg Bedell of Progressive Real Estate Partners.

January 27, 2015

California Multifamily Western

Fallbrook Apartment Community Sells for $2M

by Nellie Day January 27, 2015

SAN DIEGO – An 18-unit apartment community in the San Diego submarket of Fallbrook has sold to the Wood Family Trust for $2 million. The community is located at 1133 Old Stage Road. It was built in 1987. The trust was represented by Peter Scepanovic and Corey McHenry of Colliers International. The seller, Lucy Nannizzi Living Trust, was represented by CBRE’s Merrick Matricardi.

January 27, 2015

California Market Reports Multifamily Western Market Reports

LA’S Multifamily Market Continues Upward Trend

by Nellie Day January 27, 2015

The multifamily market in Los Angeles continues to be a hot property sector as the economy improves and jobs are added throughout the region. I believe we’ll hear much of the same buzz about the market in 2015 that we’ve heard for the past few years. This includes statements like vacancy rates are very low and demand outweighs supply. This results in rising rents, strong demand for multifamily investment property, climbing prices climbing and cap rates that continue to compress. Los Angeles County ended the third quarter of 2014 with a vacancy rate of just 3.2 percent. Asking rents continued to increase, with third-quarter rents coming in at an average rate of $1,521 per month. This is up 0.9 percent from the second quarter of this year, according to Reis. On the investment side, properties are trading at sub-4 percent cap rates. There were 80 apartment sales totaling $693 million in the third quarter, with an average per-unit price of $300,000. Some of LA’s hottest multifamily submarkets include the Westside, Beverly Hills, West Hollywood, Hollywood, Echo Park, Silverlake and Downtown LA. The most in-demand and promising submarket for multifamily is likely Playa Vista, however. Google recently announced it purchased 12 …

January 27, 2015

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