Tuesday, October 14, 2025
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CaliforniaOfficeWestern

Maxxam Enterprises Sells Three Western-Based Properties for $100M

by Nellie Day

BEVERLY HILLS, CALIF. — Maxxam Enterprises has sold three Western-based properties for about $100 million. Two of the assets were part of the firm’s Southern California portfolio, while the third is in Hawaii. The California dispositions include L’Opera Building, a 66,500-square-foot office building in Long Beach, and Arlington Plaza, a 126,000-square-foot neighborhood shopping center in Riverside. Maxxam also sold the Maui Lu resort on the island of Maui. L’Opera Building is known for its historic bell tower and clock. The building was constructed in 1906. It is located at 115 Pine Ave. in Long Beach’s Central Business District. It sold to a private investor for $10.4 million. Jeffrey Cole and Ed Hernandez of Cushman & Wakefield assisted with the sale. Arlington Plaza is anchored by Rite Aid, Cardenas Market, 99 Cents Only Store and Starbucks. It is located at 6008-6390 Van Buren Blvd. in Riverside. The plaza was 89 percent leased at the time of sale. It sold for $24.5 million. The unnamed sellers were represented by CBRE’s Alan Krueger. Maui Lu Resort is fully entitled to be redeveloped into a 388-unit, villa-style resort. It will eventually become a Hilton Grand Vacations Timeshare development, according to Maxxam. The property was …

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CaliforniaIndustrialWestern

Mission Oaks Corporate Center in Camarillo Sells for $54.5M

by Nellie Day

CAMARILLO, CALIF. — An unnamed buyer has purchased Mission Oaks Corporate Center, a 732,606-square-foot industrial campus in Camarillo, for $54.5 million. The two-building campus is located at 3001 and 3175 East Mission Oaks Blvd. The buildings are fully leased to Deckers Outdoor Corp & Addison Behavioral Resources. The campus includes a 309,500-square-foot industrial warehouse distribution building, as well as a 423,106-square-foot, Class A warehouse building. CBRE’s Darla Longo, Barbara Emmons, Rebecca Perlmutter Finkel, Michael Kendall, Paul Farry, Doug Shaw and Jim Meaney represented both the buyer and seller, a joint venture between Rexford Industrial and affiliates of Dune Real Estate Partners LP, in this transaction.

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CaliforniaMultifamilyWestern

Alliance Residential Buys Lasselle Place in Moreno Valley for $45M

by Nellie Day

MORENO VALLEY, CALIF. — Alliance Residential has acquired the 304-unit Lasselle Place apartment complex for $45 million. The garden-style community is located at 15700 Lasselle Street in the Rancho Belago submarket. Lasselle Place was built in 2005. It is situated near Meridian Business Park, World Logistic Center and March Air Force Base Redevelopment. Common-area amenities include a fitness center, business center, and community lounge that opens to a central pool and spa. The seller, a large, Los Angeles-based institutional investor, was represented by Dean Zander, Vince Norris, Margie Molloy and Spencer Scott of Berkadia. The team notes Alliance was one of the first developers to build Class A apartment communities in Moreno Valley during the past development cycle.

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CaliforniaMultifamilyWestern

University Heights Apartment Building in San Diego Sells for $3.6M

by Nellie Day

SAN DIEGO – A 16-unit apartment building in the San Diego submarket of University Heights has sold to San Diego Heritage Partners for $3.6 million. The community is located at 4638 and 4648 Ohio Street. The two-building property was originally built in 1982 as condominiums. Peter Scepanovic and Corey McHenry of Colliers International’s Multifamily Advisory Team represented both the buyer and seller, Ohio Street Villas Group, in this transaction.

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CaliforniaRetailWestern

Dr. Boyd’s Pet Resort Orange County to Open at Irvine Spectrum

by Nellie Day

IRVINE, CALIF. – Dr. Boyd’s Pet Resort Orange County, a 25,328-square-foot pet boarding and veterinary care center, will open later this month at the Irvine Spectrum. The 24-hour facility will be located at 8645 Research Drive in Irvine. This particular Irvine Spectrum property sits adjacent to the Irvine Company’s new Los Olivos Marketplace, which is anticipated to open in spring 2016. The pet resort was represented by Eric Warfield of South Bay CRE. The landlord, Three Crowns Properties LLC, was represented by Don Yahn, Brett Swartzbaugh and Brian Booth of Cushman & Wakefield.

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CaliforniaMarket ReportsMultifamilyWesternWestern Market Reports

San Francisco Faces Rent Control, ‘Housing Crisis’

by Nellie Day

Home to nearly 850,000 people and rapidly growing, the City of San Francisco is packed into a little less than 47 square miles. Having long been known as one of the primary financial, tech and cultural hubs of the United States, San Francisco is a place where many people want to be. Business is booming, companies are competing for employees, and the city is as culturally vibrant as ever. It seems like every week there is another article about San Francisco topping another a “best of” list. Supply, Demand, Rent Control Every city endures growing pains during times of economic expansion – new construction, rising rents and home prices – not to mention added stress to the local public infrastructure. The supply of housing in San Francisco remains relatively static for various reasons, with strict building and zoning regulations, a comparatively fixed supply of buildable land and the added complications surrounding the development of real estate in a densely populated, coastal city. On the flipside, demand for housing, which most consider a necessity, is highly inelastic. This is due to the average per-capita income for San Francisco residents, which is about 80 percent higher than the average per-capita of the …

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CaliforniaOfficeWestern

Marcus & Millichap Opens Ventura Office

by Nellie Day

VENTURA, CALIF. – Marcus & Millichap has opened an outpost in Ventura. This is the commercial real estate investment services firm’s eighth sales office in Southern California. The office will be overseen by Adam Christofferson, first vice president and regional manager, and James Markel, sales manager. They will be joined by Gary Cohen as director of the firm’s National Office and Industrial Properties Group (NOIPG), along with Brian Johnson, senior associate of the National Multi Housing Group (NMHG). Parker Shaw, an associate with the NMHG, and James DeBuiser, an agent candidate with the NOIPG, will round out the new office. The Ventura office is located at 1000 Town Center Drive.

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Omni
CaliforniaLoansWestern

HFF Arranges $140 Refinancing Loan for Omni San Diego Hotel

by John Nelson

SAN DIEGO — A joint venture between TRT Holdings and JMI Realty has received a $140 million refinancing loan for the 511-room Omni San Diego hotel. The property is located at 675 L St. in San Diego’s Gaslamp Quarter. The 200,000-square-foot-hotel is directly across Harbor Road from the main entrance of the San Diego Convention Center. It was built in 2004 and renovated in 2013. The hotel features McCormick & Schmick’s Seafood Restaurant, in addition to Terrace Bar & Grill and Morsel’s. Hotel amenities include an 8,000-square-foot rooftop terrace, 27,000 square feet of meeting space, outdoor heated pool and spa and a full-service fitness center. The 15-year, fixed-rate loan will refinance the existing debt on the hotel. HFF’s Whitaker Johnson, James Fowler, Scott Hall and Sarah Baccich arranged the financing through AIG Investments.

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