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532-540-N-Azusa-Ave-West-Covina-CA
AcquisitionsCaliforniaRetailWestern

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

by Amy Works

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.

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Luxe-Villas-Brentwood-CA
CaliforniaLoansMultifamilyWestern

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

by Amy Works

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.

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CaliforniaIndustrialMarket ReportsWesternWestern Market Reports

Project Development Pace Signifies a Bullish Future for Industrial in San Diego

by Jeff Shaw

— By Mark Lewkowitz, Executive Vice President, Colliers — The current interest rate environment has seemingly slowed the investment sales volume down, but strength remains with user sales. Over the last two years, users were more frequently being outbid for industrial properties (partially stabilized and vacant). Now, with the investment herd very thin, it has allowed users and buyers to take a crack at the opportunities. The users face the same hurdles where the cost of capital is not cheap, but it is more palatable when their business pays the mortgage or rent. I anticipate vacancies ticking up through Q4 2024, but beginning in Q1 2025, I feel confident we will see transaction frequency rise. In turn, the vacancy rate will lead to a softening of rental rates and increased concessions, but the fundamentals are strong for the industrial market, and it will turn on a dime in Q1 2025. Majestic Sunroad continues progressing significantly with the Landmark at Otay projects, delivering roughly 845,000 square feet by Q4 2024. Their projects are significant because they are among the first with 36’ clearance heights and trailer parking, something the market has not seen. Phelan Development has also introduced some incredibly functional 32’ warehouse …

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Tralee-Village-Apts-Dublin-CA
AcquisitionsCaliforniaMultifamilyWestern

Cityview Buys 130-Unit Tralee Village Apartments in Dublin, California

by Amy Works

DUBLIN, CALIF. — Cityview has acquired Tralee Village Apartments, a multifamily property located at 6599 Dublin Blvd. in the East Bay city of Dublin. The price and seller were not disclosed. The three-story property offers 130 apartments and more than 30,000 square feet of ground-floor retail space, including eateries and service-focused shops. Originally built in 2011, the community offers one-, two- and three-bedroom floorplans featuring open-concept layouts, in-unit washers/dryers, granite countertops, USB outlet ports, modern custom-wood cabinetry in two styles, central heat and air, large closets, nine-foot ceiling heights and stainless steel appliances. Select units also feature vaulted ceilings, floor-to-ceiling windows and large balconies. Community amenities include ground-floor retail space, a resort-style pool and spa, high-end fitness center, clubhouse, business center, courtyard and barbecue areas, playground, parcel lockers, bike storage and ample garage parking. Cityview plans to implement a comprehensive renovation program for the community, including new unit flooring, lighting, kitchen and bathroom countertops and accessories. Jason Parr of Berkadia brokered the transaction. Westhome, an affiliate of Cityview, will serve as the property manager.

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45541-45581-Northport-Loop-W-Fremont-CA
CaliforniaIndustrialLoansWestern

Gantry Arranges $12.2M Refinancing for Industrial Property in Fremont, California

by Amy Works

FREMONT, CALIF. — Gantry has placed a $12.2 million permanent loan for a private real estate investor to refinance an industrial building at 45541-45581 Northport Loop West in Fremont, located in the Bay Area. The 71,500-square-foot facility features 10 bay doors with 18-foot clear heights. At the time of financing, two long-term tenants fully occupied the property. Tony Kaufmann, Alex Poulos and Joe Foley of Gantry arranged the long-term, fixed-rate loan, which one of Gantry’s exclusive correspondent life company lenders provided.

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Kanvas-Apts-Los-Angeles-CA
CaliforniaLoansMultifamilyWestern

Priority Capital Arranges $21.6M Recapitalization for Kanvas Apartments in Los Angeles

by Amy Works

LOS ANGELES — Priority Capital Advisory (PCA) has arranged $21.6 million in financing on behalf of EGC Real Estate Group for the recapitalization of Kanvas, a recently completed multifamily property in Los Angeles’ Koreatown submarket. Zachary Streit of PCA arranged the financing, which BOLOUR provided. Designed by 64North, Kanvas offers 13 studios, 33 one-bedroom and 21 two-bedroom units, seven of which are designated as affordable. Units feature contemporary finishes, stainless steel appliances, gas ranges, balconies and in-unit washers/dryers. Community amenities include a rooftop amenity deck, fitness center, courtyard, storage space, 1,105 square feet of ground-floor retail space, bicycle parking and abundant subterranean and surface parking.

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4025-Camino-del-Rio-S-San-Diego-CA
AcquisitionsCaliforniaOfficeWestern

CES Remington Buys Aerofund Financial Plaza Office Building in San Diego for $9.8M

by Amy Works

SAN DIEGO — CES Remington has acquired Aerofund Financial Plaza, a multi-tenant office building situated on 1.3 acres in San Diego’s Mission Valley neighborhood, for $9.8 million. The seller was not disclosed. Located at 4025 Camino del Rio S., the three-story, u-shaped building offers 48,571 square feet of space. At the time of sale, the property was fully leased to nine tenants across a diversified mix of industries and sizes. Jeffrey Cole, Nico Napolitano, Mark Avilla and Brooks Campbell of Cushman & Wakefield’s capital markets and private capital groups in Southern California collaborated to represent the seller, while Brandon Keith of Voit Real Estate Services represented the buyer in the deal.

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3110-R-St-Merced-CA
AcquisitionsCaliforniaRetailWestern

Matthews Negotiates $5.8M Sale of Retail Strip Center in Merced, California

by Amy Works

MERCED, CALIF. — Matthews Real Estate Investment Services has arranged the sale of 3110 R Street, a retail strip center in the San Joaquin Valley city of Merced. The asset traded for $5.8 million, or $828 per square foot. The retail center is occupied by corporate-guaranteed tenants, with Chipotle and Panera Bread occupying the end-cap storefronts. Chipotle recently extended its lease for an additional 10 years. Clay Smith of Matthews represented the seller in the transaction.

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Wellness-Village-Mead-Valley-CA.jpg
CaliforniaDevelopmentHealthcareWestern

PMB, Riverside University Health System Break Ground on $580M Behavioral Health Campus in Mead Valley, California

by Amy Works

MEAD VALLEY, CALIF. — PMB and Riverside University Health System (RUHS) have broken ground on The Wellness Village, a $580 million behavioral health campus in Mead Valley, located in the Inland Empire region. The 18-acre campus will be located at the intersection of Harvill and Placentia avenues. Slated for completion in 2026, the 445,000-square-foot Wellness Village will include a Youth and Family Care Center; Wellness and Education Center; Recovery Center; and The Residences and Restorative Care adult residential facility and mental health rehabilitation center. The center will also offer green spaces and gardens for relaxation and meditation; sports courts and an activity lawn for physical activity and recreation; public market and café for community gatherings; community meeting space for local events and activities; and boarding for pets while their owners receive treatment. The project team includes PMB as developer, Boulder Associates as architect, Snyder Langston as design-builder and PMB Real Estate Services as property manager.

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CaliforniaMarket ReportsRetailWesternWestern Market Reports

Going Local for Retail Success in Dana Point, California

by Jeff Shaw

— By Kelly Reenders — The California coastal city of Dana Point sought to redevelop its underutilized Town Center, with the goal being to create a pedestrian-friendly live-work-play neighborhood that encouraged further reinvestment and development.  Now called the Lantern District, the four-block downtown is anchored by Prado West, a three-building mixed-use complex with 109 apartments and nearly 30,000 square feet of ground-floor restaurants, shops and public outdoor space. Though the endeavor is now something the city and residents can be proud of, the project had its share of challenges. These included gaining community support for proposed changes, in addition to overcoming a leasing timeline that included a pandemic shutdown. Embracing the Local Community For Dana Point and Prado West’s developer, Raintree Partners, the solution was to embrace local entrepreneurs. Raintree recognized the value of encouraging other owners to reinvest in their properties early on as the downtown plan took shape.  This caught the attention of Max Fisher, owner of the Shwack Beach Grill, which sits across the street from Prado West. Soon enough, Fisher and his partners agreed to open HomeSlice, an Italian- and pizza-focused restaurant, in Prado West across from their existing grill. As local owners, the partners felt the …

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