California

NAI Capital, Lee & Associates Negotiate $28.2M Acquisition of Two Office Buildings in San Gabriel Valley, California

by Amy Works July 24, 2024

DIAMOND BAR AND MONTEREY PARK, CALIF. — NAI Capital Commercial has arranged the sale of two separate office buildings in Diamond Bar and Monterey Park, both located in the San Gabriel Valley east of Los Angeles. The assets sold for a total consideration of $28.2 million. Ryan Campbell of NAI Capital Commercial’s Investment Services Group and Tony Naples of Lee & Associates represented the buyer, a private investor, in the transactions. In the first deal, the 80,753-square-foot building at 21680 Gateway Center Drive in Diamond Bar sold for $18.9 million, or $234 per square foot. Situated on a 13.3-acre campus, the fully renovated asset is fully leased to 13 diverse tenants. In the second transaction, a 39,233-square-foot facility at 1100 Corporate Center Drive in Monterey Park sold for $9.3 million, or $237 per square foot. The two-story standalone building features ample parking. The seller or sellers were not disclosed.

July 24, 2024

Acquisitions California Industrial Western

Lee & Associates Brokers $2.4M Sale of Industrial Building in Vista, California

by Amy Works July 24, 2024

VISTA, CALIF. — Lee & Associates – North San Diego County (NSDC) has arranged the sale of an industrial property located at 1204 Avenida Chelsea in Vista, approximately 40 miles north of San Diego. Hyatt Die Cast & Engineering Corp. sold the asset to an undisclosed buyer for $2.4 million. Situated within Vista Business Park, the single-tenant, 7,424-square-foot building features two grade-level doors, 18-foot clear heights and approximately 25 percent office space. Rusty Williams, Chris Roth, Jake Rubendall and Stephen Crockett of Lee & Associates – NSDC represented the seller, while Brandon Powell and Jeff Gan of RE/MAX Direct represented the buyer in the deal.

July 24, 2024

Affordable Housing California Development Loans Multifamily Western

Berkadia Arranges $151M in Financing for Sea Breeze Gardens Affordable Housing Community in San Diego

by Amy Works July 23, 2024

SAN DIEGO — Berkadia, on behalf of sponsor Lincoln Avenue Communities, has arranged $151 million in financing for Sea Breeze Gardens, an affordable multifamily property in San Diego. The financing includes a $53.5 million Low-Income Housing Tax Credit (LIHTC) equity investment and $97.5 million in bonds that were credit enhanced by Freddie Mac. Situated within the Lincoln Park neighborhood of San Diego, Sea Breeze Gardens is a rehabilitation project and once complete will feature 268 units across 36 two-story walk-up residential buildings. The unit mix consists of 100 two-bedroom units and 168 three-bedroom units. Twenty-seven units will be designated for residents earning up to 30 percent area median income (AMI), 27 units at 50 percent AMI and 212 units at 60 percent AMI. Additionally, the property will offer three employee units, and the community will meet the requirements for mobility and sensory access with a total of 27 units for mobility impairment and 11 units for sensory impairment. Tim Leonhard and Chris McGraw of Berkadia secured the financing for the borrower.

July 23, 2024

Affordable Housing California Development Multifamily Western

IHO, C&C Open $56M Pacific Wind Affordable Housing Community in Carlsbad, California

by Amy Works July 23, 2024

CARLSBAD, CALIF. — Innovative Housing Opportunities (IHO) and C&C Development have opened Pacific Wind, an affordable housing community in Carlsbad, approximately 30 miles north of San Diego. Located at 3875 Sydney Way, the 89-unit property replaced 22 1950s-era duplexes. Pacific Wind features five two- and three-story garden-style walk-up buildings with two play areas for low-income working families and individuals who make between 30 to 80 percent of area median income. The community is already fully leased to more than 300 residents. The property features a clubhouse with leasing and resident service offices, a multi-purpose room with a kitchen and a learning center. Funding sources for the $56 million project include Bank of America, California Municipal Finance Authority, City of Carlsbad and National Equity Fund, as well as federal tax credits. The project team included Bassenian Lagoni Architects, M Zaki Design, JAG Interiors, C&C Construction Services as general contractor, Candela Engineering as electrical engineer, Gouvis Engineering Consultants Group as structural engineer, SWS Engineering as civil engineer, TAD Engineering as MEP and VBK Consulting as project manager.

July 23, 2024

Acquisitions California Industrial Western

NBP Capital Sells Industrial Building in Los Angeles for $41.5M

by Amy Works July 23, 2024

LOS ANGELES — NBP Capital, dba NBP 9401 De Soto LLC, has completed the disposition of a warehouse and distribution facility located at 9401 De Soto Ave. in the Chatsworth neighborhood of Los Angeles. Center Capital Partners, Authentic Capital Group and TPG Angelo Gordon acquired the asset for $41.5 million. Situated on 6.7 acres, the 150,831-square-foot property features 28- to 31-foot clear heights, 12 dock-high loading positions, six ground-level doors, 21,000 square feet of office space and a fenced concrete yard. At the time of sale, the property was fully leased to two high-quality tenants. Mark Esses and Keith Kleinman of California Realty Group represented the seller, while Michael Longo, Barbara Perrier and Bennett Robinson of CBRE National Partners represented the buyer in transaction. The property will serve as the initial investment in a joint venture between TPG Angelo Gordon and Center Capital Partners’ partnership with Authentic Capital Group.

July 23, 2024

California Loans Retail Western

MMCC Arranges $3.5M Loan for Chevron-Occupied Gas Station in Gardena, California

by Amy Works July 23, 2024

GARDENA, CALIF. — Marcus & Millichap Capital Corp. (MMCC) has arranged the sale of a Chevron-occupied gas station located at 15407 Crenshaw Blvd. in Gardena, a suburb south of Los Angeles. Bradley Buzil of MMCC’s Los Angeles office secured the financing with HAB Bank on behalf of a private client. Terms of the 10-year loan include a 7.25 percent interest rate with 25-year amortization and a loan-to-value ratio of 55 percent.

July 23, 2024

California Market Reports Multifamily Western Western Market Reports

Orange County Multifamily Sector Hits a Rough Patch

by Jeff Shaw July 23, 2024

— By Mark Bridge, Managing Director, Bridge Multifamily Team, Capital Markets, Americas, Cushman & Wakefield — Vacancy The vacancy rate is 4.0 percent as of the mid-point in the second quarter of 2024, up 30 basis points (bps) quarter-over-quarter (QOQ) and year-over-year (YOY). The rate has been increasing in eight out of the last 11 quarters from a market low of 2.1 percent in third quarter 2021. The rate is currently 40 bps above the five-year quarterly average of 3.6 percent. Despite this recent increase, Orange County’s vacancy rate is considerably lower than the national average at 7.7 percent. OC’s vacancy rate ranks it second lowest among the nation’s 50 largest markets. Rent The average asking rent per unit currently sits at $2,513 as of the mid-point in the second quarter of 2024. The market high asking rent per unit peaked in fourth 2023 at $2,530 and has come down 0.7 percent since then. Despite the recent decrease, the asking rent per unit is still up 0.9 percent YOY. Given the tightness of the market and a healthy development pipeline, it is likely that the asking rent will remain elevated. Construction/Deliveries There are currently 23 buildings or 8,183 units under …

July 23, 2024

Acquisitions California Office Retail Western

Cushman & Wakefield Negotiates $16M Sale of Office/Retail Building in Los Angeles

by Amy Works July 22, 2024

LOS ANGELES — Cushman & Wakefield has arranged the sale of 612 S. Broadway, a landmark building in downtown Los Angeles’ historic core. The six-story creative office and retail property traded for $16 million. Terms of the transaction were not released. Mike Condon Jr., Erica Finck, Reid Gratsch, Brittany Winn, Kylie Rawn and Mark Zakarian of Cushman & Wakefield brokered the transaction. Originally built in 1924 as Desmond’s Department Store and designed by A.C. Martin, the 80,000-square-foot building underwent a redevelopment transforming it into creative office building. Omgivning oversaw the redevelopment, which included adding two floors atop the original structure.

July 22, 2024

Acquisitions California Retail Western

ROIC Sells Marketplace del Rio in Oceanside, California for $56.6M

by Amy Works July 19, 2024

OCEANSIDE, CALIF. — ROIC has completed the disposition of Marketplace del Rio, a neighborhood shopping center in Oceanside, approximately midway between Los Angeles and San Diego. A Southern California-based high-net-worth investor acquired the asset for $56.6 million. Situated on more than 20 acres at 3762-3774 Mission Ave., the 183,292-square-foot center is anchored by Stater Bros. Market, which recently signed a long-term lease extension and expansion. The buyer hired 1st Commercial Management Group – San Diego Inc., a subsidiary of West Coast Retail Management, headed by Roberta Degener, to provide management services. Phil Lyons and Chad Iafrate of Cushman & Wakefield represented the buyer, while Jimmy Slusher, James Tyrell and Preston Fetrow of CBRE represented the seller in the deal.

July 19, 2024

Acquisitions California Multifamily Seniors Housing Western

Coldwell Banker Brokers $33.7M Sale of Seville Gardens Active Adult Community in Huntington Park, California

by Amy Works July 19, 2024

HUNTINGTON PARK, CALIF. — Coldwell Banker Commercial West has arranged the sale of Seville Gardens Apartment Community, a seniors housing property located at 2701 Randolph St. in Huntington Park. Seville Gardens LLC sold the asset to Equity Consultants Equity Inc. for $33.7 million. The buyer plans to maintain the property as seniors housing. Built in 1989, Seville Gardens features 225 apartments in a mix of 108 studios, 114 one-bedroom/one-bath and three two-bedroom/one-bath units. Community amenities include secure parking and access, balconies, a recreation room, elevators and on-site laundry. The property is currently under a building covenant that mandates it be used as 55-plus housing with 20 percent of units rented to low-income tenants until 2038. Tom Papoulias of Coldwell Banker Commercial West represented the seller in the transaction.

July 19, 2024

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