California

Lee & Associates Brokers $7.1M Sale of Multifamily Community in San Diego

by Amy Works March 14, 2024

SAN DIEGO — Lee & Associates has arranged the sale of 5052 Wightman Street, an apartment building in San Diego. The asset traded for $7.1 million. Built in 1963, the building features 44 apartments. The property was held by the same owners for multiple decades, but had deferred maintenance issues. The community features an affordable component for residents earning 50 to 60 percent of the area median income. Eric von Bluecher and Ivan Del Muro-Garcia of The Von Bluecher Group — the multifamily brokerage team of Lee & Associates North San Diego County — represented the undisclosed buyer and undisclosed seller in the deal.

March 14, 2024

California Loans Retail Western

PSRS Arranges $3.7M Loan for Pointe West Plaza in San Ramon, California

by Amy Works March 14, 2024

SAN RAMON, CALIF. — PSRS has arranged $3.7 million in permanent financing for Pointe West Plaza, a retail property in San Ramon, east of the Bay Area. The firm previously arranged bridge acquisition financing for the property. Pointe West Plaza is a 16,921-square-foot building with a mix of tenants including a billiards venue, salon, bistro and Chinese restaurant. The property also features underground and surface parking, totaling 82 spaces. Jonny Soleimani and Matthew Farzinpour of PSRS secured the five-year loan with a 25-year amortization schedule through a correspondent life insurance company.

March 14, 2024

Acquisitions California Mixed-Use Office Retail Western

Colliers Negotiates $13.5M Sale of Mixed-Use Property in Los Angeles

by Amy Works March 13, 2024

LOS ANGELES — Colliers has arranged the $13.5 million sale of 1001 Towne Avenue, a mixed-use retail and office building in the Fashion District of Los Angeles. Mark Schuessler, Sean Fulp and Ryan Plummer of Colliers represented the undisclosed seller, while Mark Hong of KORUS Real Estate represented the buyer, a local private individual, in the transaction. The four-story building offers 43,700 square feet of retail and office space in suites ranging in size from 481 square feet to 4,843 square feet. At the time of sale, the property was 82 percent leased to a mix of retail and wholesale apparel businesses.

March 13, 2024

California Loans Multifamily Western

PSRS Arranges $3M Refinancing for Summerdale Apartments in Anaheim, California

by Amy Works March 13, 2024

ANAHEIM, CALIF. — PSRS has arranged $3 million in financing for Summerdale Apartments, a multifamily property in Anaheim. Constructed in 1978, Summerdale Apartments features 34 units, a pool, on-site laundry, gated facility and HVAC. Grady Seldin and Thomas Rudinsky of PSRS secured a non-recourse loan, with a seven-year, interest-only term, for the undisclosed borrower through a correspondent life insurance company.

March 13, 2024

Acquisitions California Industrial Western

Marcus & Millichap Brokers Sale of 4,800 SF Industrial Building in Redwood City, California

by Amy Works March 13, 2024

REDWOOD CITY, CALIF. — Marcus & Millichap has arranged the sale of an industrial property located at 2549 Middlefield Road in Redwood City, located in the southern Bay Area. An individual sold the asset to an undisclosed buyer for $1.7 million. Built in 1975, the 4,800-square-foot building features two grade-level roll-up doors, office space and two bathrooms. The property is currently undergoing significant street improvements, which will add to traffic counts. Carlos Azucena and Joshua Johnson of Marcus & Millichap represented the seller in the deal.

March 13, 2024

California Loans Mixed-Use Office Retail Western

JLL Arranges $135M in Financing for Cross Creek Ranch Mixed-Use Property in Malibu, California

by Amy Works March 12, 2024

MALIBU, CALIF. — JLL Capital Markets has arranged $135 million in first lien financing for Cross Creek Ranch, a 122,324-square-foot, Class AA, mixed-used property in Malibu. The property offers 71,605 square feet of retail space and 50,719 square feet of creative office space. John Marshall, Spencer Seibring, Allie Black and Tim Donald of JLL Capital Markets’ debt advisory team secured the five-year loan from Torchlight Investors for the borrower, Pacific Equity Partners. Located at 23465 Civic Center Way on 13 acres, Cross Creek Ranch is adjacent to a Whole Foods Market in the core of Malibu’s shopping district, which also includes Malibu Country Mart, Malibu Village and Malibu Lumber Yard. The center is approximately 13 miles from the Santa Monica pier and 21 miles northwest of Los Angeles International Airport.

March 12, 2024

California Industrial Market Reports Western Western Market Reports

Orange County Industrial Sector Shows Stability Amid Tumultuous Market

by Jeff Shaw March 12, 2024

— By Zach Middleton, senior associate, The Klabin Company/ CORFAC International — Last year brought significant change to the industrial sector across the country. Orange County was not immune to general market factors that were influenced by a sharp rise in interest rates, growing vacancy rates, shallowing tenant demand and increased supply. Fortunately, Orange County remains resilient heading into 2024 due to its prominent geography harbored by major distribution routes along the 5 and 91 freeways, as well as the county’s proximity to the ports. Orange County also proudly showcases one of Southern California’s most diverse tenant pools. This is spearheaded by key sectors like technology and innovation, research, healthcare and biotechnology, manufacturing and aerospace, consumer goods, ecommerce, wholesale and distribution, underscoring its economic versatility and potential for sustained growth. Market breakdown: vacancy rate uptick still below historical average Current vacancy rates across Orange County are as follows: • North County – 2.4% • West County – 4% • South County – 3.5% • Airport – 2.5% Vacancy rates have trended upward but remain below the historical average of 4 percent. A growing number of cheaper sublease options and the slight uptick in vacancy rates have influenced direct deal …

March 12, 2024

Acquisitions California Industrial Western

Multiple Organics Sells 49,805 SF Warehouse, Cold Storage Facility in Hercules, California

by Amy Works March 11, 2024

HERCULES, CALIF. — Multiple Organics has completed the disposition of a warehouse and cold storage facility, located at 200 Linus Pauling Drive in the Bay Area city of Hercules. A Sutter Health entity acquired the asset for an undisclosed price. The 49,805-square-foot property features 7,700 square feet of office space, six dock doors, four grade-level doors, 22-foot clear heights, 2,000 amps of power and 8,000 square feet of cooler space. Kevin Hatcher and Austin Hinder of CBRE represented the seller in the transaction.

March 11, 2024

California Loans Retail Western

PSRS Arranges $13.2M Refinancing for Wilmington Plaza Shopping Center in Los Angeles

by Amy Works March 11, 2024

LOS ANGELES — PSRS has arranged $13.2 million in refinancing for Wilmington Plaza, a retail center in the Wilmington neighborhood of Los Angeles. Mike Thorp and Ari Zeen of PSRS secured the nonrecourse loan, which features a five-year term, 30-year amortization and cash-out proceeds. One of PSRS’ correspondent life insurance companies provided the capital. Northgate Gonzalez Market, CVS/pharmacy and Chase Bank are tenants at the 64,222-square-foot Wilmington Plaza, which is located along Pacific Coast Highway.

March 11, 2024

California Development Hospitality Mixed-Use Restaurant Retail Western

LRE & Cos. Receives Approval for University Square Mixed-Use Project in Rocklin, California

by Amy Works March 8, 2024

ROCKLIN, CALIF. — LRE & Cos. has received approval from the City of Rocklin for the development of University Square, a 10-acre mixed-use destination project at the intersection of Sunset Boulevard and University Avenue in Rocklin, approximately 20 miles northeast of Sacramento. Slated for completion by the end of 2025, University Square will feature more than 20,000 square feet of retail space, 5,000 square feet of space for quick-service restaurants with drive-thrus, a 123-room Hilton Garden Inn, a 10,000-square-foot daycare center and a 3,700-square-foot Circle K convenience store and a car wash. A construction timeline was not released.

March 8, 2024

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