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CCIG-300-Unit-Seniors-Woodland-Hills-CA
CaliforniaDevelopmentMultifamilySeniors HousingWestern

California Commercial Investment Group Plans 300-Unit Seniors Housing Community in Woodland Hills, California

by Amy Works

WOODLAND HILLS, CALIF. — California Commercial Investment Group has acquired a 19-acre site adjacent to the iconic Motion Picture & Television Fund campus in Woodland Hills for $30 million. The buyer plans to develop a luxury senior living community encompassing approximately 300 units on the site. Construction is scheduled to begin in 2026 with completion planned for 2028. The property is located in the Santa Monica Foothills approximately 30 miles west of Los Angeles. It is just steps from the Calabasas farmers’ market adjacent to the Motion Picture & Television Fund campus. JLL’s Bryan Lewitt represented the seller, Motion Picture & Television Fund. Michael Slater of CBRE represented the buyer.

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2555-The-Alameda-Santa-Clara-CA
AcquisitionsCaliforniaRetailWestern

Bay Properties Buys University Shopping Center in Santa Clara, California for $15.9M

by Amy Works

SANTA CLARA, CALIF. — Maven Commercial has arranged the sale of University Shopping Center, a 2.9-acre retail center in the Bay Area city of Santa Clara. An entity controlled by the Bushnell family sold the asset to Bay Properties for $15.9 million, or $409 per square foot. Located at 2555 The Alameda, University Shopping Center features approximately 38,875 square feet of retail space. Tenants at the fully occupied property include Safeway, Taco Bell, Round Table Pizza and Wicked Chicken. Matthew Sheridan, Dominic Morbidelli and Santino DeRose of Maven Commercial handled the transaction.

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909-S-China-Lake-Blvd-Ridgecrest-CA
AcquisitionsCaliforniaIndustrialSelf-StorageWestern

Marcus & Millichap Brokers Sale of 457-Unit Self-Storage Facility in Ridgecrest, California

by Amy Works

RIDGECREST, CALIF. — Marcus & Millichap has arranged the sale of a self-storage facility, located 909 S. China Lake Blvd. in Ridgecrest, approximately 110 miles east of Bakersfield. Terms of the transaction were not released. Dean Trammell and Adam Schlosser of Marcus & Millichap represented the seller, an Alabama-based developer. Jim Markel of Marcus & Millichap’s Encino, Bakersfield, Fresno and Ventura branch served as the broker of record. Converted from a former Walmart in 2022, the 48,450-square-foot property features 457 first-floor, climate-controlled units. CubeSmart manages the asset.

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Lawsons-Landing-CA
CaliforniaHospitalityLoansWestern

PACE Loan Group Arranges $4.4M C-PACE Loan for Northern California RV Resort

by Amy Works

DILLON BEACH, CALIF. — PACE Loan Group has arranged a $4.4 million commercial property assessed clean energy (C-PACE) loan secured by a special assessment for Lawson’s Landing, a RV resort and campground in Dillon Beach, approximately 60 miles northwest of San Francisco. The loan will support the nearly 70-year-old campground’s new wastewater treatment, solar energy and efficiency improvements. The improvements will facilitate and enhance new restrooms and rental cottages at the 608-acre property. C-PACE is a tool that can finance energy efficiency and renewable energy improvements on commercial property. The family-owned and -operated campground features 311 RV and tent sites and a general store. The planned upgrades include installation of a wastewater management system, which will support 20 new cottages and additional restrooms with hot showers. The addition of the wastewater project will eliminate emission-intensive septic waste removal by truck and create operational cost savings of approximately $1.1 million per year. Slated for completion by December, the project received approval from the California Coastal Commission in April 2020. The campground has already completed a new 5,000-square-foot barn, which used part of the C-PACE financing to add a 76.7 kW Photovoltaic system to partially offset the property’s operating energy requirements.

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1065-Link-Anaheim-CA
CaliforniaIndustrialMarket ReportsOfficeWesternWestern Market Reports

Orange County’s Industrial Market Thrives, but Office Market Struggles

by Jeff Shaw

— By Robert Ritschel and Andrew Herron, Senior Vice Presidents, The Saywitz Company — The industrial sector for Orange County commercial real estate continues to be one of the strongest in the country. Vacancy rates in Orange County for industrial space remain at approximately 2 percent. What this means for tenants out in the marketplace is a continued struggle to find viable space. When combining limited availability with the fact that some of the buildings are older or obsolete, or may have lower ceiling height or reduced power, this makes the challenge even more difficult. With that said, we have seen the sales prices for industrial space level off and we have also now, for the first time in the past several years, begun to see landlords offer free rent and move-in concessions, and come off of their asking prices. The days of five or 10 different tenants looking at one available space in the marketplace seem to be over, and those with good credit looking to sign long-term leases clearly stand out from the mom-and-pop operator that may be looking to sign a short-term lease. Landlords on the industrial side appear to be much more conscious of the changing …

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Burbank-Boulevard-Senior-Housing-Los-Angeles-CA
Affordable HousingCaliforniaDevelopmentMultifamilySeniors HousingWestern

TCA Architects, Mercy Housing Complete Affordable Seniors Housing Project in Los Angeles

by Amy Works

LOS ANGELES — California-based TCA Architects and Mercy Housing California have completed Burbank Boulevard Senior Housing, an affordable housing development for seniors age 55 and older in Los Angeles’ Sherman Oaks neighborhood. Permanent supportive housing is a housing model that combines low-barrier affordable housing, healthcare and supportive services to help residents lead more stable lives, according to TCA Architects and Mercy Housing. Situated on three acres, Burbank Boulevard Senior Housing features 55 studio and one-bedroom units that accommodate single senior occupants. Each apartment features individual kitchens and bathing facilities. The property also offers common recreation spaces and laundry facilities on each floor. Construction began in May 2021 and the property was built in accordance with the latest Cal-Green Building Code standards. Move-ins began in October 2023, and the waitlist is currently closed for the property. The asset is aiming for at least LEED Silver certification.

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AcquisitionsCaliforniaMultifamilyWestern

Marcus & Millichap Negotiates $6.9M Sale of Multifamily Property in Los Angeles

by Amy Works

LOS ANGELES — Marcus & Millichap has brokered the sale 5247 Corteen Place, a 32-unit apartment asset in the Valley Village neighborhood of Los Angeles. A family trust sold the property to an undisclosed buyer for $6.9 million. Rick Raymundo, Jeff Louks and Brett Sanson of Marcus & Millichap represented the seller and the buyer in the deal. The seller owned the property for more than 44 years. JP Morgan Chase provided financing for the acquisition.  

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CaliforniaDevelopmentLoansMultifamilyTop StoriesWestern

Gantry Arranges $128M in Construction Financing for Legado at the Met Apartments in Santa Ana, California

by Jeff Shaw

SANTA ANA, CALIF. — Gantry Inc. has negotiated $128 million in construction-to-permanent financing from three separate lenders for the development of Legado at the Met in Santa Ana, less than 10 miles southeast of Anaheim. The borrower was Legado Cos. Legado at the Met will comprise 258 market-rate apartments. The Class A development will be situated at 200 E. First American Way, across from First American Title’s headquarters. While a construction timeline for the project was not officially disclosed, Apartments.com states that the property will open in 2025. According to the City of Santa Ana’s government website, the community will rise six stories. Units will come in studio, one-, two- and three-bedroom layouts ranging from 612 to 1,783 square feet in size. The property will also include a 617-space parking garage. George Mitsanas and Amit Tyagi of Gantry’s Los Angeles production office arranged the financing on behalf of the borrower. Gantry’s production team underwrote the complex financing in three tranches with three of the firm’s correspondent life company lenders. Gantry will service all three loans. — Channing Hamilton

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Montbello-Industrial-Portfolio-Denver-CO
AcquisitionsArizonaCaliforniaColoradoFloridaIndustrialWestern

Stockbridge Capital Sells 1.7 MSF Project RedHawk Industrial Portfolio

by Amy Works

SAN FRANCISCO — San Francisco-based Stockbridge Capital Group has completed the disposition of Project RedHawk, a 1.7 million-square-foot light industrial portfolio spread across multiple markets. The portfolio was sold in four separate transactions to two different buyers between December 2023 and January 2024 and comprises four sub-portfolios totaling 49 buildings in Tempe, Ariz.; San Jose, Calif.; Denver; and Pompano Beach, Fla. BKM Capital Partners acquired Gateway University Park I & II, a 16-building, 258,409-square-foot asset at 1605-1635 and 1705-1797 W. University Drive in Tempe, and Junction Business Park, a two-building, 119,101-square-foot property at 1911-1943 Hartog Drive and 1914-1968 Junction Ave. in San Jose. A partnership between a global manager of alternative investments and Brennan Investment Group purchased The Montebello Industrial Portfolio, a 17-building, 856,013-square-foot asset in Denver, and Powerline Business Park, a 14-building, 444,120-square-foot in Pompano Beach, Fla. Jim Carpenter and Will Strong of Cushman & Wakefield’s National Industrial Advisory Group, along with IAG’s Kirk Kuller, Michael Matchett, Molly Hunt, Mike Davis, Rick Brugge, Rick Colon, Dominic Montazemi, Jeff Chiate, Rick Ellison and Matthew Leupold, in partnership with Robert Buckley, Tracey Cartledge, Scott Prosser, Steve Hermann and Jack Depuy of Cushman & Wakefield represented all parties in the transactions. Gideon Gil, …

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AcquisitionsCaliforniaOfficeRetailWestern

Anchor Point Capital Negotiates $12.2M Sale of Plaza Diamond Bar Office/Retail Campus in Los Angeles County

by Amy Works

DIAMOND BAR, CALIF. — Anchor Point Capital has arranged the sale of Plaza Diamond Bar, a two-building office and retail property in Diamond Bar, approximately 30 miles east of Los Angeles. Two separate buyers, both private investors, acquired the assets for a combined total of $12.2 million. The seller of both assets was a partnership led by Metro Properties LLC. The office building, located at 2040 S. Brea Canyon Road, sold as an all-cash deal, and the retail building, at 2020 S. Brea Canyon Road, sold with a creative seller financing structured by Anchor Point Capital. Built in 2007, the two-story, 25,000-square-foot office building was 40 percent occupied by a variety of medical and related tenants. Built in 1980 and renovated in 1992, the single-story, 8,000-square-foot, multi-tenant retail building was 50 percent leased at the time of sale. Eric Vu of Newport Beach-based Anchor Point Capital handled the transactions.

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