California

CBRE Brokers $7M Sale of Tropicana Apartments in Huntington Beach, California

by Amy Works December 5, 2023

HUNTINGTON BEACH, CALIF. — CBRE has arranged the sale of Tropicana Apartments, a multifamily property in Huntington Beach. A Huntington Beach-based private buyer acquired the asset from a local private investor for $7 million, or $337,714 per unit, in an all-cash deal. According to CBRE, the sale was the largest apartment transaction in downtown Huntington Beach in the past 10 years. Dan Blackwell and Mike O’Neill of CBRE represented the seller, which was exchanging into a Delaware Statutory Trust, in the transaction. Located at 201 10th St., Tropicana Apartments features 21 residences spread across four two-story buildings, totaling 10,096 rentable square feet across six lots on two parcels. Built in 1963, the gated community offers a mix of one- and two-bedroom floor plans with ocean views in select units. Community amenities include an ocean-view deck, pool and laundry facilities. Additionally, the property features 18 carports and three garages for residents.

December 5, 2023

Acquisitions California Office Western

Private Seller Divests of 200,443 SF Office Building in Santa Ana, California

by Amy Works December 4, 2023

SANTA ANA, CALIF. — A private seller has completed the disposition of 3 Hutton Centre Drive, an office building in Santa Ana. A high-net-worth investor acquired the asset for an undisclosed price in an all-cash transaction. Situated on 2.47 acres within a 46-acre, master-planned, mixed-use community, 3 Hutton Centre features 200,443 square feet of office space. Built in 1985, the building underwent $3.5 million in capital and tenant improvements in 2018. Property amenities include a state-of-the-art fitness center on the penthouse level. At the time of acquisition, the property was 62.2 percent occupied by seven tenants. Anthony DeLorenzo, Sammy Cemo, Bryan Johnson, Matt Pourcho and Nick Williams of CBRE handled the transaction.

December 4, 2023

The-Collection-Janss-Marketplace-Thousand-Oaks-CA

Acquisitions California Retail Western

NewMark Merrill Buys 172,008 SF Collection at Janss Marketplace Retail Center in Thousand Oaks, California

by Amy Works December 4, 2023

THOUSAND OAKS, CALIF. — NewMark Merrill Cos. has acquired a 172,008-square-foot retail center, which it has renamed the Collection at Janss Marketplace, in the Los Angeles suburb of Thousand Oaks. Seritage Retail Group sold the asset for an undisclosed price. With this purchase, NewMark Merrill is responsible for the oversight of new acquisition and the adjacent 458,000-square-foot Janss Marketplace for a combined 630,000-square-foot regional center. Originally built as a multi-story Sears department store, The Collection was over 60 percent leased to Dave & Buster’s, DSW and Nordstrom Rack at the time of sale. The property shares parking and access points with the adjoining center, including a newly remodeled Regal Cinemas and Gold’s Gym. Sandy Sigal, Jim Patton, Brad Pearl, Sandra Kist and Susan Rorison of Newmark Merrill oversaw the acquisition. Phil Voorhees and Jimmy Slusher of CBRE represented the seller in the deal. Bryna Gortikov with Gortikov Financial secured financing for the deal from Prime Finance.

December 4, 2023

Acquisitions California Hospitality Loans Western

MetLife Provides $22.5M Acquisition Financing for Hampton Inn & Suites Tahoe-Truckee in California

by Amy Works December 4, 2023

TRUCKEE, CALIF. — JLL Capital Markets has arranged $22.5 million in acquisition financing for The Hampton Inn & Suites Tahoe-Truckee. The property is located in Truckee, just north of Lake Tahoe and west of the Nevada border. Jordan Angel, Mike Huth and Ethan Habecker of JLL Capital Markets secured the loan from MetLife Investment Management for the borrower, JMA Ventures LLC. The Hampton Inn & Suites Tahoe-Truckee features 109 guest rooms and suites spread across two buildings, a heated outdoor pool, hot tub, fitness center and more than 1,000 square feet of meeting space. The hotel offers access to major transportation routes, including Interstate 80, CA 267 and the Truckee Airport, as well as bike lanes.

December 4, 2023

California Industrial Loans Office Western

PSRS Arranges $11M Refinancing for Sunny Hills Business Park in Fullerton, California

by Amy Works December 4, 2023

FULLERTON, CALIF. — PSRS has arranged $11 million in refinancing for a Sunny Hills Business Park in the Orange County city of Fullerton. Built in 1981, Sunny Hills is a large industrial/flex and office building park comprising nine one- and two-story buildings, totaling 176,475 rentable square feet. Sixty-seven percent of the gross leaseable area is industrial/flex space and the remaining 33 percent is office space. Situated on 10.3 acres, the park offers signalized access to Imperial Highway. Kostas Kavayiotidis and Matthew Farzinpour PSRS arranged the nonrecourse, 10-year loan with a 30-year amortization schedule. One of PSRS’ correspondent life insurance companies provided the capital.

December 4, 2023

California Development Industrial Western

Ware Malcomb Completes 92,000 SF Build-to-Suit Industrial Building for Mainline Sales in Sacramento

by Amy Works December 4, 2023

SACRAMENTO, CALIF. — Ware Malcomb has completed construction a build-to-suit industrial warehouse located at 3755 Pell Circle in Sacramento. The company provided civil engineering, architecture and interior design services for the 92,000-square-foot building, which Mainline Sales owns. Mainline Sales is a full-service manufacturer’s representative serving the states of California, Nevada, Arizona and Hawaii. The single-story, concrete tilt-up facility features a hybrid panelized roof, warehouse and distribution spaces. Additionally, the building can accommodate two 3,600-square-foot office spaces. KPRS Construction Services provided general contracting services for the project.

December 4, 2023

Acquisitions California Retail Western

PRCP Acquires Shops at Palm Desert in California, Plans Mixed-Use Mall Redevelopment

by Amy Works December 1, 2023

PALM DESERT, CALIF. — Pacific Retail Capital Partners (PRCP) has purchased The Shops at Palm Desert, a nearly 1 million-square-foot enclosed shopping mall in the Coachella Valley city of Palm Desert. Terms of the transaction were not released. PRCP plans to create a master plan for the 72-acre property that will transform it into a mixed-use destination and civic gathering place. The company envisions added green space, as well as multifamily and entertainment space. Situated in Palm Desert’s Highway 111 corridor, The Shops at Palm Desert was built in 1982 and renovated in 2013. Current tenants include JCPenney, Macy’s, Dick’s Sporting Goods and Barnes & Noble.

December 1, 2023

Acquisitions California Retail Western

Progressive Real Estate Brokers $4.9M Sale of Dollar Tree-Occupied Retail Property in Rancho Cucamonga, California

by Amy Works November 30, 2023

RANCHO CUCAMONGA, CALIF. — Progressive Real Estate Partners has arranged the sale of a single-tenant retail property located at 9008 Foothill Blvd. in Rancho Cucamonga. Red Mountain Group sold the asset to Celery Realty Investments LLC for $4.9 million in an all-cash deal. Dollar Tree occupies the 16,560-square-foot property on a triple-net, 10-year, corporate-backed lease. Brad Umansky, Greg Bedell and Lance Mordachini of Progressive Real Estate Partners represented the seller, while Katherine Quach and Wendy Wong of Treelane Realty Group represented the buyer in the deal.

November 30, 2023

California Loans Multifamily Western

MWest, BGO Receive $47.5M Refinancing for The View Apartment Building in Los Angeles

by Amy Works November 29, 2023

LOS ANGELES — CIM Real Estate Debt Solutions has provided a $47.5 million loan through a CIM-managed fund to a joint venture between MWest Holdings and BGO. The borrower will use the proceeds to refinance debt on The View, a 13-story multifamily building in the Koreatown neighborhood of Los Angeles. Located at 3460 W. 7th St., The View features 158 studio, one- and two-bedroom units in a variety of floorplans. CIM Group acquired The View in August 2013 following the completion of a comprehensive renovation of the property, which was originally built in 1965. MWest and BGO purchased the asset in December 2018 after CIM Group completed a variety of improvements to the residences and the property’s leasing and management. The current owners have continued to invest in upkeep and improvements to the property, including its common areas and community amenities.

November 29, 2023

California Loans Retail Western

Gantry Arranges $21.6M Construction Loan for Los Angeles Retail Project

by Amy Works November 29, 2023

LOS ANGELES — Gantry has arranged $21.6 million in construction-to-permanent financing for the development of a grocery-anchored retail project in the Studio City submarket of Los Angeles. Located at 11265-11321 Ventura Blvd., the project will feature 33,700 square feet of retail space. Braden Turnbull, George Mitsanas and Austin Ridge of Gantry arranged the five-year loan, which one of the firm’s correspondent lenders provided, for the private real estate entity borrower.

November 29, 2023

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