California

Diversified Healthcare Trust Sells 186,000 SF Life Sciences Campus in San Diego for $159M

by Amy Works April 2, 2025

SAN DIEGO — Diversified Healthcare Trust, which is managed by The RMR Group, has completed the sale of MUSE, a three-building life sciences campus in San Diego, to Breakthrough Properties for $159 million. Substantially renovated between 2020 and 2022, the 186,000-square-foot asset consists of two fully leased wet lab buildings and one vacant office building. Overall, MUSE is 49 percent leased to Merck, Aegis Life, Organogenesis and Halloran. The renovation included the addition of a fitness center, full-service cafe and an indoor/outdoor conference center. MUSE is located at 3030, 3040 and 3050 Science Park Road in the Torrey Pines submarket of San Diego. JLL Capital Markets Investment Sales and Advisory team led by Kurt Luedkte and Zac Saloff represented the seller. JLL also arranged post-closing financing for the two buildings and will continue to handle leasing for the entire MUSE campus.

April 2, 2025

Acquisitions California Multifamily Western

Northmarq Brokers $45M Sale of 200-Unit Apartment Community in El Cajon, California

by Amy Works April 2, 2025

EL CAJON, CALIF. — Northmarq has arranged the sale of Terraza Hills Apartments, a multifamily property in El Cajon. Terreza TI CI LLC sold the asset to Sunstone Two Tree Acquisitions LLC for $45 million. Located on East Bradley Avenue, Terraza Hills Apartments offers 200 one- and two-bedroom apartments, a swimming pool, laundry facilities, gated access, garage parking, on-call maintenance and onsite management. Tyler Sinks, Ed Rosen and John Chu of Northmarq’s San Diego Multifamily Investment Sales team represented the seller in the transaction.

April 2, 2025

Acquisitions California Industrial Western

Faropoint Acquires Multi-Tenant Industrial Building in Torrance, California for $9.9M

by Amy Works April 2, 2025

TORRANCE, CALIF. — Faropoint has entered the Los Angeles market with the purchase of a multi-tenant industrial property at 605-655 Hawaii Ave. in Torrance, a suburb 20 miles south of Los Angeles. The asset traded for $9.9 million. The name of the seller was not released. Built in 1963, the 36,491-square-foot facility is leased to four tenants. The property features tilt-up construction, a clear height of 18 feet and six double dock-high loading doors. Faropoint plans to implement a value-add strategy for the property, including targeted capital improvements and lease optimization.

April 2, 2025

Arizona California Loans Multifamily Seniors Housing Western

JLL, HJ Sims Arrange $239.7M in Tax-Exempt, Taxable Bond Financing for Three-Property Seniors Housing Portfolio in Arizona, California

by Amy Works April 1, 2025

BUCKEYE AND YUMA, ARIZ., AND SANTA CLARITA, CALIF. — JLL and HJ Sims have arranged $239.7 million in tax-exempt and taxable bond financing for the Integrated Senior Foundation — Ativo Portfolio, a seniors housing portfolio in Arizona and California. The portfolio includes 430 independent living, assisting living and memory care units. There are two ground-up development communities and one acquisition — Ativo of Sundance in Buckeye, Ativo of Yuma in Yuma and Ativo of Santa Clarita within the Sand Canyon Plaza master-planned community in Santa Clarita. On behalf of Integrated Senior Foundation, JLL’s Seniors Housing Capital Markets team, in collaboration with the bond underwriting team of HJ Sims and JLL Securities, secured fixed-rate financing with a final maturity of 40 years. The financing consisted of $218.2 million of publicly offered tax-exempt senior series 2025A bonds, $5.9 million of taxable senior series 2025B bonds and $15.5 million of tax-exempt subordinate 2025C bonds. Slated for completion in 2027, Ativo of Sundance will feature 102 independent living units, 75 assisted living units and 30 memory care beds, while Ativo of Santa Clarita will feature 51 independent living units, 65 assisted living units and 28 memory care beds, with completion scheduled for later this year. Ativo …

April 1, 2025

Acquisitions California Loans Western

NewPoint Provides $82M Acquisition Loan for Affordable Housing Property in Anaheim, California

by Amy Works April 1, 2025

ANAHEIM, CALIF. — NewPoint Real Estate Capital has provided an $82 million Fannie Mae loan to facilitate the acquisition of Park Vista Apartment Homes, a garden-style affordable housing community in Anaheim. Los Angeles-based BLDG Partners purchased the 392-unit property, which is 100 percent mission with all units being affordable at 60 percent of the area median income or lower. Martin Fayer of NewPoint originated the fixed-rate loan, which has a seven-year term with five years of interest-only payments. Originally constructed in 1959 and renovated in 2001, Park Vista consists of 93 two-story buildings spread across 20 acres in southeast Los Angeles. Community amenities include laundry facilities, a pool and barbecue grill, as well as picnic and playground areas.

April 1, 2025

Acquisitions California Industrial Western

West Harbor Capital Sells 184,778 SF Industrial Property in City of Industry, California

by Amy Works April 1, 2025

CITY OF INDUSTRY, CALIF. — West Harbor Capital has completed the disposition of an industrial property located at 705 Baldwin Park Blvd. in the City of Industry to Safco Capital Corp. for $38 million. Cenveo, the nation’s largest envelope manufacturer, fully occupies the 184,778-square-foot property that features loading doors, trailer parking and 4,000 amps of power. Barbara Perrier and Eric Cox of CBRE National Partners West, along with Paul Sablock of JLL, represented the seller in the transaction.

April 1, 2025

Acquisitions California Office Western

Royal Tulip Investments Buys Newport Victoria Plaza Office Building in Costa Mesa, California

by Amy Works April 1, 2025

COSTA MESA, CALIF. — Royal Tulip Investments has acquired Newport Victoria Plaza, an office building located at 2183 Fairview Road in Costa Mesa. A Beverly Hills, Calif.-based private seller sold the asset for $7.1 million, or $165 per square foot. The buyer plans to relocate its offices to the 43,250-square-foot building and lease out the remaining space. At the time of sale, the property was 35 percent occupied. Eric Smith of Voit Real Estate Services represented the buyer, while Anthony DeLorenzo, Sammy Demo and Bryan Johnson of CBRE represented the seller in the deal.

April 1, 2025

California Loans Office Western

PACE Loan Group Provides $22.4M C-PACE Refinancing for Creative Office Building in Los Angeles

by Amy Works March 31, 2025

LOS ANGELES — Center Capital Partners and Abramson Investors have received a $22.4 million C-PACE loan from PACE Loan Group to refinance improvements completed on the borrowers’ newly constructed creative office development in Los Angeles. The C-PACE loan will amortize over 30 years, allowing payback for original investments during construction. The loan will be used to retroactively finance energy conservation improvements completed during the building’s construction, including building envelope, seismic retrofits, elevators, lighting, plumbing, HVAC, irrigation and stormwater mitigations. Located at 5237 W. Jefferson Blvd., the three-story, 72,000-square-foot property offers 9,700 square feet of of private terraces, a landscaped rooftop deck with seating and a barbecue area, 176 subterranean parking spaces and open-floor plans with wraparound windows.

March 31, 2025

California Loans Multifamily Western

Naturally Affordable Housing Receives $10.1M Bridge Loan for Multifamily Property in San Diego

by Amy Works March 31, 2025

SAN DIEGO — Naturally Affordable Housing has received $10.1 million in bridge financing for North Park Nest, an apartment community located at 4233 Kansas St. in San Diego. Brad Vansant and Ben Choromanski of JLL Capital Market’s Debt Advisory team secured the short-term floating-rate loan for the borrower. The four-story North Park Nest features 39 studio and one-bedroom units with an average size of 486 square feet and 11-foot ceilings. Amenities include air conditioning, stainless steel appliances, in-unit washers/dryers and a rooftop deck with a barbecue and lounge area.

March 31, 2025

Acquisitions California Retail Western

NewMark Merrill South Sells Two-Building Melrose Landing Retail Property in Vista, California

by Amy Works March 31, 2025

VISTA, CALIF. — San Diego-based NewMark Merrill South, a subsidiary of NewMark Merrill Cos., has completed the disposition of Melrose Landing, a retail property at 2655-2665 Melrose Drive in Vista. The two single-tenant buildings, located at the corner of South Melrose Drive and Faraday Avenue, were preleased to Dutch Bros Coffee and Wendy’s prior to construction. Nouretsu Investments LLC acquired the Dutch Bros Coffee building for $2.7 million. Pat Luther of SRS Real Estate Partners represents the seller, while Jason Ehrenpreis of CBM1 represented the buyer in the deal. Tetrad Investments LLC purchased the Wendy’s property for $2.6 million. Kevin Barry of Irish Commercial represented the buyer, while NewMark Merrill South was self-represented in the transaction. NewMark Merrill’s acquisition, development, financing and leasing team for the project included John Hickman, Barret Bradley, Robert Mendoza and Sandra Kist.

March 31, 2025

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