California

PSRS Arranges $40M Refinancing of 245,000 SF Shopping Center in Los Angeles

by Amy Works June 2, 2025

LOS ANGELES — PSRS has arranged a $40 million loan for the refinancing of La Alameda Shopping Center, a 245,000-square-foot property located in the Los Angeles neighborhood of Walnut Park. The 18.3-acre center comprises six building clusters and features Spanish architecture, pedestrian-friendly courtyards, plaza spaces, outdoor seating and a fountain. Tenants at the property include Ross Dress For Less, CVS Pharmacy, Marshalls, Don Chente Bar & Grill, Wingstop, Dollar Tree, Chuck E. Cheese, Panda Express, GameStop, Cold Stone Creamery, Petco and Bath & Body Works. Kostas Kavayiotidis, Mike Davis and Jacob Lee of PSRS arranged the nonrecourse CMBS loan, which carries a 10-year term.

June 2, 2025

Acquisitions California Mixed-Use Multifamily Office Western

Manova Partners Buys Parallel on Fourth Mixed-Use Property in San Mateo, California

by Amy Works June 2, 2025

SAN MATEO, CALIF. — Manova Partners has acquired Parallel on Fourth, a mixed-use property in downtown San Mateo. Terms of the transaction were not disclosed. Located at 405 E. 4th Ave., the property offers 15 residential units above 62,338 square feet of office space and two levels of subterranean parking. Verkada, a provider of cloud-based security and operating systems, fully occupies the office space and master leases 13 of the residential units. The remaining units are offered at below market-rate rents. Eric Ramm of Manova negotiated the transaction on behalf of Manova Partners. Will Connors and Adam Lasoff of JLL Capital Markets represented the seller in the deal.

June 2, 2025

California Loans Multifamily Western

BWE Secures $220M in Financing for Opus Multifamily Community in Los Angeles

by Amy Works May 30, 2025

LOS ANGELES — BWE has secured a total of $220 million in financing for Opus, an apartment property in the Koreatown neighborhood of Los Angeles. Max Sauerman and Tyler Shebeck of BWE’s Los Angeles office originated a $205 million five-year senior loan and a $15 million floating-rate mezzanine loan on behalf of the borrower, an affiliate of Jamison Properties. New York Life Real Estate Investors (NYLREI) provided the financing. Completed in June 2024, Opus offers 428 studio, one-, two- and three-bedroom apartments spread across two high-rise towers connected by a secured parking garage and amenity deck. The units feature floor-to-ceiling windows, open floor plans, high ceilings, luxury appliances, balconies and smart home features. Onsite amenities include multiple resident lounges and entertaining spaces, coworking rooms, two state-of-the-art fitness centers, a game room, movie theater, golf simulator, dog park and grooming station, an automated concession room, a rooftop pool with a spa and cabanas, rooftop bars, dining areas, barbecue grills and fire pits. Additionally, the property offers 10,000 square feet of ground-floor commercial space, which is 33 percent leased to a coffee shop and a boba shop.

May 30, 2025

California Civic Development Western

C.W. Driver Breaks Ground on $175M Modernization Project at Polytechnic High School in Long Beach, California

by Amy Works May 29, 2025

LONG BEACH, CALIF. — C.W. Driver Cos. has broken ground on a $175 million modernization project at Long Beach Unified School District’s Polytechnic High School in Los Angeles County. The project includes interim student housing, a new 65,000-square-foot Career and Technical Education (CTE) classroom building and the modernization of eight historic, existing campus buildings. The new three-story CTE classroom building will include a medical simulation lab supporting the school’s medical pathway; engineering and computer science labs; standard and intensive studies classrooms; robotics and automotive technology labs; spaces for the school’s Junior Reserve Officers’ Training Corp (JROTC); and dedicated engineering courtyards and outdoor learning environments. Interim housing will also be built in a new complex consisting of 52 portable classrooms, four restroom buildings and a lunch shelter. During the additional phases, which are scheduled across two subsequent summers, C.W. Driver will modernize the aging infrastructure, update utilities and enhance the school’s learning environment through partition walls, new flooring, fire alarms and utility connections across eight buildings. Updates will include HVAC and technology modernizations, new audiovisual systems, lighting, electrical and interior/exterior finishes. Additionally, the school will be upgrading its accessibility and safety through ADA-compliant pathways and signage and bringing fire alarm systems, tactile …

May 29, 2025

California Loans Retail Western

PSRS Arranges $4.5M Refinancing for Two Retail Buildings in Vallejo, California

by Amy Works May 29, 2025

VALLEJO, CALIF. — PSRS has arranged $4.5 million for the refinancing of two retail buildings within a shopping center in Vallejo. The asset offers 10 retail units, totaling 16,452 square feet, spread across two buildings. Thomas Rudinsky of PSRS secured a 60 percent loan-to-value loan with a three-year term and 25-year amortization with the option to fully amortize the deal with a rate reset option from the lender every three years. A correspondent life insurance company funded the loan.

May 29, 2025

Acquisitions California Multifamily Western

Marcus & Millichap Negotiates $2.6M Sale of Multifamily Property in El Monte, California

by Amy Works May 29, 2025

EL MONTE, CALIF. — Marcus & Millichap has directed the purchase of a 12-unit apartment property located at 11122 and 11126 Bonwood Road in El Monte. A private investor acquired the asset for $2.6 million. David Covarrubias and Doug McCauley of Marcus & Millichap procured the buyer in the deal. Built in 1958, the property offers two-bedroom units, an onsite laundry room and 12 parking spaces. Recent capital improvements at the property include a new roof, windows, exterior painting and remodeling on select units.

May 29, 2025

Acquisitions California Retail Western

Hanley Investment Group Arranges $6.1M Sale of Single-Tenant Childcare Facility Near Sacramento

by Amy Works May 28, 2025

ELK GROVE, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the sale of a single-tenant childcare facility in Elk Grove, a suburb of Sacramento. Armstrong Development Properties sold the asset to a private investor for $6.1 million. Jeff Lefko and Bill Asher of Hanley Investment Group Real Estate Advisors represented the seller, while Mason Canter of The Mason Canter Group of Los Angeles represented the buyer in the deal. The Learning Experience occupies the 9,990-square-foot building, which was built in 2022, on a new 17-year corporate lease with 6 percent rent increases every five years throughout the base term and option periods, along with a $1 million corporate guarantee. The property is located at 8330 Elk Grove Florin Road.

May 28, 2025

California Hospitality Loans Western

Red Oak Capital Holdings Provides $6M Refinancing for Catalina Island Hospitality Property

by Amy Works May 28, 2025

AVALON, CALIF. — Red Oak Capital Holdings has provided a $6 million bridge loan for the Hermosa Hotel & Apartments in Avalon, a city on Santa Catalina Island. The loan proceeds will retire existing debt at the century-old property, located at 131-171 Metropole Ave. Hermosa Hotel & Apartments contains 46 buildings offering a total of 44 hotel rooms, a commercial unit occupied by a spa and 26 multifamily units. Since acquiring the property in 2019, the sponsor has invested approximately $3 million into renovations, reorienting the hotel as a boutique alternative to large-scale resorts while maintaining the multifamily component as stable, year-round housing for service workers. The interest-only loan was structured under Red Oak’s Core-Plus Bridge Loan Program and carries a two-year initial term and a loan-to-servicing value of 55.2 percent. David Christensen of Red Oak originated the loan, with underwriting led by Thomas Gorski and loan administration by James Myatt. Deryl Deese of Tauro Capital Advisors arranged the financing on behalf of the borrower, a subsidiary of value-add investment firm McKinney Capital.

May 28, 2025

Acquisitions California Multifamily Western

Marcus & Millichap Brokers Sale of Cypress Villa Apartment Property in Covina, California

by Amy Works May 28, 2025

COVINA, CALIF. — Marcus & Millichap has arranged the sale of Cypress Villa, a multifamily community at 19529 E. Cypress St. in Covina. Forgette Family Trust sold the asset to SRI Properties LLC for $2.8 million. Built in 1984, Cypress Villa offers 11 two-bedroom/one-bath units with central air conditioning and heat, two parking spaces per unit and access to an onsite laundry room. Additionally, each unit is individually metered for gas and electricity. Douglas McCauley and David Covarrubias of Marcus & Millichap represented the seller and procured the buyer in the deal.

May 28, 2025

California Development Industrial Western

Outrigger Industrial, MetLife Investment to Develop Kennedy Logistics Center in Oakland

by Amy Works May 27, 2025

OAKLAND, CALIF. — Outrigger Industrial, in partnership with MetLife Investment, has unveiled plans to redevelop a property at 727 Kennedy St. in Oakland into Kennedy Logistics Center. Construction is slated to begin in third-quarter 2025 with a completion date of second-quarter 2026. The initial phase of construction involves the reduction of the existing building footprint by 57,000 square feet to allow for loading dock reconfiguration — 30 new dock-high positions along with a 130-foot truck court. The 177,000-square-foot upgraded building will include numerous structural re-enforcements and visual enhancements, including new structural columns, a clear height of 32 feet, updating existing building systems to meet current codes compliance and creating a dedicated office space. The building is located immediately adjacent to the Interstate 880 between Port of Oakland and OAK Airport.

May 27, 2025

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