California

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

by Jeff Shaw January 26, 2024

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

January 26, 2024

Montbello-Industrial-Portfolio-Denver-CO

Acquisitions Arizona California Colorado Florida Industrial Western

Stockbridge Capital Sells 1.7 MSF Project RedHawk Industrial Portfolio

by Amy Works January 25, 2024

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, …

January 25, 2024

Acquisitions California Office Retail Western

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

by Amy Works January 25, 2024

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.

January 25, 2024

7975-7977-8001-Melrose-Ave-Los-Angeles-CA

Acquisitions California Retail Western

Quiet Lion Divests of Two Retail Properties in Los Angeles for $6.8M

by Amy Works January 25, 2024

LOS ANGELES — Kennedy Wilson Brokerage, a division of Kennedy-Wilson Properties, has arranged the sale of two retail properties on the northwest and northeast corners of Melrose and Edinburgh avenues in Los Angeles. Quiet Lion LP sold the two assets, which represent three buildings on two parcels, in two separate transactions totaling $6.8 million. Oh Polly, a fashion brand, acquired a vacant, 3,355-square-foot, single-tenant building at 8001 Melrose Ave. with plans to occupy the asset. A local investor acquired the 2,442-square-foot asset at 7975-7977 Melrose Ave., which also included a 625-square-foot building at 710 N. Edinburgh Ave., with plans to operate the properties as a leased investment. MOSCOT and Vettese Studios, a clothier, occupies the property at 7975-7977 Melrose Ave., and Community Goods, a neighborhood coffee shop, occupies the building at 710 N. Edinburgh Ave. Ed Sachse, Jaysen Chiaramonte and Jack Nathan of Kennedy Wilson Brokerage represented the seller in both transactions.

January 25, 2024

Acquisitions California Multifamily Western

CBRE Arranges $2.2M Acquisition of Multifamily Building in Palm Desert, California

by Amy Works January 25, 2024

PALM DESERT, CALIF. — CBRE has brokered the purchase of an apartment property located at 73435 San Gorgonio Way in the Coachella Valley city of Palm Desert. A Los Angeles-based private investor acquired the asset from an undisclosed seller for $2.2 million, or $264 per square foot, in an off-market transaction. Dan Blackwell and Andrew Boukather of CBRE represented the buyer in the deal. Built in 1988, the two-story, 8,360-square-foot building offers 10 two-bedroom apartments with a patios or balconies, a community pool and garage parking.

January 25, 2024

Acquisitions California Multifamily Western

HGIT Acquires 249-Unit Hanover Diridon Apartments in San Jose, California

by Amy Works January 24, 2024

SAN JOSE, CALIF. — Hines Global Income Trust (HCIT) has purchased Hanover Diridon, a Class A multifamily property in San Jose. The buyer plans to rebrand the asset at Diridon West. Located at 715 W. Julian St., the seven-story property features 249 apartments in a mix of studios, one-bedroom and two-bedroom layouts with luxury finishes. Community amenities include a pool with cabanas, rooftop sky deck with cityscape views, fitness center, dog spa, an indoor/outdoor clubhouse and below-grade parking. Developed in 2021, the property is currently 95 percent leased. Terms of the transaction were not released.

January 24, 2024

Acquisitions California Retail Western

Unilev Capital Sells 151,709 SF Tri-City Retail Center in San Bernardino, California for $24.3M

by Amy Works January 24, 2024

SAN BERNARDINO, CALIF. — Unilev Capital has completed the sale of Tri-City Center, a shopping center in San Bernardino, to DPI Retail for $24.3 million. Built in 1987, the 151,709-square-foot property was fully occupied at the time of sale. Current tenants include 24 Hour Fitness, Curacao, Pollo Campero, Poke Bar, Barber, Cantos Jewelers and Pet World. Bryan Ley and Tim Kuruzar of JLL Retail Capital Markets represented the seller in the transaction.

January 24, 2024

California Development Industrial Western

Tejon Ranch Co. Breaks Ground on 700,000 SF Nestlé USA Distribution Center in California

by Amy Works January 24, 2024

TEJON RANCH, CALIF. — Tejon Ranch Co. has begun construction on a distribution center for Nestlé USA Inc., the world’s largest food and beverage company. The development is located on 58 acres of Tejon Ranch Commerce Center (TRCC) in Tejon Ranch, approximately 100 miles northwest of Los Angeles. The multi-story, 700,000-square-foot building will be fully automated to serve Nestlé’s portfolio and designed to support future growth and expansion plans. No official opening date has been announced, but Nestlé is targeting 2025 for initial completion of construction and 2026 for commencement of operations. TRCC represents more than 2.5 million square feet of industrial space either under construction or completed. Mac Hewett, Mike McCrary and Brent Weirick of JLL represented Tejon Ranch Co. in the 58-acre land sale transaction.

January 24, 2024

Acquisitions California Industrial Western

BLP Acquires 57,671 SF Logistics Facility in Compton, California

by Amy Works January 24, 2024

COMPTON, CALIF. — Bridge Logistics Properties (BLP) has purchased an infill, last-mile logistics facility in Compton, just south of Los Angeles. Terms of the transaction were not released. Located at 1215 W. Walnut St., the 57,671-square-foot, rear-load warehouse features 25-foot clear heights, eight dock-high positions, a secured truck court and 83 parking spaces. The property is fully leased through June 2025. The asset is located adjacent to the 91 Freeway in Compton, with connectivity to the ports of Los Angeles and Long Beach, Los Angeles International Airport and downtown Los Angeles. Rob Flores and Brian Held of CBRE represented BLP in the deal.

January 24, 2024

Acquisitions California Florida Retail Western

CBRE Arranges Sales of Nine Big Lots Retail Locations in California, Florida for $50.7M

by Amy Works January 23, 2024

LOS ANGELES — CBRE has brokered the sales of nine individual Big Lots-occupied retail properties to two buyer. Alex Kozakov and Patrick Wade of CBRE represented the seller, a large institutional investor, in the transactions. Robhana Group acquired four properties, totaling 117,494 square feet, for $23.6 million. The assets are: Reliable Properties purchased five locations, totaling 125,439 square feet, for $27.1 million. The properties are: The retail locations were part of a 25-property sale-leaseback portfolio acquired by a large institutional investor in 2023 with Kozakov and Wade representing the seller, Big Lots, in that transaction.

January 23, 2024

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