California

Hanley Negotiates $2.9M Sale of Single-Tenant Chase Bank Branch in Bakersfield, California

by Hayden Spiess February 21, 2024

BAKERSFIELD, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the $2.9 million sale of a 3,576-square-foot, single-tenant property in Bakersfield, approximately 130 miles north of Los Angeles. Chase Bank occupies the building, which was constructed in 2022 on a 0.9-acre pad, on a triple-net-lease basis. Bill Asher and Jeff Lefko of Hanley represented the seller, a local private investor, in the transaction. Greg Bedell and Lance Mordachini of Progressive Real Estate Partners represented the buyer. The property is situated adjacent to a shopping center that is leased to tenants including In-Shape, PetSmart, Banfield Pet Hospital, Domino’s Pizza, Goodwill and U.S. Bank.

February 21, 2024

California Development Multifamily Top Stories Western

Kennedy Wilson Nears Completion of 579-Unit Anacapa Canyon Multifamily Project in Camarillo, California

by Taylor Williams February 21, 2024

CAMARILLO, CALIF. — Global investment and development firm Kennedy Wilson (NYSE: KW) is nearing completion of Anacapa Canyon, a 579-unit multifamily project in the Southern California community of Camarillo. Anacapa Canyon, a 32-acre master-planned development, consists of 310 market-rate apartments, 109 for-sale, single-family homes and 170 income-restricted apartments for senior citizens. The first move-ins are underway, and full completion of the project is slated for the third quarter. Kennedy Wilson developed Anacapa Canyon in a public-private partnership with California State University Channel Islands (CSUCI) and partnered with Comstock Homes, as well as Hearthstone, on the single-family home component of the development. The affordable seniors housing units are fully preleased to qualified renters. The firm also developed various pieces of infrastructure in conjunction with the apartments, which Kennedy Wilson owns in their entirety. Residential amenities at Anacapa Canyon include multiple pools with an accompanying spa, a community garden, game room, event lounge, fitness center, dog parks and various open green spaces and pocket parks. “We are encouraged by the early interest in both leasing and home sales at Anacapa Canyon, which is a testament to the inclusive community we have created, its unique offerings and the continued demand for high-quality homes …

February 21, 2024

California Industrial Leasing Activity Western

Stream Arranges 142,556 SF Industrial Lease in Ontario, California

by Hayden Spiess February 20, 2024

ONTARIO, CALIF. — Stream Realty Partners has arranged a 142,556-square-foot industrial lease in Ontario, in the Inland Empire West submarket of California. Commercial glass sourcing business H Global Commerce Inc. will fully occupy 5401 E. Jurupa St. beginning in March. Amenities at the property include a fully secured trucking and storage yard and 52 trailer parking spaces. The freestanding building is scheduled for renovation within the first quarter of this year. Stefan Pastor and Brad Yates of Stream represented the landlord in the lease negotiations. Andrew Chaffee, Wes Jones and James Toomarian of CBRE represented H Global.

February 20, 2024

California Loans Multifamily Western

Berkadia Arranges $44.5M Refinancing for Fountains of Fair Oaks Multifamily Property in California

by Amy Works February 19, 2024

FAIR OAKS, CALIF. — Berkadia has arranged $44.5 million in refinancing for The Fountains of Fair Oaks, a garden-style apartment property in Fair Oaks, a suburb east of Sacramento. The borrower is The Ezralow Co. Allan Freedman of Berkadia Los Angeles secured the five-year loan, which features five years of interest-only payments, through Freddie Mac. Located at 4800 Sunset Terrace, The Fountains of Fair Oaks features 270 units with electric heaters, hardwood-inspired flooring, contemporary cabinets, patios or balconies, stainless steel appliances, high-speed internet access, microwaves and central heating and air conditioning. Select units offer closets, fireplaces, washers/dryers and storage on the patios. Community amenities include a clubhouse, spa, fitness center, bike rooms, a basketball court, tennis court, 24-hour parcel room, large decks with barbecues and a fire pit, a lounge, 24/7 resident payment portal, gardens with courtyards, a courtesy patrol, business center, controlled access and six laundry facilities. The pet-friendly community was built in 1976 and fully renovated in 2012.

February 19, 2024

California Development Multifamily Student Housing Top Stories Western

Landmark Properties Breaks Ground on 1,284-Bed The Standard at Los Angeles Student Housing Community Near USC

by Kristin Harlow February 19, 2024

LOS ANGELES — Landmark Properties has broken ground on The Standard at Los Angeles, a 1,284-bed student housing community located a few blocks south of the University of Southern California (USC) campus. The mid-rise apartment building will include the construction of 1,236 beds across 429 units, as well as the renovation of five existing townhomes that will comprise 48 beds. Landmark Construction, the in-house general contractor for Landmark Properties, is managing construction. HED designed the project. The property is slated to open in August 2026. Situated at the east side of the 160-acre Exposition Park, The Standard at Los Angeles will include a mix of floor plans ranging from studios to five-bedroom units. Residences will be fully wired for high-speed internet. Landmark says the amenity package at The Standard at Los Angeles will be one of the largest by square footage within its portfolio. Residents will have access to more than 60,000 square feet of indoor and outdoor amenity spaces. The rooftop will include a resort-style pool with a sun deck, Jumbotron and outdoor grilling stations. The clubhouse spaces will be anchored by a rooftop clubroom adjoining the 24-hour fitness center. Students will have access to multiple study lounges as …

February 19, 2024

Acquisitions California Multifamily Western

Greystar Sells 135-Unit Cobalt Apartments in Los Angeles to Helio Group

by Amy Works February 16, 2024

LOS ANGELES — Greystar has completed the disposition of Cobalt Apartments, a multifamily community in the West Los Angeles-Culver City area of Los Angeles. The acquisition price was not released. Kevin Green, Joseph Grabiec and Gregory Harris of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer, Hello Group, in the deal. Built in 2019, Cobalt Apartments offers 135 units with stackable washers/dryers, stainless steel appliances and vinyl-plank flooring. Select units have large private patios or balconies, walk-in closets and linen closets. Community amenities include a clubhouse, fitness center, heated pool and spa, two open-air lounges, gated covered parking and bike storage.

February 16, 2024

Acquisitions California Retail Western

Newmark Brokers Sale of Fox Village Theatre in Los Angeles

by Amy Works February 16, 2024

LOS ANGELES — Newmark has arranged the sale of Fox Village Theatre at 945 Broxton Ave. and 10959 Weyburn Ave. in Los Angeles’ Westwood Village. Terms of the transaction were not released. Built in 1929, Fox Village Theatre had its original grand opening in 1931. Designed by Percy Park Lewis, Fox Village Theatre spans a combined building area of 24,099 square feet, including a 17,155-square-foot operating theatre and 6,944 square feet of retail space that includes a 3,088-square-foot Starbucks Coffee. The property also features a 170-foot tower. At the time of sale, the asset was 84 percent occupied. Steven Salas, Bill Bauman and Kyle Miller of Newmark represented the undisclosed sellers in the deal.

February 16, 2024

Acquisitions California Loans Retail Western

Gantry Arranges $12.8M Acquisition Loan for Grocery-Anchored Retail Property in Riverside, California

by Amy Works February 14, 2024

RIVERSIDE, CALIF. — Gantry has arranged a $12.8 million permanent loan to fund the recapitalization of a grocery-anchored retail building within the Citrus Landing retail center in the Inland Empire city of Riverside. Stater Bros, AutoZone and Ross Dress for Less are tenants at the 99,000-square-foot retail center, which is located at 7200 Arlington Ave. Braden Turnbull, George Mitsanas and Austin Ridge of Gantry’s Los Angeles production office secured the financing on behalf of the borrower, a private real estate entity. One of Gantry’s correspondent life company lenders provided the loan, which features a fixed rate, interest-only payments and pre-payment flexibility in years four and five.

February 14, 2024

California Civic Development Mixed-Use Student Housing Top Stories Western

Greystar Delivers $282M Student Housing Development at UC Law in Downtown San Francisco

by John Nelson February 13, 2024

SAN FRANCISCO — Real estate development firm Greystar has delivered Academe at 198, a $282 million student housing property in downtown San Francisco. Located at 198 McAllister St. in the city’s Civic Center district, the mixed-use property is Phase I of the Academic Village expansion at UC Law San Francisco, formerly known as UC Hastings College of the Law. Academe at 198 spans 14 stories and features 656 units (667 beds) for students at UC Law SF, as well as faculty and staff. The property website also says students from nearby University of California San Francisco, San Francisco State University, University of San Francisco and University of the Pacific Dugoni School of Dentistry can apply for housing. The units come in a variety of layouts: efficiency (232 square feet); studio (275 square feet); one-bedroom (397 square feet); and two-bedroom (568 square feet). Monthly rental rates begin at $1,850 for an efficiency apartment, which is below market rates, according to the property website. In addition to housing, the 365,000-square-foot property includes 43,000 square feet of office and academic space that is leased and operated by UC Law, including an incubator space for start-up tech firms that doubles as event space called LexLab. …

February 13, 2024

California Loans Multifamily Western

Northmarq Arranges $82M Refinancing for The Cartwright Apartment Complex in Irvine, California

by Amy Works February 12, 2024

IRVINE, CALIF. — Northmarq’s West Palm Beach debt and equity team of David Gahagan, Chris Hammel and Chandler Kaye has arranged an $82 million refinancing for The Cartwright, a multifamily property in the Orange County city of Irvine. The firm arranged financing on behalf of the first-time developer through a correspondent relationship with a life insurance company. The refinancing features a five-year term with interest-only payments for the full life of the loan. Built in 2021, The Cartwright features 272 affordable workforce apartments. The property is located at 17600 Cartwright Road.

February 12, 2024

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