Western

Bayview Arranges $13M in C-PACE Financing for Varenita of Simi Valley Seniors Housing Community in California

by Jeff Shaw March 15, 2023

SIMI VALLEY, CALIF. — Bayview PACE has arranged $13 million in Commercial Property Assessed Clean Energy (C-PACE) financing for the Varenita of Simi Valley seniors housing community in the Ventura County city of Simi Valley. The Class A property, which opened in February 2022, totals 97,000 square feet of space with 102 units of assisted living and memory care. Its location in the heart of Griffin Plaza, an active shopping center, provides opportunities for residents to explore and socialize in nearby retail shops and restaurants. The C-PACE loan is being utilized to pay down senior debt and provide cash-out proceeds to the borrower for future projects. The borrower, Griffin Living, is a privately owned development firm based in Calabasas. The financing features a 29-year term and a loan-to-value ratio of 24.4 percent. It is structured as a bridge refinancing.

March 15, 2023

Acquisitions California Industrial Self-Storage Utah Western

CBRE Investment Management Acquires Self-Storage Portfolio in Southern California, Utah

by Jeff Shaw March 15, 2023

LOS ANGELES — A fund sponsored by CBRE Investment Management has acquired a portfolio of 14 self-storage assets located in Southern California and Utah that totals 8,697 units. The fund now owns 100 self-storage properties across the U.S., totaling 55,477 units. The seller and price were not disclosed. The self-storage assets, which will operate under the StorQuest brand, are primarily single-story, drive-up units in the key infill markets of Los Angeles, the Inland Empire, San Diego and Salt Lake City. The portfolio includes a mix of indoor, climate-controlled units and outdoor units. The properties are currently 95 percent leased. Nick Walker of CBRE’s National Self Storage Advisory Group represented the seller in the transaction. Tom Traynor and James Millon of CBRE’s Large Loans division, along with Talonvest, arranged the financing in the transaction.

March 15, 2023

Acquisitions Colorado Multifamily Western

Pinnacle Brokers $6.5M Sale of 31-Unit Apartment Community in Denver

by Jeff Shaw March 15, 2023

DENVER — A California-based legacy real estate family has acquired the 31-unit multifamily property at 2444 S. York St. in Denver for $6.5 million. Mike Krebsbach and Kenny Clarke of Pinnacle Real Estate Advisors represented the buyer, and were able to secure an 18.35 percent discount, equating to a nearly $1.5 million price reduction, over the asset’s original listing price when it had gone under contract with another buyer. The buyer also assumed the seller’s low-leverage loan. The listing broker was Kyle Malnati of Calibrate Real Estate. The seller was not disclosed.

March 15, 2023

California Company News Multifamily Western

Sunrise Management to Operate The Warwick Apartments in San Diego

by Jeff Shaw March 15, 2023

SAN DIEGO — Sunrise Management has taken over operations of The Warwick, a newly renovated, Class A apartment community in San Diego’s Hillcrest neighborhood. Spectrum Partners recently acquired the luxury multifamily community for $37.4 million. The Warwick was converted from a hotel into apartments in 2017. The 80-unit community now includes a resort-style pool, sun deck with cabanas, fitness center, technology-enabled package lockers, enclosed dog run, LATCH keyless entry and outdoor social lounge.

March 15, 2023

Leasing Activity Retail Washington Western

Ulta, At Home Sign Leases Totaling 95,000 Square Feet at Everett Mall Redevelopment in Metro Seattle

by Jeff Shaw March 15, 2023

EVERETT, WASH. — Ulta Beauty and At Home Stores have signed leases totaling 95,000 square feet at Everett Mall, a property currently undergoing redevelopment in Everett, roughly 30 miles north of Seattle. Both retailers will open spaces within a building that formerly housed Sears. Existing tenant Ulta will occupy 10,000 square feet, with At Home leasing 85,000 square feet. Owner Brixton Capital purchased Everett Mall in 2017 and broke ground on the project earlier this year, which will comprise three phases of redevelopment. Bayley Construction is the general contractor, with MG2 providing architectural services. Mattis Partners represented Brixton in the lease negotiations. Real Retail represented At Home, and Northwest Retail Partners represented Ulta.

March 15, 2023

California Market Reports Office Western Western Market Reports

Orange County’s Office Market is on Divergent Paths as it Looks to Find Balance

by Jeff Shaw March 14, 2023

— Scott Wetzel, Executive Vice President, JLL — Tenants and debt remain the most important drivers of the Orange County office ecosystem — both having undergone major evolutions in recent history. Maybe unexpectedly, leasing velocity improved year over year, despite the never-ending drumbeat of a pending recession. Conversely, investment markets were much more cautious as debt cost spiked and investors pumped the brakes. Leasing From Bob Iger to Howard Schultz, prominent executives are voicing frustration over the state of the office market…and rightfully so. We watched the pendulum swing from end to end as office tenants went from fully “in office” pre-pandemic, to 100 percent remote for the better part of 2020 and 2021. Today, the national office usage rate still hovers around 50 percent, according to the most recent Kastle Systems report. Orange County reflects this national trend, meaning it’s stuck in the middle between in-office and in-home. Tenants are also on divergent paths as some seek quality, while others prioritize value. New Orange County office developments like Flight (Lincoln Property Company), Boardwalk (AEW) and Spectrum Terrace (the Irvine Company) are fully leased and have achieved premium rental rates, typically 70 percent-plus above average market lease rates. Large contiguous …

March 14, 2023

Colorado Development Multifamily Western

Legacy Partners, Griffin Capital Break Ground on 380-Unit Multifamily Development in Aurora, Colorado

by Jeff Shaw March 14, 2023

AURORA, COLO. — A joint venture between Legacy Partners and Griffin Capital has broken ground on Legacy Metro 525, a 380-unit apartment community in Aurora. The transit-oriented development will be adjacent to the Sable light rail station and near I-225 and Highway 83. Legacy Metro 525 will offer a mix of 380 studio to three-bedroom apartments, with an average unit size of 846 square feet. It is scheduled for completion near the end of 2025. Legacy and Griffin Capital closed on the construction financing with a loan from Poppy Bank of Santa Rosa, Calif. The developers purchased the site, located at 525 S. Dawson St. in southern Aurora, in September 2022. Cushman & Wakefield’s team of Wade Fletcher, Jim Capecelatro, and Mike Kboudi brokered the sale transaction.

March 14, 2023

California Development Industrial Loans Western

Lovett Industrial Receives $24.9M Construction Financing for Rialto, California Project

by Jeff Shaw March 14, 2023

RIALTO, CALIF. — Lovett Industrial has received $24.9 million in construction financing to develop Rialto II, a 114,115-square-foot, Class A industrial development in Rialto. Once completed, Rialto II will feature 36-foot clear heights, two grade-level doors, 12 dock-high doors, a 130-foot truck court and 90 parking stalls. The six-acre site is located at 1910 W. Renaissance Parkway. The three-year, fixed-rate loan is through American Realty Advisors. Peter Thompson, Samuel Godfrey and Jordan Leake led the JLL Capital Markets debt advisory team.

March 14, 2023

Acquisitions California Office Western

Buchanan Street Partners Sells Newport Beach Office Space for $20.4M

by Jeff Shaw March 14, 2023

NEWPORT BEACH, CALIF. — Buchanan Street Partners has sold a two-building, 42,697-square-foot office property to a private Newport Beach real estate firm for $20.4 million. Buchanan purchased the offices in 2020 for $11.5 million. Located at 1400 and 1420 Bristol St. N., the property was 22 percent leased at the time of sale. Buchanan had initially planned to carry out an adaptive reuse initiative at the property until the buyer, a residential developer, showed interest.

March 14, 2023

Acquisitions California Multifamily Western

Keller Williams Brokers $11.5M Sale of Glendon Apartments in West Los Angeles

by Jeff Shaw March 14, 2023

LOS ANGELES — Keller Williams Commercial has negotiated the sale of The Glendon, a 27-unit apartment building in the Palms submarket of West Los Angeles. Glendon LP acquired the asset for $11.5 million. Built in 1986, the community is located at 3724 Glendon Ave. Matthew Kanner of Keller Williams Commercial and president of the Kanner Group, represented both the buyer and the seller, JEB Properties, in this transaction. The closing cap rate was 3.84 percent, with price per unit of $427,778.

March 14, 2023

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