Western

Joint Venture Acquires 208,000 SF Office, Retail Building on Hollywood’s Walk of Fame

by Amy Works March 8, 2023

LOS ANGELES — A joint venture between Kairos Investment Management Co. (KIMC) and Harbor Associates has purchased 6922 Hollywood Boulevard, a 12-story office and retail property in the Hollywood neighborhood of Los Angeles. Terms of the transaction were not released. Situated at the intersection of North Orange Drive and Hollywood Boulevard, the 208,000-square-foot building features 37,000 square feet of ground-floor retail space and an underground and adjacent five-story parking garages. Retail tenants include Wahlburgers, CaboWabo, US Bank and Line Friends. The Trail Park Group occupies the top three floors of office space. The joint venture plans to implement site and façade improvements and update vacant office space with a goal of reaching 85 percent to 90 percent occupancy by the end of 2025.

March 8, 2023

Affordable Housing California Development Multifamily Western

Meta Housing, The People Concern Complete 82-Unit LAMP Lodge Affordable Apartments in Los Angeles

by Amy Works March 8, 2023

LOS ANGELES — Meta Housing Corp., in partnership with The People Concern, has opened LAMP Lodge, an affordable housing community in downtown Los Angeles’ Skid Row neighborhood. Located at 656-660 Stanford Ave., the 82-unit property will provide affordable and accessible housing to individuals and families who have faced the challenge of homelessness. Meta Housing assembled the capital and managed ground-up construction of the property. The project included the demolition of an existing 50-unit building and the development of the LAMP Lodge, which features a central courtyard, community room, garden boxes, modern security system, laundry facilities and accessible units and features. The People Concern will provide ongoing supportive services to tenants at the property. The redevelopment team included Los Angeles County’s Housing Authority, Department of Mental Health and Department of Health Services; the California Department of Housing and Community Development; and the City of Los Angeles’ Housing Department and Housing Authority. Funding was provided by Federal Home Loan Bank of San Francisco, J.P. Morgan Chase Bank, Boston Financial Investment Management and the California Tax Credit Allocation Committee. KFA Architecture served as architect for the project.

March 8, 2023

Affordable Housing California Loans Multifamily Western

JLL Arranges $10.5M Refinancing for Park Place at Jordan Downs Affordable Community in Los Angeles

by Amy Works March 8, 2023

LOS ANGELES — JLL Capital Markets has arranged a $10.5 million construction takeout refinancing for Park Place at Jordan Downs, an affordable multifamily project in Los Angeles. The borrower is BRIDGE Housing Corp. Anson Snyder led the JLL Capital Markets Debt Advisory team to secure the 17-year, fixed-rate Fannie Mae loan. JLL Real Estate Capital, a Fannie Mae DUS lender, will service the loan. Built in 2022, Park Place features 80 apartments that are both rent- and income-restricted at 30 percent, 40 percent, 50 percent, 60 percent and 80 percent of area median income. The property is part of the Housing Authority of the City of Los Angeles’ multibillion-dollar plan to redevelop the Jordan Downs public housing community. Upon completion, the entire development will have nearly 1,600 affordable and market-rate apartments. The complex will also include more than 150,000 square feet of commercial space, a large community center and several public parks. Park Place at Jordan Downs is located at 2062 E. 99th Place in the Watts neighborhood of southeast Los Angeles.

March 8, 2023

Acquisitions Colorado Retail Western

Cushman & Wakefield Brokers Purchase of 9,100 SF Retail Building in Northern Colorado

by Amy Works March 8, 2023

WELLINGTON, COLO. — Cushman & Wakefield has arranged the acquisition of a single-tenant freestanding retail property located at 7590 Fifth St. in Wellington. A joint venture between Stover LLC, Cheyenne I LLC, Cheyenne II LLC and Meldrum LLC acquired the asset from Wellington CO DG LLC for $2.5 million. Dollar General occupies the 9,100-square-foot building, which was built in 2021. Jared Goodman and Anne Spry of Cushman & Wakefield represented the buyer, while John Wertz of Wertz Real Estate & Investment Services represented the seller in the deal.

March 8, 2023

44-01-Northern-Boulevard-Cantor Fitzgerald

Acquisitions Colorado Net Lease Restaurant Retail Western

Blue West Capital Negotiates $2.7M Sale of Starbucks-Occupied Building in Centennial, Colorado

by Amy Works March 8, 2023

CENTENNIAL, COLO. — Blue West Capital has brokered the sale of a single-tenant retail property, located at 20201 E. Smoky Hill Road in Centennial. A Colorado-based real estate investment company sold the asset to a Colorado-based family for $2.7 million. Starbucks Coffee occupies the newly constructed building on a net-lease basis. Tom Ethington of Blue West Capital represented the seller in the transaction.

March 8, 2023

California Market Reports Multifamily Western Western Market Reports

Orange County’s Multifamily Sector Remains Highly Sought After By Investors

by Jeff Shaw March 8, 2023

— By Shane Shafer, Managing Director, Northmarq — Orange County remains a highly desirable market for multifamily investors — and for good reason. It’s a flight-to-quality market with a strong employment base and continued expectations of future job growth. This drives demand for rental units and pushes rent growth and occupancy. Add to that a severe shortage of rental housing supply, more would-be homebuyers remaining renter, and Orange County’s affordability compared with other Southern California markets, and it points to a robust investor market. The employment market continues to show signs of growth and resurgence, adding 73,000 jobs in 2022. Unemployment is an extremely low 2.5 percent. Orange County is long known for its tech startups, tourism and hospitality sectors, though healthcare and bioscience are expanding here as well. For example, Washington-based health system Providence is investing $712 million in Orange County to build two new multi-specialty medical centers and a new patient care tower for Providence Mission Hospital. The centers will be in San Clemente and Rancho Mission Viejo. This strong job market gives multifamily investors confidence in their expected returns as they aggressively pursue assets when they hit the market. Central OC Leads in Rental Gains Central Orange County experienced a …

March 8, 2023

Acquisitions California Industrial Western

Dunleer Sells Outdoor Storage Building in Santa Ana, California for $10.5M

by Amy Works March 7, 2023

SANTA ANA, CALIF. — Dunleer, a Los Angeles-based private real estate investment and development firm, has completed the disposition of a 2.5-acre industrial outdoor storage parcel that includes a single-story building, located at 4404 W. First St. in Santa Ana. The City of Santa Ana acquired the asset for $10.5 million and plans to use the property for city-related public services. The property features a fenced and secured yard area, a 3,900-square-foot building and quick access to interstates 5 and 405. Keith Greer, Ben Seybold, Sean Ward and Joshua Samuels of CBRE represented Dunleer, while the buyer was self-represented in the transaction.

March 7, 2023

Acquisitions California Restaurant Retail Western

Covenant Real Estate Group Divests of Two-Tenant Retail Pad in Roseville, California

by Amy Works March 7, 2023

ROSEVILLE, CALIF. — Irvine-based Covenant Real Estate Group has completed the sale of a newly constructed, two-tenant retail pad at Freedom Point Plaza in Roseville. A Stockton-based private investor acquired the asset for $4 million. Chipotlane, a Chipotle digital order drive-thru location, and Roku Sushi occupy the 4,808-square-foot building, which is located at 4200 Thrive Drive. Tenants at Freedom Point Plaza include TopGolf and Living Spaces. Jeff Lefko and Bill Asher of Hanley Investment Group Real Estate Advisors represented the seller, while Scott Pesch of Eureka-based CB Commercial Pacific Partners represented the buyer in the transaction.

March 7, 2023

Acquisitions Colorado Net Lease Retail Western

RealSource Brokers $3.1M Sale of Grease Monkey-Occupied Retail Property in Monument, Colorado

by Amy Works March 7, 2023

MONUMENT, COLO. — RealSource Group has arranged the sale of a single-tenant retail building located at 213 W. Highway 105 in Monument, approximately 50 miles south of Denver. A Monument-based private investor sold the asset to a Houston-based private real estate investment firm for $3.1 million. Oil change service provider Grease Monkey occupies the 5,309-square-foot building, which was built in 1995 and renovated in 2007. The tenant recently signed a 10-year initial lease with 10 percent rental increases every five years. Austin Blodgett and Jonathan Schiffer of RealSource, along with ParaSell Inc., represented the seller in the deal.

March 7, 2023

Acquisitions Colorado Industrial Western

Newmark Negotiates $1.8M Sale of Valet Living Industrial Building in Aurora, Colorado

by Amy Works March 7, 2023

AURORA, COLO. — Newmark has arranged the sale of Valet Living, an industrial property located at 15761 E. Centretech Parkway in Aurora. Brandev LLC sold the building to TenBar Inc. for $1.8 million. The asset features 10,048 square feet of industrial space. Chris Nordling of Newmark represented the seller, while Unique Properties represented the buyer in the transaction.

March 7, 2023

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