Western

MCA Realty Buys 40,000 SF Multi-Tenant Industrial Building in San Francisco

by Amy Works March 26, 2025

SAN FRANCISCO — MCA Realty has acquired a multi-tenant industrial building located at 1555 Burke Ave. in San Francisco for $11 million. The firm purchased the building with its MCA Realty Industrial Growth Fund II from a San Francisco-based private investor in an off-market transaction. MCA Realty plans to implement a capital improvement program at the 40,000-square-foot building. Planned exterior upgrades include new paint, concrete repairs, roof overlay, modern landscaping, identity signage and exterior fencing. Interior improvements include office refreshes, new carpet/ceiling tiles and bathroom fixtures, LED lighting, painting and insulation of the warehouse. The building features 16 condominium units featuring 18-foot clear heights, grade-level loading, well-designed ingress/egress and efficient warehouse and office layouts. At the time of sale, the property was 94 percent leased to 15 tenants. Jim Farris of JMF Capital represented the buyer, while Karl Hansen of CBRE represented the seller in the deal.

March 26, 2025

Phase-II-Rose-Hill-Courts-Los-Angeles-CA

Affordable Housing California Development Multifamily Western

R.D. Olson Construction Breaks Ground on $57.8M Phase II of Affordable Housing Project in Los Angeles

by Amy Works March 25, 2025

LOS ANGELES — R.D. Olson Construction, in partnership with Related California Properties and the Housing Authority of the City of Los Angeles, has started construction on Phase II of Rose Hill Courts. The $57.8 million project builds on the success of Phase I, which was completed in 2023. Located at 3521 N. McKenzie Ave., Phase II of Rose Hill Courts will feature seven apartment buildings ranging from two to three stories with basements, totaling 96 affordable housing units. Additionally, the new development will feature a community building dedicated to resident gatherings and events, an outdoor playground and a basketball court. The project will also offer tuck-under parking on five of residential buildings. The total development will space a total of 115,406 square feet of gross building area across a 150,400-square-foot site. Slated for completion in 2027, the project will generate more than 400 construction jobs. Partners on the project include the Housing Authority of the City of Los Angeles, Related California Properties, BSB Design (formerly Withee Malcolm Architects) and AMJ Construction Management.

March 25, 2025

Acquisitions California Multifamily Western

Brixton Capital Sells 227-Unit Apartment Community in Moreno Valley, California

by Amy Works March 25, 2025

MORENO VALLEY, CALIF. — Brixton Capital has completed the disposition of Elevate at Towngate, a multifamily property in Moreno Valley. San Francisco-based FPA Multifamily acquired the asset for $41 million. Brixton Capital originally acquired the property in December 2017 for $28 million, rebranded and renovated the asset. Built in 1973, Elevate at Towngate offers 227 units spread across seven residential buildings. The one-, two- and three-bedroom apartments range from 590 square feet to 1,224 square feet. Chelsea Jervis, CJ Angle and Blake Rodgers of JLL represented Brixton, while the buyer was self-represented in the deal.

March 25, 2025

Acquisitions Industrial Washington Western

Kennedy Wilson Buys 204,458 SF Auburn Park 44 Distribution Facility in Metro Seattle

by Amy Works March 25, 2025

AUBURN, WASH. — Kennedy Wilson has acquired Auburn Park 44, a multi-tenant industrial and distribution building on more than 9 acres in Auburn, a suburb 30 miles south of Seattle. A global investor advisor sold the property for an undisclosed price. Located at 814 44th St., the 204,458-square-foot Auburn Park 44 features 24-foot to 30-foot clear heights, ESFR sprinklers, heavy power, ample dock-high and grade-level loading and abundant auto parking. Jeff Chiate, Matthew Leupold, Bryce Aberg, Rick Ellison and Aubrie Monahan of Cushman & Wakefield’s National Industrial Group – West represented the seller in the deal. Cushman & Wakefield’s Patrick Mullin and CBRE’s Andrew Hitchcock provided local leasing advisory in the transaction. Keith Padien and Max Schafer of Cushman & Wakefield Equity, Debt & Structured Finance arranged acquisition financing for Kennedy Wilson.

March 25, 2025

Acquisitions California Office Retail Western

NorthStar Homes Acquires Canon Street Marina Center in San Diego for $8.2M

by Amy Works March 25, 2025

SAN DIEGO — NorthStar Homes has purchased Canon Street Marina Center, a retail and office center in San Diego’s Point Loma Village submarket, from Canon Street Properties for $8.2 million. The transaction includes two adjacent properties located at 2810-2832 Cañon St. and and 1101-1111 Scott St. At the time of sale, the property was fully leased to nine tenants. Kyle Clark of Intersection CRE represented the seller, while Joe Virgilio of Strom Commercial represented the buyer in the deal.

March 25, 2025

Acquisitions California Retail Western

Marcus & Millichap Negotiates Sale of Atlantic & Slauson Shopping Center in Maywood, California

by Amy Works March 25, 2025

MAYWOOD, CALIF. — Marcus & Millichap has arranged the sale of Atlantic & Slauson Shopping Center in Maywood. A private seller sold the asset to a private investor for undisclosed price. The 17,610-square-foot Atlantic & Slauson Shopping Center is located at 5900 Atlantic Blvd. Ron Duong of Marcus & Millichap represented the seller and buyer in the deal.

March 25, 2025

California Market Reports Western Western Market Reports

Demand, Rents Rise in Orange County’s Apartment Market

by John Nelson March 25, 2025

— By Shane Shafer of Northmarq — The Orange County apartment market is one of the most dynamic and sought-after real estate sectors in Southern California. Known for its beautiful beaches, high quality of life, and proximity to major job centers like Los Angeles and San Diego, Orange County has become a prime location for renters. As of 2025, the apartment market in the area is marked by a blend of high demand, rising rents, and an evolving landscape shaped by both economic and demographic trends. The demand for apartments in Orange County has been consistently strong in recent years. This is driven by both local and regional factors. The county’s thriving economy — bolstered by sectors like technology, healthcare, tourism and finance — provides ample job opportunities, making it an attractive place for workers from across the state and beyond. This influx of talent, combined with a relatively low housing supply, has kept rental demand high, particularly in areas near major employment hubs, such as Irvine, Costa Mesa and Anaheim. The region’s high desirability keeps apartment vacancies generally low, with occupancy rates often nearing or surpassing 95 percent. New construction, while robust, has not fully kept pace with the …

March 25, 2025

California Market Reports Restaurant Retail Western Western Market Reports

Orange County’s Retail Investment Sales Market Is in the Black

by John Nelson March 25, 2025

— By John Read of CBRE Retail Investment Properties-West — The expression “in the black” signifies financial health, a positive outlook, investment opportunities and growth. It’s a phrase that’s resonating strongly with investors, as Orange County’s thriving retail fundamentals spur robust demand for investment properties. Despite ongoing capital market volatility and fluctuating interest rates, Orange County remains a prime target for retail property investors. The county’s strong retail property fundamentals is driven by its diverse, affluent and highly educated population. The average household income in Orange County exceeds $157,000, with more than 46 percent of residents holding a bachelor’s degree or higher. It also boasts a low unemployment rate of 3.8 percent. Retail property fundamentals concluded the fourth quarter of 2024 with a county-wide availability rate of 3.8 percent, down from the previous quarter. This reduction was fueled by sustained demand, limited inventory, minimal future supply, 547,000 square feet of positive net absorption and an average asking rent of $2.57 per square foot, a $0.13 increase from the prior year. These positive trends, combined with limited new retail property construction (only 190,000 square feet of supply, representing 0.1 percent of existing inventory and the lowest share among the nation’s 40 …

March 25, 2025

David Leopold Berkadia Section 8 housing quote from article

Affordable Housing Content Partner Features Midwest Multifamily Northeast Southeast Texas Western

Invest in Stability: Section 8 Housing Offers Strong Returns and Community Impact

by Sarah Daniels March 25, 2025

By David Leopold, SVP, Head of Affordable Housing, Berkadia In today’s shifting real estate landscape, investors increasingly prioritize stability and long-term value. One sector that has consistently demonstrated stability is affordable housing — particularly Section 8 properties backed by the U.S. Department of Housing and Urban Development (HUD). With guaranteed rental income and high demand, Section 8 housing has become an attractive investment vehicle for those looking to diversify their portfolios while contributing to the critical need for affordable housing. As part of this trend, in 2024 Berkadia financed $837 million and sold more than $172 million in Section 8 properties, including the sale and financing of Lauderhill Point, a Section 8 affordable housing community in Fort Lauderdale, Fla. This arrangement underpins the firm’s affordable housing expertise, employing production leaders with an average of 25 years in the sector. For investors exploring opportunities in affordable housing, success depends on understanding the unique benefits and requirements of Section 8 properties. Section 8 Housing as a Safe Haven The largest federal subsidized housing program in the United States, project-based Section 8 provides financial assistance to millions of households across the country, making it a steady source of demand that can give …

March 25, 2025

Affordable Housing California Development Multifamily Seniors Housing Western

USA Properties Fund, Pinyon Group Open $21M Affordable Age-Restricted Property in Carlsbad, California

by Amy Works March 24, 2025

CARLSBAD, CALIF. — Roseville, Calif.-based USA Properties Fund and Los Angeles-based The Pinyon Group have opened Vintage at Marja Acres, an affordable age-restricted community in Carlsbad. Located at 4660 Garden Hill Loop, Vintage at Marja Acres offers 47 apartments, a community room, wellness/health center and onsite laundry. The one-bedroom apartments feature energy-efficient appliances and light fixtures, and low-flow faucets, showers and toilets. The units are designated for residents at least 55 years old who earn 30 percent to 60 percent of the area median income for San Diego County, Calif. Vintage at Marja Acres is a public-private partnership that includes the City of Carlsbad, Riverside Charitable Corp. and WNC Inc. JPMorgan Chase is the construction and permanent lender for the $21 million project. IHP Capital Partners and KB Homes are also partners on the project, which is in infill community that is named after a former longtime nursery on the property.

March 24, 2025

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