Western

Colliers Brokers $3.4M Sale of Apartment Building in Escondido, California

by Amy Works February 1, 2021

ESCONDIDO, CALIF. — Colliers International has arranged the sale of an apartment building located at 1015 E. Ohio Ave. in Escondido. Hama Investments acquired the property from Cunningham Family Trust for $3.4 million. The recently renovated, 9,472-square-foot property features 15 one-bedroom/one-bath units. Recent renovations included new windows, fencing, paint, landscaping and light fixtures. Unit interiors feature upgraded plank flooring, recessed lighting, upgraded kitchens, luxury gas ranges, new bathrooms, mirrored closet doors and designer two-tone interior paint. Peter Scepanovic and Corey McHenry of Colliers International San Diego Region’s Multifamily Advisory team represented the buyer, while Ray Adams of Cushman & Wakefield represented the seller in the deal.

February 1, 2021

Acquisitions California Retail Western

Laemmle Theatres Completes Sale-Leaseback of its Pasadena, California Location

by Amy Works February 1, 2021

PASADENA, CALIF. — Laemmle Theatres, a Los Angeles-based art-house cinema chain, has completed the sale-leaseback of Laemmle Playhouse 7 in Pasadena. Arash Danialifar of Los Angeles-based GD Realty Group acquired the property from Laemmle Theaters. The acquisition price was not released. The 22,897-square-foot property is located at 673 E. Colorado Blvd. in Old Pasadena in the Playhouse District. The Laemmel Playhouse 7 is available for auditorium rentals for private and public screenings or full-week engagements, and offers feature films, documentaries and shorts for viewing. Matthew May of May Realty Advisors represented the seller, while Carlos Lopez of Hanley Investment Group Real Estate Advisors represented the buyer in the transaction.

February 1, 2021

Multifamily Video Webinar Western

Webinar: What is the Outlook for the Affordable Housing Sector in the Western States?

by Sarah Daniels February 1, 2021

On January 27, Western Real Estate Business hosted “What is the Outlook for the Affordable Housing Sector in the Western States?” Register to hear how the leaders in the industry are coping with challenges from both a broker/lender perspective and a developer/owner perspective. How are experts in Western states addressing the affordable housing crisis? See below for a brief list of topics covered by each panel. Panel One: Broker/Lender Insight Investor appetite when it comes to affordable housing Current availability of capital for projects Critical factors in success 4% fixed floor impact FHA influence: loan rates and rules Panel Two: Developer Insight Biggest players in Western states Pandemic impact on existing affordable housing properties & plans for new development How can nonprofits pivot & adapt to changes with public funds? Foreclosures & rent forgiveness Register to listen to these two panels discuss the future of affordable and workforce housing. Webinar sponsors: KeyBank Real Estate Capital: Deep industry expertise allows KeyBank to bring valuable content and actionable ideas to their clients. They’re ready to help guide the clients’ business toward strategic goals through customized financial solutions. Colliers International: Colliers International is a leading diversified professional services and investment management company. With operations in 68 countries, their more than 15,000 …

February 1, 2021

Arizona Development Industrial Office Western

Graycor Completes 120,294 SSF Gilbert Spectrum V Flex Building in Arizona for Northrop Grumman

by Amy Works January 29, 2021

GILBERT, ARIZ. — On behalf of SunCap Property Group, Graycor Construction Co. has completed Gilbert Spectrum V, a flex office and industrial building located at 1715 W. Elliott Road in Gilbert. The two-story, 120,294-square-foot building adds to the expansion of Northrop Grumman’s multi-building satellite manufacturing campus in Gilbert. The building features 15-foot floor-to-floor elevations; state-of-the-art interior common areas and workspaces; and an outdoor employee amenity area with landscaping, shade canopies and seating. Additionally, the building offers a flagstone veneer exterior accented with steel canopies and 602 covered and surface parking spaces, including four electric vehicle charging stations. Graycor is completing Northrop Grumman’s interior build-out of Building V in two phases, with final delivery scheduled during first-quarter 2021. Balmer Architectural Group is serving as the building architect and Gensler is the tenant improvement architect. Bowman Consulting Group is serving as civil engineer. Gilbert Spectrum Building V is the latest property completed by SunCap and Graycor at the 63-acre Gilbert Spectrum Business Park. Already completed buildings include Northrop Grumman’s original 58,289-square-foot office building (delivered in 2017) and a 135,745-square-foot, 32-foot clear height manufacturing building leased to off-road vehicle supplier SDHQ Off Road, Pella Windows and disinfectant wipe manufacturer GPMI. At build out, …

January 29, 2021

Acquisitions Multifamily Washington Western

Bell Partners Acquires 160-Unit Modera Jackson Apartments in Seattle from Mill Creek Residential

by Amy Works January 29, 2021

SEATTLE — Bell Partners has purchased Modera Jackson, an apartment community located in Seattle. Acquired on the behalf of the firm’s Fund VII investors, the property will be renamed Bell Jackson Street. Boca Raton, Fla.-based Mill Creek Residential sold the asset for an undisclosed price. Situated in Seattle’s Central District, Bell Jackson Street features 160 apartments in a mix of studio, one- and two-bedroom layouts. Units offer keyless entries, programmable thermostats, stainless steel appliances, quartz countertops and vinyl plank flooring. Select apartments feature direct patio access, Juliet balconies and foyers for added privacy. Community amenities include a rooftop clubhouse with an adjustable deck, media and conference rooms, a fitness center, electric vehicle stalls and bike storage. Institutional Property Advisors (IPA), a division of Marcus & Millichap, brokered the transaction.

January 29, 2021

Affordable Housing California Development Multifamily Western

Community Corp., R.D. Olson Construction Break Ground on 73-Unit Affordable Housing Project in Santa Monica

by Amy Works January 29, 2021

SANTA MONICA, CALIF. — Developer Community Corp. of Santa Monica and general contractor R.D. Olson Construction have broken ground on Las Flores Santa Monica, a 94,000-square-foot affordable housing community in Santa Monica. The family-focused property is slated for completion in fall 2022. Las Flores Santa Monica will feature 35 one-bedroom, 19 two-bedroom and 19 three-bedroom apartments above a below-grade parking garage. Community amenities will include exterior decks and lounge areas, a playground, community laundry, community rooms, exterior walkways and landscaping. Designed by DE Architects, the property’s exterior façade will feature stucco with architectural metal panels. Located at 1834 14th St., the property is within walking distance of Santa Monica’s retail, dining and entertainment options, as well as Santa Monica College and Memorial Park.

January 29, 2021

Acquisitions California Healthcare Office Western

CBRE Brokers $3.8M Sale of Holt Medical Center in Southern California’s Inland Empire

by Amy Works January 29, 2021

MONTCLAIR, CALIF. — CBRE has arranged the sale of Holt Medical Center, a medical office property located in Montclair. A private investor in a 1031 exchange acquired the asset from an Orange County-based private investor for $3.8 million. Sammy Cemo, Anthony DeLorenzo, Gary Stache, Doug Mack, Bryan Johnson and John Oien of CBRE represented the seller, while an outside broker represented the buyer. Located at 5153 Holt Blvd., the 12,453-square-foot property was originally built in 2006. At the time of sale, the two-story building was fully occupied by seven tenants with a weighted average lease term remaining of 5.02 years.

January 29, 2021

Acquisitions California Retail Western

Progressive Real Estate Partners Negotiates $2.8M Sale of Shops at Fontana Square in Southern California

by Amy Works January 29, 2021

FONTANA, CALIF. — Progressive Real Estate Partners has arranged the sale of Shops at Fontana Square, an un-anchored, multi-tenant retail center in Fontana. An Arizona-based private investor sold the asset to a Southern California-based private investor for $2.8 million. Located at 17218 Foothill Blvd., the 7,194-square-foot shopping center was built in 2008. At the time of sale, the property was fully occupied with a stable mix of seven internet-resistant services. Greg Bedell and Mike Lin of Progressive Real Estate Partners represented the seller, while Dolly Yau of Dolly Realty represented the buyer in the deal.

January 29, 2021

Affordable Housing California Development Loans Multifamily Western

Presidio Bay Ventures Receives $120M in Construction Financing for Ventana Residences Multifamily Project in San Francisco

by Amy Works January 28, 2021

SAN FRANCISCO — Presidio Bay Ventures has received on $120 million in construction financing for the development of Ventana Residences, an apartment community located at 99 Ocean Ave. in San Francisco’s Outer Mission and Excelsior District. The project is a joint venture between Presidio Bay and American Realty Advisors. TDA Investment Group (TDA) and the AFL-CIO Housing Investment Trust (AFL-CIO HIT) provided the construction financing. Ventana Residences will offer 193 family-friendly apartments, with 48 designated as below-market-rate units, in a mix of studio, one-, two- and three-bedroom floor plans. Community amenities will include a fitness center, co-working spaces, on-site childcare facilities, a two-level roof deck and a large-format, public-facing art program. Additionally, the project’s design incorporates sustainable elements including rooftop solar photovoltaic panels, all-electric appliances and individual utility submetering. Utilizing 100 percent union labor, the development of Ventana Residences will create more than 500 prevailing wage jobs and provide 25 percent on-site affordable housing, making the project the largest San Francisco community to be built under the city’s HOME-SF affordable housing development program.

January 28, 2021

Affordable Housing California Development Multifamily Seniors Housing Western

Vendaval Plans 400-Unit Affordable Seniors Housing Community in Moreno Valley, California

by Amy Works January 28, 2021

MORENO VALLEY, CALIF. — Vendaval Corp. has unveiled plans for an affordable housing community for seniors and veterans in Moreno Valley, approximately 65 miles east of downtown Los Angeles. The property is situated on seven acres and will include more than 400 units. A name for the community was not released. Additional facilities will include entertainment venues, restaurants and other amenities totaling 30,000 square feet to support both residents and the surrounding community. The development will be self-sustaining, and programs will be free. Revenues from the apartment rentals and retail shops will cover the cost of providing rental assistance by the Department of Urban and Housing Development (HUD) and other programs. Affordable housing is scarce in California, and in Moreno Valley the average rent for a one-bedroom apartment runs north of $1,600 a month, according to Vendaval.

January 28, 2021

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