Southern California Real Estate Transactions: A Deep Dive into recent Deals
Southern California’s commercial real estate market remains dynamic, with significant activity across office, industrial, and multifamily sectors.Here’s a detailed look at recent transactions, financing arrangements, and lease renewals shaping teh region’s landscape. This report provides insights for investors,developers,and anyone tracking the pulse of the SoCal market.
Office Market updates
The office sector continues to evolve, with strategic acquisitions and lease renewals signaling adaptation to changing work patterns.
* Rancho Bernardo Sale-leaseback: LBA Properties recently acquired a 461,000 square foot office property in Rancho Bernardo,near San Diego,from an undisclosed electronics firm. This deal included a leaseback agreement, allowing the seller to continue occupying portions of the building post-sale. CBRE’s Matt Carlson, Hunter Rowe, Darren Morgan, and erik Bridy represented the seller, while Scott Peterson, Dave Milestone, and Michael kolcum arranged financing.
* Beverly Hills Lease Renewal: United Talent Agency (UTA) has solidified its presence in Beverly Hills, renewing its long-term lease at UTA Plaza (9336-9346 Civic Center Drive). The 192,000 square foot, two-building campus has been exclusively occupied by UTA as 2011. DivcoWest announced the renewal, demonstrating the agency’s commitment to the location.
* orange County Expansion: Drawbridge Realty, a KKR partner, expanded its footprint in Orange County’s Airport submarket. The firm secured a roughly 100,000 square foot expansion with the County of Orange at 1700 E. St. Andrew Place, bringing the 170,000 square foot building to full occupancy. Ross bourne of CBRE negotiated for Drawbridge Realty, while Joe Bevan and Wade Clark of JLL represented the County. The County’s lease now extends through December 2042.
Industrial Sector Strength
The industrial market remains a powerhouse, driven by e-commerce and supply chain demands.
* El Cajon Industrial Financing: Gantry secured a $103 million loan to refinance construction for Gillespie Field iPark, a 386,000 square foot Class-A industrial development in El Cajon. The facility boasts 32-foot clear heights, 64 loading docks, and ample trailer parking. The loan also includes funding for tenant improvements and rooftop solar installation, reflecting a commitment to modern, sustainable industrial space.
Multifamily Market Momentum
Multifamily transactions demonstrate continued investor confidence in Southern California’s housing market.
* Hacienda Heights Acquisition: Institutional Property Advisors (IPA) facilitated the $107 million ($305,000 per unit) sale of Hills at Hacienda Heights, a 350-unit multifamily property.Brian Eisendrath, Cameron Chalfant, Jake Vitta, and Tyler Johnson of IPA Capital Markets arranged the $71 million financing. IPA’s Kevin Green, joseph Grabiec, and Gregory Harris represented the seller and procured Eagle Partners as the buyer.
* San Diego Apartment Construction Loan: JLL Capital Markets secured a $31 million construction loan for Cuarto Apartments, a planned 74-unit, 11-story apartment building in San Diego. JLL represented Built Development Corp. and Ibex Ltd., securing financing from SteepRock Capital (mezzanine) and Goodman Capital (senior).
* San Dimas Office Refinance: Bolour Associates Inc., through BA Debt fund LLC, provided an 18-month refinance loan for a fully occupied, 99,000 square foot office building in San Dimas. Scott Monasch of Slatt Capital represented the borrower. This loan supports the property as it prepares for a tenant transition at year-end.
Looking Ahead:
These recent transactions highlight the resilience and adaptability of Southern California’s commercial real estate market. While the office sector navigates evolving work dynamics, industrial and multifamily properties continue to attract significant investment. You can expect continued strategic deals and innovative financing solutions as the market adjusts to ongoing economic conditions.
Disclaimer: This report is for informational purposes only and does not constitute financial or investment advice. Transaction details are based on publicly available facts and may be subject to change.
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