Metra Electronics sold a 38K SF distribution facility in Long Beach to an undisclosed high net worth investor for more than $11M.
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The short-term sale-leaseback deal means Metra will stay in the warehouse until the lease expires next year. DAUM Commercial Real Estate Services Capital Markets Group Director Michael Collins and associate Dustin Hullinger represented the buyer. The deal was “the latest in a series of real estate deals the company has directed for this high-net-worth private investor,” DAUM said in a release.
CBRE’s Brian Held and Rob Flores represented Metra. The property at 3221 East 59th St. in Long Beach sits on about 2 acres and was built in 1970.
PEOPLE
Peter Hauser and Matt Hauser have joined Northmarq’s Newport Beach office as senior vice president and senior associate, respectively. They will work alongside Shane Shafer to provide expertise on multifamily investment sales brokerage and recapitalization for clients in Southern California.
Peter Hauser was a principal in Avison Young’s Irvine office before coming to Northmarq. Before that, he spent four years with Berkadia as an associate partner from 2013 to 2017.
Matt Hauser most recently spent five years as associate of multifamily markets with Avision Young. Prior to AY, he was an associate director at Berkadia.
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CONSTRUCTION AND DEVELOPMENT
C.W. Driver Cos. completed a 95.5K SF multidisciplinary facility for Long Beach City College. The $50.9M building on the Liberal Arts campus of the city college was designed for LEED Gold certification. It will hold language arts, career technology education, computer and office studies, the student success center, and student success and support programs. It will open to students for the spring semester.
FINANCING
Fairbrook Communities received $55M in construction financing from Churchill Real Estate for the development of Crystal Cove, a 192-unit multifamily project in Moreno Valley, California. Churchill Real Estate originated the nonrecourse loan with a maximum term of 48 months. The loan closed at the end of September. Construction on Crystal Cove is anticipated to commence by year's end and be complete in summer 2024.
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Marcus & Millichap Capital Corp. arranged a $13.1M loan for the acquisition of The Shops at AMC Palm Promenade, a recently redeveloped retail center in San Diego. Chad O’Connor, senior managing director in the MMCC San Diego office, secured the financing on behalf of the borrower. The retail center at 756-804 Dennery Road measures about 72K SF.
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JLL Capital Markets arranged $34.8M in acquisition financing for 17707 South Santa Fe Ave., a 132K SF warehouse and distribution center in Rancho Dominguez. JLL worked on behalf of the borrower, Flux Investments, to secure the 10-year, fixed-rate bridge loan through a regional bank. The JLL Capital Markets team representing the borrower was led by Senior Managing Director Marc Schillinger. The property was purchased off-market from Bocks Canyon Holdings in a sale-leaseback.
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Parkview Financial provided a $28M loan to Sandstone Properties Inc. to refinance an existing loan and to finance the pre-development of a 35-story multifamily development and four-story hotel conversion at 6400 Canoga Ave. in the Warner Center area of Woodland Hills. The 4.7-acre redevelopment site is entitled for a 650-unit, 35-story apartment building on the location of the existing parking structure, plus a 10K SF expansion of the existing office building and its conversion to a four-story, 240-room hotel.
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