New York-based DLC Management launched its West Coast expansion with a $625M portfolio acquisition.
In a joint venture with DRA Advisors, DLC announced plans to acquire a 10-property portfolio of grocery-anchored shopping centers, six of which are in Southern California, with the remaining properties in the portfolio spread across the West Coast.
Mountain Gate Plaza in Simi Valley, one of the Southern California properties that DLC bought.
San Diego’s Clairemont Town Square, El Monte’s El Monte Center, San Bernardino’s Highland Avenue Plaza, Lake Forest’s Hunter Court Shopping Center, Riverside’s Magnolia Tyler Center and Simi Valley’s Mountaingate Plaza are the SoCal properties trading hands in the deal.
The portfolio was acquired from Merlone Geier.
PEOPLE
Colliers added Kyle Kehner and Trevor Wright to its growing Inland Empire/Orange County brokerage.
Kehner will serve as executive vice president and Wright will serve as associate vice president. Kehner joins Colliers from Cushman & Wakefield. Wright comes to Colliers from Stream Realty.
Kehner and Wright join as partners to the team of Vice Chair Ian DeVries, focused on the Inland Empire market.
SALES
Spirit Properties completed a break-up strategy of the Centre Pointe Marketplace in Santa Clarita, which Spirit developed.
Hanley Investment Group Vice President Sean Cox and Executive Vice President Kevin Fryman represented Spirit and both buyers in two off-market retail transactions totaling $33.8M.
The most recent transaction involved the sale of a two-tenant property occupied by Dick’s Sporting Goods and Burlington at 26583-26591 Carl Boyer Drive. The property sold for $25M to an undisclosed institutional investor.
The other property, a 31K SF single-tenant building at 26583 Carl Boyer Drive, sold to a Washington-based 1031 exchange buyer. That property is occupied by Sky Zone Trampoline Park. It sold in an off-market deal for $8.8M.
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CBRE announced the $16.3M sale of Creek Medical Buildings, a three-building, 43K SF medical office property at 37, 39 and 41 Creek Road in Irvine. CBRE National Office Partners’ Anthony DeLorenzo, along with Sammy Cemo, Bryan Johnson and Harry Su, represented the seller. Built in 1986, the property is fully occupied. The buyer and seller were undisclosed.
LEASES
Rexford Industrial properties in Huntington Park and Commerce saw large renewals totaling 149K SF from 32 Cold, a large cold storage operator.
NAI Capital Commercial Vice President Tom Sexton and Executive Managing Director Philip Attalla facilitated the lease renewals for 32 Cold.
The tenant renewed approximately 78K SF at 6700 Alameda St. in Huntington Park and approximately 71K SF at 6020 Sheila St. in Commerce.
FINANCING
Walker & Dunlop arranged $145.8M in first mortgage and preferred equity to refinance Bryant at Yorba Linda, a multifamily property in Orange County. The 400-unit, master-planned complex features one- and two-bedroom floor plans across a roughly 440K SF building.
W&D Capital Markets’ Chris Botsford and Jeff Burns arranged a senior mortgage loan for Interstate Equities Corp. The fixed-rate loan has a five-year term and full-term interest-only payments. Freddie Mac provided the capital.
W&D Capital Markets’ Justin Nelson and PJ Feichtmeier secured preferred equity capital from a leading institutional owner and operator of multifamily communities on behalf of IEC.
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Utex Storage Partners locked down $23.4M in nonrecourse construction financing for Chula Vista Storage, a 1,284-unit self-storage facility planned for Chula Vista.
JLL Capital Markets worked on behalf of the borrower and project developer to secure the four-year, floating-rate nonrecourse construction loan through a life insurance company. Chula Vista Storage will be operated and managed by an undisclosed REIT’s third-party management platform.
When complete in 2026, Chula Vista Storage will offer almost 124K SF of storage space within two three-story buildings. The facility will have an on-site office, security, a 24-hour surveillance system, controlled access, climate-controlled units and boat and RV storage.