JLL Capital Markets leads $81 million sales efforts for multi-housing community Solterra at Civic Center in Norwalk, CA

  

Chelsea Jervis

LOS ANGELES, CA – JLL Capital Markets has closed the $81 million sale of Solterra at Civic Center, a 192-unit, garden-style, value-add multi-housing community in Norwalk, California.

 JLL marketed the property on behalf of the owner, RedHill Realty Investors, Shelter Asset Management and Tokyu Land Corporation. A private company acquired the property.

 Solterra at Civic Center comprises one- and two-bedroom units averaging 904 square feet. Units feature large walk-in closets, private balconies, bathtubs and central HVAC and heating.

 Sean Deasy

Forty-nine of the homes have been renovated and feature new high-end cabinetry, quartz counters, vinyl plank flooring and stainless-steel appliances.

The property’s low-density layout on an over 8-acre site also features an unrivaled community amenity set that includes a tennis court, two luxury swimming pools, cabana room, fitness center, sports courts, and playground.

 Located at 12700 Bloomfield Ave., Solterra at Civic Center is ideally positioned with easy access to I-5, I-106, I-605 and California 91, offering residents easy access to Southern California’s most prominent employment, retail, and entertainment centers. 

Solterra at Civic Center is centrally located 17 miles southeast of downtown Los Angeles equidistant to the major business districts of Los Angeles and Orange County.

 The JLL Capital Markets investment sales team that represented the developer was led by Senior Managing Director Sean Deasy, Managing Director Peter Yorck and Directors Nick Lavin and Chelsea Jervis.

Peter Yorck 

“Solterra at Civic Center is a unique, suburban, low-density, value-add opportunity in the heart of the mid-cities,” said Yorck.

“We have seen unrivaled demand from investors for this type of product as renter demand has increased due to changing renter demand related to the COVID pandemic.

"We look forward to the buyer realizing their business plan at the property.”

 JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers.

 The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization.

Nick Lavin

The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

 For more news, videos and research resources on JLL, please visit our newsroom.

 Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.

 

About Tokyu Land US

Tokyu Land U.S. Corporation (“TLUS”), a wholly-owned subsidiary of Tokyu Fudosan Holdings (a fully-integrated, Japanese publicly-traded company, and one of the largest real estate owner, operator and developers in Japan), is a real estate investment company with offices in Los Angeles and New York.

Since 2012, TLUS has invested over $1.3B of equity in the U.S. in ground-up development and value-add multi-family, office, and industrial assets in primary/gateway markets.

The company’s plan is to continue to expand its footprint in the U.S. through joint ventures with local operating partners.

  CONTACT:

Cierra Lacasse

JLL Associate

 Public Relations

Phone: +1 602 648 8701

Email:  Cierra.Lacasse@am.jll.com

Daum Commercial completes sale of 236,700-SF Class A Inland Empire industrial property to Nuveen Real Estate

SOLD: 236,700 square-foot freestanding industrial building
at 2950 East Philadelphia Street in the Inland Empire
 submarket of Ontario, CA

Ontario, CA – DAUM Commercial Real Estate Services has completed the sale of 236,700 square-foot freestanding industrial building in the Inland Empire submarket of Ontario, California to Newport Beach-based Nuveen Real Estate, one of the world’s largest real estate investment managers.

The asset was acquired from the occupant, Myers Power Products, Inc., an industry leader in the design and manufacture of engineered-to-order power distribution equipment, in a sale-leaseback transaction, according to Chris Migliori, Executive Vice President at DAUM Commercial.

“The seller had an exceptionally well-located, 100%-leased Class A industrial asset in one of the most desirable submarkets in the Inland Empire,” says Migliori.

Chris Migliori

“Based on deep, long-standing relationships with industrial investors active throughout Southern California, we were able to quickly source an experienced, well-capitalized buyer who recognized the full value of the asset, ultimately securing above asking price.”

 The property is ideally located at 2950 East Philadelphia Street, adjacent to the Ontario International Airport and bounded by Interstate 10, Interstate 15, State Route 60, and State Route 83, allowing for ease-of-access throughout the region.

Situated on 12 acres of land, the building features two oversized grade-level loading doors, 35 dock-high loading positions, a 155-foot truck court, 4000 amps, a fenced yard, and is naturally divisible.

CONTACTS:

Arleeny Escarcega / Elisabeth Manville  
Brower Group  
(949) 438-6262 
aescarcega@brower-group.com 

 www.daumcommercial.com.