Southern California’s Top CRE Deals of the Week

Spanning five counties, the Los Angeles region has myriad opportunities for CRE deals big and small. L.A. Times B2B Publishing is tracking these transactions and will now offer a weekly roundup of deals that exceed $15 million in valuation, marking some of the largest property and land exchanges in the area.

Here is a roundup of those notable commercial real estate transactions.

Bell Partners acquired Silverado Apartment Homes, a 492-unit apartment community located in Murrieta on May 13. The community was acquired from Realty Center Management for $146.5 million. It will be renamed Bell Murrieta Springs.

“We believe the planned operating and capital improvements will enhance the living experience for our current and future residents,” said Lili Dunn, President and CEO of Bell Partners in a statement.

Completed in 2007, Bell Murrieta Springs is located at the junction of I-15 and I-215. The community features one-, two- and three-bedroom floor plans with an average unit size of 948 square feet. With this acquisition, Bell Partners now owns and/or manages 11 apartment communities in Southern California containing over 3,100 apartment homes.

OC Freedomhouse Church acquired the former Walmart Neighborhood Market at 10912 Katella Ave. in Garden Grove from a private investor for $18 million on May 13. The vacant retail space will be converted into a new religious facility that will be utilized for church services, an accredited bible college and a child day care center. The transaction was arranged by Blaine Bush of Strategic Retail Advisors.