California

Terraces-Walnut-CA

WALNUT, CALIF. — Sunjoint Development has started construction of Terraces at Walnut, a 49-acre mixed-use development located on Valley Boulevard in Walnut, approximately 25 miles east of downtown Los Angeles. Construction of the first product type, single-family homes, began in November 2023 and the first five phases are currently being made available for sale. The remaining homes will be built in phases — townhomes, three-story homes and estate lots. Full buildout is slated for year-end 2025. KTGY designed the project, which CBC Home is building. Terraces at Walnut will feature 79 townhomes, 211 detached single-family homes and 17,052 square feet of retail space. The three- and four-bedroom townhomes will range from 1,548 square feet to 1,914 square feet, while the single-family homes will offer three- or four-bedroom layouts ranging from 2,198 square feet to 3,561 square feet. The retail space will include a variety of food users, including dine-in restaurants, specialty retailers and beverage users. Terraces at Walnut will also feature 11 pocket parks and an internal trail system. Blake Kaplan, Erik Westedt and Drew Olson of JLL are overseeing leasing of the retail space.

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Pilot-Flying-J-Jurupa-Valley-CA.jpg

JURUPA VALLEY, CALIF. — RealSource Group has arranged the sale of a single-tenant retail property located off State Route 60 in the Inland Empire city of Jurupa Valley. Greens Group sold the asset to an Irvine-based private investor for $14 million. Pilot Flying J Travel Center occupies the property under an absolute triple-net ground lease that relieves the buyer of any landlord responsibilities. Pilot Flying J has more than 14 years remaining on the initial lease term with four five-year renewal options and 10 percent rent increases every five years. Austin Blodgett and Jonathan Schiffer of RealSource Group represented the seller and buyer in the deal.

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6025-Park-Dr-Rocklin-CA

ROCKLIN, CALIF. — An affiliate of Banner Real Estate Group has completed the disposition of a self-storage facility located at 6025 Park Drive in Rocklin, approximately 22 miles northeast of Sacramento. An institutional buyer acquired the asset for an undisclosed price. Situated on 1.7 acres, the three-story, 98,240-square-foot building features 993 self-storage units in varying sizes. Completed in 2021, the property offers climate-controlled units, electronic access control, drive-up units and a covered loading bay. Brian Somoza led the JLL Capital Markets investment sales and advisory team that represented the seller in the deal.  

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BURBANK, CALIF. — Worthe Real Estate Group (Worthe) and Stockbridge have received a $475 million, fixed-rate, securitized mortgage to refinance debt on Second Century. The 800,000-square-foot office complex is located in the Media District neighborhood of Burbank, a suburb north of Los Angeles that serves as a television studio hub. Worthe and Stockbridge completed the development of the Frank Gehry-designed Second Century in May 2023. The complex consists of two buildings located within The Burbank Studios lot. Warner Bros. fully occupies the property. According to the city of Burbank, the first building comprises 355,000 square feet across seven stories. The second building rises nine stories and totals 445,000 square feet. The loan was securitized as a single-asset, single-borrower CMBS transaction, led by Wells Fargo and Morgan Stanley. Eastdil Secured served as exclusive advisor to Worthe and Stockbridge on the transaction. Further details on the loan were not disclosed. “This successful financing underscores our vision for Second Century and the growing demand in the entertainment industry for sustainable, state-of-the-art and vibrant office space,” says Jeff Worthe, president of Worthe. The Burbank Studios is a television production facility that also houses the iHeartRadio Theatre performance venue. The facility is situated across the street from Johnny Carson Park. Second Century …

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7000-Shoreline-Ct-South-San-Francisco-CA

— By Alex Browne, life sciences research director, Transwestern Real Estate Service — The San Francisco Bay Area life sciences market has been resilient in the face of the economic headwinds of the past 18 months. Despite the mix of issues besetting other commercial real estate asset classes, life sciences assets have fared well, with quality science continuing to thrive.  Any shifts within the life sciences sector have been among the landlords and tenants, as the change in deal influence has varied over the past 12 months. Starting in 2017, the bulk of the deal leverage was on the landlord’s side. This, in turn, sparked an appetite for new development looking to meet the increased demand. It wasn’t until 2022 that the tide began to turn, with tenants gaining more leverage in negotiating renewals or electing to search for more favorable, high-quality space. Even though the market’s activity tends to be overshadowed by industry headlines, deals are being done, and space is being delivered and absorbed — albeit at a slower pace.  The Bay Area continues to be the second-largest life sciences hub in the nation, with healthy industry drivers that continue to fuel innovation. The region is home to …

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Speedway-Commerce-Center-Fontana-CA

FONTANA, CALIF. — A fund sponsored by CBRE Investment Management, in joint partnership with Hillwood Investment Properties, has received a $756 million financing package for the construction of Phase I of Speedway Commerce Center in the Inland Empire city of Fontana. Located at 9300 Cherry Ave., Speedway Commerce Center will be a multi-building logistics project with highly functional, larger scale buildings offering 40-foot clear heights, cross-docked loading, 185-foot concrete truck courts, employee parking, optimal circulation and more than 100 acres for excess trailer parking. Construction is underway at the site, which is entitled for up to 6.6 million square feet of logistics space. The first two buildings are slated for completion in early 2025. Eastdil Secured arranged the financing on behalf of CBRE Investment Management. Dan de la Paz, Eloy Covarrubias and Barbara Perrier of CBRE are handling leasing efforts for the development.

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El-Paseo-Shopping-Center-South-Gate-CA

SOUTH GATE, CALIF. — CBRE has secured a $43 million refinancing for El Paseo Shopping Center in South Gate, a suburb of Los Angeles. Located at 8634 Garfield Ave., the property features 300,000 square feet of retail space. Current tenants include Regal Edwards Theatres, Curacao, Planet Fitness, Starbucks Coffee, Union Bank, GNC, Panda Express, T-Mobile and Hooters. Bob Ybarra, Shaun Moothart, Bruce Francis, Doug Birrell, Nick Santangelo and Jim Korinek of CBRE secured the five-year, full-term interest-only, nonrecourse loan for the undisclosed borrower.

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1741-N-Cherokee-Ave-Hollywood-CA

LOS ANGELES — Big Sunday, a nonprofit committed to helping others through service projects and giving opportunities, has purchased an office building located at 1741 N. Cherokee Ave. in the Hollywood neighborhood of Los Angeles. Los Angeles Beautification Team, a nonprofit dedicated to resource conversations and community improvement, sold the asset for $5.4 million. Big Sunday plans to use the 6,743-square-foot asset as its headquarters, with move-in scheduled for April. Gruen Associates designed the property, which opened in 2021. The building offers up to 18-foot clear heights with multiple offices and a large training room, as well as 7,000 square feet of landscaped outdoor green space. Nicole Mihalka and Cal Ross of JLL, along with the Kenny Stevens team at Compass, represented the seller in the deal.

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The-Star

LOS ANGELES— The Star LLC has submitted revised design plans for The Star, a proposed $1 billion office campus at 6061 W. Sunset Blvd. in the Hollywood neighborhood of Los Angeles. The development firm, led by local investor and developer Maggie Miracle, first submitted a proposal for the project in 2021 with renderings designed by Chinese architecture firm MAD Architects. The initial concept held a $500 million price tag. The original design was ultimately scrapped by Miracle to incorporate garden-like outdoor spaces, which she believes have become increasingly attractive to office tenants following the COVID-19 pandemic, according to reports by the Los Angeles Times.  Updated plans for the project, which doubles down on the initial investment price, were designed by Foster + Partners and include a 22-story, cylindrical tower with a spiral of external gardens rising from the street level. The development will offer spacious floor plates and floor-to-ceiling windows offering unobstructed views of downtown Los Angeles, the Hollywood Sign and Pacific Ocean. Each floor will feature a series of external shaded and landscaped social garden terraces designed by SALT Landscape Architects.  Plans for the project — which will target WELL and LEED certifications — also include a rooftop restaurant …

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Unchained-Labs-Pleasanton-CA.jpg

PLEASANTON, CALIF. — Ware Malcomb, serving as civil engineering, interior architecture and design-and-build measurement services, and Metcon, as general contractor, have completed a 120,000-square-foot tenant improvement project for Unchained Labs. Located at 4747 Willow Road in the Bay Area city of Pleasanton, the two-story building features 53,887 square feet of office space, 20,379 square feet of manufacturing space and 14,779 square feet of lab and warehouse space. The newly designed facility also includes an “all hands room;” a gym and locker area with specialty private shower areas; wet labs for life sciences research and development designed with a plug-and-play approach; a lab area with a clean room and humidity-controlled room facilities; electric vehicle charging stations; and loading docks. Unchained Labs develops new tools for biologics and gene therapy researchers.

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