California

CBRE Brokers $8.7M Sale of Bevia Apartments in Moreno Valley, California

by Amy Works November 9, 2023

MORENO VALLEY, CALIF. — CBRE has negotiated the sale of Bevia Apartments, a multifamily property located at 13260 Heacock St. in the Inland Empire city of Moreno Valley. Bevia Apartments Owners I LLC acquired the asset from Bevia Apts LLC for $8.7 million, or $181,667 per unit. Eric Chen and Blake Torgerson of CBRE represented the buyer and seller in the deal. Bevia Apartments features 48 studio, one-, two- and three-bedroom floor plans. The property has undergone significant renovation after a fire damaged the units. The new owner will continue to finish post-fire damage construction and plans to stabilize the property, which was half vacant at the time of sale.

November 9, 2023

Acquisitions California Mixed-Use Office Retail Western

Cushman & Wakefield Arranges $2.7M Acquisition of Retail/Office Property in Encinitas, California

by Amy Works November 9, 2023

ENCINITAS, CALIF. — Cushman & Wakefield has brokered the purchase of a mixed-use retail/office building located at 264 N. Coast Highway in Encinitas, approximately 25 miles north of San Diego. A private local investor acquired the property for $2.7 million. Originally developed in 1936 and renovated in 2005, the 1,530-square-foot building was recently painted on the outside and is walking distance to Moonlight Beach. Peter Curry and Owen Curry of Cushman & Wakefield’s Private Capital Group in San Diego represented the buyer, while Donn Yu of OCAP Real Estate & Financial represented the undisclosed seller in the deal.

November 9, 2023

Acquisitions California Office Western

Logos Missions Acquires 191,939 SF Plaza Tower Office Building in Cerritos, California

by Amy Works November 8, 2023

CERRITOS, CALIF. — Logos Missions has purchased Plaza Tower, a nine-story Class A office building located at 18000 Studebaker Road in Cerritos, approximately 20 miles southeast of downtown Los Angeles. An institutional seller sold the asset for an undisclosed price. Developed in 1986 and renovated in 2016, the elevator-served building features 191,939 rentable square feet. At the time of sale, the property was 84 percent leased. Current tenants include The Oncology Institute of Hope & Innovation, Thermal Engineering, Premier Workspaces and Fremont University. Kevin Shannon, Paul Jones, Ken White and Brandon White of Newmark represented the seller in the deal.

November 8, 2023

California Development Multifamily Student Housing Western

Pierce Education Properties Completes 169-Bed Topaz Apartments Near San Diego State University

by Amy Works November 8, 2023

SAN DIEGO — Pierce Education Properties has completed Topaz Apartments, a 169-bed student housing development located near San Diego State University. The property offers a mix of one-, three- and four-bedroom, fully furnished units with bed-to-bath parity. Shared amenities include study rooms, a game room, vertical tanning bed, spa and fitness center. The community also features ground-floor retail space, which is currently leased to McDonald’s, Handel’s Ice Cream, Jimmy John’s, Dunkin and The Alley.

November 8, 2023

California Industrial Leasing Activity Western

Mullen Automotive Leases 121,615 SF Industrial Building in Fullerton, California

by Amy Works November 8, 2023

FULLERTON, CALIF. — Mullen Automotive, an electronic vehicle manufacturer, has signed a lease to occupy a 121,615-square-foot industrial building at 1500 E. Walnut Ave. in Fullerton, from landlord Link Industrial. Situated on 5.4 acres, the industrial facility features 6,234 square feet of office space, 32-foot clear heights in the warehouse space, 17 dock-high doors and two grade-level doors, as well as a large, secured, fenced yard. Ben Seybold and Sean Ward of CBRE represented the landlord in the lease negotiations.

November 8, 2023

Mission-Viejo-Biz-Center-Mission-Viejo-CA

Acquisitions California Industrial Western

MIG Real Estate Buys Six-Building Mission Viejo Business Center in Orange County, California

by Amy Works November 7, 2023

MISSION VIEJO, CALIF. — MIG Real Estate has acquired Mission Viejo Business Center, a multi-tenant industrial park located at 23811-23891 Via Fabricante in Mission Viejo. A global investment advisor sold the asset for an undisclosed price. Situated on 7.65 acres, the six-building property offers 100,295 square feet of industrial, distribution and warehouse space. At the time of sale, the park was 99 percent leased. The property was originally constructed in 1975. The buildings offer a variety of bay sizes, 10- to 16-foot clear heights, grade- and dock-high loading doors and concrete truck courts. Jeff Chiate, Bryce Aberg, Jeffrey Cole, Rick Ellison, Mike Adey and Zach Harman of Cushman & Wakefield’s National Industrial Advisory Group in Southern California represented the seller in the deal.

November 7, 2023

Acquisitions California Office Western

Cushman & Wakefield Brokers Sale of 63,387 SF Office Building in Sacramento Valley

by Amy Works November 7, 2023

GOLD RIVER, CALIF. — Cushman & Wakefield has negotiated the sale of a two-story office building located at 11931 Foundation Place in Gold River in the Sacramento Valley. Visions In Education acquired the asset from Rpro152n3 LLC for $6.7 million. The buyer plans to relocate to the 63,387-square-foot property in summer 2024. At the time of sale, the building was vacant. Kris Kalmbach of Cushman & Wakefield represented the buyer, while Kevin Partington of Cushman & Wakefield represented the seller in the deal.

November 7, 2023

California Civic Development Western

C.W. Driver Cos. Breaks Ground on First Phase of Malibu High School Expansion in California

by Amy Works November 6, 2023

MALIBU, CALIF. — C.W. Driver Cos. has broken ground on the first phase of Malibu High School’s expansion for Santa Monica-Malibu Unified School District. The 70,000-square-foot building is slated for completion in fall 2025. Located at 30215 Morning View Drive, the $100 million Malibu High School core building will be built on the site of the former Juan Cabrillo Elementary School campus, immediately adjacent to the existing high school. The new two-story building will feature a library, visual and performing arts classrooms, project-based learning facilities, multipurpose spaces, special education classrooms, STEM classrooms, a campus cafeteria and administration offices. Outdoor common space for the school’s students will be partially shaded by an overhead canopy with built-in photovoltaic panels that will generate power for the school and contribute to the campus’ energy conservation. The project team includes NAC Architecture, Koning Eizenberg Architecture, AMPCO North, Pfeiler & Associates Engineers, California Solar Integrators and Hunsaker and Associates. The project is funded by Measure M, passed by Malibu voters in 2018.

November 6, 2023

Acquisitions California Industrial Western

CBRE Negotiates $9.2M Sale of Nine-Building San Bernardino Industrial Center

by Amy Works November 6, 2023

SAN BERNARDINO, CALIF. — CBRE has brokered the sale of the San Bernardino Industrial Center, an incubator project in the Inland Empire region of California. A partnership between Birtcher Anderson & Davis and Belay Investment sold the asset to an undisclosed buyer for $9.2 million. Located at 360-458 E. Rialto Ave., the nine-building property features 52,642 square feet of industrial space with nine- to 12-foot clear heights and 56 ground-level loading doors. At the time of sale, the property was 97 percent occupied by 41 tenants. Sammy Cemo, Anthony DeLorenzo, Bryan Johnson, Nick Williams and Austin Reuland of CBRE’s Investment Properties, alongside CBRE’s Barbara Perrier and Eric Cox, represented the seller in the deal.

November 6, 2023

California Civic Development Western

McCarthy Building Cos. Starts Construction of $428M Triton Center at UC San Diego Campus

by Amy Works November 3, 2023

SAN DIEGO — McCarthy Building Cos. has broken ground on Triton Center at the University of California San Diego campus. Designed by LMN Architects, the 400,000-square-foot property is the grand entrance to the university and blends art, culture, entertainment and student academic resources. The project is estimated to cost a total $428 million. Triton Center will include four separate buildings that will house the university’s Welcome and Alumni Center, a multi-purpose facility with a 500-person event space and art gallery; gathering spaces and offices for Global Initiatives programs; a student health, mental health and well-being clinic; student academic resources; a mix of retail and restaurant spaces; and a parking structure. Completion is slated for 2026.

November 3, 2023

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