California

Stivers Investment Sells Flex Office Building in Irvine, California for $11.8M

by Jeff Shaw April 21, 2023

IRVINE, CALIF. — Stivers Investment Co. has sold a two-story flex office building in Irvine for $11.8 million. The building is located at 8 Hughes. Built in 2000 in the Irvine Spectrum, it is situated on 2.3 acres with four spaces parking per 1,000 square feet. The capacity can be divided into a multitenant building. The building was 30 percent occupied at the time of sale. The new owner plans to occupy the vacant portion of the building, collect income from the existing lease and hold the asset long-term. J.R. Williamson with the Orange County office Investment Services Group of NAI Capital Commercial represented the seller in this transaction.

April 21, 2023

Acquisitions California Multifamily Western

ABI Brokers Sale of Apartment Community in East Phoenix for $2.2M

by Jeff Shaw April 21, 2023

PHOENIX — ABI Multifamily has brokered the sale of an eight-unit apartment community in east Phoenix for $2.2 million. The complex is located at 3526 East Montecito Ave. in the Arcadia Lite District. The property recently underwent a full renovation, which included the addition of stainless steel appliances, white shaker cabinets, backsplashes, countertops and more. The exterior has been renovated with desert landscaping and the installation of private front patios and private backyards. The buyer is based out of California. The seller is local to Arizona. ABI Multifamily’s Mitchell Drake, Dallin Hammond and Carson Griesemer represented both the buyer and seller.

April 21, 2023

California Leasing Activity Office Western

Premier Workspaces Opens 14,500 SF Shared Office Property at Fox Plaza in Los Angeles

by Jeff Shaw April 21, 2023

LOS ANGELES — Premier Workspaces has signed a 10-year lease for 14,500 square feet of shared office space at 2121 Avenue of the Stars, also known as Fox Plaza, in Los Angeles’ Century City. Constructed in 1986, the 34-story, Class A trophy building has become a landmark due to its role as Nakatomi Plaza in Die Hard. It is also where former President Ronald Reagan had his offices for several years after leaving public office. The Irvine Co. owns the asset. Gary Weiss of LA Realty Partners represented Premier Workspaces, while Rick Buckley of the same firm represented the Irvine in the lease transaction.

April 21, 2023

California Leasing Activity Office Western

P3 Post Leases 11,359 SF Office Space in Burbank, California

by Jeff Shaw April 21, 2023

BURBANK, CALIF. — P3 Post, a full-service media post-production company, has leased 11,359 square feet of office space at 2921 W. Alameda Ave. in Burbank. The company will relocate to the new space on May 1. The two-story property was built in 1958. It is situated within the Burbank Media District and features 20 offices, a conference room, a kitchen and ample storage. CBRE’s Derek Newton represented the tenant in the lease negotiations.

April 21, 2023

California Industrial Leasing Activity Western

CBRE Arranges 41,500 SF Lease of Warehouse Property in San Diego

by Jeff Shaw April 21, 2023

SAN DIEGO — CBRE has arranged the lease of a 41,500-square-foot industrial space at 7615 Siempre Viva Road in San Diego’s submarket of Otay Mesa. HK Trans LLC leased the property at a market record rental rate of $1.28 per square foot, according to CBRE. The term is 62 months. The full-service supply chain logistics business will occupy about half the building. CBRE’s Ramin Salehi, John Smith and Joe Smith represented HK Trans LLC in the transaction. Mark Lewkowitz and Chris Holder of Colliers represented the landlord, DG Siempre Viva Property Owner LP.

April 21, 2023

California Industrial Loans Western

Northmarq Arranges $51.2M Loan for Industrial Park in San Diego

by John Nelson April 20, 2023

SAN DIEGO — Northmarq has arranged a $51.2 million loan for Rose Canyon Business Park, a 232,863-square-foot industrial asset in San Diego. Built in 1976, the multi-tenant industrial park is located at 4901-4907 Morena Blvd., just north of downtown San Diego. Northmarq arranged the two-year loan, which features extension options, through its relationship with an undisclosed bridge lender. The floating-rate loan enables the unnamed sponsor to carry out its value-add business plan over the next three years at Rose Canyon Business Park.

April 20, 2023

California Industrial Loans Western

Mag Mile Capital Secures $20M Refinancing for Industrial Flex Property in San Jose

by John Nelson April 20, 2023

SAN JOSE, CALIF. — Mag Mile Capital has arranged a $20 million cash-out senior mortgage in connection with the financing of a light industrial flex property located at 355 E. Trimble Road in San Jose. The 96,780-square-foot property is owned by 355 Trimble Owner, an entity affiliated with Chicago-based Highlands REIT, which has owned the property debt-free since acquiring it as part of a spinoff in 2016. Highlands and global tech hardware manufacturer Veeco executed a 16-year lease at the research-and-development property in January 2021, which included one year of rent abatement to complete a substantial tenant buildout.

April 20, 2023

Acquisitions California Multifamily Western

CBRE Brokers $6.8M Sale of Jackson Apartments in Rialto, California

by John Nelson April 20, 2023

RIALTO, CALIF. — CBRE has brokered the $6.8 million sale of Jackson Apartments, a 41-unit apartment community located at 205-242 W. Jackson St. in Rialto. Cray Carlson of CBRE represented both the buyer and seller in the transaction. Both parties requested anonymity. Built in 1971, Jackson Apartments is situated west of San Bernadino and near several employment centers, including distribution centers for Staples, Under Armour and Target, according to Apartments.com.

April 20, 2023

California Development Hospitality Mixed-Use Multifamily Restaurant Retail Western

Shopoff Unveils 26-Acre Mixed-Use Redevelopment for Westminster Mall in Orange County

by Jeff Shaw April 19, 2023

WESTMINSTER, CALIF. — Shopoff Realty Investments has released plans to redevelop the Westminster Mall into a 26-acre mixed-use property. Located in the Orange County city of Westminster, the project will include housing, walkable green spaces, dining, retail and a hotel in place of the old Sears and Macy’s stores. Shopoff plans to break ground on the new project, named Bolsa Pacific at Westminster, in 2025. The entire transformation is set to include more than 1,000 apartments across three buildings; 100 for-sale townhomes; a 175-room hotel; 25,000 square feet of retail stores; a food hall; and 2.5 acres of green space, including an amphitheater, dog park, pickleball courts and food kiosks.

April 19, 2023

Acquisitions California Retail Washington Western

Matthews Brokers $20.1M Sale of 12-Property Napa Auto Parts Portfolio

by Jeff Shaw April 19, 2023

LOS ANGELES — Matthews Real Estate Investment Services has brokered the $20.1 million sale of a portfolio comprising 12 single-tenant retail properties. Located largely in California and Washington, Napa Auto Parts occupies all the properties on a net-lease basis. Brandon Perez and Bill Pedersen of Los Angeles-based Matthews arranged the sale on behalf of the undisclosed limited liability company. A publicly traded REIT purchased the portfolio.

April 19, 2023

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