California

EverWest Acquires 101,175 SF Warehouse in Long Beach, California

by Jeff Shaw June 5, 2023

LONG BEACH, CALIF. — EverWest Real Estate Investors has acquired a 101,175-square-foot warehouse facility in Long Beach. The facility is situated immediately off interstates 710 and 405, just north of the Ports of Long Beach/Los Angeles. The building features up to 22-foot clear height, 12 dock-high and three grade-level doors, a separate truck court and a secured fenced storage yard. It is fully leased to FLS Warehouse and Distribution. The site also offers significant acreage deployable for a variety of uses, including industrial outdoor storage (IOS). Abie Kassin, Ikey Betesh and Michael Schoenbrun of Meridian Investment Sales represented both the buyer and the seller in the transaction.

June 5, 2023

California Loans Retail Western

Milan Capital Management Receives $12.1M Refinancing for Mission Promenade Shopping Center in Oceanside, California

by Jeff Shaw June 5, 2023

OCEANSIDE, CALIF. — Milan Capital Management has received a $12.1 million loan for the refinancing of Mission Promenade, a 105,700-square-foot retail center in Oceanside, approximately 40 miles northwest of San Diego. Built in 1972 and renovated in 1999, the property was 97 percent leased at the time of financing to tenants including El Super and dd’s Discounts. Jeff Sause and John Chun arranged the 10-year loan through a regional bank on behalf of the borrower.

June 5, 2023

Acquisitions California Healthcare Office Western

San Antonio Regional Hospital Buys Office Complex in Rancho Cucamonga, California for $22.2M

by Jeff Shaw June 2, 2023

RANCHO CUCAMONGA, CALIF. — San Antonio Regional Hospital has acquired a 127,000-square-foot office building in Rancho Cucamonga for $22.2 million. The building is located at 11000 Eucalyptus St. San Antonio Regional Hospital is an Upland-based regional healthcare provider that will convert the asset into medical office space. Graham Gilles of the Hoffman Company represented the buyer in the transaction. Gary Goodgame, Jeremy Dee and Max Browne of Kennedy Wilson Brokerage represented the seller, Mercury Casualty Co.

June 2, 2023

Acquisitions California Office Western

Wilshire Capital Partners Divests of 70,964 SF Vacant Office Building in Irvine, California

by Jeff Shaw June 2, 2023

IRVINE, CALIF. — Wilshire Capital Partners has sold a 70,964-square-foot office building in Irvine to an owner-user for an undisclosed sum. The vacant, Class A building is located at 17900 Von Karman in the Irvine Business District (IBD) submarket. The new owner plans to occupy the property after making renovations. Anthony DeLorenzo, Gary Stache, Bryan Johnson, David Dowd and Jennifer Whittington of CBRE represented the seller in the transaction.

June 2, 2023

California Loans Retail Western

CBRE Arranges $15M Refinancing for Lincoln Square Shopping Center in Oakland, California

by Jeff Shaw June 2, 2023

OAKLAND, CALIF. — CBRE has arranged a $15 million loan for the refinancing of Lincoln Square Shopping Center in Oakland. Safeway anchors the property, which comprises three buildings with 14 tenant suites. Other tenants at the center include CVS/pharmacy, Peet’s Coffee, Jamba Juice and the UPS Store. Originally built in 1963, the property underwent extensive redevelopment in 2019. Shaun Moothart, Bruce Francis, Doug Birrell and Bob Ybarra of CBRE arranged the non-recourse, 10-year, interest-only loan on behalf of the borrower, a California-based private retail real estate operating company.

June 2, 2023

Acquisitions California Industrial Life Sciences Western

NEXGEN Purchases Life Sciences Facility in Newbury Park, California for $6.2M

by Jeff Shaw June 2, 2023

NEWBURY PARK, CALIF. — NEXGEN has acquired a 23,919-square-foot industrial life sciences/laboratory facility in Newbury Park for $6.2 million. The facility is located at 3615 Old Conejo Road within the USA Business Park in the Conejo Valley industrial market. Century 21 represented NEXGEN in the transaction. Matt Ehrlich and Marcos Villagomez of NAI Capital Commercial represented the seller, Dao Bui Holdings. Ehrlich and Villagomez spent more than a year on the project, facilitating the lease termination and departure of the former tenant and assisting as de facto property managers.

June 2, 2023

Acquisitions California NAI Restaurant Retail Western

NAI Brokers $2M Sale of Restaurant Building in Simi Valley, California

by Jeff Shaw June 2, 2023

SIMI VALLEY, CALIF. — NAI Capital Commercial has brokered the $2 million sale of a 5,708-square-foot restaurant building in Simi Valley. Situated within Woodlands Plaza, Cocos formerly occupied the now-vacant property. The new owner plans to open and operate a breakfast restaurant in the space. Michael Schiff of NAI represented both the buyer, SSA California Properties LLC, and the seller, Barsky Family Limited Partnership, in the transaction.

June 2, 2023

California Industrial Market Reports Western Western Market Reports

Supply Constraints Continue to Drive Value for LA’s Industrial Market

by Jeff Shaw June 2, 2023

— By Tony Solomon, Senior Vice President, District Manager, Marcus & Millichap — Industrial continues to be one of the most sought-after asset classes across the Los Angeles County commercial real estate market. This year, the metro will maintain its position as one of the tightest industrial markets in the nation. It also ranks fifth in rent growth among major markets west of the Mississippi. For the 17th time in the past 18 years, the Los Angeles metro’s industrial stock will increase by less than 1 percent, as 4.3 million square feet is slated for delivery. Supply additions will be concentrated in the South Bay and San Gabriel Valley, leaving less than 1 million square feet to come online in the rest of the county. While vacancy was below 2 percent in four of the metro’s biggest submarkets to start 2023, speculative completions and industrial users re-evaluating their space requirements will push vacancy to 3 percent by year end. This is a rate 80 basis points under the long-term mean. Rents are projected to grow by 7.6 percent as a result, bringing the average asking rate to $21 per square foot. Part of this rise in vacancy can also be …

June 2, 2023

Acquisitions California Retail Western

Faris Lee Arranges $8M Sale of Retail Outparcel in Torrance, California

by Jeff Shaw June 1, 2023

TORRANCE, CALIF. — Faris Lee Investments has arranged the $8 million sale of a retail outparcel located in Torrance, roughly 20 miles south of Los Angeles. Situated within South Bay Towne Center, the outparcel building was fully leased at the time of sale to tenants including Starbucks Coffee, Subway, Flame Broiler, Sushi Boy, Great Steak and Hong Kong Express. JP Morgan provided acquisition financing.

June 1, 2023

California Development Multifamily Seniors Housing Western

Sunrise Senior Living Opens 75,000 SF Community in Orange, California

by Jeff Shaw May 31, 2023

ORANGE, CALIF. — Sunrise Senior Living has opened Sunrise of Orange in Orange, approximately 30 miles southeast of downtown Los Angeles. Although the number of units was not disclosed, Sunrise says the property can serve more than 100 residents and offers assisted living and memory care accommodations. The 75,000-square-foot, three-story property sits on a 1.5-acre site adjacent to Eisenhower Park. HPI Architecture designed the community, which general contractor W.E. O’Neil Construction built.

May 31, 2023

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