California

IPA Brokers Sale of 41,191 SF Shasta Orthopedics Medical Office Building in Redding, California

by Amy Works January 25, 2022

REDDING, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of The Shasta Orthopedics Medical Office Building in Redding. Terms of the transaction were not released. Anthony Lunceford, Joe Massa and Michael Grenaway of IPA represented the undisclosed seller and buyer in the deal. Adam Christofferson served as Marcus & Millichap’s broker of record in California. The Shasta Orthopedics Medical Office Building features 41,191 square feet of space and is within a two-mile radius of Shasta Regional Medical Center, Mercy Medical Center Redding and Vibra Hospital of Northern California.

January 25, 2022

Acquisitions California Retail Western

Brixmor Property Group Purchases Brea Gateway Center Retail Asset in Orange County for $85.7M

by Amy Works January 24, 2022

BREA, CALIF. — Brixmor Property Group has acquired Brea Gateway Center, a grocery- and drug-store-anchored retail center located at 101-407 W. Imperial Highway in Brea. An institutional investor sold the asset for $85.7 million. Brea Gateway Center comprises of 13 parcels on 12.5 acres offering a total of 181,891 square feet of retail space. At the time of sale, the property was 97.9 percent occupied. Current tenants include Ralphs, HomeGoods, Cost Plus World Market, Mattress Firm, Taco Bell and Panda Express. Gleb Lvovich, Bryan Ley, Geoff Tranchina and Daniel Tyner of JLL Retail Capital Markets represented the seller in transaction.

January 24, 2022

California Industrial Loans Multifamily Retail Self-Storage Western

Gantry Arranges $223M in Financing for Seven-Property Mixed-Use Portfolio in California

by Amy Works January 24, 2022

LOS ANGELES — Gantry has secured $223 million in permanent financing for seven properties in California. The portfolio includes three multifamily properties totaling 1,140 units, one single-tenant retail property, one self-storage property, and two unique ground lease financing transactions for land holdings in Northern and Southern California. George Mitsanas of Gantry’s Los Angeles office identified and structured the financing package on behalf of the borrower, a private investor. The loans were placed through four of Gantry’s correspondent life insurance companies at very competitive interest rates with long-term maturities. Gantry will be the loan servicer for each of the seven loans. The portfolio includes: Park Regency Apartments, an 892-unit apartment complex in Walnut Creek Concord Square Apartments, a 167-unit apartment building in Reseda NMS Warner Center, an 81-unit apartment building in downtown Warner Center Sand Canyon Self Storage, a self-storage facility in Santa Clarita with 792 storage units and 129 RV vehicle storage spaces Gelson’s Laguna Beach, a retail property in Laguna Beach fully occupied by Gelson’s A ground lease for a 135,000-square-foot Lowe’s Home Improvement Warehouse, situated on 14.9 acres in Rancho Cucamonga Century City Cooling Plant, the collateral is the free interest of an L-shaped, 1.64-acre parcel of land …

January 24, 2022

Acquisitions California Industrial New Mexico Western

Link Logistics, Western Realco Acquire 16.4-Acre Industrial Redevelopment Site in Corona, California

by Amy Works January 24, 2022

CORONA, CALIF. — A partnership between Link Logistics and Western Realco has purchased a 16.4-acre industrial redevelopment site located at 1375 Magnolia Ave. in Corona. Terms of the acquisition were not released. Jeff Chiate, Mike Adey and Brad Brandenburg of Cushman & Wakefield’s National Industrial Advisory Group represented the undisclosed seller in the deal. Rick Ellison and Brett Lockwood of Cushman & Wakefield will handle leasing for the new project. The site has the potential to house two Class A industrial buildings totaling more than 300,000 square feet of warehouse space. Currently, the property consists of multiple older industrial structures originally built in the mid-1990s that would be demolished.

January 24, 2022

Acquisitions California Retail Western

Gerrity Group Sells Gateway Center Retail Property in Mission Viejo, California to DJM Capital for $39.5M

by Amy Works January 21, 2022

MISSION VIEJO, CALIF. — Gerrity Group has completed the disposition of Gateway Center, a retail destination in Orange County’s Mission Viejo. San Jose-based DJM Capital acquired the asset for $39.5 million. Completed in 1979, Gateway Center features 79,001 square feet of retail space. Current tenants include Starbucks Coffee, Cold Stone Creamery, Subway, Baja Fresh, Happy Minds Academy, Oggi’s, San Diego Credit Union, Gateway Liquor, Dance Daly Ballroom, Fit Pilates, Thai Body Works, Saddleback Urgent Care, Sweet Pediatric Dental and French’s Pastry. The property is located on 7.3 acres at 23972-24042 Alicia Parkway. Gleb Lvovich, Bryan Ley and Geoff Tranchina of JLL Retail Capital Markets represented the seller in the transaction. Jeff Sause and John Marshall of JLL Debt Placement arranged a three-year, floating-rate acquisition loan for the buyer.

January 21, 2022

California Development Industrial Western

Trammell Crow, CBRE Break Ground on Spec 606,343 SF Logistics Center in Tracy, California

by Amy Works January 21, 2022

TRACY, CALIF. — A joint venture between Trammell Crow Co. and CBRE Investment Management, on behalf of one of its investment funds, has broken ground on Tracy 205 Logistics Center, a logistics facility in the Northern California city of Tracy. Slated for completion in late 2022, the cross-dock building will feature 606,343 square feet of speculative industrial space with 40-foot clear heights, 185-foot truck courts, 56-foot by 60-foot column spacing, LED and sky lighting and an ESFR system. The project team includes HPA Architecture, Kier & Wright and Big D Pacific Builders. Tom Davis, Bob Taylor and Dan Davis of CBRE Central Valley will lead leasing efforts for the project.

January 21, 2022

Acquisitions California Industrial Western

Paceline Divests of Light Industrial Building in San Francisco for $19.3M

by Amy Works January 21, 2022

SAN FRANCISCO — Paceline Investors has completed the disposition of 1270 Bush Street, a light industrial property in San Francisco. Sterling Organization acquired the asset for $19.3 million. Situated on a 18,906-square-foot lot, the 38,000-square-foot building is zoned for a wide range of residential and commercial uses. Mark Geisreiter, Seth McKinnon and Nadav Kariv of Newmark represented the seller and Florida-based buyer in the deal.

January 21, 2022

Acquisitions California Net Lease Retail Western

Hanley Investment Brokers $8.5M Sale of Smart & Final-Occupied Property in Murrieta, California

by Amy Works January 21, 2022

MURRIETA, CALIF. — Hanley Investment Group Real Estate Advisors has negotiated the sale of a single-tenant retail property located in Murrieta. A San Diego-based private partnership sold the building to Los Angeles-based Anza Drive Properties for $8.5 million. Smart & Final Extra occupies the 20,750-square-foot property, which is situated at the intersection of Madison Avenue and Los Alamos Road, on a net-lease basis. The building was built in 2003. Bill Asher and Jeff Lefko of Hanley Investment Group represented the seller, while Kris Hons of Glendale, Calif.-based Stevenson Real Estate Services represented the buyer in the transaction.

January 21, 2022

California Industrial Market Reports Western Western Market Reports

The Famous Inland Empire Industrial Market Remains as Tight as Ever

by Jeff Shaw January 21, 2022

By Tony Phu, Senior Executive Vice President, Colliers Rental rates and land values continue to outpace construction cost inflation, driven by the insatiable need for industrial and distribution space across the entire Western U.S. This is especially true in Southern California where a critical mass of population/tenant demand and high barriers to entry for development have created an exacerbated supply and demand imbalance. Scarcities of land for new development, as well as existing and under-construction buildings, are the main drivers. Entitlements are difficult to secure with a timeline between 24 and 30 months from start to finish. As a result, scarcity will remain the name of the game, and tenants will continue to pay increased costs to secure a building. With roughly 29 million square feet expected to deliver over the next five quarters, vacancy should remain flat as demand stays high for these buildings. Lease rates will continue to rise as existing tenants renew while expanding tenants compete for limited space that comes to market. Total net absorption for 2021 will break the record set in 2018, likely falling just shy of 30 million square feet. Activity levels in both the Inland Empire East and West remain about the same. There are so …

January 21, 2022

Acquisitions California Industrial Western

Xebec Realty Partners Buys 6.1-Acre Industrial Redevelopment Opportunity in San Fernando Valley

by Amy Works January 20, 2022

SYLMAR, CALIF. — Xebec Realty Partners has purchased a 6.1-acre redevelopment opportunity in Sylmar from Howmet Aerospace for $24 million. Located at 12975 Bradley Ave., the property is currently improved with an approximately 104,903-square-foot industrial building, which will be torn down in favor of a high-bay, Class A industrial building. The property is zoned M2, permitting a wide range of uses including wholesale, storage, limited commercial, manufacturing and media products. John DeGrinis, Patrick DuRoss and Jeff Abraham of Newmark represented the seller and buyer in the deal.

January 20, 2022

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