California

Grosvenor Americas Purchases 218,645 SF R&D/Office Property in North San Jose, California

by Amy Works August 26, 2021

SAN JOSE, CALIF. — Grosvenor Americas has acquired Orchard-Trimble, an office and R&D campus located at Orchard Parkway and West Trimble Road in North San Jose’s Golden Triangle. The acquisition price and name of the seller were not released. Toshiba America Electronic Components, the U.S. storage and semiconductor division of Toshiba Corp., occupies the 218,645-square-foot property, which features R&D lab space. The campus is near San Jose International Airport and provides access to downtown San Jose via the VTA Light Rail.

August 26, 2021

Acquisitions California Retail Western

Paragon Commercial, Canyon Partners Acquire Village Center in Fountain Valley for $14.8M

by Amy Works August 26, 2021

FOUNTAIN VALLEY, CALIF. — Paragon Commercial Group and Canyon Partners Real Estate have purchased Village Center, a multi-tenant shopping center located in Fountain Valley. An undisclosed seller sold the asset for $14.8 million. Originally built in 1965 and owned by the same family until this purchase, Village Center features 92,386 square feet of retail space. Current tenants include Big Lots, Rite-Aid, Dollar Tree and Bank of America. Additionally, Sprouts Farmer’s Market is slated to join the roster as an anchor tenant. The ownership plans to implement an extensive capital improvement program that will update and modernize the shopping center, which has not been significantly updated in more than 50 years. This acquisition marks the eighth investment completed by Paragon through its joint venture with Canyon Catalyst Fund.

August 26, 2021

Acquisitions California Retail Western

Longtime Owner Sells Marina Center in Long Beach, California for $16.2M

by Amy Works August 26, 2021

LONG BEACH, CALIF. — Tourmaline Capital has purchased Marina Center, a retail strip center located at 6200-6252 Pacific Coast Highway in Long Beach. A private investor, who owned the asset for more than 23 years, sold the property for $16.2 million. The 32,757-square-foot property was 84 percent leased at the time of sale. Current tenants include Ortho Mattress, Belmont Shore Veterinary Hospital, Subway, Image Rx, Audio Concepts, Lavender Nails, Golden State Tanning, Honey’s Cleaners, Enrique’s Mexican Restaurant and First Bank. Gleb Lvovich and Daniel Tyner of JLL Retail Capital Markets represented the seller in the deal.

August 26, 2021

Acquisitions California Net Lease Retail Western

Kidder Mathews Brokers $3.1M Sale of Net-Leased Retail Property in Costa Mesa, California

by Amy Works August 26, 2021

COSTA MESA, CALIF. — Kidder Mathews has arranged the sale of a net-leased retail property located at 400 E. 17th St. in Costa Mesa. A Newport Beach-based investor sold the asset to Massachusetts-based Henley Enterprises (dba Valvoline) for $3.1 million, or $3,454 per square foot. Since 2000, Valvoline has occupied the 902-square-foot building. The property was triple-net leased to the tenant, which is now the owner-operator. Michael Walseth of Kidder Mathews Walseth Net Leased group represented the seller, while the buyer was self-represented in the transaction.

August 26, 2021

Acquisitions California Industrial Western

Nuveen Real Estate Acquires 236,700 SF Inland Empire Industrial Property from Myers Power Products

by Amy Works August 25, 2021

ONTARIO, CALIF. — Newport Beach-based Nuveen Real Estate has purchased an industrial building, located at 2950 E. Philadelphia St. in Ontario, from Myers Power Products in a sale-leaseback transaction for an undisclosed price. Myers Powers, the tenant, is an industry leader in the design and manufacture of engineered-to-order power distribution equipment. The company occupies the freestanding, 236,700-square-foot building and utilizes the facility for its full in-house manufacturing capabilities, including metal fabrication, state-of-the-art paint systems, assembly, integration and testing. Situated on 12 acres, the building features two oversized, grade-level loading doors, 35 dock-high loading positions, a 155-foot truck court, 4,000 amps, a fenced yard and is naturally divisible. Chris Migliori of Daum Commercial Real Estate Services handled the transaction.

August 25, 2021

Acquisitions California Industrial Office Western

Dollinger Properties Buys Six-Building R&D/Office Campus in Silicon Valley for $56M

by Amy Works August 25, 2021

SAN JOSE, CALIF. — Redwood City-based Dollinger Properties has acquired Valley Creative Center, a six-building R&D and office campus located at the confluence of Zanker Road, Bering Drive and Charcot Avenue in San Jose. Vista Investment Group sold the asset for $56 million. Located at 2235-2249 Zanker Road, 2340-2390 Bering Drive and 225-245 Charcot Ave., the complex features 166,928 square feet of space with grade-level loading, ample parking and new exterior façade upgrades. Alan Guterman, Jon DeCoite, Steve Horton and Kelly Yoder of Cushman & Wakefield represented the buyer in the deal. Additionally, the team will service as leasing agents for the multi-tenant property.

August 25, 2021

Acquisitions California Retail Western

Pinnacle Real Estate Negotiates $14.8M Sale of Retail Center in Cerritos, California

by Amy Works August 25, 2021

CERRITOS, CALIF. — Pinnacle Real Estate Advisors has brokered the sale of a retail center located at 12221-17312 Norwalk Blvd. in Cerritos. The asset traded for $14.8 million. The names of the seller and buyer were not released. Situated 19 miles south of downtown Los Angeles, the 52,382-square-foot property is anchored by a grocery store. Peter Sengelmann, Eric Diesch and Jackson Coon of Pinnacle Real Estate Advisors represented the seller in the deal.

August 25, 2021

Acquisitions California Industrial Western

Rexford Industrial Buys Torrance Technology Campus in Los Angeles for $182M

by Amy Works August 24, 2021

LOS ANGELES — Torrance FRM LLC has completed the disposition of Torrance Technology Campus, a five-building industrial facility situated on 27 acres in Los Angeles’ South Bay market. Rexford Industrial acquired the campus for $182 million. Located at 3100-3110 Lomita Blvd. and 3121 Skypark Drive, Torrance Technology Campus offers 575,976 square feet of industrial space. At the time of sale, the property was 90 percent leased to three credit tenants. L3Harris (S&P: BBB) occupies 80 percent of the campus. Other tenants include Torrance Memorial Medical Center and various parking tenants. Kevin Shannon, Scott Schumacher and Ken White of Newmark represented the seller, while the buyer was self-represented in the deal.

August 24, 2021

Acquisitions California Office Western

Cushman & Wakefield Negotiates Sale of 242,012 SF Office Portfolio in Pasadena, California

by Amy Works August 24, 2021

PASADENA, CALIF. — Cushman & Wakefield has arranged the sale of a three-building office portfolio, known as 2 N Lake, in downtown Pasadena. A Los Angeles-based private investor acquired the asset from 2 North Lake JV LLC, a private family ownership located in Hong Kong and Los Angeles, for $80 million. Totaling 242,012 square feet, the portfolio consists of an 11-story building, a three-story building, a single-story building and a six-story parking garage. The buildings were collectively 63 percent leased at the time of sale. The buyer plans to implement a Class A repositioning of the property, including renovating the lobbies, activating the outdoor areas and implementing other interior and exterior upgrades. Mike Condon Jr., Erica Finck, Bailey Dawson and Marc Renard of Cushman & Wakefield represented the seller, while the buyer was unrepresented in the deal. Cushman & Wakefield’s Shaun Stiles, Steven Marcussen and Katie Cowan also partnered in the sale and were retained for future leasing of the property.

August 24, 2021

Acquisitions California Industrial Self-Storage Western

Buchanan Street Partners Buys Self-Storage Facility in Chula Vista, California for $26.4M

by Amy Works August 23, 2021

CHULA VISTA, CALIF. — Buchanan Street Partners has purchased a newly constructed self-storage asset located at 3296 Heritage Road in Chula Vista. HomeFed Corp. sold the property for $26.4 million in an off-market transaction. The facility offers 95,000 square feet of climate-controlled self-storage units. The property received its certificate of occupancy in April 2021, and Buchanan Street acquired the asset during early lease up. William Warren Group will serve as property manager and will rebrand the facility under the StorQuest flag.

August 23, 2021

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