California

Newmark Arranges $93M Sale of Netflix-Occupied Hollywood Media Campus in Los Angeles

by Amy Works February 28, 2022

LOS ANGELES — Newmark has arranged the sale of Hollywood Media Campus, a 3.5-acre site located at 1350 N. Western Ave. in the Hollywood neighborhood of Los Angeles. New York City-based The Georgetown Co. acquired the asset from Pasadena-based Gemdale USA for $93 million. The site features a fully leased, 75,593-square-foot office building and an adjacent development parcel. Netflix fully occupies the office building under a sublease from master lessee Zest Finance. The development parcel is a 1.7-acre site with the right to build in accordance with current zoning and the opportunity to increase density with a zoning change. Kevin Shannon, Ken White, Rob Hannan and Laura Stumm of Newmark represented the seller in the deal.

February 28, 2022

Acquisitions California Restaurant Retail Western

Levin Johnston, Taycon Real Estate Broker $36M Sale of El Gato Village Shopping Center in Los Gatos, California

by Amy Works February 28, 2022

LOS GATOS, CALIF. — Levin Johnston of Marcus & Millichap and Taycon Real Estate have arranged the sale of El Gato Village Shopping Center, a retail property situated on 3.4 acres in Los Gatos. A family trust sold the asset to a privately held real estate investment and development company for $36 million. Adam Levin of Levin Johnston and Marko Buljan of Taycon Real Estate represented the seller and procured the buyer in the deal. Located at 15710 Los Gatos Blvd., the center features 58,519 square feet of retail space. At the time of sale, the property was 97 percent occupied. Current tenants include Nob Hill Foods, Chase Bank, Los Gatos Café Uptown, Una Mas Mexican Grill, PostalAnnex and Baskin-Robbins.

February 28, 2022

California Development Multifamily Seniors Housing Western

Consolidated Contracting Completes 122-Unit WellQuest Seniors Housing Project in Menifee, California

by Amy Works February 25, 2022

MENIFEE, CALIF. — Consolidated Contracting has completed construction of WellQuest of Menifee Lakes, senior living community in Menifee, located between Los Angeles and San Diego. The 134,641-square-foot, three-story property features 92 independent living and assisted living units ranging from 470 to 1,017 square feet, as well as 30 memory care units ranging from 386 to 578 square feet. Jonetta Eads, executive director of the facility, predicts the community will be fully occupied by mid-summer. Project consultants included Greg Irwin of Irwin Partners Architects as the architect; Conley360, space planner; Nelson Structural Engineers, structural engineer; Bam Consulting Engineers, civil engineer; United Brothers Concrete, sitework contractor; A Good Plumbing, plumbing; Edge Mechanical, mechanical engineer; Cattrac, grading; Hondo Framing, framing; AME Design Group, mechanical engineer; and Wilson Associates Landscape Architecture, landscape architect. FJ Management was the developer.

February 25, 2022

Acquisitions California Retail Western

JLL Negotiates $23.5M Sale of Goldenwest & Bolsa Shopping Center in Huntington Beach, California

by Amy Works February 25, 2022

HUNTINGTON BEACH, CALIF. — JLL Capital Markets has arranged the sale of Goldenwest & Bolsa, a retail center located at 15031 Goldenwest St. in Huntington Beach. A private equity fund sold the property to a local private investor for $23.5 million. Constructed in 1974 on six acres, Goldenwest & Bolsa features 63,269 square feet of retail space. At the time of sale, the property was 95.4 percent leased to a mix of daily needs and internet-resistant tenants. Gleb Lvovich, Geoff Tranchina and Daniel Tyner of JLL Retail Capital Markets represented the seller in the transaction.

February 25, 2022

Acquisitions California Life Sciences Top Stories

Oxford Properties Acquires 13-Building Life Sciences Portfolio in San Diego for $464M

by Julia Sanders February 25, 2022

SAN DIEGO, CALIF. — Oxford Properties Group has acquired a nine-property, 13-building life sciences portfolio in San Diego. Oxford acquired the portfolio for $464 million. The seller was San Diego-based BioMed Realty, according to The San Diego Union-Tribune. The portfolio includes 650,000 square feet of space, with 12 of the 13 buildings centrally located within San Diego’s Sorrento Valley and Sorrento Mesa submarkets. The properties are 98 percent leased. The portfolio features mainly one- to two-story buildings and a 60/40 life sciences-to-office ratio. The buildings’ features include modern mechanical, electrical and plumbing (MEP) systems and ample tenant parking. According to Oxford Properties, Sorrento Valley and Sorrento Mesa have emerged as epicenters of life sciences growth within San Diego. The firm reports that San Diego recorded over 4 million square feet of leasing volume in 2021, which is an all-time high and 80 percent higher than in 2020. Because of record high demand and limited vacancy, asking rents in San Diego’s life sciences market have increased by 34 percent. The life sciences market in the area is anchored by research institutions and non-profits including San Diego State University, UC San Diego, Scripps Research and the Sanford Burnham Prebys Medical Discovery Institute. …

February 25, 2022

6700-E-Pacific-Coast-Highway-Long-Beach-CA

Acquisitions California Development Multifamily Office Western

Holland Partners Buys Congressional Place Office Building in Long Beach, Plans Multifamily Conversion

by Amy Works February 24, 2022

LONG BEACH, CALIF. — Holland Partners has purchased Congressional Place, a two-story office building in Long Beach. ValueRock Partners sold the asset for $41 million. Situated on 2.5 acres at 6700 E. Pacific Coast Highway, the 73,769-square-foot will be redeveloped into a multifamily property. Chris Benton, Anthony Muhlstein, Kevin Shannon, Bill Bauman, Ken White and Seal Fulp of Newmark represented the seller in the deal.

February 24, 2022

15443-Fairland-Ranch-Road-Chino-Hills-CA

Acquisitions California Industrial Self-Storage Western

Buchanan Street Partners Acquires 920-Unit Self-Storage Facility in Chino Hills, California

by Amy Works February 24, 2022

CHINO HILLS, CALIF. — Newport Beach, Calif.-based Buchanan Street Partners has purchased a newly constructed, three-story self-storage facility located at 15443 Fairland Ranch Road in Chino Hills. A private developer sold the asset for $24.5 million in an off-market deal. The 95,500-square-foot property features 920 climate-controlled units. Westport Properties will serve as third-party manager for the facility, which will operate under the US Storage Centers brand. The transaction marks the third California self-storage facility purchased by Buchanan within the last 12 months.

February 24, 2022

Acquisitions California Multifamily Western

IPA Negotiates $35.3M Sale of ReNew Riverside Apartment Complex in Inland Empire

by Amy Works February 23, 2022

RIVERSIDE, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of ReNew Riverside, a multifamily property in Riverside. FPA sold the asset to Interwest Capital Group for $35.3 million, or $276,171 per unit. Built in 1987, the property features 128 two-bedroom units with an average size of 841 square feet. Community amenities include a swimming pool, business center, laundry facility and covered parking. Alexander Garcia Jr., Tyler Martin and Christopher Zorbas of IPA represented the seller and procured the buyer, which assumed the existing debt, in the deal.

February 23, 2022

Acquisitions California Retail Western

Raith Capital Sells 100,162 SF Arden Square Retail Center in Sacramento

by Amy Works February 23, 2022

SACRAMENTO, CALIF. — Raith Capital Partners has completed the disposition of Arden Square, a shopping center located at 3102-3198 Arden Way in Sacramento. Rhino Investments Group acquired the asset for an undisclosed price. BevMo!, Joann Fabrics and Office Max anchor the 100,162-square-foot retail center, which is situated on 7.4 acres. At the time of sale, the property was 90 percent occupied. Additional tenants include Kaiser Permanente, GameStop, Sacramento Credit Union, Jackson Hewitt Tax Services, Great Clips and Eco-Friendly Nail Salon. Constructed in 1961, the center was renovated in 1996. Eric Kathrein, Tim Kuruzar and Warren McClean of JLL Retail Capital Markets represented the seller in the deal.

February 23, 2022

Acquisitions California Office Western

Radius Investments Divests of 59,175 SF Chesapeake Corporate Center in San Diego

by Amy Works February 23, 2022

SAN DIEGO — Radius Investments has completed the sale of Chesapeake Corporate Center, a multi-tenant office building in San Diego. New York-based The Sason Organization acquired the property for an undisclosed price. Located at 9555 Chesapeake Drive on 3.2 acres, Chesapeake Corporate Center features 59,175 square feet of office space, three individual lobbies, stairwells, elevators and onsite parking. Originally built in 1984, the property has undergone $2.8 million in renovations to date. At the time of sale, the building was 66 percent leased to four tenants: Cobham Advanced Electronic Solutions, California Department of Health Care Services, The Packard Cos. and Workiz Inc. Kevin Shannon, Brunson Howard, Paul Jones, Sean Fulp, Kevin White, Ryan Plummer and Mark Schuessler of Newmark represented the seller in the transaction.

February 23, 2022

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