California

CBRE Global Investors Acquires 395,673 SF Logistics Property in Irvine, California

by Amy Works July 7, 2021

IRVINE, CALIF. — A fund sponsored by CBRE Global Investors has purchased Irvine Crossing, a mixed-use logistics property in Irvine. Terms of the transaction were not released. The 395,673-square-foot property features a 193,173-square-foot data center with 10 megawatts of critical power located at 17836 Gillette Ave. and a 202,500-square-foot logistics warehouse located at 17871 Von Karman Ave. One of the largest data center operators in the world occupies the data center, while a large e-commerce company occupies the logistics warehouse.

July 7, 2021

Acquisitions California Restaurant Retail Western

Progressive Real Estate Partners Brokers $4.6M Sale of Starbucks-Anchored Retail Building in Southern California

by Amy Works July 7, 2021

SAN BERNARDINO, CALIF. — Progressive Real Estate Partners has arranged the sale of a retail property located at 2067 E. Highland Ave. in San Bernardino. Sage Invesco and Pacific Riviera Properties sold the asset to a San Bernardino County-based private investor for $4.6 million, or $919 per square foot. Greg Bedell of Progressive Real Estate Partners represented the seller, while Choong “Bruce” Lee of NewStar Realty and Hope Kim, an independent broker, represented the buyer in the deal. Built in 2020, the three-tenant building features 5,058 square feet of retail space. Starbucks Coffee, Lefty’s Cheesesteak and Cricket Wireless occupy the property.

July 7, 2021

Acquisitions California Loans Multifamily Western

PCCP Provides $76M Acquisition, Renovation Loan for High-Rise Apartment Property in San Diego

by Amy Works July 2, 2021

SAN DIEGO — PCCP has provided a $76 million senior loan to an affiliate of Sares Regis Group for the purchase and renovation of LIT Cortez Hill (formerly known as AVA Cortez Hill), a multifamily property in downtown San Diego. AvalonBay sold the property for an undisclosed price. Located at 1399 Ninth Ave., the 15-story building features 299 apartments and 1,670 square feet of ground-floor retail space. The unit mix is 97 studios, 117 one-bedroom and 85 two-bedroom units, all with private patios or balconies and ranging from 570 square feet to 1,059 square feet. The property features 30,000 square feet of outdoor amenity space with full-size basketball and tennis courts, resort-style pool and spa, fitness center, resident lounge, 13 laundry rooms and a ground-floor market.

July 2, 2021

Acquisitions California Industrial Western

Hines Buys 161,168 SF Activity Business Park in San Diego from BKM Capital Partners

by Amy Works July 2, 2021

SAN DIEGO — Hines has acquired Activity Business Park, a five-building industrial property located at 9235-9265 Activity Road and 9520-9530 Padgett St. in San Diego’s Miramar submarket. BKM Capital sold the asset for an undisclosed price. Totaling 161,168 square feet, the property consists of five one- and two-story buildings with expansive windows, abundant light, clear heights ranging from 10 feet to 20 feet and flexibility for a variety of users. At the time of sale, the property was 90 percent leased. Bryce Aberg, Jeffrey Cole, Jeff Chiate, Zach Harman, Mike Adey and Ed Hernandez of Cushman & Wakefield’s National Industrial Investment Advisory Group in Southern California, along with Rich Reeder and Brad Tecca of the firm’s Capital Markets group in San Diego, represented the buyer and seller in the deal. Brant Aberg of Cushman & Wakefield and Chris Duncan of Voit Real Estate provided market leasing advisory for the transaction.

July 2, 2021

California Development Industrial Western

Majestic Realty Co. Breaks Ground on 629,274 SF Spec Industrial Project in Tejon Ranch, California

by Amy Works June 30, 2021

TEJON RANCH, CALIF. — Majestic Realty Co., in its fourth joint-venture partnership agreement with Tejon Ranch Co., has broken ground on a Class A speculative industrial building located at 5151 Wheeler Ridge Road at Tejon Ranch Commerce Center located at the junction of Interstate 5 and Highway 99 in Tejon Ranch. Designed for single- or multi-tenant use, the 629,274-square-foot building will feature 36-foot clear heights, a minimum seven-inch floor slab, 136 dock-high doors, 185-foot cross-dock truck courts and an ESFR sprinkler system. Occupancy is slated for mid-2022. Mike McCrary of JLL represented the developers for the project. Tejon Ranch Commerce Center is a 1,450-acre master-planned commercial/industrial development in Kern County, Calif.

June 30, 2021

Acquisitions California Industrial Multifamily Self-Storage Western

Levin Johnston Brokers Three Bay Area Acquisitions Totaling $68.2M

by Amy Works June 30, 2021

SUNNYVALE AND ALAMEDA, CALIF. — Levin Johnston of Marcus & Millichap has arranged the purchases of three properties in the Bay Area on behalf of a local private investor. The acquisitions totaled a combined $68.2 million. The transactions are: The $18 million acquisition of a 65,805-square-foot self-storage facility located at 220 W. Ahwanee Ave. in Sunnyvale. The Storage Spot operates the 508-unit property. The $36 million purchase of Iris Park Apartments & Iris Garden Apartments, a 100-unit asset located at 611-641 Iris Ave. in Sunnyvale. The $14.2 million acquisition of Islander Apartments, a 38-unit, 31,374-square-foot apartment community at 1701 Shore Line Drive in Alameda. Adam Levin and Robert Johnston of Levin Johnston of Marcus & Millichap handled the transactions. The names of the sellers were not released.

June 30, 2021

Acquisitions California Industrial Western

Staley Point Capital, Bain Capital Acquire Industrial Property in Torrance, California for $34.5M

by Amy Works June 30, 2021

TORRANCE, CALIF. — Staley Point Capital and Bain Capital Real Estate have purchased 2700 California, an infill industrial property located in Torrance, for $34.5 million, or $256 per square foot. The transaction marks the joint venture’s first investment in the South Bay market. The 135,000-square-foot property features 16- to 25-foot clear heights, six dock-high doors and 14 grade-level doors. Edelbrock, a specialty auto parts designer and manufacturer, formerly occupied the building. Greenberg Traurig LLP served as legal counsel to Staley Point Capital on the transaction. CBRE represented the seller and JLL Capital Markets will arrange the loan financing.

June 30, 2021

Acquisitions California Industrial Office Western

Bridge Industrial Sells Box Yard Creative Industrial Park in Downtown Los Angeles to Rexford for $94M

by Amy Works June 29, 2021

LOS ANGELES — Bridge Industrial has completed the sale of Box Yard, a four-building, creative industrial business park in downtown Los Angeles. Rexford Industrial acquired the asset for $94 million. Located at 2425, 2445, 2460 and 2535 E. 12th St., Box Yard offers a total of 261,528 square feet of flex space. At the time of sale, the property was 94 percent leased to a variety of tenants, including e-commerce, tech, entertainment/studio, fashion, arts and creative tenants. The asset features 24-foot clear heights, dock- and grade-level loading for each unit and a fully gated and secured site. The property recently underwent interior and exterior renovations, including upgraded office finishes, LED lighting and warehouse air circulation fans, exterior paint, new signage, landscaping and improved site security. Gensler was the architectural firm for the renovations. Andrew Briner, Bret Hardy, Jim Linn, Kevin Shannon, Scott Schmacher and Laura Stumm of Newmark represented the seller in the transaction.

June 29, 2021

Acquisitions California Development Office Western

Kilroy Realty Buys Downtown San Diego Site for $42M, Plans 275,000 SF Office Development

by Amy Works June 29, 2021

SAN DIEGO — Kilroy Realty Corp. has acquired a 1.3-acre development site in downtown San Diego from Pacifica Cos. for $42 million. Kevin Nolen, Mike Novkov, Tim Winslow and Jason Kimmel of Cushman & Wakefield represented the seller in the transaction. Kilroy plans to develop up to 275,000 square feet of Class A office space on the full city-block site, which is located at 2045 Pacific Highway in San Diego’s Little Italy neighborhood. The site consists of four parcels within walking distance to numerous amenities and the San Diego Bay.

June 29, 2021

Acquisitions California Office Western

Mulberry Capital Sells Multi-Tenant Office Building in Commerce, California for $12M

by Amy Works June 29, 2021

COMMERCE, CALIF. — Mulberry Capital has completed the disposition of an office property located at 5100 S. Eastern Ave. in Commerce. Khosh Properties LLC purchased the asset for $12 million. The two-story building features 46,980 square feet of office space, an upgraded lobby, energy-efficient solar panels and surface and structured parking. Roland Corp., a Japanese manufacturer and distributor of high-end electronic musical instruments, electronic equipment and software, anchors the three-tenant property, which has served as the company’s U.S. headquarters since 1999. Ryan Plummer, Sean Fulp and Mark Schuessler of Newmark, along with Tony Naples of Lee & Associates, represented the seller in the transaction.

June 29, 2021

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