California

San Diego City Council Approves 200-Acre Riverwalk Mixed-Use Project

by Kristin Harlow November 18, 2020

SAN DIEGO — The San Diego City Council has unanimously approved the 200-acre Riverwalk San Diego mixed-use project. Developer Hines plans to transform the existing Riverwalk golf course in western Mission Valley into a transit-oriented development. Project costs are estimated at $3 billion, according to The San Diego Union-Tribune. A new San Diego Metropolitan Transit System Green Line trolley stop and town square will anchor the project. Hines expects to break ground in the second half of 2021. Of Riverwalk’s 4,300 multifamily units, 10 percent will be designated as income-qualified affordable housing. Floor plans will range from studios to three-bedroom units. The project will feature 1 million square feet of office space and 152,000 square feet of retail space. Nearly 100 acres will be dedicated to open space and a regional park. Hines will also restore the stretch of the San Diego River that runs through Riverwalk. Plans call for bike and walking paths as well as an extension of the San Diego River Trail. “Riverwalk is an opportunity to provide something really special for San Diego,” says Eric Hepfer, managing director with Hines. “Our vision from the beginning was to create a village where people would have the option …

November 18, 2020

Acquisitions California Industrial Net Lease Office Western

TJL Properties Sells East Bay Area Industrial, Office Facility for $50.1M

by Amy Works November 17, 2020

RICHMOND, CALIF. — TJL Properties has completed the disposition of a light industrial warehouse and office facility located in the East Bay community of Richmond. An institutional investor acquired the asset for $50.1 million. Situated on 12.3 acres at 700-702 National Court, the asset features 267,500 square feet of light industrial and office space. The property comprises a 250,500-square-foot industrial warehouse and a 17,000-square-foot office building. The industrial component features 22-foot clear heights and 15 dock-high, two grade-level and four rail doors. At the time of sale, the facility was triple-net leased to a beverage distribution company. Ryan Sitov, Tony Beatty, Mark Detmer and Andie Fezell of JLL Capital Markets represented the seller in the deal.

November 17, 2020

California Development Office Retail Western

Invesco Completes Phase I Redevelopment of Former LA Times Facility in Orange County

by Amy Works November 17, 2020

COSTA MESA, CALIF. — Invesco Real Estate, along with Steelwave and 5_Ronin, has completed the base build for Phase I of The Press in Costa Mesa. The development team is transforming the former Los Angeles Times newsroom, printing press and distribution facility into a mixed-use creative work campus and social hall. Upon completion in fourth-quarter 2020, the project will offer 380,856 square feet of modern creative office space and 50,909 square feet of retail space. Situated on 24 acres at 1375 Sunflower Ave., the property features a 1.5-acre park and improved outdoor space, as well as accessibility to John Wayne Airport and the residential markets of Newport Beach and Irvine. Jay Nugent and George Thomson of Newmark are handling office leasing for the project. Retail Insite’s Chris Hodgman and The Lab’s Jason House are serving as leasing agents for the retail portion of the asset.

November 17, 2020

California Development Multifamily Seniors Housing Western

Oakmont Opens 85-Unit Assisted Living Community in Novato, California

by Amy Works November 17, 2020

NOVATO, CALIF. — Oakmont Senior Living has opened Oakmont of Novato in the San Francisco suburb of Novato. Oakmont of Novato is the third Oakmont Senior Living community to be built and opened during the 2020 pandemic. The 72,614-square-foot community sits on nearly three acres and features 49 assisted living and 36 memory care apartments. Oakmont of Novato is close to shopping, fine dining, and arts and entertainment.

November 17, 2020

Acquisitions California Retail Western

Progressive Real Estate Partners Brokers $6.2M Sale of Shell Gas Station, Circle K Property in Southern California

by Amy Works November 17, 2020

BLOOMINGTON, CALIF. — Progressive Real Estate Partners has arranged the sale of a retail property located at 2128 S. Riverside Ave. in Bloomington. Shell Gas Station and Circle K Convenience Store occupy the property, which was built in 2001. A Corona-based private investor sold the property to a Riverside County-based private investor for $6.2 million. The acquisition included both the business and the real estate. The buyer operates multiple ARCO gas stations throughout California. The asset features a Shell Gas Station offering eight dispensers with 20 fueling positions and a 2,900-square-foot Circle K featuring a variety of groceries, including snacks, to-go fresh food and beverages. Victor Buendia of Progressive Real Estate Partners represented the seller, while Mahlon Tobias of Tobias Commercial represented the buyer in the deal.

November 17, 2020

California Development Mixed-Use Video Webinar Western

Webinar: San Diego Mixed-Use Outlook — Planning and Developing Mixed-Use Projects in the San Diego Market

by Sarah Daniels November 16, 2020

The “San Diego Mixed-Use Outlook — Planning and Developing Mixed-Use Projects in the San Diego Market” webinar, hosted by Western Real Estate Business, brings together industry leaders to discuss how mixed-use has become one of the most active property types throughout the market, spurring new developments and the redevelopment of existing properties — and how COVID-19 is impacting the sector. In this three-part presentation, there will be an in-depth discussion of plans for Horton Plaza, an analysis from developers & owners and, finally, a discourse from mixed-use partners. Horton Plaza Update Panelists: Greg Williams, Stockdale Capital Partners Sean Slater, RDC Developers & Owners Panel: Mike Mahoney, Ryan Companies Gary London, London Moeder Advisors Tony Pauker, Brookfield Residential Jason Wood, Cisterra Development Nicole Williams, Ware Malcomb Mixed-Use Partners: Darin Schoolmeester, KTGY Architecture + Planning Scott Hall, JLL Carrie Bobb, Carrie Bobb & Co. Ryan Grant, CBRE Penny Maus, Port of San Diego Webinar sponsors: Port of San Diego: The Port of San Diego is an innovative champion for the 34 miles of San Diego Bay waterfront along Chula Vista, Coronado, Imperial Beach, National City and San Diego. RDC: Founded in 1979, RDC is a full-service, award-winning firm dedicated to making everyday places extraordinary. …

November 16, 2020

Kinesiology-Aquatics-Pavilion-Costa-Mesa-CA

California Civic Development Western

C.W. Driver Completes $36M Orange Coast College Kinesiology, Aquatics Pavilion in Costa Mesa, California

by Amy Works November 16, 2020

COSTA MESA, CALIF. — C.W. Driver Cos. has completed the construction of the Kinesiology and Aquatics Pavilion at Orange Coast College (OCC) in Costa Mesa. The three-building, 88,000-square-foot athletics center features expanded and modernized space for a variety of OCC programs, including physical education, athletics, sports medicine and kinesiology studies. Built in two phases, the initial stage included new construction of a 58,000-square-foot, multi-building complex, while Phase II included the renovation of a 30,000-square-foot structure that housed men’s and women’s locker rooms and existing pool areas. The project included the addition of a 65-meter competition pool with double bulkheads, 25-meter instructional pool and 450-person capacity bleachers. The three buildings are interconnected by an overhead structure that provides shade. Additionally, the new pavilion features division offices, athletic training, equipment management, locker rooms/showers and support spaces for aquatic programs. The pavilion is also home to the school’s adapted kinesiology program, which encourages individuals with disabilities and/or chronic illness to study and apply general fitness and movement principles throughout their lifelong participation in physical activity, exercise and sport. The $36 million Kinesiology and Aquatics Pavilion is part of a larger project funded by Measure M, a $698 million general obligation bond provided and …

November 16, 2020

Day-Creek-Senior-Villas-Rancho-Cucamonga-CA

California Development Loans Multifamily Seniors Housing Western

IEHP, National CORE Provide $1.5M for Construction of Day Creek Senior Villas in Southern California

by Amy Works November 16, 2020

RANCHO CUCAMONGA, CALIF. — Inland Empire Health Plan (IEHP) has partnered with National Community Renaissance (National CORE) to provide $1.5 million for the construction of Day Creek Senior Villas in Rancho Cucamonga, approximately 40 miles east of Los Angeles. Through this partnership with National CORE, one of the nation’s largest nonprofit developers of affordable housing, the health plan will receive access to 10 apartment units in the facility. These units will provide permanent housing for homeless seniors who are IEHP members transitioning out of long-term care. “It is a sad statement that one of the fastest-growing segments of homeless adults is seniors,” says Karen Hansberger, IEHP’s chief medical officer. “Seniors coming out of skilled nursing facilities many times have no safe place to call their home.”

November 16, 2020

Acquisitions California Hospitality Multifamily Western

Skya Ventures, Gelt Sell Marina Dunes RV Resort in Northern California for $28.5M

by Amy Works November 13, 2020

MARINA, CALIF. — A joint venture between Skya Ventures and Gelt has completed the sale of Marina Dunes RV Resort located at 3330 Dunes Drive in Marina. An undisclosed, publicly traded REIT acquired the asset for $28.5 million in an off-market transaction. Situated on 5.6 acres, the property features 96 sites, as well as upscale camping options with fully furnished tents, private yards and fully equipped campsites. The property features privately fenced patios with landscaping, off-street parking, upgraded utility pedestals and bollard streetlights, as well as individual telephone, cable, Wi-Fi and propane tanks at each site. Common area amenities include a clubhouse with game room, billiards, flat-screen television, fire pit, horseshoes and volleyball. Additionally, the property features a retail store and check-in office with an assortment of convenience store items and other merchandise. Jonathon McClellan, Kyle Baskin, Connor Outcalt and Steve Seligman of Institutional Property Advisors, a division of Marcus & Millichap, represented the buyer and seller in the deal.

November 13, 2020

California Development Industrial Western

CapRock Acquires 230,000 SF Infill Industrial Property in San Gabriel Valley for Redevelopment

by Amy Works November 13, 2020

POMONA, CALIF. — Newport Beach, Calif.-based CapRock Partners has purchased an infill industrial property situated on 12.5 acres at 4200 W. Valley Blvd. in Pomona. Terms of the transaction were not released. The buyer acquired the asset as a sale-leaseback from an owner-tenant that will continue to occupy the existing 230,000-square-foot manufacturing building in the short term. Upon expiration of the lease, CapRock intends to demolish the existing facility and develop a 270,000-square-foot, 36-foot-clear-height building offering up to 10,000 square feet of speculative office space. The property’s location is within minutes of the California State Route 57 and Interstate 605 interchange, Interstate 10 and California State Route 71. Wes Hunnicutt, Matt Moore and Eric Tomchick of Newmark represented the buyer and undisclosed seller in the transaction. Additionally, the Newmark team will serve as leasing agents for the property. Greg Brown, Peter Thompson and San Godfrey of JLL Capital Markets Debt Placement arranged an undisclosed amount of financing on behalf of CapRock Partners.

November 13, 2020

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