California

Office Rental Rates on the Rise in All 30 of CBRE’s Top 30 Tech Submarkets

by John Nelson November 21, 2017

LOS ANGELES — Office rents across the United States and Canada are getting a big lift from the influence of tech job creation, according to CBRE. All of the submarkets tracked in the brokerage giant’s annual Tech-30 report have experienced rental growth over the past two years. In 13 of those submarkets, asking rental rates have grown by more than 10 percent in the two years tracked between second-quarter 2015 and second-quarter 2017. On the list of 30 submarkets, office rent growth was led by Orange County, Calif. (23.3 percent), Nashville (21.2 percent), Atlanta (17.6 percent), Charlotte (16.9 percent) and Silicon Valley (16.8 percent). According to CBRE’s Tech-30 report, the willingness of tech companies to pay a premium for office space in the hottest tech submarkets is starting to spill over into neighboring submarkets, as available space in tech “hotspots” is dwindling. Adjacent submarkets and traditional downtowns with skylines — rather than the brick-and-beam buildings tech companies have demonstrated a preference for — are primed to benefit, according to the report. “If tech companies that are used to paying a premium for space in the top tech submarkets are forced to move to adjacent submarkets in order to expand, we …

November 21, 2017

California Hospitality Loans Western

George Smith Partners Arranges $50M in Financing for Hyatt Redevelopment Near LAX

by Nellie Day November 20, 2017

LOS ANGELES — George Smith Partners has arranged $50 million in construction and renovation financing for a redevelopment project near Los Angeles International Airport. The 258,000-square-foot, 13-story office tower will be converted into a 129-key Hyatt House and a 272-key Hyatt Place Hotel in Los Angeles. The asset is situated on West Century Boulevard, one block away from LAX. The redeveloped Hyatt House and Hyatt Place Hotel will feature a mid-century-inspired urban design and rooms with 11.5-foot ceiling heights. Amenities include a rooftop bar, pool, and restaurant with unobstructed views from downtown Los Angeles to the Pacific Ocean, a variety of dining options and a fitness center. The project is scheduled for completion in 2019. Financing was arranged on behalf of 5959 LLC, an affiliate of California Real Estate Regional Center LLC.

November 20, 2017

California Industrial Western

Berdan Holdings Buys FedEx Shipping Facility in Carlsbad, California, for $24.5M

by Nellie Day November 20, 2017

CARLSBAD, CALIF. — Berdan Holdings has purchased a 109,807-square-foot FedEx shipping facility in Carlsbad for $24.5 million. The facility is located at 2495 Faraday Ave. The property was built in 1999. It is fully leased to FedEx on a net lease basis. Property features include 32-foot clear height, 10,900 square feet of office space, nine dock and nine grade-level doors. Ron Jacobson of SD Realty Partners represented Berdan Holdings, while Aric Starck of Cushman & Wakefield’s San Diego office represented the seller, Leonard Living Trust, in this transaction.

November 20, 2017

California Multifamily Seniors Housing Western

Stoneridge Creek Nears Completion of 151-Unit Seniors Housing Expansion in Bay Area

by Nellie Day November 20, 2017

PLEASANTON, CALIF. — Stoneridge Creek is preparing to open its 151-unit expansion at the seniors housing community in the Bay Area city of Pleasanton. The expansion includes 12 single-story homes, 56 garden homes and 83 apartments, as well as new amenities and common areas. Stoneridge Creek opened in 2013 on a 50-acre campus and currently houses more than 450 seniors. The CreekView health center is located adjacent to Stoneridge Creek, offering long-term care services.

November 20, 2017

California Industrial Western

Former LA Times Printing Plant Site in Costa Mesa Sells for $65M

by Nellie Day November 17, 2017

COSTA MESA, CALIF. — A joint venture that includes SteelWave has acquired a 24-acre site that previously served as a Los Angeles Times printing plant in Costa Mesa for $65 million. The site is located at 1350 South Coast Drive. The 50-foot-tall steel frame building on the property was used by the Los Angeles Times and three of its community newspapers as a printing plant, distribution facility and office until it closed in 2010. The facility is known as The Press. Redevelopment plans include more than three acres of outdoor amenities, as well as a 20,000-square-foot raised patio. SteelWave plans to re-brand the space as the Hive. Rick Kaplan and Rob Lambert of Cushman Wakefield represented the sellers, Tribune Real Estate Holdings, a subsidiary of Tribune Media Co., and Kearny Real Estate. Kearny Real Estate has worked with the City of Costa Mesa to re-entitle and redevelop the property over the past two years.

November 17, 2017

California Retail Western

JLL Negotiates $32.3M Sale of La Paz Plaza in Mission Viejo, California

by Nellie Day November 17, 2017

MISSION VIEJO, CALIF. — JLL has brokered the sale of La Paz Plaza, a retail and medical office campus located in Mission Viejo in South Orange County. Combined Investments acquired the property from Newport Beach, Calif.-based Flinn West for $32.3 million. At the time of sale, the 51,766-square-foot property was 96 percent occupied. Matt Berres and G. Ryan Smith of JLL Capital Markets represented the seller.

November 17, 2017

California Retail Western

CBC Advisors Arranges $6.9M Sale of Rite Aid-Leased Property in San Jacinto

by Nellie Day November 17, 2017

SAN JACINTO, CALIF. — Coldwell Banker Commercial Advisors has arranged the $6.9 million sale of a 17,272-square-foot building leased to Rite Aid in San Jacinto. John Archibald and Guillermo Olaiz of CBC Advisors arranged the transaction on behalf of the seller, and Ernie Farhat of Sanjo Investments represented the buyer. Other terms of the transaction were not disclosed. The single-tenant, net-leased pad anchors Mountain View Plaza, which is home to 7-Eleven, Denny’s and Panda Express.

November 17, 2017

California Retail Western

Bass Pro Shops to Anchor 800,000 SF Retail Development in Bakersfield

by Nellie Day November 17, 2017

BAKERSFIELD, CALIF. — Bass Pro Shops has unveiled plans to open a 100,000-square-foot location at Bakersfield Gateway, a planned retail development in Bakersfield. Upon completion, the project, developed by Woodmont Co., will feature 800,000-square-feet of retail and will include a central gathering area for lifestyle events and programming. The new Bass Pro Shops will be the retailer’s fifth location in California. A construction timeline was not released.

November 17, 2017

California Loans Office Western

Preylock Real Estate Receives $195M in Acquisition Financing for Silicon Valley Office Portfolio

by Nellie Day November 16, 2017

SANTA CLARA, CALIF. — Preylock Real Estate Holdings has obtained $195 million in acquisition financing for a seven-property office portfolio in Silicon Valley. The 626,000-square-foot office and R&D campus is located at 2770-2800, 2880 and 2890 Scott Blvd.; 2220, 2300 and 2330 Central Parkway; and 2001 Walsh Ave. All seven buildings are triple-net leased to Nvidia and Huawei. Four of the buildings serve as the U.S. headquarters for Huawei, a multinational telecommunications equipment company that is currently the world’s third-largest smartphone producer. The remaining three buildings are leased to Nvidia, inventor of the graphic processing unit and PC gaming, computer graphics and artificial intelligence innovator. The seven-year, floating-rate loan features an initial five-year term followed by two one-year extension options and full-term, interest-only payments. Meridian Capital Group arranged the loan.

November 16, 2017

California Multifamily Seniors Housing Western

Welbrook Senior Living Completes 50-Unit Memory Care Community in Santa Monica

by Nellie Day November 16, 2017

SANTA MONICA, Calif. — Welbrook Senior Living has completed construction of Welbrook Santa Monica, a 50-unit memory care facility in Santa Monica. The units are all single-occupancy studios. Welbrook partnered with Urban Green Investments, a San Francisco-based real estate investment and development company, on the project.

November 16, 2017

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