LOS ANGELES – A 20,087-square-foot industrial building in Placentia has sold to the Dayton Family Trust for $2.6 million. The space is located at 580 S. Melrose Street in the Los Angeles submarket. The trust will use the property for a food-flavoring business. It was represented by Scott Read of Newmark Grubb Knight Frank. The seller, Nan-Hsing Cheng, was represented by Morgan Hill, Mike Vernick and Mike Hefner of Voit Real Estate Services’ Anaheim office.
DENVER – A 3,798-square-foot building near Denver that is leased to Kneaders Bakery and Café has sold to an unnamed buyer for $2.5 million. The space is located at 19190 East Main Street in Parker, just southeast of Denver. It also contains a 1,400-square-foot patio. The bakery holds a 15-year lease at the newly constructed property. The transaction was executed by Tom Ethington and Rob Edwards of Pinnacle Real Estate Advisors.
LOS ANGELES – Townsgate Business Center, a 73,888-square-foot business park in the Los Angeles submarket of Thousand Oaks, has sold to Townsgate Business Park LLC for $13 million. The four-building complex is located at 2637-2649 Townsgate Road. It is fully leased and offers a mix of warehouse, flex and office applications. The seller, DMC Investment Group, was represented by Dan Spell, Timothy P. Foutz and Mickey Belt of NAI Capital. Delphi Business Properties also assisted with this transaction.
SUNNYVALE, CALIF. — Jay Paul Company has received a $610-million loan to fund the first phase of construction on Google’s new office campus in Silicon Valley. The campus will be located at the intersection of Moffett Park Drive and Bordeaux Drive in Sunnyvale. The first phase will include 943,056 square feet of office space throughout three, eight-story buildings. It will also include two parking structures with 4,300 spaces, as well as a 52,500-square-foot amenities building. The secured, non-revolving, senior loan will also be used to finance the construction of a new fire station for the City of Sunnyvale. Jay Paul Company was represented by Clayton B. Gantz, Grace S. Yang and Scott B. Johnson of Manatt, Phelps & Phillips.
SAN FRANCISCO — A joint venture between Canada Pension Plan Investment Board (CPPIB) and Hudson Pacific Properties has acquired a 45 percent interest in a 1-million-square-foot office building in San Francisco for $219.1 million. The Class A building is located at 1455 Market Street. The 22-story property was acquired by Hudson in December 2010. Hudson will retain a 55 percent ownership in the property, as well as its “general partner” status. It will also continue to oversee the building’s leasing and management. The office building fronts an entire block along 11th Street in San Francisco’s Mid-Market neighborhood. The concrete building was constructed in 1976. It features a nine-story podium topped by a 14-story tower. The building currently serves as the global headquarters for Uber and Square. It was previously a critical data center for Bank of America. A repositioning and expansion of the property’s ground-floor retail will commence early this year. The goal is to attract high-end retail and restaurant users to the space. Hudson plans to use joint-venture proceeds for a like-kind exchange, which could include an acquisition from Blackstone Real Estate Partners V and VI, as part of the Equity Office Properties’ San Francisco Peninsula and Silicon Valley …
LOS ANGELES – Peregrine Realty Partners has acquired an office building in the Warner Center Business Park for $19.5 million. The six-story building is located at 5950 Canoga Ave. in the Woodland Hills submarket. This sale marks the closing of a three-building portfolio that included 5955 De Soto and 21155 Califa Street. The seller, a joint venture between Oakfield Realty Partners and Long Wharf Real Estate, was represented by Bob Safai and Matt Case of Madison Partners.
IRVINE, CALIF. – FNIS Holdings has acquired a 9,900-square-foot office building in Irvine for $3.4 million. The building is located at 8855 Research Drive. FNIS was represented by Blake Garrett of Cushman and Wakefield. The seller, Research Property LLC, was represented by Bob Rieden of Lee & Associates – Newport Beach.
SAN DIEGO – Charter Industrial Supply has acquired a 23,608-square-foot industrial building in the San Diego submarket of Kearny Mesa. The price was not disclosed. The building is located at 7832 Ostrow Street. The new space will allow Charter Industrial to expand within San Diego. The company will store and distribute more than 30,000 products, including fasteners, chemicals and aerosols, at the new facility. The seller was the Vander Linde Family Trust. Charter Industrial was represented by Nick Price of Voit Real Estate Services’ San Diego office.
LOS ANGELES — American Realty Capital Global Trust (ARC Global Trust) has purchased the 226,441-square-foot Quest Diagnostics building in the Los Angeles submarket of Santa Clarita for $96 million. The lab and office facility is located at 27027 Tourney Road. The property sits adjacent to Interstate 5, about 40 miles north of Los Angeles International Airport (LAX). Quest Diagnostics is the world’s leading provider of diagnostic testing and is one of the largest biomedical companies in the U.S. Quest occupies the entire building. The seller, Clarion Partners, was represented by HFF’s Ryan Gallagher, Mike McCann, Andrew Harper and Nick Foster.
LOS ANGELES — Hollywood Park Land Company has announced plans to develop a new sports and entertainment district in the Los Angeles submarket of Inglewood. The development is named the “City of Champions Revitalization Project.” The new development “builds on the momentum of the original 238-acre, mixed-use project currently under construction at Hollywood Park after years of community engagement and the approval of entitlements by the Inglewood City Council in 2009,” according to a statement from the land company. Hollywood Park Land Co. is a joint venture between Stockbridge Capital Group and the Kroenke Group (TKG). Stockbridge purchased the original 238-acre Hollywood Park site in 2005. The Kroenke Group purchased an adjacent 60-acre parcel in 2013. The two then joined forces through the Hollywood Park Land Co. venture in 2014 to develop the project. The 298-acre project will include a stadium of up to 80,000 seats and a performance venue of up to 6,000 seats. It will also reconfigure the previously approved Hollywood Park plan that called for up to 890,000 square feet of retail, 780,000 square feet of office space, 2,500 new residential units, a 300-room hotel, and 25 acres of public parks, playgrounds, open space, and pedestrian and …
