LAHTROP, CALIF. — Macy’s has executed a long-term lease for a logistics and distribution facility located at 3400 W. Yosemite Ave. within Phelan Lathrop Gateway industrial park. Terms of the transaction were not released. Phelan Development owns the 272,000-square-foot facility, which is south of Sacramento and east of the Bay Area. Jay Hagglund and Tyson Vallenari of Cushman & Wakefield represented Macy’s in the lease transaction.
— By Joseph W. Brady, CCIM, SIOR, President, The Bradco Companies — A population boom has brought houses, companies and retailers to the High Desert also known as the Mojave River Valley. The “High Desert” used to be a term that referred to one area: the northern region of San Bernardino County that is beyond the Cajon Pass. As such, many other “High Desert” popped up, including the nearby Joshua Tree Area, in addition to namesakes in Arizona, Nevada and Oregon. That led this particular area to be rebranded as the Mojave River Valley, notes Joseph W. Brady, president of The Bradco Companies in Victorville, Calif. As a long-time, 35-year resident, of the Mojave River Valley, he is the longest serving commercial broker in the region. What is the current state of commercial real estate in the Mojave River Valley? Retail is rather steady, with each of the cities — Apple Valley, Adelanto, Hesperia, and Victorville — all seizing new opportunities for commercial. Sprouts grocery stores (remodel of the former Toys”R”Us) are coming into Victorville and the Town of Apple Valley. We also have many smaller national tenants that continue to expand in the retail marketplace. Retail vacancy levels continue …
ANAHEIM, CALIF. — CBRE has arranged the sale of an industrial complex located at 3000-3010 E. La Jolla St. in Anaheim. A Southern California-based private seller sold the asset to an undisclosed buyer for $18.5 million. Anthony DeLorenxo, Gary Stache, Bryan Johnson, Nick Williams and Keith Greer of CBRE Investment Properties represented the seller in the deal. Totaling 88,128 square feet, the complex consists of a 50,128-square-foot building at 3000 E. La Jolla St. and a 37,128-square-foot building at 3010 E. La Jolla St. Both facilities feature a dock and truck well. Sonfarrel Aerospace, an aerospace part manufacturer, has fully occupied the asset since 1974 and will continue to do so.
ROSEVILLE, CALIF. — LRE & Co. and American Hospitality Services have broken ground on Roseville Junction, a mixed-use development at 290 Conference Center Drive in Roseville, a suburb northeast of Sacramento. Functioning as a sports and entertainment complex in Placer County, Roseville Junction will include two select-service hotels, three restaurants, an outdoor gathering place and The Electric Pickle, which will offer a bocce ball court, 10 pickleball courts and dining venues. Caption by Hyatt Roseville will feature 112 rooms and suites, a fitness center, meeting facilities and a reimagined hotel lobby with an on-site restaurant and beverage venue, an all-day café, market and bar with a lounge and social space. Hyatt House Roseville will offer 126 rooms, including studios and one-bedroom suites, public spaces, workout spaces and a rooftop bar.
SAN DIEGO — Liberty National Corp. has purchased a land site at 1520 and 1532 3rd Ave. in downtown San Diego for the development of a residential property. Terms of the transaction were not released. Liberty acquired the 22,484-square-foot site in December 2023 and plans to build a high-rise multifamily community on the site. The property will also offer a selection of affordable housing options.
SAN DIEGO — J Street has acquired a fully vacant office building in San Diego, known as Tower 180, in a lender-facilitated, off-market transaction for an undisclosed price. The buyer plans to convert the 25-story building into hospitality and residential use. Brunson Howard and Rick Reeder of Newmark, along with Kevin Shannon, Tony Malk, Chris Benton and Anthony Muhlstein of Newmark’s U.S. capital markets team, represented the undisclosed seller. Located at 124 W. Broadway, the 390,609-square-foot asset primarily offers 10,000-square-foot floor plates. The asset is centrally located with easy access to Civic Center Trolley Station, Light Rail (MTS Station), Santa Fe Train Depot, San Diego International Airport, Interstate 5 and Highway 163.
LANCASTER, CALIF. — Hanley Investment Group Real Estate Advisors has completed the sales of a single-tenant Smart & Final Extra! and a single-tenant property occupied by dd’s Discounts at Antelope Valley Plaza in Lancaster, approximately 65 miles north of Los Angeles. Two individual private 1031 exchange buyers acquired the assets in separate transactions, which totaled $11.4 million. In the first transaction, PacWest Management, in partnership with Evergreen Development Co., sold the single-tenant, 32,200-square-foot property that is occupied by Smart & Final Extra! under a new 15-year corporate lease. The property is located at 2058 W. Avenue J. Sean Cox, Bill Asher, Alexander Moore and Kevin Fryman of Hanley represented the seller in the deal. In the second transaction, a Southern California-based 1031 exchange buyer acquired the 24,000-square-foot property at 2038 W. Avenue J in an all-cash transaction. dd’s Discounts, which occupies the property, has less than three years remaining on the initial lease term. Cox, Asher, Moore and Fryman represented the seller, PacWest Management, in the transaction.
RIVERSIDE, CALIF. — CBRE has arranged the sale of 1180 Central Avenue, a seven-unit apartment property in the Inland Empire city of Riverside. Michael J. O’Neill and Jean A. O’Neill Trust acquired the asset from The Kazanjian Exemption Trust for $2.2 million, or $315,000 per unit. Located on the Canyon Crest area of Riverside, the community features two- and three-bedroom floor plans, five of which are townhouse style with golf course views. Eric Chen and Blake Torgerson of CBRE represented the buyer in the transaction.
IRVINE, CALIF. — Hoag, a nonprofit healthcare delivery network in Orange County, is developing a $1 billion expansion at its Sun Family Campus medical facilities in Irvine. The new campus will include specialty care institutes for surgical innovation, cancer and digestive and women’s health, as well as dedicated urgent care services for cancer patients. The six new buildings will house 155 inpatient beds, eight operating rooms, 24 ICU beds and 120,000 square feet of ambulatory facilities. The campus will also feature outdoor spaces for therapies and meditation, including numerous healing gardens programmed to create unique and meaningful experiences for patients and caregivers. Last September, Hoag broke ground on the first phase of the project, which is named in recognition of the support of Diana and David Sun, who donated $50 million toward the project. Construction of the first phase is underway, and Sun Family Campus is slated to open to patients in 2026. The project team includes McCarthy Building Cos., LPA Design Studios, Jacobs, HB&A, KPFF and tk1sc.
SAN FRANCISCO — San Francisco-based City Center Realty Partners has acquired a freestanding, multi-tenant retail and office building in San Francisco’s Marina District for an undisclosed price. Tri Counties Bank currently occupies the ground-floor space of the two-story, 4,500-square-foot building, which is located at 2197 Chestnut St. and originally built in 1907. Kazuko Morgan and Heather Trimble of Cushman & Wakefield represented the buyer, while David Klein and Elijah Hodges of Lee & Associates represented the seller in the deal.
