REDLANDS, CALIF. — CBRE has negotiated the sale of Orange Plaza, an office building located at 1615 Orange Tree Land in Redlands. A corporate seller sold the asset to an undisclosed buyer for $6.2 million. Sammy Cemo, Austin Reuland, Anthony DeLorenzo and Bryan Johnson of CBRE represented the seller in the transaction. Situated on 2.5 acres, the two-story building offers 36,360 square feet of office space and ample parking.
SANTA MARIA, CALIF. — Priority Capital Advisory has closed on $174 million in construction financing on behalf of the ownership of Blosser Ranch, a 160-acre master-planned development in Santa Maria. The financing funds both horizontal and vertical construction for the first phase, a three-story, 302-unit, garden-style apartment community on 12 acres. Additionally, the funding recapitalizes the remaining land within the entire development, positioning the borrower for the project’s six future subphases. The structured capital stack financing includes: The Class A multifamily property will feature studio, one-, two- and three-bedroom floor plans ranging in size from 490 to 1,188 square feet. Community amenities will include a pool and spa, clubhouse, fitness center, business center, outdoor barbecues, fire pits, a pet park and a playground. Completion of the first phase is slated for summer 2027. Upon full build-out, Blosser Ranch is planned to include approximately 1,500 single-family and multifamily residential units, retail space, a public park, a school and a water retention basin.
SAN FRANCISCO — REALM, in partnership with Cannae Partners, has purchased 340 Bryant Street, an office building in San Francisco’s South Beach submarket, for $10 million. At the time of sale, the 66,000-square-foot property was fully vacant. The seller was not disclosed. Originally constructed in 1932, the property was previously occupied by WeWork and renovated in 2015 with approximately $14.7 million of capital improvements. The four-story building features modern systems, exposed ceilings, creative finishes, a rooftop deck, showers, locker rooms and flexible zoning supporting office and research-and-development (R&D).
PERRIS, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the $4.8 million sale of a newly constructed, single-tenant retail property located in the Inland Empire city of Perris. A Starbucks café and drive-thru occupies the 2,200-square-foot building on a 10-year triple-net corporate lease with 10 percent rental increases every five years. Bill Asher and Jeff Lefko of Hanley represented the seller and developer, Yellow Rose Ranch LLC, an affiliate of The Lynch Group. Betty Gulezyan of I.D.L. Home represented the buyer, a private investor based in Newport Beach, Calif. Hanley Investment Group has sold 18 single-tenant Starbucks properties totaling $55 million in the past 18 months.
LA MESA, CALIF. — Federal Realty Investment Trust is underway on the redevelopment of Grossmont Center, a 925,000-square-foot shopping center located in the San Diego suburb of La Mesa. The first phase of the multi-year renovation will include façade upgrades for storefronts; updated landscaping and greenery; enhanced common areas with new outdoor seating; and improvements to pedestrian foot traffic routes, lighting and overall visibility. Completion of Phase I is anticipated for October 2026. All existing businesses will remain open throughout construction. Federal Realty Investment Trust acquired Grossmont Center in 2021. Tenants at the 64-acre property consist of Barnes & Noble, Bath & Body Works, BJ’s Restaurant & Brewhouse, Chuck E. Cheese’s, Chuze Fitness, Cold Stone Creamery, CVS Pharmacy, Famous Footwear and Jamba Juice.
MURRIETA, CALIF. — JPI has closed on Parcel A at the intersection of Jefferson Avenue and Murrieta Hot Springs Road in Murrieta for the development of a multifamily property. Slated for delivery in second-quarter 2028, the four-story, garden-style community will feature 394 one-, two- and three-bedroom apartments, a fitness center with indoor workout space and stretching room, resident clubhouses and a covered logia with various lounge spaces, TVs and games. Additional amenities will include swimming pools, a lap pool, two hot tubs, multiple private cabanas, an outdoor kitchen with barbecues, outdoor fireplaces, community co-workspace, a pet spa, a large dog park, bicycle storage and repair space and electric vehicle parking.
IRVINE, CALIF. — New York Life Real Estate Investors has completed the sale of Centerstone Plaza, a suburban office campus in Irvine, to LCBC Development for $32 million. Located on 6.8 acres at 4000, 4010 and 4040 Barranca Parkway, the 107,028-square-foot Centerstone Plaza features two onsite restaurants and is surrounded by three retail centers offering more than 30 restaurants, three grocery stores, three gyms and an in-line shops. Additionally, Centerstone Plaza is proximate to the San Diego Freeway and the John Wayne Airport. Michael Leggett, Will Poulsen and Tim Donald of JLL represented the seller and procured the buyer in the deal.
CHINO, CALIF. — MetLife Investment Management, the institutional asset management business of MetLife Inc., has completed the disposition of Chino Spectrum Towne Center, a power center in Chino. Brixmor Property Group, a New York-based public REIT, purchased the asset for $138 million. Jimmy Slusher, Preston Fetrow, James Tyrrell, Mark Damiani and Shaya Northrup of CBRE’s National Retail Partners – West represented the seller in the deal. Located at 3801-4097 Grand Ave., Chino Spectrum Towne Center features 461,269 square feet of retail space that was 95 percent leased at the time of sale. Current tenants include H Mart, Kohl’s, Five Below, Best Buy and Nordstrom Rack, as well as regional and local retailers, service providers and restaurants. The property is also shadow anchored by Walmart Supercenter and Sam’s Club.
LOS ANGELES — Meta Housing Corp. and R.D. Olson Construction, as general contractor, have broken ground on De Soto, a $62 million affordable housing property located at 6033 De Soto Ave. in the Woodland Hills neighborhood of Los Angeles. De Soto is a ground-up construction project that will feature a seven-story building constructed in one phase over the span of 24 months. Slated for completion in early 2028, the 271,568-square-foot property will feature 207 one-, two- and three-bedroom apartments across five stories of residential space above a double concrete podium holding two levels of parking. The apartments will be designated for families and residents earning between 30 percent to 70 percent of the area median income. Community amenities will include a community room with computer workstations, outdoor gathering spaces, a children’s play area and elevated courtyards designed to foster community connection. De Soto will be funded through California Municipal Finance Authority Multifamily Housing Revenue Bonds along with federal low-income housing tax credits. Project partners include AC Martin as executive and design architect, Mark Beall and Associates as landscape architect, KE Engineering Corp. as civil engineer, TAD Engineering as mechanical engineer and EB Structural Engineers as structural engineer.
LOS ANGELES — Joint venture partners Hankey Investment Co. and Barker Pacific Group have acquired Sunset Media Center, a 22-story creative office tower in Hollywood’s Media Row, from Kilroy Realty for $61 million. Located at 6255 W. Sunset Blvd., Sunset Media Center features 325,995 square feet of Class A office space with unobstructed view corridors and average floor plates of 18,500 square feet. At the time of sale, the property was 51 percent occupied. Current tenants include Media Res, Magical Elves, The Hollywood Chamber of Commerce, Slickdeals, OpenTable and the AIDS Healthcare Foundation. Built in 1974, Sunset Media Center underwent an extensive multi-million-dollar renovation in 2014 by architect Gensler and features an updated lobby space, onsite visitor parking, redefined common areas, a sun-drenched outdoor plaza with neighborhood retail hot spot and access to major entertainment studios and media professionals. The new ownership has retained JLL’s Dana Vargas and Peter Hajimihalis to handle leasing efforts for the property. Michael Kathrein, Adam Edwards, Sam Baughman and Blake Stamato of Eastdil Secured represented the seller in the deal.
