SAN FRANCISCO — Anthropic, a leader in AI technology, has leased the entirety of 300 Howard, a 25-story, 466,000-square-foot office tower, and 342 Howard, a historic 18,000-square-foot building, both in San Francisco. The properties are owned and managed by a joint venture between DivcoWest and Blackstone Real Estate. JLL’s Chris Roeder, Ted Davies and Carlye Parker represented DivcoWest and Perform Properties, Blackstone Real Estate’s retail and office portfolio company, in lease negotiations. Felipe Gomez-Kraus and John Diepenbrock of JLL represented Anthropic.
WESTMINSTER, CALIF. — Shopoff Realty Investments has acquired the remainder of the Westminster Mall, totaling an additional 57.5 acres, ahead of its planned mixed-use redevelopment, Bolsa Pacific at Westminster. Washington Pacific Group was the seller. Lee Aarons of Land Advisors represented the buyer in the deal. Shopoff previously purchased the mall’s 14.1-acre former Sears parcel in July 2022 and the 11.7-acre Macy’s parcel in August 2022. The 83.3-acre project site currently houses the Westminster Mall and surrounding retail. The planned Bolsa Pacific at Westminster development will deliver approximately 2,250 housing units, including a mix of for-sale housing, as well as market-rate and affordable rental housing. The project will also include more than 120 hotel keys, as well as more than 220,000 square feet of retail space. The site will also dedicate more than 15 acres to open space, including private resident spaces, open-air promenades and a network of walking trails. Current entitlement plans have been submitted to the city for review with anticipated approval in 2026. Demolition of the existing mall is planned for first-quarter 2026, with Target continuing to operate during this time. Once demolition and entitlements are completed, construction is slated to begin in fourth-quarter 2026.
LA PALMA, CALIF. — CBRE has facilitated the sale of an office portfolio located at 24 and 26 Centerpointe Drive in La Palma. A local 1031 exchange investor acquired the property from an institutional seller for $12.4 million, or $257 per square foot. Anthony DeLorenzo, Sammy Cemo and Bryan Johnson of CBRE’s Private Capital Partners represented the seller in the deal. The 44,953-square-foot portfolio includes two high-image, single-story office/flex buildings situated within a landscaped campus setting. The portfolio features recent multi-million-dollar common area upgrades, a shared association lounge and efficient surface parking.
NEW YORK CITY AND EL SEGUNDO, CALIF. — Brookfield Asset Management (NYSE: BAM) has entered into a definitive agreement in which one of the firm’s private real estate funds will acquire the outstanding shares of Peakstone Realty Trust (NYSE: PKST), an industrial REIT that has a strategic focus on the industrial outdoor storage (IOS) sector. The El Segundo-based company, which sold off its final office assets in December, currently owns 76 industrial properties, including 60 IOS assets. At a proposed price of $21 per share, the all-cash transaction represents an implied enterprise value of approximately $1.2 billion. The price represents a 34 percent premium relative to Peakstone’s share price on Jan. 30, the last full trading day prior to the announcement. “This transaction recognizes the value of our industrial portfolio and the progress we have made expanding our IOS platform,” says Michael Escalante, CEO of Peakstone. At the conclusion of the acquisition, Peakstone will be a privately held company and will be delisted from the New York Stock Exchange. Founded in 2009 as Griffin Realty Trust, the company was rebranded as Griffin Capital Essential Asset REIT in January 2023 and then as Peakstone Realty Trust in 2021. For Brookfield, the …
MISSION VIEJO, CALIF. — DJM Capital has completed the sale of Gateway Center, a retail property located in Mission Viejo’s master-planned community, to Asana Partners for $51 million. Located at 23972-24042 Alicia Parkway, Gateway Center features 79,108 square feet of retail space that is 97 percent occupied. Current tenants include Chase Bank, Starbucks Coffee, San Diego County Credit Union and Pacific Dental Services. Gleb Lvovich, Geoff Tranchina and Daniel Tyner of JLL Capital Markets represented the seller in the deal.
FREMONT, CALIF. — Berkadia has secured a joint venture equity partner on behalf of an institutional client for the development of Aurum, the final phase of a 966-unit multifamily project adjacent to the Warm Springs BART Station in Fremont. Brett Betzler and Kaohu Berg-Hee of Berkadia brokered the deal. Located at 3300 Innovation Way, Aurum will consist of a five-story, elevator-served building with 336 apartments and more than 600 structured garage parking spaces. Community amenities will include a fitness center, resort-style pool and approximately 4,900 square feet of ground-floor retail space. Completion is slated for 2027.
MISSION HILLS, CALF. — San Diego-based Location Matters has negotiated the $3.2 million sale of a single-tenant restaurant property located in the San Diego neighborhood of Mission Hills. Situated at 902 W. Washington St., the 2,505-square-foot building is occupied by contemporary American restaurant Harley Gray Kitchen & Bar, which has operated at the site for 12 years. Mike Spilky of Location Matters represented both the seller and the buyer in the transaction. The buyer plans to reposition the space with a new restaurant concept.
LONG BEACH, CALIF. — JPI has broken ground on Portico, a previously announced 272-unit multifamily project with 18,841 square feet of ground-level retail space. The $150 million development marks Phase I of a master plan for Mosaic, which is the redevelopment of the former City Place Long Beach shopping center. Completion of the eight-story building is slated for June 2028. City Place Long Beach was developed in the 1990s on about 14 acres in downtown Long Beach. The site was cleared earlier this year. Units will be offered as studios through three-bedroom floor plans with amenities that include a speakeasy, rooftop deck, golf simulator, fitness center, sauna and pool deck overlooking the Mosaic shopping center. Finance partners include Tokyo Tatemono and BMO Bank. The broader Mosaic project, led by Turnbridge Equities, Waterford Property Co. and Monument Square Investment Group, will ultimately deliver 900 multifamily residences and 38,000 square feet of commercial space.
BREA, CALIF. — JLL Capital Markets has secured $107 million in acquisition financing with a $5 million operating reserve for a 33.9-acre redevelopment project in Brea. Matt Stewart, Kellan Liem, Serge Sarkissian, John Rankin and Kyle White of JLL represented the borrower, Dwight Manley, in arranging financing from funds managed by affiliates of Fortress Investment Group. According to JLL, Dwight Manley will transform a vacant commercial building into a mixed-use community with retail and residential components. Dwight Manley has been actively involved in downtown Brea development for nearly 25 years, playing a key role in the city’s downtown revitalization and lifestyle transformation.
LOS ANGELES — High Street Residential (HSR), the residential subsidiary of Trammell Crow Co., and joint venture partner Haseko North America have closed on the land and secured a loan for the development of Jules San Pedro, an apartment community in Los Angeles’ San Pedro Waterfront Arts District. The site was acquired on Jan. 13. Terms of the transaction were not disclosed. Situated waterfront at 155 W. 6th St., the eight-story multifamily property will feature 281 apartments and 1,276 square feet of ground-floor corner retail space. Jules San Pedro will occupy a 1.2-acre full city block and is directly adjacent to the new Piazza Miramere. Designed by KFA Architecture, Jules San Pedro will offer a mix of studio, one- and two-bedroom floor plans. Community amenities will include a pool deck and courtyard with a sauna, spa and clubhouse, a central water-facing courtyard with indoor/outdoor fitness, a sky lounge and rooftop deck, multiple barbecue areas, a pet spa and an oversized coworking space with multiple conferences and work areas. The project will be Greenpoint Rated and feature sustainable elements, including electric vehicle charging stations and a rooftop, net-metered solar photovoltaic system. Groundbreaking is slated for later this quarter, with delivery scheduled for …
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