REBusinessOnline

Servitas, Orange Coast College Complete $123M The Harbour Residence Hall

COSTA MESA, CALIF. — A public-private partnership between Orange Coast College and Servitas has completed the construction of a $123 million residence hall on the college’s campus in Costa Mesa.Named The Harbour, the 321,105-square-foot development offers 823 beds in 326 apartment-style, fully furnished units. Shared amenities at the property include study lounges on each floor, package lockers, bicycle storage, courtyards, onsite laundry and parking.“Servitas is honored to …

KBS Sells 250 Holger Way Office Building in San Jose for $38.2M

SAN JOSE, CALIF. — KBS Real Estate Investment Trust II has completed the disposition of 250 Holger Way, an office building located within District 237, a 415,492-square-foot office/R&D complex in San Jose. Foster City-based Bailard acquired the property for $38.2 million.The 76,410-square-foot office building is one of eight buildings that make up District 237, which was built in 1999 and 2001. All buildings of the property feature efficient floorplates and high visibility with more …

Media Reports: Disney to Lay off 28,000 Employees at Theme Parks in California, Florida

BURBANK, CALIF. — The Walt Disney Co. (NYSE: DIS) will lay off 28,000 employees who were previously furloughed due to the coronavirus pandemic, according to multiple media reports. Disney World in Orlando, Fla., and Disneyland in Anaheim, Calif., both closed in mid-March due to the COVID-19 outbreak. Disney’s chief financial officer Christine McCarthy said in May that for every two weeks the parks were closed, the company lost $500 million. Disney World reopened in July with limited …

Lee & Associates Orange Brokers $22.3M Sale of Industrial Building in Cerritos, California

CERRITOS, CALIF. — Lee & Associates Orange has arranged the sale of a freestanding industrial building located at 12836 Alondra Blvd. in Cerritos. The property traded for $22.6 million. The names of the seller and buyer were not released.Situated in Cerritos Industrial Park, the 109,368-square-foot facility features 10 dock-high loading positions, 24-foot clear heights, a fenced yard and major street frontage on Alondra Boulevard.Jeff Gahagan of Lee & Associates Orange …

Crow Holdings Completes Sale of 241,591 SF Industrial Facility Near San Francisco

LIVERMORE, CALIF. — Crow Holdings Industrial, the industrial development arm of Crow Holdings, has completed the sale of Bay Area Commerce Center I – Hawthorne, located at 7600 Hawthorne Ave. in Livermore. Black Creek Group, a Denver-based real estate investment management firm, acquired the asset for an undisclosed price.The newly constructed property features 241,591 square feet of warehouse space, 32-foot clear heights and parking for 190 cars and 18 trailers. At the time of sale, …

CT Realty, PGIM Break Ground on 4.4 MSF Logistics Hub in Southern California’s Inland Empire

JURUPA VALLEY, CALIF. — A joint venture between CT Realty and PGIM Real Estate has broken ground on Agua Mansa Commerce Park in Jurupa Valley, a city within greater Los Angeles’ Inland Empire West submarket. The logistics hub is fully entitled for 4.4 million square feet of industrial space.Newport Beach, Calif.-based CT Realty has undergone predevelopment on the 206-acre industrial park and plans to begin site work immediately. Newark, N.J.-based PGIM has invested in the development on …

Colony Capital Agrees to Sell 197 Hotels to Highgate

LOS ANGELES — Los Angeles-based Colony Capital has entered into a definitive agreement to sell six of its hospitality portfolios to Highgate, a hospitality investment and management firm, for $67.5 million.The six portfolios consist of 22,676 rooms across 197 individual hotels. The transaction is expected to close in the first quarter of 2021, subject to customary closing conditions and third-party approvals. The portfolio, valued at $2.8 billion, includes the assumption of approximately …

Truist Provides $42.4M in Financing for Hillcrest CCRC Expansion in La Verne, California

LA VERNE, CALIF. — Truist Financial Corp. has provided $42.4 million in financing for Hillcrest, a continuing care retirement community (CCRC) in La Verne, approximately 30 miles east of Los Angeles. The borrower was not disclosed.The funding will be used to refinance existing debt and support the construction of a new independent living component named Hawthorne Homes. The 24,000 square-foot addition will consist of 14 one-floor cottage and duplex units located on a 1.4-acre parcel on …

Rodeo 39 Public Market in Southern California to Open in Mid-October

STANTON, CALIF. — Dan Almquist of Frontier Real Estate Investments plans to debut Rodeo 39 Public Market, a collection of eateries and retail spaces in Southern California, in mid-October. Located at 12885 Beach Blvd. in Stanton, Rodeo 39 will feature hangar doors that open up for an inside/outside setting, original artwork and murals from five different local artists and several first-to-market retail and restaurants concepts.The Rodeo 39 mix includes Banh Xeo Boys, Bearded Tang …

IQHQ to Develop $1.5B Life Sciences Campus Along San Diego Waterfront

SAN DIEGO — IQHQ Inc., a developer of life sciences real estate with offices in Boston and San Diego, will build the San Diego Research and Development District (The RaDD), a $1.5 billion campus that will be located along San Diego’s waterfront.IQHQ has secured various permits and entitlements and plans to break ground on the first phase of the project later this week. Completion of Phase I is scheduled for summer 2023.The RaDD will span eight acres and three city blocks, making it …

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