California

IPA Negotiates $25.3M Sale of Long-Term Ground Lease for Nohl Plaza in Orange, California

by Amy Works October 19, 2023

ORANGE, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $25.3 million sale of the leasehold interest in a long-term ground lease at Nohl Plaza in Orange. Tom Lagos, Patrick Toomey and Jose Carrazana of IPA, along with Joe Linkogle of Marcus & Millichap, represented the seller, Nohl Plaza LLC, and procured the undisclosed buyer in the deal. Built between 1966 and 1979 on more than 10 acres, Nohl Plaza features 103,639 square feet of retail space. Current tenants include Vons, Starbucks Coffee, Del Taco, Bank of America, the Tartan Room restaurant and Union 76 gas station.

October 19, 2023

California Features Property Type Retail

The Unstoppable Rise Of The Outlet Mall

by Hayden Spiess October 19, 2023

For decades, outlet malls have been a popular destination for shoppers of all ages. From the first multi-store outlet center that Vanity Fair opened in 1974, in Reading, Pennsylvania, and throughout the 1980s and 1990s, outlet malls grew rapidly. Outlet malls offer a wide variety of name-brand merchandise at discounted prices, and as a result, they are a great way to save money on popular brands of clothes, shoes, and accessories. Although outlet malls have been around for decades, the pandemic was a major hit to the retail landscape. Prior to 2020, outlet malls were seeing a surge in popularity, as consumers became more price-conscious and savvy on how to save money on their favorite brands. In June 2022, visits to outlet malls in the U.S. were down 6.7 percent from 2021 and down 14.3 percent from 2019, according to Placer.ai. This had outlet mall developers scrambling for a strategy and a path forward. Growth in California One of the most thriving outlet malls in the country is the Outlets at Tejon in Tejon Ranch, California, strategically located on Interstate 5 between Los Angeles and Bakersfield, just south of the Highway 99 interchange. This mall is home to over 50 …

October 19, 2023

Affordable Housing California Development Multifamily Seniors Housing Western

Milestone Completes Siesta Senior Apartments in Sonoma, California

by Amy Works October 18, 2023

SONOMA, CALIF. — Milestone Housing Group will host a grand opening this week for Siesta Senior Apartments, an affordable housing community for seniors in Sonoma. Located on a 2.3-acre site, the three-story community offers 92 one-bedroom units. Housing Trust Silicon Valley, a nonprofit community loan fund, provided financing for the project.

October 18, 2023

4000-Union-Pacific-Ave-4040-Noakes-Ave-Commerce-CA

Acquisitions California Industrial Western

Dedeaux Properties Entity Purchases Distribution Facility Near Los Angeles in $190M Sale-Leaseback with 99 Cents Only

by Amy Works October 17, 2023

COMMERCE, CALIF. — A Dedeaux Properties entity has acquired a distribution facility in the Los Angeles suburb of Commerce. 99 Cents Only Stores sold the asset for $190 million in a sale-leaseback transaction. Situated on 24 acres at 4000 Union Pacific Ave. and 4040 Noakes Ave., the asset features 882,000 square feet of distribution space. The property is immediately adjacent to the Hobart Intermodal Railyard and located within a gated and guarded campus. Jack Cline of Lee & Associates, in collaboration with Eastdil Secured, facilitated the sale.

October 17, 2023

California Industrial Loans Western

JLL Arranges $84M in Financing for Azusa Industrial Center in California

by Amy Works October 17, 2023

AZUSA, CALIF. — JLL Capital Markets has arranged $84 million in post-close acquisition financing for Azusa Industrial Center in Azusa, approximately 20 miles east of Los Angeles. The borrower was IDS Real Estate Group. Built between 1986 and 1987, the three-building, 432,500-square-foot asset is fully leased to four tenants. Spanning 23.6 acres, the property features a total of 73 dock doors, seven grade-level doors, truck courts ranging from 130 feet to 160 feet and clear heights ranging from 24 feet to 30 feet. Matt Stewart, Ace Sudah and Daniel Skerrett of JLL Capital Markets secured the four-year, floating-rate loan through PGIM Real Estate’s debt fund focused on transitional bridge lending. Jace Bertegs led the PGIM Real Estate team.

October 17, 2023

Acquisitions California Retail Western

Brixton Capital Buys 143,217 SF Pacific Town Center Retail Asset in Stockton, California

by Amy Works October 17, 2023

STOCKTON, CALIF. — Brixton Capital has purchased Pacific Town Center, a value-add retail property in Stockton. A Sacramento-based private seller sold the asset for an undisclosed price in an off-market transaction. Located at 718-769 W. Hammer Lane, Pacific Town Center features 143,217 square feet of retail space that was 42 percent leased at the time of sale. Existing tenants include Smart & Final, Aaron’s, Panda Express, Subway and other neighborhood-serving retailers and restaurants. Brixton plans to re-tenant a former Toys ‘R’ Us space and the recently vacated T.J.Maxx storefront. Hanley Investment Group represented the seller in the deal.

October 17, 2023

John-Reed-Commerce-Center-City-of-Industry-CA

Acquisitions California Industrial Western

Longpoint Partners Acquires 275,000 SF John Reed Commerce Center in City of Industry, California

by Amy Works October 17, 2023

CITY OF INDUSTRY, CALIF. — Boston-based Longpoint Partners has acquired John Reed Commerce Center, an industrial park located at 1200-1316 John Reed Court in City of Industry, just east of Los Angeles. A global investment advisor sold the asset for an undisclosed price. Situated on 16 acres, the 15-building property features a total of 275,000 square feet of industrial space. The asset was originally built in the late 1970s and has undergone renovations and upgrades. The freestanding buildings range from 12,400 square feet to 24,800 square feet and have a minimum divisibility of 3,800 square feet. All units feature ground-level loading, while select units also offer dock-high loading. Jeffrey Cole, Jeff Chiate, Rick Ellison, Bryce Aberg, Mike Adey, Brad Brandenburg and Matthew Leupold of Cushman & Wakefield’s national industrial advisory group in Southern California represented the seller in the deal. Longpoint Partners retained Chris Tolles, Erik Larson and Robin Dodson of Cushman & Wakefield to handle project leasing.

October 17, 2023

California Development Life Sciences Mixed-Use Office Retail Top Stories Western

UC Berkeley, SKS Partners Unveil Plans for $2B Innovation Hub at NASA Research Park in California

by Katie Sloan October 17, 2023

MOUNTAIN VIEW, CALIF. — A joint venture between SKS Partners and the University of California, Berkeley has unveiled plans for a $2 billion innovation hub at NASA’s Ames Research Center in the Silicon Valley city of Mountain View. Plans for the 36-acre development, dubbed Berkeley Space Center, currently include 1.4 million square feet of Class A office and research and development space; wet and dry labs; conference space; academic facilities; retail space; and 18 acres of open green space, including outdoor working yards and a central green for community gatherings, activations and exhibitions. The focus for the development is to provide research space for companies interested in collaborating with the university and NASA scientists to create future innovations in aviation and space exploration. Later phases of the project are set to include short-term stay facilities and student and faculty housing. While the development has not yet received municipal approval, the environmental entitlement process has commenced and is expected to last approximately two years. Construction is tentatively scheduled to begin in 2026. The development team for Berkeley Space Center includes design, architecture and engineering firm HOK and urban design and landscape architecture firm Field Operations. The joint venture has also tapped …

October 17, 2023

CapRock-Global-Logistics-Moreno-Valley-CA

California Industrial Market Reports Western Western Market Reports

Southern California’s Logistics-Based Real Estate Market Stabilizes

by Jeff Shaw October 17, 2023

— By Ted Evans — The white hot, logistic-based real estate market in Southern California has cooled off. This is due to a combination of factors, including the end of COVID-based buying. Labor disputes, interest rate hikes and slower absorption rates are pushing business back to normal in a Western market segment supported by strong fundamentals. Returning to Normal As the crazed days of pandemic-induced buying slip into the past, we are seeing vacancy levels returning to pre-pandemic conditions. This may not be what some real estate investors want to hear, but the supply chain is certainly not as constricted as it was two years ago. The days of ordering products that were unavailable for weeks or months are over. The numbers we’re seeing back up our on-the-ground assessments. According to Savills, the warehouse vacancy rate in the logistics-heavy Inland Empire jumped to 3.8 percent in the second quarter. This was compared to 1.2 percent a year earlier, which was largely driven by reduced tenant demand over this period. The national vacancy rate for the sector clocks in at 4.7 percent, proving that the logistic sun is still shining in California. However, the increased vacancy rate is also …

October 17, 2023

Acquisitions California Loans Retail Western

3650 REIT Provides $71.5M Acquisition Financing for Creekside Town Center in Roseville, California

by Amy Works October 16, 2023

ROSEVILLE, CALIF. — 3650 REIT has provided a $71.5 million loan for the acquisition of Creekside Town Center, a retail center located in Roseville, roughly 20 miles northeast of Sacramento. Built in 2001, the property comprises 10 buildings and was 95.6 occupied at the time of financing. Tenants at the center include Best Buy, Barnes & Noble, Old Navy, Michaels, Marshalls, Nordstrom Rack, Burlington and Bob’s Discount Furniture. Palmer Capital arranged the financing on behalf of the borrower, Cane Cos. Management. The seller was not disclosed.

October 16, 2023

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