RANCHO CUCAMONGA, CALIF. — Progressive Real Estate Partners has arranged the sale of a 1.73-acre parcel of vacant land at the northwest corner of Foothill Boulevard and Etiwanda Avenue in the Inland Empire city of Rancho Cucamonga. A Los Angeles County-based private investor sold the asset to a Los Angeles County-based private investor for $3 million. The land is zoned multi-use and is situated less than half a mile from Interstate 5. The buyer also owns the vacant land immediately adjacent and north of the property and is in the initial stages of planning and developing a mixed-use project that will encompass the multiple parcels. Neither a timeline nor specific details have been released. Chris Lindholm and Paul Galmarini of Progressive Real Estate Partners represented the seller in the deal.
LOS ANGELES — Carolwood Equities LP, a real estate private equity firm based in Beverly Hills, Calif., has purchased Aon Center, a 62-story office tower in downtown Los Angeles. The 1.1 million-square-foot skyscraper is located at 707 Wilshire Blvd. in the city’s Financial District. The $153.3 million sale of Aon Center represents the largest office sale in fourth-quarter 2023 in the Western United States, according to Newmark. The deal is also the largest purchase in downtown Los Angeles last year but sold for 45 percent less than its last purchase price, according to the Los Angeles Business Journal. The media outlet reports that the seller, San Francisco-based Shorenstein Properties, had previously purchased the tower in 2014 for $269 million. Private investors Daniel Abrams and Adam Tischer are part of the new ownership group alongside Carolwood Equities. Tischer, vice president of Colliers’ Los Angeles office, was also part of the brokerage team for the buyer that also included Sean Fulp, vice chair of Colliers. “The ownership group’s acquisition of the iconic Aon Center exemplifies the flow of private capital into Los Angeles, seizing the opportunity created by market dislocation,” says Fulp. “With a new low basis and a well-capitalized owner, Aon Center …
SANTA ANA, CALIF. — Voit Real Estate Services has arranged the sale of Harbor Warner Business Center, an industrial business park in Santa Ana. Rexford Industrial sold the asset to a private investment fund for $11.3 million. Located at 2525 S. Harbor Blvd. and 3720-3752 W. Warner Ave., Harbor Warner Business Center features 38,643 square feet of multi-tenant industrial space. At the time of sale, the property was fully leased. Mike Hefner of Voit’s Anaheim office represented the seller and buyer in the transaction. Matt Peters of Voit’s Irvine office represented Rexford in leasing the asset and acted as the local market advisor for the transaction.
HUNTINGTON BEACH, CALIF. — CBRE has arranged the purchase of a multifamily property in Huntington Beach. A San Diego-based 1031 exchange buyer acquired the asset from a Huntington Beach-based private investor for $2.4 million, or $479,000 per unit. Located at 7872 Liberty Drive, the two-story, 3,604-square-foot building features five apartments in a mix of one-, two- and three-bedroom layouts. All units feature spacious floorplans with patios or balconies. The property also offers garage parking and a laundry facility. Recent improvements include full renovations to two units, a new central water heater, updated windows, garage doors, exterior paint and landscaping. Dan Blackwell and Amanda Fielder of CBRE represented the buyer in the transaction.
SAN FRANCISCO — Healthpeak Properties has received approval of entitlements for Phases II and III of Vantage, a purpose-built lab development in South San Francisco. The new entitlements enable Healthpeak to deliver an additional 1.3 million square feet of lab space, bringing the campus to approximately 1.7 million square feet upon full build out. The 20-acre campus offers tenants a highly amenitized, world-class campus setting with access to multiple modes of transportation, including direct access to the Rails-to-Trails pathway. The new entitlements represent double the allowable density compared to when Healthpeak originally acquired the land. The long-term nature of the entitlements offers flexibility to deliver the balance of the development in phases to align with market demand. In 2022, Healthpeak started construction on Phase I of the Vantage campus, consisting of 343,000 rentable square feet across two buildings, as well as a 40,000-square-foot amenity building with multiple dining options, conferencing space and a fitness center. Phase I is currently 52 percent leased to Astellas Pharma, which took initial occupancy of its space in December 2023.
TORRANCE AND LONG BEACH, CALIF. — CBRE has brokered the purchases of five multifamily properties in Torrance and Long Beach, totaling $17 million. The transactions fulfilled the buyer’s 1031 exchange requirement following the sale of a 3.8-acre property in Torrance. Dan Blackwell and Trey Mitchell of CBRE Multifamily SoCal represented the San Diego-based exchange buyer. The properties were sold by five different private sellers. The transactions include:
SANTA MARIA, CALIF. — Tustin-based College West Partners has completed the sale of a restaurant building located at 485 Betteravia Road in Santa Maria. A Los Angeles-based private investor acquired the asset for $5.1 million, or $1,608 per square foot. Alexander Moore, Sean Cox and Kevin Fryman of Hanley Investment Group Real Estate Advisors represented the seller and the buyer in the deal. A Raising Cane’s Chicken Fingers double drive-thru restaurant occupies the 3,172-square-foot freestanding building, which was built in 2022 on a 0.8-acre pad. The property is located within Enos Ranch, a 110-acre mixed-use development.
— By Juan Huizar, President, Sage Real Estate — Nationwide, multifamily sales are declining, while interest rates are rising. Buyers are adopting a patient approach, leading to properties lingering on the market for extended periods. This, of course, is accompanied by noticeable price reductions. Buyers are anticipating further price drops, while some sellers are slowly becoming more realistic in their pricing. Long Beach has perennially attracted multifamily investors with more than 7,500 individual apartment buildings. This is mainly composed of older housing stock, which creates a fertile ground for investors and syndicators. Often regarded as the last affordable beach city, Long Beach — despite being overshadowed by other Southern California communities or grouped with Los Angeles — stands as a significant population and employment hub, ranking as the sixth-largest city in California. Existing apartment sales for properties with five or more units have plummeted by more than 65 percent. Notably, 2021 was an exceptional year due to a confluence of factors, including rising real estate values and a low cost of capital. The current decline is more a reflection of increased capital costs than a trend over the past decade, with some properties selling for less than their 2019 prices. …
SAN FRANCISCO — Harbert Management Corp. has completed the disposition of Concord Corporate Centre, an office campus in San Francisco’s East Bay area. Sierra Pacific acquired the asset for an undisclosed price. Located at 1320 and 1390 Willow Pass Road, the 346,731-square-foot, two-building campus was 73 percent leased at the time of sale. The property also includes a 1,167-stall parking garage. The buyer plans to add updated amenities and renovate the common areas of the property. Steven Golubchik, Edmund Najera, Jonathan Schaefler and Darren Hollak of Newmark represented the seller in the deal.
INGLEWOOD, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the $4.2 million sale of a retail center located in Inglewood. Dollar General anchors the 12,750-square-foot property, which was built in 1961 and renovated in 2004. Kevin Fryman, Carlos Lopez, Sean Cox and Alexander Moore of Hanley represented the seller, a Los Angeles-based private investor. Robert Toofer of Exclusive Realty represented the buyer.