California

ResMed Motor Technologies Signs 128,700 SF Industrial Lease in Calabasas, California

by Jeff Shaw June 9, 2023

CALABASAS, CALIF. — Medical equipment manufacturer ResMed Motor Technologies has signed a 128,700-square-foot lease for an R&D industrial building in Calabasas. The facility is located at 26801 Agoura Road. The company will relocate from nearby Chatsworth as it was seeking to expand into a larger facility with additional parking. RedMed also sought a location that was close to the labor market in the Conejo Valley area to take advantage of the highly skilled engineering talent in the area. The relocation is slated for early 2024. Mike Tingus and Grant Fulkerson of Lee & Associates – LA North/Ventura, represented the landlord, Cypress Land Co., while Cushman & Wakefield represented ResMed in the lease transaction.

June 9, 2023

California Civic Development Western

Pluralistic School Buys Expansion Site in Santa Monica, California for $3.5M

by Jeff Shaw June 9, 2023

SANTA MONICA, CALIF. — Pluralistic School has acquired commercially zoned land site in Santa Monica for $3.5 million. The site is located at 1457 12th St. The private elementary school already owns the adjacent property. The site consists of about 7,500 square feet of land with about 2,034 square feet of existing improvements, as well as a single-family residence and a triplex, both of which were vacant at the time of sale. WESTMAC Commercial Brokerage Co. and Highland Partners facilitated the transaction between the school and the private seller.

June 9, 2023

California Market Reports Multifamily Western Western Market Reports

Opportunities Abound for Investors in Westside Los Angeles Apartment Market

by Jeff Shaw June 9, 2023

— By Kimberly Stepp, Principal, Stepp Commercial Group — Los Angeles’ Westside apartment market is poised to see a robust pipeline of transactions in 2023. Long-time owners have been increasingly seeking to trade into out-of-state assets, while 1031 investors or those looking to pay all cash seek to take advantage of opportunities in a high interest rate environment. Last year, Stepp Commercial Group saw a significant number of transactions with LA-area sellers who were frustrated with rent control and other problematic apartment legislation. They were looking to trade into states like Arizona, Florida and Texas because they provide a stronger ROI over the long-term and offer fewer landlord restrictions. We see that trend continuing into 2023 as owners want to enjoy a passive income as they achieve their individual investment goals and objectives. Additionally, while Measure ULA (“the mansion tax”) went into effect on April 1 — and impacts only homes and apartment complexes sold within the City of Los Angeles at $5 million or more — the overall sentiment has been sour from owners throughout the Greater LA area. They are justifiably concerned that similar legislation will soon be coming to their city, on top of other landlord-unfriendly restrictions …

June 9, 2023

California Development Industrial Self-Storage Western

Byline Bank Provides $13.6M Construction Loan for Self-Storage Property in Los Angeles

by Jeff Shaw June 8, 2023

LOS ANGELES — Byline Bank’s commercial real estate team has provided a $13.6 million construction loan to Madison Capital Group for a new self-storage property in the Los Angeles submarket of Paramount. The infill project will total 845 units, including 841 temperature-controlled units and four non-temperature-controlled units. Madison Capital Partners’ self-storage brand Go Store It will manage the property. Madison will demolish an existing and obsolete industrial property on the site to make way for the self-storage facility. Joanne Campanile, Sam Duros and Ana Garcia of Byline Bank managed the loan transaction on behalf of the borrower, working directly with Eric Lentz of Madison Capital Group Holdings. The Talonvest Capital Team of Eric Snyder, Kim Bishop and Ivan Viramontes brokered the deal.

June 8, 2023

Acquisitions California Office Western

Cabrillo Credit Union Purchases Office Building in San Diego for $7.9M

by Jeff Shaw June 8, 2023

SAN DIEGO — Cabrillo Credit Union has acquired a 20,060-square-foot office building in the Kearny Mesa submarket of San Diego for $7.9 million. The building is located at 3710 Ruffin Road. It features solar panels, open ceilings, creative office space, private offices, conference rooms, and employee breakrooms and restrooms on each floor. The property was renovated in 2019. CBRE’s Phil Linton and Nick Bonner represented the seller, the Council of Community Clinics, which will lease back a quarter of the building.

June 8, 2023

California Leasing Activity Life Sciences Western

Rubi Laboratories Signs 16,884 SF Lease at Radius @ Harbor Bay Campus in Alameda, California

by Jeff Shaw June 8, 2023

ALAMEDA, CALIF. — Rubi Laboratories, a California-based biotechnology company, has signed a 16,884-square-foot lease at the Radius @ Harbor Bay campus in Alameda. Radius is a nearly 700,000-square-foot life sciences and innovation campus located at 1501 Harbor Bay Parkway. The property features a new backup power generator, HVAC service with 100 percent outdoor air, 13-foot clear heights and an outdoor screened equipment pad. Newmark’s Conor Ranahan represented the landlord and ownership group, Paceline Investors and True North Management Group, while the firm’s Daniel Pivnick and Ari Rokeach represented Rubi Laboratories. Newmark previously represented the landlord and ownership group in the 43,645-square-foot, full-building lease to Vivani in December 2022 at the same campus.

June 8, 2023

Acquisitions California Retail Western

Hanley Brokers $36.5M Sale of Bristol Place Shopping Center in Santa Ana, California

by Jeff Shaw June 7, 2023

SANTA ANA, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the $36.5 million sale of Bristol Place, a 61,454-square-foot retail center located in Santa Ana. Built in 1968, the property was renovated in 2019 and was 89 percent occupied at the time of sale. Matt Burnett, Kevin Fryman and Ed Hanley of Hanley represented the seller, a joint venture between an affiliate of Cadence Capital Investments and Oakwood Real Estate Partners. Ron Duong of Marcus & Millichap represented the buyer, a California-based private investor.

June 7, 2023

Acquisitions California Industrial Office Western

Diamond Realty Holdings Buys Flex Property in El Segundo, California for $6M

by Jeff Shaw June 7, 2023

EL SEGUNDO, CALIF. — Diamond Realty Holdings has purchased an industrial flex/office building in El Segundo for $6 million. The property is located at the intersection of Lairport Street and East Mariposa Avenue. A long-term tenant currently occupies 2,400 square feet of the main, 14,400-square-foot structure. The remaining 12,000 square feet is available for lease and fully divisible. The new ownership plans to complete interior and exterior renovations to improve the façade and access to the site, as well as create open flex industrial space that can accommodate a variety of uses. CBRE’s Bob Healey, John Lane, Richard Melbye and Jane Healey represented both the buyer and the undisclosed seller in the transaction.

June 7, 2023

California Healthcare Leasing Activity Office Western

Pasadena Child Development Associates Leases 16,163 SF Medical Office Space in Pasadena, California

by Jeff Shaw June 7, 2023

PASADENA, CALIF. — Pasadena Child Development Associates (PCDA) has leased 16,163 square feet of office and medical office space in Pasadena. The lease encompasses two adjacent buildings, one located at 790 East Green St. and the other at 118 South Oak Knoll Ave. Both buildings are located in Pasadena’s Central Business District. The East Green space is an 8,027-square-foot office medical building. The Oak Knoll space is a two-story office building covering 8,136 square feet. Tina LaMonica of NAI Capital Commercial represented the tenant in the lease transactions.

June 7, 2023

California Development Industrial Western

CapRock Completes 1.1 MSF of Industrial Development in Norco, California

by Jeff Shaw June 6, 2023

NORCO, CALIF. — CapRock Partners has completed Palomino Ranch Business Park Phase I and Saddle Ranch South, two new LEED Silver-certified industrial complexes in Norco. Palomino Ranch Business Park Phase I is the first of a three-phase development. CapRock claims that, at total completion, Palomino Ranch will be the largest industrial real estate development in Norco’s history, offering about 2 million square feet across 24 buildings on about 112 acres. Saddle Ranch South is located a prime infill development consisting of three industrial buildings ranging in size from 100,000 square feet to 155,000 square feet. It is designed for local and regional manufacturing and distribution companies. The site is located approximately two miles north of Palomino Ranch.

June 6, 2023

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