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451-E-Vanderbilt-Way-San-Bernardino-CA
AcquisitionsCaliforniaOfficeWestern

Harbor Associates, Taconic Capital Advisors Sell 115,520 SF Office Building in San Bernardino, California

by Amy Works

SAN BERNARDINO, CALIF. — Harbor Associates, in joint venture with Taconic Capital Advisors, has completed the disposition of 451 E. Vanderbilt Way, a Class A office building in San Bernardino. An undisclosed buyer acquired the Inland Empire asset for $26.7 million. The sale marks the third and final transaction in a five-property $69.8 million office portfolio disposition. The joint venture originally acquired the 368,000-square-foot portfolio in October 2019 for $41.7 million. All five of the assets, ranging in size from 70,000 square feet to 115,000 square feet, are located within the Tri City Corporate Center, a 153-acre, master-planned, mixed-use office park with 1 million square feet of commercial office space and 390,000 square feet of retail space. Anthony DeLorenzo, Sammy Cemo, Philip Woodford, Kyle Yocum and Michael Longo of CBRE advised the joint venture in the portfolio sale.

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Heritage-Industrial-Center-Chula-Vista-CA
AcquisitionsCaliforniaIndustrialWestern

Rockefeller Group Divests of 202,760 SF Heritage Industrial Center in Chula Vista, California

by Amy Works

CHULA VISTA, CALIF. — Rockefeller Group has sold Heritage Industrial Center, a three-building, 202,760-square-foot industrial project in Chula Vista, just south of San Diego. EQT Exeter purchased the complex for an undisclosed price. Situated on 11.5 acres, the project features a 105,550-square-foot building, a 56,470-square-foot building and a 40,740-square-foot building. Each building was developed on a separate land parcel and was vacant at the time of sale. Construction on Heritage begin in June 2022 and was completed in September 2023. Rockefeller Group acquired the land from Carlsbad-based HomeFed Corp. EQT Exeter’s San Diego office, led by Caitlin Little, will handle leasing and asset management for Heritage. Michael Mossmer and Patrick Connors of Voit Real Estate Services represented Rockefeller Group on the leasing efforts and the sale of the project. Jeffrey Cole, Jeff Chiate, Bryce Aberg, Brad Brandenburg, Zachary Harman and Mike Adey of Cushman & Wakefield’s National Industrial Advisory Group represented Rockefeller Group on the investment sale element of the project. The development team included SCA Architects, Kimley-Horn and TFW Construction.

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Pointe-West-Plaza-San-Ramon-CA
CaliforniaLoansRetailWestern

PSRS Arranges $3.7M Bridge Financing for Pointe West Plaza in San Ramon, California

by Amy Works

SAN RAMON, CALIF. — PSRS has arranged $3.7 million in bridge financing of Pointe West Plaza, a retail property located in San Ramon, east of the Bay Area. Jonny Soleimani and Matthew Farzinpour of PSRS secured the financing for the undisclosed borrower. Built in 1990, the property is a 16,921-square-foot, multi-tenant retail center. Current tenants include a billiards venue, salon, bistro and Chinese restaurant. The property also features underground and surface parking, totaling 82 spaces. A debt fund provided the 12-month loan, which features no prepayment penalty.

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PSRS-Industrial-Bldg-Paramount-CA
CaliforniaIndustrialLoansWestern

PSRS Arranges $25M Refinancing for Industrial Property in Paramount, California

by Amy Works

PARAMOUNT, CALIF. — PSRS has arranged $25 million in cash-out refinancing for an industrial property in the Los Angeles suburb of Paramount. Built in 1979, the property is a concrete tilt-up, 282,000-square-foot facility with 270 parking spaces. David Semmer of PSRS provided the undisclosed borrower with a nonrecourse loan with an eight-year term and 25-year amortization schedule. The loan was financed with a life insurance company.

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AcquisitionsCaliforniaIndustrialSelf-StorageWestern

Colliers Brokers Sale of 772-Unit StorCo Self Storage Facility in Long Beach, California

by Amy Works

LONG BEACH, CALIF. — Colliers has arranged the sale of StorCo Self Storage, a self-storage facility located at 3050 Orange Ave. in Long Beach. The asset traded for an undisclosed price. Situated on 7.5 acres, the nearly 80,000-square-foot StorCo Self Storage features 772 storage units in a mix of container storage, fixed drive-up and fixed interior units. Additionally, the property offers 67 parking spaces, a small billboard, a 3,100-square-foot commercial building and an approximately two-acre industrial outdoor storage parcel located at 1301 E. Spring St., which Rain For Rent occupies. Tom de Jong and Jacob Becher of Colliers’ de Jong | Becher Self Storage Group represented the seller, CREE Investment Co. The name of the buyer was not released.

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Edge-Lakewood-Apts-Modesto-CA
AcquisitionsCaliforniaMultifamilyWestern

TMG Arranges $42.7M Sale of Edge at Lakewood Apartments in Modesto, California

by Amy Works

MODESTO, CALIF. — The Mogharebi Group (TMG) has brokered the sale of Edge at Lakewood Apartments, a multifamily property in Modesto, located south of Sacramento and east of the Bay Area. Osso Capital and Graceada Partners sold the property for $42.7 million. Located at 1401 Lakewood Ave., Edge at Lakewood features 196 one- and two-bedroom units ranging from 598 square feet to 880 square feet. Community amenities include a fitness center, clubhouse, pool and covered parking. The property was built in 1985 on 7.63 acres. The deal closed at the end of December and marked the largest multifamily transaction in California’s Central Valley in 2023, according to TMG. The buyer was not disclosed.

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AcquisitionsCaliforniaIndustrialSelf-StorageWestern

Colliers Brokers Sale of 927-Unit Abby’s Mini Storage in Bakersfield, California

by Amy Works

BAKERSFIELD, CALIF. — Colliers has arranged the sale of Abby’s Mini Storage, a self-storage facility in Bakersfield. Terms of the transaction were not released. Tom de Jong and Jacob Becher of Colliers’ de Jong | Becher Self Storage Group represented the seller in the deal. Situated on seven acres at located at 3311 Truxtun Ave., Abby’s Mini Storage features 22 single-story buildings plus a caretaker’s apartment, 1.1-acre yard for parking and U-Haul truck rentals. The 97,600-square-foot facility offers 927 self-storage units.

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CaliforniaMarket ReportsOfficeWesternWestern Market Reports

Long Beach Office Market Continues Evolving with New Industries, Growth In Suburbs

by Jeff Shaw

— By Jason Fine, Managing Director, JLL — Situated along the Southern California coast between Los Angeles and Orange County, the City of Long Beach continues to be a strong option for businesses and residents. The city has recently delivered low- and median-income housing, in addition to luxury product, with more of each in the planning stages. This has allowed Long Beach to continue experiencing growth from aerospace, port-related businesses, oil and professional services. A few companies that have recently relocated to Long Beach include Blue Shield, Fluor, Relativity Space, SpinLaunch and Vast. Additionally, the city’s economic development department and newly elected mayor have taken a proactive stance, implementing strategies and marketing the city as a business-friendly destination.  While the regional and national office leasing trend is seeing many tenants going to a hybrid model, the Long Beach office market has seen a steady increase in vacancy and rental rates despite no new office building supply being added to the market since the pandemic. For the third quarter, the total Class A and B office vacancy (including sublease space) for downtown Long Beach is at 33 percent, with rents sitting at $2.71 per square foot, per month (full-service gross). Suburban …

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Cedarwoods-Biz-Park-Fullerton-CA
AcquisitionsCaliforniaIndustrialWestern

Voit Arranges $19.4M Sale of Cedarwoods Business Park in Fullerton, California

by Amy Works

FULLERTON, CALIF. — Voit Real Estate Services has arranged the sale of Cedarwoods Business Park, a five-building industrial property located at 2461-2495 E. Orangethorpe Ave. in the Orange County city of Fullerton. Chino Hills-based HK Ventures acquired the asset from a private investor for $19.4 million, or $226.95 per square foot. Situated on 4.8 acres, the 85,700-square-foot distribution buildings offers space for multiple tenants. HK Ventures plans to hold the property for investment and may redevelop the asset in the future. Michael Hefner of Voit Real Estate Services’ Anaheim office represented the buyer and seller in the deal. Barry Walshe of Voit Real Estate Services’ Anaheim office is the leasing agent for Cedarwoods Business Park and acted as local market advisor in the transaction.

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UCLA-Research-Park
AcquisitionsCaliforniaDevelopmentLife SciencesOfficeTop StoriesWestern

UCLA Acquires Former Westside Pavilion Mall in Los Angeles for $700M, Unveils Plans for Research Park 

by Katie Sloan

LOS ANGELES — The University of California, Los Angeles (UCLA) has acquired One Westside and Westside Two, located two miles from its Westwood campus in Los Angeles. A joint venture between Hudson Pacific Properties (NYSE: HPP) and Macerich (NYSE: MAC) sold the assets for $700 million.  The 700,000-square-foot property — located at 10800, 10830 and 10850 W. Pico Blvd.— was formerly occupied by Westside Pavilion mall, a city landmark that served as the backdrop for a number of movies and television shows since its opening in 1985. Hudson Pacific and Macerich began redevelopment efforts at the property in March 2018, converting the mall into a Class A office campus. Google inked a lease in January 2019 to occupy the entire campus under a 14-year term, which was to commence upon completion of the project in 2022. Details of the termination of Google’s lease at the property were not disclosed.  The university plans to convert the property into UCLA Research Park, which will house the California Institute for Immunology and Immunotherapy at UCLA and the UCLA Center for Quantum Science and Engineering. The acquisition was made possible by a $500 million investment from the state of California, $200 million of which …

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