Wednesday, July 23, 2025
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AcquisitionsCaliforniaHealthcareOfficeWestern

CBRE Arranges $29M Sale of Medical Office Building in Long Beach, California

by Jeff Shaw

LONG BEACH, CALIF. — A private buyer has purchased a 68,845-square-foot medical office building in Long Beach for $29 million.  The four-story building is located at 701 E. 28th St., across the street from MemorialCare Long Beach Medical Center.  The Children’s Clinic Family Health, a nonprofit 501(c)(3) health center, occupies about 27 percent of the building. There are 14 other tenants providing various clinical medical services, including general medicine, urgent care, obstetrics/gynecology, urology, neurology, on-site surgery and imaging.  CBRE’s Michael Longo, Mark Shaffer, Todd Tydlaska and Sean Sullivan, Anthony Delorenzo represented the seller, Jamison Properties, in the transaction.

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AcquisitionsCaliforniaRetailWestern

CBRE Brokers $40M Sale of Coronado Plaza Retail Center in California

by Jeff Shaw

CORONADO, CALIF. — CBRE has brokered the $40 million sale of Coronado Plaza, a 41,949-square-foot retail center in Coronado.  Built in 1981, the three-story property is situated across from the Hotel Del Coronado.  Reg Kobzi, Joel Wilson and Michael Peterson of CBRE’s San Diego office represented the seller, an entity doing business as PREF Coronado Plaza LLC, in the transaction.

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AcquisitionsCaliforniaMultifamilyWestern

79 Lotus Apts Buys Three-Property Multifamily Portfolio in San Bernardino, California for $12M

by Jeff Shaw

SAN BERNARDINO, CALIF. — 79 Lotus Apts, LLC acquired a multifamily portfolio in San Bernardino’s South Pointe neighborhood for $12 million. San Bernardino is located 60 miles east of Los Angeles.  The portfolio comprises 79 units across three properties, including: Lotus, a 19-unit property; Steel Park Manor, a 32-unit property; and Wier Park, a 28-unit property. Units come in one- and two-bedroom floorplans. CBRE’s Eric Chen represented both the buyer and the undisclosed sellers in the transaction.

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AcquisitionsCaliforniaRetailWestern

Progressive Arranges $6M Sale of South Sierra Plaza Shopping Center in Fontana, California

by Jeff Shaw

FONTANA, CALIF. — Progressive Real Estate Partners has arranged the $6 million sale of South Sierra Plaza, a 17,250-square-foot strip retail center located in Fontana.  Comprising 12 units, the property was 93 percent leased at the time of sale to tenants including a dentist, nail salon, Armed Forces career center, staffing agency, Japanese restaurant and Peruvian restaurant.  Brad Umansky and Lance Mordachini of Progressive represented the seller, a private Los Angeles-based investor, in the transaction. Paul Galmarini and Albert Lopez, also of Progressive, handled leasing at the property prior to the sale.  Cameron Diab of D & Z Properties represented the buyer, another Los Angeles-based private investor.

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CaliforniaIndustrialLeasing ActivityWestern

Hyundai Dealerships Lease 3.1-Acre Transportation Facility in Costa Mesa, California

by Jeff Shaw

COSTA MESA, CALIF. — A group of local Hyundai dealerships have leased a 3.1-acre industrial site in Costa Mesa. The facility includes a 12,588-square-foot truck and automotive maintenance facility and office building.  The group, which includes Hyundai of Huntington Beach, Hyundai of Anaheim and Hyundai of Garden Grove, entered into a five-year agreement for the space. They will use the property as a reconditioning, repair and storage facility for their fleet of new and used vehicles.  Jace Gan and Clyde Stauff of Colliers represented the space’s owner, BLT Enterprises.

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CaliforniaLeasing ActivityRetailWestern

Jimbo’s Signs 25,000 SF Retail Lease at The Row at Civita in San Diego

by Jeff Shaw

SAN DIEGO — Jimbo’s Naturally has signed a 25,000-square-foot lease at The Row at Civita, Sudberry Properties’ 20-acre mixed-use development in San Diego.  The grocery store will be an anchor at the property, which is situated within the 230-acre, master-planned community of Civita.  Construction on the building is scheduled to begin in early 2025, with the opening planned for the second half of 2026. This will mark the fifth Jimbo’s store within San Diego County.

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AcquisitionsCaliforniaIndustrialWestern

Prologis Buys 21,420 SF Cross-Dock Warehouse in Hayward, California

by Jeff Shaw

HAYWARD, CALIF. — Prologis has purchased a 21,420-square-foot cross-dock warehouse located at 651 Sandoval Way in Hayward. The property features a remodeled office building, truck service maintenance building, employee parking and container parking stalls. The cross-dock warehouse has 50 dock positions and concrete truck wells.  RPM Transportation is the sole tenant of the property. CBRE’s Chris van Keulen, Bob Ferraro and Michael Barry represented both the unnamed buyer and Prologis in the transaction.

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CaliforniaLeasing ActivityOfficeWestern

Syracuse University Leases 21,377 SF Office Space in North Hollywood

by Jeff Shaw

NORTH HOLLYWOOD, CALIF. — Syracuse University has leased 21,377 square feet of space at a nine-story office building in North Hollywood. The building is located at 5250 Lankershim Blvd.  The space will house the university’s growing “SU in LA” semester programs, a career-oriented initiative for students in the S.I. Newhouse School of Public Communications and the College of Visual & Performing Arts.  Marty Barkan represented Syracuse University in the lease negotiations. Patrick Church and Anneke Greco of JLL represented the landlord, DivcoWest.

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CaliforniaDevelopmentIndustrialWestern

Wonderful Real Estate Breaks Ground on 1.1 MSF Spec Industrial Development in Shafter, California

by Jeff Shaw

SHAFTER, CALIF. — Wonderful Real Estate has broken ground on a 1.1 million-square-foot speculative development at the Wonderful Industrial Park (WIP) in Shafter.  The facility will be located at 5401 Express Ave. It will be the fifth speculative development delivered by WRE over the past five years.   WRE has developed and leased more than 1.3 million square feet at Wonderful Industrial Park in 2022. This includes a 1 million-square-foot spec project that was leased by a Fortune 500 food manufacturer and a 309,000-square-foot building leased by existing tenant GAF, the nation’s largest manufacturer of roofing and waterproofing products.  WRE is also in the final stages of design on a 415,000-square-foot speculative building in the park that is scheduled for delivery in the first half of 2024.

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CaliforniaLoansMultifamilyWestern

Dwight Mortgage Trust Provides $36.3M Refinancing for Villa Annette Apartments in Moreno Valley, California

by Jeff Shaw

MORENO VALLEY, CALIF. — Dwight Mortgage Trust has provided a $36.3 million bridge loan to refinance Villa Annette Apartments in Moreno Valley, a city in the Inland Empire region of California, about 64 miles east of Los Angeles.  Latco Enterprises owns the 220-unit property, which is newly built and currently in lease-up. Proceeds from the bridge loan will be used to pay off existing construction debt.  Villa Annette sits on 11 acres and comprises 14 two- and three-story buildings that offer a mix of one-, two- and three-bedroom floor plans. Amenities include a clubhouse, pool, spa, business center, fitness center and a picnic and grilling area.  The owner plans to obtain a HUD 223(f) loan for permanent financing once the asset is stabilized.  Ari Mandelbaum originated the transaction for Dwight.

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