California

TMG Brokers $14.7M Sale of Birch Commons Apartments in Fresno, California

by Jeff Shaw April 14, 2023

FRESNO, CALIF. — A family office has acquired the townhome-style apartment community of Birch Commons in Fresno for $14.7 million. The community is located at 1850 E. Birch Ave. It features a mix of one- to three-bedroom units. The sale marked the first time the asset traded hands. The original developer owned the property since it was built in 2006. Robin Kane, Brendan Kane and Gordon Larkin of The Mogharebi Group’s Fresno office represented the seller, a Central Valley builder, in the transaction. Dustin Ilic and Nick Sheehan of the Visintainer Group represented the buyer.

April 14, 2023

California Development Office Western

Pacific Life Completes Headquarters Renovations in Newport Beach, California

by Jeff Shaw April 14, 2023

NEWPORT BEACH, CALIF. — Pacific Life has completed the total interior renovation of its corporate headquarters in Newport Beach. Dubbed by employees as “Workplace Transformation 2.0,” the space spans multiple floors and “embraces the blended workplace of the future.” The new space was outfitted with engagement zones, breakout rooms, and varied collaboration areas that offer employees different workspaces and meeting options. Individuals needing privacy have adjustable work areas with stations that adapt to personal preference and allow for natural light when desired. As employees move through the office, they have the option of storing personal belongings in day lockers and are kept informed about current events via LED monitor panels located outside every elevator.  Hendy designed the space. The firm partnered with Howe Bonney & Associates, Howard Building Corp. (HBC), tk1sc, Tangram, Steelcase, Allsteel, Corporate Business Interiors (CBI) and Bentley Mills on the project. 

April 14, 2023

Acquisitions California Multifamily Western

Christina Real Estate Investors Acquires Multifamily Property in Brentwood, California

by Jeff Shaw April 14, 2023

BRENTWOOD, CALIF. — Christina Real Estate Investors has purchased a fully occupied multifamily complex in the Los Angeles neighborhood of Brentwood. Christina acquired the 10-unit asset for $6.1 million. Units average 1,200 square feet. The community is located at 12324 Montana Ave., directly across the street from the Brentwood Country Club golf course. The residences feature balconies, patios, wood-burning fireplaces, and hardwood floors.

April 14, 2023

California Development Hospitality Mixed-Use Retail Top Stories Western

LRE & Cos. Plans 10-Acre University Square Mixed-Use Development in Rocklin, California

by Jeff Shaw April 14, 2023

ROCKLIN, CALIF. — LRE & Cos. has unveiled plans for University Square, a 10-acre mixed-use development located at the intersection of Sunset Boulevard and University Avenue in Rocklin, a northeast suburb of Sacramento. The project is scheduled for completion by year-end 2025. University Square is slated to feature more than 20,000 square feet of retail space; 5,000 square feet of space for fast-food restaurants with drive-thrus; a 123-room Hilton Garden Inn hotel; a 10,000-square-foot daycare center; a 3,700-square-foot convenience store; and a car wash. The site is adjacent to Estia Rocklin, a build-to-rent townhome community with 181 units. Across the street from University Square is William Jessup University, a private Christian university with more than 3,000 students. The project is just east of the 8,497-acre Sunset Area development. The Sunset Area plan is centered around a new California State University, Sacramento and Sierra College campus. “This part of Rocklin is seeing tremendous growth,” says Victor Chiang, vice president of development at LRE. “By prioritizing smart growth and responsible development practices, we can create something special that will stand the test of time.” Rocklin is home to Quarry Park, the city’s downtown community gathering space, offering rock climbing, paddle boats, and …

April 14, 2023

California Market Reports Office Western Western Market Reports

San Diego’s Office Market Watches Young Talent at Work

by Jeff Shaw April 14, 2023

— By Tim Helgeson, Senior Vice President, Asset Manager, KBS — With San Diego’s median age sitting at just 34.9 and only 12 percent of the population over 64, much of the area’s workforce comprises younger Millennials and Gen Z professionals. This new generation of workers has a fresh approach to employment, not to mention a unique shared history that’s shaped by COVID. As this younger cohort enters and establishes itself in the workforce, employers expect their office space to help them attract and retain young talent. This expectation is influencing investors’ decisions and, in many ways, reshaping the office market in the new normal. These younger workers will be impacting office market dynamics now and for the next several years in a few different ways: Accelerated Repopulation of Offices Many employees got used to working remotely during the pandemic, but there is ample evidence that companies recognize the importance of having their teams in the office. Younger workers are partially driving this trend. In fact, research shows that Gen Z values the office more now than they did before the pandemic. The truth is, no remote work situation can compare to face-to-face, on-site interactions for onboarding, teaching, mentoring and advancing …

April 14, 2023

Acquisitions California Retail Western

NewMark Merrill Acquires Corbin & Parthenia Retail Center in Northridge, California

by Jeff Shaw April 13, 2023

NORTHRIDGE, CALIF. — NewMark Merrill Cos. has acquired Corbin & Parthenia, an 83,668-square-foot retail center located in Northridge, roughly 30 miles northwest of Los Angeles. The buyer plans to invest in maintenance and upgrades to the property. Jim Patton and Greg Giacopuzzi of NewMark Merrill arranged the transaction, in collaboration with Greg Offsay and Carol Marmor of Illi Commercial. The seller and price were not disclosed.

April 13, 2023

Acquisitions California Retail Western

Faris Lee Brokers $3.8M Sale of Meadow Lane Plaza Shopping Center in Colton, California

by Jeff Shaw April 13, 2023

COLTON, CALIF. — Faris Lee Investments has brokered the $3.8 million sale of Meadow Lane Plaza, a shopping center in Colton. The triple-net-lease property was fully occupied at the time of sale. Shaun Riley and Nick Miller of Faris Lee represented both the buyer, a California-based investor, and undisclosed seller in the transaction.

April 13, 2023

California Company News Leasing Activity Office Western

DAUM Relocates South Bay Office to Pacific Gateway in Torrance, California

by Jeff Shaw April 13, 2023

TORRANCE, CALIF. — DAUM Commercial Real Estate Services has relocated its South Bay office to Pacific Gateway, a 237,145-square-foot office building in Torrance. The 10-story building was built in 1981 and recently renovated. The move, which takes place after 40 years in an office around the corner from the new space, is intended to accommodate the firm’s recent and future growth in the Los Angeles market.

April 13, 2023

California Hospitality Loans Western

Relevant Group Receives $33.3M Refinancing for The Dream Hollywood Hotel in Los Angeles

by Jeff Shaw April 12, 2023

LOS ANGELES — An affiliate of The Relevant Group has received a $33.3 million refinancing for The Dream Hollywood, a 178-key hotel in Los Angeles’ famed Hollywood neighborhood. The 10-story property is the West Coast flagship of Dream. The hotel includes Tao Restaurant, Beauty & Essex and the Highlight Room, as well as an 11,000-square-foot rooftop with pool deck and 3,000 square feet of meeting and event space. It is situated at the corner of Selma Avenue and N. Cahuenga Boulevard, one block off Hollywood Boulevard. A joint venture between the LCP Group and Safanad provided the capital.

April 12, 2023

Acquisitions California Industrial Western

Vertical Ventures Buys 232,863 SF Rose Canyon Business Park in Central San Diego

by Jeff Shaw April 11, 2023

SAN DIEGO — Vertical Ventures has purchased a 232,863-square-foot industrial park in Central San Diego. The multi-tenant park is located at 4901- 4907 Morena Blvd., west of the Clairemont submarket. Known as Rose Canyon Business Park, the property’s 15 buildings are spread across 38.1 acres. The asset was built in the late 1970s through the 1980s, and has recently undergone external renovations. The property is 99.5 percent occupied and offers suites ranging from 500 to 5,000 square feet. Phillip Linton of the CBRE Capital Markets Division in San Diego represented the buyer, while Cushman & Wakefield represented the seller.

April 11, 2023

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