Thursday, June 19, 2025
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AcquisitionsCaliforniaIndustrialWestern

Classic Cosmetics Employees Buy Manufacturing Campus in Chatsworth, California for $20M

by Jeff Shaw

CHATSWORTH, CALIF. — Two cosmetic manufacturing sites in Chatsworth that were previously home to the Classic Cosmetics brand have sold to the company’s previous employees for a total of $20 million.  The sites are located at 9530 De Soto Ave. and 9533 Irondale Ave. They contain two freestanding buildings. The employees purchased the sites through ISAM LLC and BRI & ISA LLC. They plan to revitalize the company, which gave Gilberto Amparo, a chemical engineer from Mexico, his start in the U.S. cosmetics manufacturing industry. Amparo and the Classic Cosmetics brand will occupy the contiguous sites.  Scott Caswell and Erica Balin of Lee & Associates – LA North/Ventura represented the buyers, along with Mike Hooker of Delphi Business Properties as a co-representative. John DeGrinis, Patrick DuRoss and Jeff Abraham of Newmark represented the sellers, 9526 MYOB and NPP 9533.

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AcquisitionsCaliforniaOfficeTop StoriesWestern

KBS Sells Union Bank Plaza Office Tower in Downtown Los Angeles for $104M

by Kristin Harlow

LOS ANGELES — KBS has sold Union Bank Plaza, an office tower totaling 675,945 square feet in downtown Los Angeles. The buyer, Waterbridge Capital, purchased the asset for $104 million and assumed approximately $6 million in committed capital obligations to existing tenants. Designed by local architect A.C. Martin and built in 1967, Union Bank Plaza comprises a 40-story office tower, two-level retail center, two-acre landscaped outdoor plaza and four-level parking structure. Amenities include electric vehicle car charging stations, storage areas, an onsite bank and carwash. Located at 445 S. Figueroa St., the asset is named for anchor tenant Union Bank, which has occupied the building since its construction and leases 30 percent of the property. At the time of sale, the building was 62 percent leased. The property recently underwent a $22 million renovation, including a remodeled lobby with upgraded elevator cabs as well as improvements to the outdoor plaza that include fire pits, workspaces and new seating. Union Bank Plaza is the first skyscraper in Los Angeles to become an historical landmark nominated by the Los Angeles Conservancy. It also recently achieved The Outstanding Building of the Year (TOBY) recognition from the Building Owners and Managers Association (BOMA) Greater …

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CaliforniaDevelopmentIndustrialWestern

Kearny Real Estate Begins Construction of $90M Industrial Project in San Diego

by Jeff Shaw

SAN DIEGO — Kearny Real Estate Co. has started site work for the 26-acre final phase of the 311-acre Otay Crossings Commerce Park in the San Diego submarket of Otay Mesa.  Plans for the final phase call for four industrial buildings ranging in size from 45,000 square feet to 205,500 square feet. The development site is located at the southernmost point of the industrial park at the intersection of Siempre Viva and Paseo Del La Fuente Roads, immediately adjacent to the future U.S.-Mexico Point of Entry.  The buildings will provide divisible suites down to 25,000 square feet. They will feature dock-high and grade-level doors, 32- to 36-foot minimum clear heights and truck courts with depths up to 180 feet.  The $90 million final phase will also include a 3.6-acre trailer lot with 47 stalls serving as an amenity feature for users seeking additional area for storge of materials and/or trailers. Delivery of the first building, totaling 45,100 square feet, is scheduled the fourth quarter of this year, with the remaining buildings to be delivered early 2024.

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AcquisitionsCaliforniaIndustrialWestern

BKM Capital Partners Acquires Valley East Industrial Park in North Hollywood for $25.3M 

by Jeff Shaw

LOS ANGELES — BKM Capital Partners has purchased the Valley East Industrial Park in North Hollywood for $25.3 million.  Situated on two acres at 7041 Vineland Ave., the 84,388-square-foot asset will be renamed Backlot NoHo as part of BKM’s repositioning plan. Valley East sits adjacent to Burbank Airport and is near the largest concentration of studio production and entertainment operations in the world.  The asset was built in 1969. It consists of 36 units across two rear-loading industrial buildings, with an average suite size of 2,411 square feet.  BKM is implementing a $6.3 million capital improvement plan over the first year of its three-year hold period to improve the asset’s performance, costs and efficiency, while adhering to the firm’s ESG standards, and driving new leasing and residual value. The upgrades also call for the reconfiguration and consolidation of some units, to provide larger suites that modern tenants are seeking.  BKM acquired the asset through its third institutional fund, BKM Industrial Value Fund III LP. Mark Detmer at JLL arranged the transaction on behalf of both BKM and the seller, LAIS Equities.

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AcquisitionsCaliforniaRestaurantRetailWestern

CBRE Arranges $25M Sale of Foothill Village Plaza in Rancho Cucamonga, California

by Jeff Shaw

RANCHO CUCAMONGA, CALIF. — CBRE has arranged the $25 million sale of Foothill Village Plaza, an 88,000-square-foot retail center located roughly 40 miles east of Los Angeles in Rancho Cucamonga.  John Read of CBRE represented the seller, Raymond Arjmand of RA Centers, in the transaction. The property was fully leased at the time of sale to tenants including Chuck E. Cheese, NAPA Auto Parts, Brands for Less and Beauty Club. Tenants at the center also include 10 restaurants.  A local private investor purchased the property.

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CaliforniaDevelopmentRetailWestern

Westar Plans 175,000 SF Esencia Commons Retail Center in Rancho Mission Viejo, California

by Jeff Shaw

RANCHO MISSION VIEJO, CALIF. — Westar Associates has released plans for Esencia Commons, a 175,000-square-foot retail center in Rancho Mission Viejo.  Upon completion, the property will feature a supermarket, fitness center, gas station and other retail and restaurant spaces.  Groundbreaking for the project — which will be located within a 50-acre mixed-use development that includes an apartment community, business park, self-storage facilities and planned medical offices — is scheduled for the fourth quarter of this year. Westar will manage the property and has begun leasing efforts for the center.

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AcquisitionsCaliforniaRetailWestern

TTM Purchases 248,841 SF HHLA Retail Center in Los Angeles

by Jeff Shaw

LOS ANGELES — TTM Real Estate Capital has purchased HHLA, a 248,841-square-foot retail center located in the Westchester neighborhood of Los Angeles. Newmark and JLL brokered the sale. TTM also announced the addition of two tenants to the property, 60out Escape Rooms and Genio Global Entertainment’s Muhammed Ali Experience, which will open later this year. At the time of sale, the property was home to tenants including CineMark, Ben & Jerry’s, Buffalo Wild Wings, Dave & Buster’s and Starbucks Coffee. Rebranded from The Promenade at Howard Hughes Center, the property underwent a $35 million renovation following its acquisition by the previous owner, Laurus Corp. Torchlight Investors LLC was a preferred equity partner when Laurus acquired the asset in 2015 for $111 million.

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CaliforniaDevelopmentNevadaRestaurantRetailWestern

Simon, José Andrés Plan Three Restaurants in Las Vegas, Palo Alto

by Jeff Shaw

PALO ALTO, CALIF. AND LAS VEGAS — Simon Property Group and José Andrés Group (JAG) have announced plans to collaborate and bring restaurants to three properties located in Las Vegas and Palo Alto.  The partnership will introduce new dining concepts to Stanford Shopping Center in Palo Alto and The Shops at Crystals in Las Vegas. The collaboration will also bring Turkish, Greek and Lebanese restaurant Zaytinya to The Forum Shops at Caesars Palace in Las Vegas.

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CaliforniaDevelopmentOfficeWestern

Silverstein Completes $60M in Renovations to U.S. Bank Tower in Downtown Los Angeles

by Jeff Shaw

LOS ANGELES — Silverstein Properties has completed its $60 million capital improvement program at U.S. Bank Tower in downtown Los Angeles. The two-year renovation was designed to meet the evolving needs of traditional and creative office tenants. Silverstein acquired the tower in September 2020 and began the capital improvements in May 2021.  Informed by hospitality design, upgrades across 35,000 square feet of common spaces include a redesigned main entrance and lobby; new contactless elevators and elevator lobbies; a new day-to-night juice and cocktail bar; a grab-and-go market; and seating and collaboration areas.  By November 2020, five new leases were signed at the tower, including Walter P. Moore, a global management consulting firm, Lincoln International, Rothschild & Co. and Morgan & Morgan.

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