MONTCLAIR, CALIF. — Longpoint has acquired Cardenas Marketplace, a shopping center in Montclair, roughly 30 miles east of Los Angeles, for $22.7 million. Built in 2020 and anchored by Cardenas Market, the property was 91 percent occupied at the time of sale. Other tenants at the center include AT&T and Wendy’s. Alan Krueger, Vanessa Haddad and Masih Waliyar of CBRE represented Longpoint in the transaction.
SAN FRANCISCO — Highgate and Flynn Properties have acquired the Huntington Hotel in San Francisco’s Nob Hill neighborhood. The hotel was originally built in 1924. It was the first steel and brick high rise west of the Mississippi. The partners intend to renovate the hotel’s public areas, guest rooms, Big 4 Restaurant and spa. The hotel is scheduled to reopen in 2025.
— By Jace Gan, Executive Vice President, Colliers — Before 2020, Orange County’s industrial base shrank due to developers opting to redevelop multifamily and creative office spaces. Historically tight market conditions limit the number of new leases, and rising interest rates price out many businesses looking to purchase a building. However, we are seeing a significant increase in industrial development across Orange County for the first time in a while. Orange County industrial properties have seen a pullback from institutions that were putting capital out the door. About 2.4 million square feet of new industrial space was constructed in 2022 — a significant increase over the 660,000-square-foot, five-year average. Setting Pace Most activity occurs in North County, which makes up 45 percent of OC’s industrial base. Irvine has remained the hub for more specialized uses related to aerospace, medical, etc. Key developments across the region are dictating the speed of future activity. Goodman recently developed a 1.5-million-square-foot, four-building logistics center in Fullerton. The overall size is rare for the OC, and was 89 percent pre-leased before completion. Samsung took two buildings totaling 1 million square feet. Sprouts took 337,000 square feet in another building. Sares Regis Group is redeveloping an …
FONTANA, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the $2.3 million sale of a single-tenant retail property in Fontana. Dutch Bros Coffee occupies the newly constructed, 871-square-foot property, which is situated within Highland Village Shopping Center, on a triple-net-lease basis. Kevin Fryman, Bill Asher and Jeff Lefko of Hanley represented the seller, Adler Realty Investments, in the transaction. Jeremy McChesney of Hanley represented the buyer, a private investor.
ORINDA, CALIF. — Volwood Management has acquired a Class A office building in the East Bay submarket of Orinda for $12.8 million. The boutique asset is situated northeast of Oakland. It was built in 1974 and renovated in 2018. The space is currently 91 percent leased and features exposed brick and timber, as well as upgraded HVAC and lighting. The JLL Capital Markets team of Erik Hanson, Rob Hielscher, David Dokko, Adam Lasoff, Mike Matera and Caroline Reynolds represented the seller, Long Market Property Partners, in the transaction. Knute Bucklew, head of agency leasing for JLL’s East Bay region, oversaw leasing advisory services.
SAN FRANCISCO — Shartsis Friese LLP has relocated to a 26,000-square-foot office space at 425 Market St. in San Francisco’s Financial District. This is the first time the national law firm has moved headquarters in more than 30 years. It will occupy the space in early 2024. Interior improvement design is now underway on the new 11th-floor space. Gensler and JLL Project & Development Services are working with the tenant to create a modern workplace befitting the evolving needs of the workforce both today and in the future. JLL’s Hugh “Scotty” Scott, Matt Aljets and Travis James represented Shartsis Friese in the lease transaction. JLL project manager Michael Payne leads the interior improvements efforts. Skyline Construction is general contractor. MetLife and Norges own the building.
ONTARIO, CALIF. — SRS Real Estate Partners’ Investment Properties Group has brokered the $54 million sale of New Haven Marketplace in Ontario. Built in 2020, the shopping center totals 95,000 square feet. Stater Bros. anchors the property, which was fully leased at the time of sale. Other tenants include Starbucks Coffee, Chase Bank, Carl’s Jr., Great Clips, Rodeo X Public Market and Brew Haven. Pat Kent and Parker Walter of SRS represented the seller, a California-based developer, in the transaction. Glenn Rudy of Newmark represented the buyer, a California-based family office.
MISSION VIEJO, CALIF. — Project partners MorningStar Senior Living, Confluent Senior Living and Concord Development Partners have completed MorningStar of Mission Viejo. The 166,000-square-foot, 132-unit senior living community is located in the Orange County city of Mission Viejo. The developers broke ground in March 2021. The community offers studio, one- and two-bedroom suites as well as 126 below-grade parking spaces. The property features 13,809 square feet of outdoor space including a pool, dog run, resident garden and al fresco dining. The project introduces Whole Health Standards, a new criteria under which all future Confluent and MorningStar communities will be developed. Confluent and MorningStar have a strong history of partnering on senior living communities, with MorningStar of Mission Viejo representing the partnership’s 14th joint venture across six states. Other project partners include KTGY Architecture + Planning as architect, Snyder Langston as general contractor, David Evans and Associates as civil engineer and Thoma-Holec Design as interior designer.
WEST HOLLYWOOD, CALIF. – Olympus Property has purchased the 179-unit Angelene Apartments in West Hollywood for an undisclosed sum. The mixed-use luxury community is located at 915 N. La Brea Ave. It features hotel-style amenities, including a pool deck and clubhouse overlooking West Hollywood, an abundance of outdoor common areas and a fully equipped fitness center. Apartments feature open living spaces and large windows in a mix of studio to three-bedroom configurations. Derrek Ostrzyzek, Tom Moran, Rachel Parsons and Mike Murphy of Berkadia Institutional Solutions completed the sale on behalf of the institutional seller. Tucker Knight of Berkadia’s Houston office arranged acquisition financing through Freddie Mac on behalf of Olympus Property.
WILDOMAR, CALIF. — The Mogharebi Group (TMG) has arranged the sale of Wildomar Senior, a 284-unit seniors housing community in Wildomar, a city in Southern California’s Inland Empire. TMG represented the seller, Craig Thralls, who developed the property in 2000. The buyer was a Los Angeles-based private investment group. The fully occupied property features 176 independent living apartments and 108 assisted living units.