MENIFEE, CALIF. — Patrinely Group has purchased Scott Road Commerce Center’s Phase II, a large-scale, fully entitled, 33.8-acre development site in Menifee, for $61 million. The site is entitled for 544,115 square feet of Class A industrial product. Phase II will feature Buildings 3, 4 and 5 at 33520, 33580 and 33540 Zeiders Road. Part of an expansive five-building development totaling 701,262 square feet, Phase II is situated just north of the Murrieta and Temecula submarkets, immediately off the Scott Road and I-215 interchange. The project is the city’s first Class A industrial development since 2018, according to the buyer. The sales team included Michael Kendall, Gian Bruno and Kenny Patricia of Colliers’ Western Region Industrial Capital Markets Group; fellow Colliers industrial experts Joey Jones and Tucker Hohenstein; and Lee & Associates’ Gordon Mize. Kendall also exclusively listed the property and represented the seller, Jupiter Holdings, in the transaction.
California
Harbert South Bay Partners Plans 350-Unit The James Seniors Housing Community in Irvine, California
by Jeff Shaw
IRVINE, CALIF. — Harbert South Bay Partners has released plans for The James, a 350-unit, eight-story seniors housing community in the Orange County city of Irvine. The site is walkable to Irvine-Tustin’s vibrant shopping area, The District at Tustin Legacy. The leasing office for The James is scheduled to open early 2024, with occupancy planned for summer 2025. The James will feature 210 independent living, 110 assisted living and 30 memory care units. Momentum Senior Living, which is based in Orange County, will be the operator.
LOS ANGELES — Landmark Properties has announced plans to develop a student housing community near the University of Southern California (USC) campus in Los Angeles. Located at the corner of West 39th and South Figueroa streets, the property will offer 435 units in studio through five-bedroom configurations. The development will also include 87 affordably priced units, which will be reserved for students at the low-income level or below. Landmark is still in the planning phase for the project, which is expected to feature more than 1,500 beds. Shared amenities will include a clubhouse; rooftop resort-style swimming pool and grilling area; computer lab; fitness center; on-site parking; and 20,000 square feet of ground-floor retail. Construction is set to begin by the end of 2023, with completion scheduled for fall 2026. Landmark Urban Construction will serve as general contractor for this project. Kevin Shannon, Ken White, Greg Galusha, Bryan Norcott, Ryan Lang, Jack Brett, Chris Benton and Anthony Muhlstein of Newmark, in collaboration with Eric Bergstrom at Bergstrom Capital Advisors, brokered the acquisition of the development site from Ventus Group for an undisclosed price.
Kidder Mathews Negotiates $26M Sale of Gifford Business Park in San Bernardino, California
by Jeff Shaw
SAN BERNARDINO, CALIF. — Kidder Mathews has arranged the sale of the seven-building Gifford Business Park in San Bernardino for $26 million. The multi-tenant industrial property is located at 750-760 East Central Ave. and 765-791 South Gifford Ave., 2.5 miles from San Bernardino International Airport. It was built in 1989. The seller, Positive Investments, undertook capital expenditures, including roof replacement on five of the seven buildings, exterior paint on the entire property and parking lot re-slurry. The business park is currently 93 percent leased with more than 50 tenants. In-place rents are nearly 20 percent below market rates. Alan Pekarcik of Kidder Mathews represented the seller, while Christopher Smith of Colliers represented the buyer, MIG RE Investors I LLC, in the transaction.
ALISO VIEJO, CALIF. — MetroGroup Realty Finance has arranged a $10.6 million bridge loan for a retail center in Aliso Viejo. Trader Joe’s anchors the 30,500-square-foot property. Other tenants include the restaurants Eureka! and Lupe’s. The interest-only loan carries a term of 36 months and replaces a maturing commercial mortgage-backed security loan.
Alere Property Group Buys Industrial Development Site in Fontana, California for $38.9M
by Jeff Shaw
FONTANA, CALIF. — Alere Property Group has purchased a 17.4-acre site in Fontana for $38.9 million. Located at 13592 Slover Ave., just off Interstate 10 between North Etiwanda and Cherry avenues, the site is entitled for two Class A warehouse distribution buildings totaling about 350,000 square feet. Alere plans to develop the property in 2024 and offer the buildings for lease. Richard Lee, Nicholas Chang, Justin Kuehn and Sione Fua of the Lee Chang Kuehn Fua Group of NAI Capital Commercial’s Ontario office represented both Alere and the seller, CP Fontana, in the transaction.
PLEASANTON, CALIF. — A joint venture comprising Shopoff Realty Investments, Praelium Commercial Real Estate and an affiliate of Singerman Real Estate LLC has purchased an 8.4-acre property in Pleasanton that was formerly home to a Nordstrom department store. Located at Stoneridge Mall, the property marks the fourth mall purchase for Shopoff in recent years, according to the company’s president and CEO. Shopoff is currently exploring potential uses — including residential, mixed-use and office — for the space. Stoneridge Mall is one of the sites identified for redevelopment by the City of Pleasanton’s 2023-31 Housing Element Plan.
POWAY, CALIF. — SENTRE has acquired Parkway Commerce Center, a 147,907-square-foot, multi-tenant industrial park in Poway, for $21.4 million. The facility comprises two warehouse/distribution buildings and two industrial/flex buildings, which are leased to a diverse roster of tenants. The property features 19- to 25-foot clear heights and a total of 21 dock-high doors, 36 drive-in doors and 316 parking spaces. JLL’s Bob Prendergast, Lynn LaChapelle, Ryan Spradling and Zach Saloff represented the seller, an institutional investor.
ORANGE, CALIF. — MCA Realty has sold Struck Business Park, a 42,750-square-foot, two-building industrial property in Orange, for $13.5 million. The all-cash buyer utliized a 1031 Exchange for the transaction. Struck Business Park features 16 industrial units ranging from 1,461 square feet to 11,420 square feet. It is located at 1523 & 1547 W. Struck Ave. MCA purchased the asset in August 2021 and repositioned the property. This included a new paint scheme, landscape upgrades, asphalt repairs and new signage. Mike Hefner, Hayden Socci and Tom Terry of Voit Capital Markets team arranged the sale.
LOS ANGELES — A joint venture between Kairos Investment Management Co. (KIMC) and Harbor Associates has purchased 6922 Hollywood Boulevard, a 12-story office and retail property in the Hollywood neighborhood of Los Angeles. Terms of the transaction were not released. Situated at the intersection of North Orange Drive and Hollywood Boulevard, the 208,000-square-foot building features 37,000 square feet of ground-floor retail space and an underground and adjacent five-story parking garages. Retail tenants include Wahlburgers, CaboWabo, US Bank and Line Friends. The Trail Park Group occupies the top three floors of office space. The joint venture plans to implement site and façade improvements and update vacant office space with a goal of reaching 85 percent to 90 percent occupancy by the end of 2025.