Sunday, July 27, 2025
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AcquisitionsCaliforniaOfficeWestern

CBRE Arranges $43.5M Sale of Office Property in Irvine, California 

by Jeff Shaw

IRVINE, CALIF. — CBRE has arranged the $43.5 million sale of 16355 Laguna Canyon Road, a 113,882-square-foot office building in Irvine. Concordia Irvine Holding was the buyer.  The three-story building sits on 6.6 acres at the southwest corner of Laguna Canyon Road and Alton Parkway in the Irvine Spectrum. Built in 1998, it features a flexible floor plan, patios and balconies, and nearly 700 parking spaces.  The transaction is one of Southern California’s largest recent office sales. It is also Orange County’s highest price-per-square-foot trade in 2023, as of the sale date. The seller was not disclosed.

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AcquisitionsCaliforniaMultifamilyWestern

Keller Williams Brokers $8.6M Sale of Glassell Apartments in Los Angeles

by Jeff Shaw

LOS ANGELES — Keller Williams has negotiated the sale of Glassell Apartments, a 35-unit multifamily asset in Los Angeles. A 1031 exchange investor bought the property for $8.6 million.  The community is located at 3367 Andrita St. in Glassell Park, near Glendale and Eagle Rock. Built in 1989, the property is subject to rent control and was more than 60 percent vacant at the time of sale.  The seller was a family trust that owned the asset for more than 20 years. Andres Diaz of Keller Williams’ office in downtown Los Angeles represented the seller and procured the buyer.

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CaliforniaDevelopmentMultifamilySeniors HousingWestern

MorningStar Completes Renovations at 144-Unit Seniors Housing Community in Pasadena, California

by Jeff Shaw

PASADENA, CALIF. — MorningStar Senior Living has reopened its 144-unit community in Pasadena.  Soon after assuming management in December 2020, MorningStar, a Denver-based senior living owner and operator, began a complete renovation of the four-story community. Aneka Interiors led the redesign, which included the addition of memory care services to the community.  MorningStar is planning an expansion building next door to the existing community that will offer additional independent living, which is scheduled to open in early 2025.

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AcquisitionsCaliforniaRetailWestern

Longpoint Acquires Cardenas Marketplace in Montclair, California for $22.7M

by Jeff Shaw

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.

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AcquisitionsCaliforniaHospitalityWestern

Highgate, Flynn Properties Purchase the Huntington Hotel in San Francisco

by Jeff Shaw

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.

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9701-Research-Dr-Irvine-CA
CaliforniaIndustrialMarket ReportsWesternWestern Market Reports

Orange County’s Industrial Sector Continues to Grow

by Jeff Shaw

— 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 …

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AcquisitionsCaliforniaRetailWestern

Hanley Brokers $2.3M Sale of Single-Tenant Retail Property in Fontana, California

by Jeff Shaw

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.

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AcquisitionsCaliforniaOfficeWestern

Volwood Management Buys Boutique Office Building in Orinda, California for $12.8M

by Jeff Shaw

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.

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CaliforniaLeasing ActivityOfficeWestern

Shartsis Friese Law Firm Relocates Offices Within San Francisco’s Financial District 

by Jeff Shaw

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.

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