STOCKTON, CALIF. — First Industrial Realty Trust has released plans for First Stockton Logistics Center, a cross-dock distribution center at 6201 Newcastle Road in Stockton. Completion for the project is slated for early 2024. The 1 million-square-foot facility will feature 42-foot clear heights, 204 loading docks, 509 trailer stalls, 590 auto spaces, ESFR sprinklers and LED lighting. Total investment for the distribution center is estimated to be $126 million. The site offers immediate access to Highway 99 and Interstate 5 and proximity to BNSF & Union Pacific Intermodal Facilities, Stockton Metro Airport and the Port of Stockton. The project team includes Millie and Severson as general contractor, HPA as architect and Keir + Wright as civil engineer. Mike Goldstein, Ryan McShane and Gregory O’Leary of Colliers will assist with leasing the project.
VACAVILLE, CALIF. — Ridgeline Property Group, along with USAA Real Estate as capital partner and real estate investment manager, has started vertical construction for Midway Commerce Center Buildings A and C in Vacaville. Situated on 89.7 acres, the 1.5 million-square-foot industrial park is located off Eubanks Drive, a mile from the Midway Road and Highway 505 interchange and less than four miles from Interstate 80. The 198,490-square-foot, rear-loading Building A will offer 36-foot clear heights and mechanical dock levers at every other position. The 1.2 million-square-foot, cross-dock Building C will offer an internal clear height of 42 feet and hydraulic dock levels at all 209 positions. Both buildings will feature LED lighting, ample power and high-finish offices. Completion is slated for early this fall. Development costs were not released. HPA Architecture is serving as architect for the project. Brooks Pedder, John McManus and Tony Binswanger of Cushman & Wakefield are handling leasing for the project.
INDIO AND PERRIS, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the sales of two new properties leased by 7-Eleven in Riverside County. Two different buyers acquired the assets for a combined total of $10.1 million. Bill Asher and Jeff Lefko of Hanley Investment Group represented the sellers, TSC Perris LLC and TSC Indio Golf Center LLC, in both transactions. In the first transaction, a private investor acquired a newly constructed, 3,494-square-foot 7-Eleven convenience store and gas station at the intersection of Golf Center Parkway and Avenue 45 in Indio. The property traded for $5.1 million, or $1,474 per square foot. Rick Lazar of Lee & Associates in Riverside represented the buyer. In the second deal, a Los Angeles-based private investor purchased a recently completed, 2,950-square-foot 7-Eleven convenience store and gas station at Perris and Harley Knox boulevards in Perris. The asset traded for $5 million, or $1,695 per square foot. Pooya Dayanim of Beverly Hills-based Dayanim Real Estate Corp. represented the buyer.
COSTA MESA, CALIF. — Lee & Associates Orange has arranged the sale of a freestanding industrial/flex building in Costa Mesa. The property traded for $6.1 million. Located at 3587-3589 Harbor Blvd., the 19,271-square-foot building features a large fenced yard, three ground-level doors and 400 amps, 120/208 volt power. Greg Diab of Lee & Associates Orange represented the buyer in the deal.
WEST COVINA, CALIF. — Quest Capital Partners has sold Atrium on the 10, an office building located at 2934 E. Garvey Ave. South in West Covina. A Covina-based nonprofit owner/user acquired the property for $22.2 million. In recent years, more than $3 million in capital has been invested in the 100,724-square-foot building. Updates include exterior cosmetic and common area enhancements, upgrades to furniture, installation of a living wall in the atrium, tenant improvements and updated building systems. Sammy Cemo, Mark Shaffer, Anthony DeLorenzo, Gary Stache and Bryan Johnson of CBRE’s Capital Markets, Investment Properties team, along with Steven Saunders and Philip Woodford of CBRE represented the seller in the transaction.
MENIFEE, CALIF. — Patrinely Group, in partnership with affiliates of Dune Real Estate Partners, has broken ground on Gateway at Menifee, a speculative industrial project near Interstate 215 and Scott Road in Menifee. Totaling 544,114 square feet, the project will offer three Class A industrial buildings. Spanning 36.4 acres, the three rear-load buildings will feature 32- to 36-foot clear heights, 107 total dock-high doors and 130- to 190-foot court depths. The project is the second and final phase of the industrial park, which features a 229,934-square-foot building, a 220,606-square-foot building and a 93,575-square-foot building. Patrinely Group is developing the project, which KPRS will build. Ryan Bos and Colin MacMillan of KBC Advisors and Scotts Stewart and Gordon Mize of Lee & Associates will handle leasing of the project under the direction of Phillip Moore and Dennis Tarro of Patrinely Group.
Versum Materials US Buys 19,601 SF Flex Building at Palomar Oaks Tech Center in Carlsbad, California
CARLSBAD, CALIF. — Versum Materials US has acquired a building at Palomar Oaks Tech Center in Carlsbad from Bemer USA for $5.7 million. Located at 1989 Palomar Oaks Way, the asset offers 19,601 square feet of flex space. Jeff Abramson of Lee & Associates North San Diego County represented the seller, while Casey Sterk of JLL and Greg Bisconti represented the buyer in the deal.
SANTA CLARA, CALIF. — USA Properties Fund has broken ground on Mainline North, an affordable multifamily property in Santa Clara. The project is part of a public-private partnership that includes Bank of America, California Housing Finance Agency, the City of Santa Clara, Google, Housing Trust Silicon Valley, Ensemble Real Estate Investments and Related. Mainline North will feature 151 studio, one-, two- and three-bedroom apartments with energy-efficient appliances and light fixtures, ceiling fans and low-flow faucets, showers and toilets. The $81.2 million, eight-story building’s first three floors will contain the parking garage, lobby, leasing area, community room, fitness center, flex room and 5,000 square feet of retail space. Additional amenities will include a computer area with free Wi-Fi and a rooftop courtyard with outdoor seating, barbecue areas and a pet wash station. Completion is slated for early 2025. Rents will start around $850 per month for a studio to $1,080 per month for a two-bedroom apartment for households that earn up to 30 percent of the area median income.
LOS ANGELES — Champion Real Estate Co. has received a $16.1 million loan to refinance Victory on Portland, a 139-bed student housing community located at 2353 Portland St. in Los Angeles. The company, which purchased the asset in March 2020 for $14.1, secured the long-term, fixed-rate financing through Wintrust Bank. Champion renovated the property by upgrading the mechanical systems, renovating the interior units, enhancing curb appeal, increasing the amenity package and rebranding the community. The company also added eight units, totaling 37 beds, to the property.
LOS ANGELES — Cityview has unveiled its plans to develop Belle on Bev, a 243-unit workforce housing community in Los Angeles’ Historic Filipinotown (HiFi) neighborhood. Slated for completion in the fourth quarter, the mixed-use project will feature 21 affordable units. Belle on Bev will feature a mix of studio, one- and two-bedroom floorplans with Nest thermostats, luxury vinyl flooring, Latch keyless entry, turnkey Wi-Fi, in-unit washers/dryers and two different color schemes. Community amenities will include a resort-style pool and spa; enclosed dog park and pet wash; two rooftop decks; Korean and traditional barbecues; a gym and yoga studio that will offer cross-training equipment and fitness classes; a courtyard with an oversized fireplace; ample parking; bike storage; and an indoor/outdoor clubhouse featuring a commercial-grade kitchen. The project team includes AC Martin, Clark Building Group and Nadia Geller Design.