California

Progressive Arranges $6M Sale of South Sierra Plaza Shopping Center in Fontana, California

by Jeff Shaw May 15, 2023

FONTANA, CALIF. — Progressive Real Estate Partners has arranged the $6 million sale of South Sierra Plaza, a 17,250-square-foot strip retail center located in Fontana. Comprising 12 units, the property was 93 percent leased at the time of sale to tenants including a dentist, nail salon, Armed Forces career center, staffing agency, Japanese restaurant and Peruvian restaurant. Brad Umansky and Lance Mordachini of Progressive represented the seller, a private Los Angeles-based investor, in the transaction. Paul Galmarini and Albert Lopez, also of Progressive, handled leasing at the property prior to the sale. Cameron Diab of D & Z Properties represented the buyer, another Los Angeles-based private investor.

May 15, 2023

California Industrial Leasing Activity Western

Hyundai Dealerships Lease 3.1-Acre Transportation Facility in Costa Mesa, California

by Jeff Shaw May 15, 2023

COSTA MESA, CALIF. — A group of local Hyundai dealerships have leased a 3.1-acre industrial site in Costa Mesa. The facility includes a 12,588-square-foot truck and automotive maintenance facility and office building. The group, which includes Hyundai of Huntington Beach, Hyundai of Anaheim and Hyundai of Garden Grove, entered into a five-year agreement for the space. They will use the property as a reconditioning, repair and storage facility for their fleet of new and used vehicles. Jace Gan and Clyde Stauff of Colliers represented the space’s owner, BLT Enterprises.

May 15, 2023

California Leasing Activity Retail Western

Jimbo’s Signs 25,000 SF Retail Lease at The Row at Civita in San Diego

by Jeff Shaw May 15, 2023

SAN DIEGO — Jimbo’s Naturally has signed a 25,000-square-foot lease at The Row at Civita, Sudberry Properties’ 20-acre mixed-use development in San Diego. The grocery store will be an anchor at the property, which is situated within the 230-acre, master-planned community of Civita. Construction on the building is scheduled to begin in early 2025, with the opening planned for the second half of 2026. This will mark the fifth Jimbo’s store within San Diego County.

May 15, 2023

Acquisitions California Industrial Western

Prologis Buys 21,420 SF Cross-Dock Warehouse in Hayward, California

by Jeff Shaw May 12, 2023

HAYWARD, CALIF. — Prologis has purchased a 21,420-square-foot cross-dock warehouse located at 651 Sandoval Way in Hayward. The property features a remodeled office building, truck service maintenance building, employee parking and container parking stalls. The cross-dock warehouse has 50 dock positions and concrete truck wells. RPM Transportation is the sole tenant of the property. CBRE’s Chris van Keulen, Bob Ferraro and Michael Barry represented both the unnamed buyer and Prologis in the transaction.

May 12, 2023

California Leasing Activity Office Western

Syracuse University Leases 21,377 SF Office Space in North Hollywood

by Jeff Shaw May 12, 2023

NORTH HOLLYWOOD, CALIF. — Syracuse University has leased 21,377 square feet of space at a nine-story office building in North Hollywood. The building is located at 5250 Lankershim Blvd. The space will house the university’s growing “SU in LA” semester programs, a career-oriented initiative for students in the S.I. Newhouse School of Public Communications and the College of Visual & Performing Arts. Marty Barkan represented Syracuse University in the lease negotiations. Patrick Church and Anneke Greco of JLL represented the landlord, DivcoWest.

May 12, 2023

California Development Industrial Western

Wonderful Real Estate Breaks Ground on 1.1 MSF Spec Industrial Development in Shafter, California

by Jeff Shaw May 11, 2023

SHAFTER, CALIF. — Wonderful Real Estate has broken ground on a 1.1 million-square-foot speculative development at the Wonderful Industrial Park (WIP) in Shafter. The facility will be located at 5401 Express Ave. It will be the fifth speculative development delivered by WRE over the past five years. WRE has developed and leased more than 1.3 million square feet at Wonderful Industrial Park in 2022. This includes a 1 million-square-foot spec project that was leased by a Fortune 500 food manufacturer and a 309,000-square-foot building leased by existing tenant GAF, the nation’s largest manufacturer of roofing and waterproofing products. WRE is also in the final stages of design on a 415,000-square-foot speculative building in the park that is scheduled for delivery in the first half of 2024.

May 11, 2023

California Loans Multifamily Western

Dwight Mortgage Trust Provides $36.3M Refinancing for Villa Annette Apartments in Moreno Valley, California

by Jeff Shaw May 11, 2023

MORENO VALLEY, CALIF. — Dwight Mortgage Trust has provided a $36.3 million bridge loan to refinance Villa Annette Apartments in Moreno Valley, a city in the Inland Empire region of California, about 64 miles east of Los Angeles. Latco Enterprises owns the 220-unit property, which is newly built and currently in lease-up. Proceeds from the bridge loan will be used to pay off existing construction debt. Villa Annette sits on 11 acres and comprises 14 two- and three-story buildings that offer a mix of one-, two- and three-bedroom floor plans. Amenities include a clubhouse, pool, spa, business center, fitness center and a picnic and grilling area. The owner plans to obtain a HUD 223(f) loan for permanent financing once the asset is stabilized. Ari Mandelbaum originated the transaction for Dwight.

May 11, 2023

Acquisitions California Net Lease Retail Western

Hanley Arranges $2.4M Sale of Single-Tenant Retail Property in El Centro, California

by Jeff Shaw May 11, 2023

EL CENTRO, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the $2.4 million sale of a single-tenant retail property located in El Centro, approximately midway between San Diego and Phoenix. 7-Eleven occupies the 2,940-square-foot building on a 15-year, triple-net ground lease. Bill Asher and Jeff Lefko of Hanley represented the seller, Imperial Retail Investments LLC, in the transaction. A self-represented, California-based private investor purchased the property.

May 11, 2023

Acquisitions California Industrial Loans Western

Clarion Partners Provides Financing for 600,000 SF Industrial Property in Riverside, California

by Jeff Shaw May 10, 2023

RIVERSIDE, CALIF. — Clarion Partners has provided a has provided a mezzanine loan that’s part of the acquisition financing package collateralized by an industrial building in Riverside. An affiliate of Societe Generale arranged the $10 million mezzanine loan subordinate to a $70 million senior loan. The Class A, 600,000-square-foot facility is fully leased and serves as the headquarters for a third-party logistics provider.

May 10, 2023

Acquisitions California Office Western

Premier Workspaces Takes Over 24,200 SF Co-Working Space in Irvine, California

by Jeff Shaw May 10, 2023

IRVINE, CALIF. — Premier Workspaces has taken over a co-working location at 100 Spectrum Center Drive in the Irvine Spectrum area. Formerly a Carr Workplaces, this 24,200-square-foot location offers ninth-floor views, 87 private offices, three serviced meeting rooms, an on-demand office and a common area lounge with on-site hospitality staff. This latest transaction expands Premier Workspace’s footprint in Irvine to more than 233,000 square feet across 10 locations.

May 10, 2023

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