PERRIS, CALIF. — An Ares Management fund has acquired an industrial building, located at 100 Walnut Ave. in Perris, from 100 Walnut LLC for $59.3 million. Built in 2022 on 9.6 acres, the 205,589-square-foot property features 36-foot clear heights, 27 dock doors and 1,200 amps of power. GPA Logistics currently occupies the entire building. Cody Lerner of Avison Young represented the buyer, while Carol Taubman of Westgate Industrial Properties represented the seller in the deal.
RIVERSIDE, CALIF. — Progressive Real Estate Partners has arranged the sales of two adjacent single-tenant retail properties that. Private investors acquired the properties in separate deals for a combined total of $4.2 million. Greg Bedell of Progressive Real Estate Partners represented the Los Angeles-based seller for both transactions. The transactions are: The $2.1 million, or $920 per square foot, sale of 3940 University Avenue. Plant Power, a fast-casual drive-thru restaurant with patio, occupies the 2,250-square-foot building. The $2.1 million, or $614 per square foot, sale of 3980 University Avenue. Richie’s Hot Chicken and Carlo’s Tijuana Tacos are tenants at the 3,500-square-foot building.
VISALIA, CALIF. — The Mogharebi Group (TMG) has brokered the sale of Oak View Apartments, a garden-style multifamily community at 4700 W. Caldwell Ave. in Visalia. A Southern California-based private investor acquired the asset from a Los Angeles-based private investor for $50 million. Built in 1990 and partially renovated in 2022, Oak View Apartments features 237 residences in a mix of one-, two- and three-bedroom layouts, ranging from 608 square feet to 1,170 square feet, spread across two-story apartment buildings and single-level duplexes on a 16.5-acre site. Community amenities include two swimming pools, a resident clubhouse with full kitchen, business centers, fitness centers, tot lots, sports courts and laundry facilities. The buyer plans to upgrade the 173 un-renovated units. Otto Ozen of TMG represented the seller in the deal.
ESCONDIDO, CALIF. — Stos Partners, in a joint venture with a global insurance company, has acquired a freestanding industrial property located at 2425 Auto Park Way in Escondido. South Image Inc. sold the asset for $20 million in an off-market transaction. The sale brings the buyer’s total 2022 deal volume to nearly $300 million. Located near Interstate 5 and Highway 78, the 86,690-square-foot property features 18-foot to 22-foot clear heights and 10,000 square feet of office buildout. Approximately 11 percent of the total building space is dedicated to private business operations space, sound engineer testing space, a mechanics tool shop and a racked storage area. The property also features a 2000A/277 480V 3-Phase system and 200 parking spaces. Barry Handler of Lee & Associates represented the buyer and seller in the deal.
SAN DIEGO — Preservation Equity Fund Advisors has purchased Alcove East Village (formerly known as Nook East Village) in San Diego from an undisclosed seller for $20 million. Built in 2019, the five-story Alcove East Village features 91 affordable residences for individuals and veterans. Each apartment averages 254 square feet and includes kitchenettes with under-counter refrigerators, two-burner stove tops, microwaves, private bathrooms and hardwood floors. Select units offer balconies. The community has eight units allotted for residents earning up to 30 percent of the area median income (AMI), two units at 65 percent AMI, 80 units at 80 percent AMI and one manager unit. Regulatory agreements require five units to be fully handicap accessible and two unit to be accessible to the hearing and visually impaired. As of September 2022, the property was 95.6 percent occupied. Onsite amenities include a community room, laundry facilities, elevator, controlled access, leasing office, rooftop patio, bike parking, Amazon Hub lockers and valet trash pickup.
HOLTVILLE, CALIF. — JK Management has completed the disposition of a 21.3-acre industrial site at 2255 Melon Road in Holtville. An undisclosed owner/occupier acquired the asset for $4.2 million. The buyer has not released future plans for the facility. The property currently features 101,665 square feet of industrial building improvements, with a 57,310-square-foot refrigerated space, two shop buildings and office space. Matt Davis, Melanie Haynes and Shannon Whitfield of Cushman & Wakefield’s National Land Advisory Group represented the seller in the deal.
LA VERNE AND MONTEBELLO, CALIF. — Beverly Hills-based Combined Properties has completed the disposition of three grocery-anchored shopping centers totaling more than 400,000 square feet in Los Angeles County. EDENS, an institutional investor, acquired the portfolio for $136.8 million. Pete Bethea, Glenn Rudy, Rob Ippolito, Bill Bauman and Kyle Miller of Newmark represented the seller in the transaction. The portfolio includes: The Commons at La Verne, a 120,720-square-foot asset in La Verne anchored by Vons and Ross Dress for Less Montebello Mix, a 216,385-square-foot property in Montebello that is 94 percent occupied and anchored by Vons, Rite Aid, Ross Dress for Less and Marshalls Foothill Plaza, a 65,000-square-foot center located at 1375 Foothill Blvd. in La Verne and anchored by Sprouts Farmers Market and Bank of America
By Ryan Gast, Vice President, Ontario/Inland Empire, CBRE We are currently seeing a very strong leasing market in San Bernardino County, which is mostly driven by the amount of new housing developments in the market and the lack of new retail product being built. Tenants are hungry for the top-tier shopping centers, which has driven the vacancy rates down and rents up in a market where there seems to be a lot of uncertainty in the air. Some of the most active retail categories include the fast feeders (QSRs), gas stations and car wash groups. Discount retailers also hold great appeal, particularly due to inflation. The market has also seen an increase in activity from fitness users who stopped dead in their tracks during 2020 and 2021 due to COVID. As active retailers go, Stater Bros, Hobby Lobby, Burlington, 99 Ranch Market, Ross and Planet Fitness have all recently inked deals in the area. Sprouts, Quick Quack, Shell, Raising Cane’s and Dutch Bros Coffee also remain active. Many of these retailers are seeking high-growth areas where there has been an influx of residential development nearby. In terms of developers, Lewis Retail, Wood Investments and Rich Development are some of the …
BERKELEY, CALIF. — Valiance Capital has acquired a development site at 2538 Durant Ave. near the University of California, Berkeley campus. The company plans to replace an existing 12-unit apartment building on the site with an eight-story community offering 270 beds across 83 units. The development is also set to include 5,000 square feet of ground-floor retail space. Jeffrey Eliason and Leland Ortega of Highland Realty Capital arranged $10.5 million in acquisition and pre-development funding on behalf of Valiance. Chris Hetzel of ACRES’ Philadelphia office originated the loan. “2538 Durant is going to help transform the Berkeley city skyline and provide an incredible opportunity to address a substantial housing need for students,” says Nhan Nguyen Le, principal and founder of Valiance Capital. Further details on the project, including a timeline for the development, were not announced.
VISTA AND CARLSBAD, CALIF. — Wimatex has purchased a multi-tenant office portfolio in Vista and Carlsbad from Thibodo LLC and CCSD LLC for $13.9 million. At the time of sale, the two-building, 70,262-square-foot portfolio was fully leased. The first property, located at 1800 Thibodo Road in Vista, is a three-story building featuring 23,690 square feet of Class A office space that is fully leased to nine tenants. The second building, situated at 1959 Palomar Oaks Way in Carlsbad, is a three-story property featuring 46,572 square feet of Class A office space that is fully leased to four tenants. Aric Starck, Drew Dodds and Matty Sundberg of Cushman & Wakefield represented the sellers in the deal.
