California

Inland Empire Multifamily Market Poised for Great Future

by Jeff Shaw March 1, 2023

— By Shane Shafer, Managing Director, Northmarq — The Inland Empire submarkets have maintained rent increases, low vacancy rates and employment growth. Plus, unlike other Southern California markets, the IE has seen a migration into the area — not out. The population of the Inland Empire region in an average year expands by about 50,000 residents. This is the fifth largest gain among the largest 50 metros, per 2021 Census numbers. A Jobs-Rich Market Gaining Momentum Local employment showed signs of growth and resurgence, adding jobs each of the past four quarters. Year-over-year total employment increased by more than 83,000 positions, which equates to a gain of more than 5 percent. Contrast this with other markets, and you can see why the Inland Empire is on most investors’ top 10 lists for buying, and why expectations are so high for the market to have continued rental growth. The logistics sector is one of the biggest and fastest growing in the United States. These jobs have consistently grown over the past 10 years, increasing by more than 10 percent. This year, Amazon inked a record-setting 4.1-million-square-foot facility in Ontario, while companies like Target, Shopify, Best Buy, AutoZone and others also made large commitments. The …

March 1, 2023

Acquisitions California Hospitality Loans Western

iBorrow, Reuben Brothers Provide $86.7M Acquisition Loan for Standard Hotel in West Hollywood

by Amy Works February 28, 2023

WEST HOLLYWOOD, CALIF. — iBorrow and Reuben Brothers, through a co-lending partnership, have funded a $86.7 million loan for the acquisition of a hotel asset in West Hollywood. The borrowers, Ian Schrager and Ed Scheetz, will use the loan to purchase 139-room property formerly known as the Standard Hotel. The buyers plan to renovate the asset and rebrand the hotel to the PUBLIC Hotel flag. The hotel is located at 8300 Sunset Blvd.

February 28, 2023

California Development Industrial Western

First Industrial Plans $126M First Stockton Logistics Center in Stockton, California

by Amy Works February 28, 2023

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 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.

February 28, 2023

Acquisitions California Hospitality Loans Western

iBorrow, Reuben Brothers Provide $86.7M Acquisition Loan for Standard Hotel in West Hollywood

by Amy Works February 28, 2023

WEST HOLLYWOOD, CALIF. — iBorrow and Reuben Brothers, through a co-lending partnership, have funded an $86.7 million loan for the acquisition of a hotel asset in West Hollywood. The borrowers, Ian Schrager and Ed Scheetz, will purchase the 139-room property formerly known as the Standard Hotel. The buyers plan to renovate the asset and rebrand the hotel to the PUBLIC Hotel flag. The hotel is located at 8300 Sunset Blvd.

February 28, 2023

California Development Industrial Western

First Industrial Plans 1 MSF First Stockton Logistics Center in Stockton, California

by Amy Works February 28, 2023

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.

February 28, 2023

California Development Industrial Western

Ridgeline Starts Construction of 1.5 MSF Midway Commerce Center in Vacaville, California

by Amy Works February 27, 2023

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.

February 27, 2023

Acquisitions California Retail Western

Hanley Investment Group Arranges Sales of Two 7-Eleven-Occupied Properties in Riverside County, California

by Amy Works February 24, 2023

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.

February 24, 2023

Acquisitions California Industrial Lee & Associates Western

Lee & Associates Negotiates $6.1M Sale of 19,271 SF Flex Building in Costa Mesa, California

by Amy Works February 24, 2023

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.

February 24, 2023

Acquisitions California Office Western

Quest Capital Partners Divests of 100,724 SF Office Building in West Covina, California

by Amy Works February 23, 2023

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.

February 23, 2023

California Development Industrial Western

Patrinely Group, Dune Real Estate Break Ground on 544,115 SF Gateway at Menifee Spec Industrial Project in Southern California

by Amy Works February 22, 2023

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.

February 22, 2023

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