California

Office Building in Century City, California Achieves Full Occupancy

by Jeff Shaw June 16, 2023

CENTURY CITY, CALIF. — An office property in Century City, 2000 Avenue of the Stars, has reached full occupancy with the addition of new leases. A multi-national law firm will relocate from downtown Los Angeles and occupy 57,887 square feet, while CBRE secured 21,000 square feet. The 865,000-square-foot property is also home to Creative Artists Agency, Ares Management and UBS. The property forms part of the Century Park campus, which also includes Century Plaza Towers. CBRE’s Pat McRoskey, Patti Gilbert and Amanda Calof comprise the leasing team responsible for the Century Park area.

June 16, 2023

California Development Industrial Western

Sudberry Starts Construction of Phase II of Otay River Business Park in Chula Vista, California

by Jeff Shaw June 15, 2023

CHULA VISTA, CALIF. — Sudberry has started construction on the second phase of Otay River Business Park in Chula Vista. Phase II will include two manufacturing and warehouse buildings that will total 205,335 square feet. A 97,230-square-foot building and 108,205-square-foot building will be located at 2995 and 2855 Faivre Street, respectively. Pre-leasing is underway with sizes ranging from 25,000 to 108,000 square feet. Sudberry’s development team includes TFW Construction, SCA Architecture, Lightfoot Planning Group, Ridge Landscape Architects (RLA) and Southland Paving. Michael Mossmer of Voit Real Estate Services is providing brokerage services.

June 15, 2023

Acquisitions California Retail Western

Hanley Brokers $4.9M Sale of Retail Building in Riverside, California

by Jeff Shaw June 15, 2023

RIVERSIDE, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the $4.9 million sale of a four-tenant retail property located in the Inland Empire city of Riverside. Built In 2020 and situated within Veteran’s Plaza, net-lease tenants at the 6,963-square-foot building include Starbucks Coffee, Express Gadget Repair, Desperate Measures and Jersey Mike’s Subs. Eric Wohl and CJ Kiehler of Hanley represented the seller, a California-based developer. Shirley Kim of Max Mega Group Realty represented the buyer, an international private investor.

June 15, 2023

Acquisitions California Retail Western

SRS Negotiates $5.1M Sale of Starbucks-Occupied Property in Inglewood, California

by Jeff Shaw June 15, 2023

INGLEWOOD, CALIF. — SRS Real Estate Partners has arranged the $5.1 million sale of a single-tenant retail property located in Inglewood, roughly 12 miles southwest of Los Angeles. Starbucks Coffee occupies the 1,008-square-foot building, which was built in 2021 on 0.4 acres, on a net-lease basis. Brian Wolfman and Zach Leffers of SRS represented the seller, a Los Angeles-based private investor. David Oberg and Zach Ordin of DLO Realty Group represented the buyer, a Los Angeles-based family office.

June 15, 2023

Acquisitions California Industrial Loans Western

Marcus & Millichap Arranges $6.5M in Acquisition Financing for Industrial Property in Santa Ana, California

by Jeff Shaw June 15, 2023

SANTA ANA, CALIF. — Marcus & Millichap has arranged an acquisition loan of $6.4 million for an industrial property in Santa Ana. The 19,152-square-foot asset is located at 1820 S. Santa Fe St. Richard Knorr of Marcus & Millichap Capital Corp. secured the financing with a national bank. The loan features a 6.14 percent interest rate with a 25-year self-liquidating term. Drew Wetherholt and Colin Wu of Marcus & Millichap arranged the sale. The buyer and seller were not disclosed.

June 15, 2023

California Company News Loans Retail Western

Westfield to Pull Out of San Francisco, Surrenders Mall to Lender

by Jeff Shaw June 14, 2023

SAN FRANCISCO — Westfield has made plans to pull out of San Francisco and surrender the San Francisco Centre mall to the property’s lender, reports CNN. The decision follows the closure of stores including Banana Republic and Nordstrom. A spokesperson for Westfield previously attributed the closure of the latter to “unsafe conditions for customers, retailers and employees.” According to SFGATE, Westfield and its partner, Brookfield Properties, have ceased loan payments on the mall. In a statement provided to the publication, Westfield noted that it has operated San Francisco Centre for more than 20 years and that it has “made the difficult decision to begin the process to transfer management of the shopping center to our lender,” citing “declines in sales, occupancy and foot traffic.” The company also stated that the property’s debt “is nonrecourse and this action has no impact on the rest of [Unibail-Rodamco-Westfield’s] debt.”

June 14, 2023

California Development Industrial Western

CapRock Partners Buys 22 Acres Within World Logistics Center in Moreno Valley, California

by Jeff Shaw June 14, 2023

MORENO VALLEY, CALIF. — CapRock Partners has purchased a 22.1-acre parcel within the World Logistics Center master-planned development in Moreno Valley. The company plans to develop CapRock Global Logistics, a 500,000-square-foot, LEED-certified industrial warehouse on the site. The development will accommodate a wide range of uses, including e-commerce, manufacturing and distribution. At completion, the property will feature 36-foot clear height, 65 dock-high doors and up to 10,000 square feet of two-story office space. The property will offer 88 trailer parking stalls, 339 auto parking stalls, a truck court depth of 185 feet and a secured concrete yard. Stefan Pastor and Brad Yates at Stream Realty Partners represented CapRock in the sale. Mark Repstad at Southland Commercial Real Estate represented the undisclosed seller.

June 14, 2023

Acquisitions California Industrial Western

Newmark Arranges Sale of San Tomas Business Centre in Santa Clara, California

by Jeff Shaw June 14, 2023

SANTA CLARA, CALILF. — Newmark has arranged the sale of San Tomas Business Centre in Santa Clara. The nine-building property is located at 2060-2101, 2110, 2116 and 2118 Walsh Ave. It comprises office and light industrial/warehousing space. Corporate offices for Nvidia, Google, Apple, Amazon and Samsung are nearby. Newmark’s Steven Golubchik, Edmund Najera, Jonathan Schaefler and Darren Hollak arranged the transaction.

June 14, 2023

California Development Loans Mixed-Use Office Retail Western

Citivas Provides Construction Financing for 25,000-SF Mixed-Use Project in Santa Monica, California

by Jeff Shaw June 13, 2023

SANTA MONICA, CALIF. — Citivas Capital Group has provided a senior construction loan for the development of a mixed-use project at Third Street Promenade in Santa Monica. Upon completion, the space, which will include retail and office space, will feature floor-to-ceiling windows and a 4,000-square-foot outdoor roof terrace. Blatteis & Schnur was the borrower. Jorge Adler of Citivas arranged the financing.

June 13, 2023

California Life Sciences Loans Western

PSRS Arranges $13.2M in Financing for Life Sciences Asset in Carlsbad, California

by Jeff Shaw June 13, 2023

CARLSBAD, CALIF. — PSRS has arranged a $13.2 million refinancing for a 47,000-square-foot life sciences property in Carlsbad. A growing start-up occupies the property. The undisclosed permanent lender was able to fund the loan prior to the tenant taking occupancy. The loan’s interest rate is fixed for seven years and amortized over a 30-year schedule. Pasha Johnson, Trevan Swierczewski and Daniel de Leon of PSRS arranged the refinancing.

June 13, 2023

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