California

DivcoWest Buys 320,000 SF Office Building in San Francisco’s Mission Bay

by Amy Works May 25, 2022

SAN FRANCISCO — DivcoWest has purchased 550 Terry Francois Boulevard, a vacant, six-story office building in San Francisco’s Mission Bay neighborhood. Terms of the transaction were not released. Built in 2002, the 320,000-square-foot building recently served the headquarters of fashion retailer Old Navy. DivcoWest plans to invest in the building to further broaden its life sciences appeal. The asset is adjacent to University of California San Francisco’s medical research campus, as well as numerous biotech and healthcare organizations. The building offers 51,000-square-foot floor plates, access to 308 parking spaces and extensive outdoor amenity space. Additionally, the property features waterfront views and proximity to Bay Trail, a 350-mile pedestrian and bike trail linking more than 40 communities around San Francisco Bay.

May 25, 2022

Acquisitions California NAI Office Western

Happy Place Stages Acquires Creative Production Campus in North Hollywood for $14.3M

by Amy Works May 25, 2022

LOS ANGELES — Happy Place Stages LLC, a full-service creative studio, has purchased a warehouse campus located at 5446-5450 Satsuma Ave. in the North Hollywood neighborhood of Los Angeles for $14.3 million. The sales price equates to $380 per square foot. Built in 1952 and renovated in 2017, the property features four buildings: a 13,000-square-foot cargo containers that has been convert to creative office space, a 1,400-square-foot office, an 8,000-square-foot warehouse and a 20,000-square-foot warehouse. Adam Comora with NAI Capital’s Investment Services Group represented the buyer in the deal.

May 25, 2022

Country-Squire-Shopping-Center-Fresno-CA

Acquisitions California Retail Western

Faris Lee Investments Arranges $6.6M Sale of Country Squire Shopping Center in Fresno

by Amy Works May 25, 2022

FRESNO, CALIF. — Faris Lee Investments has arranged the sale of Country Squire Shopping Center, a three-building retail property in Fresno. A Riverside, Calif.-based private investor acquired the asset from a Fresno-based investor for $6.6 million. Both parties requested anonymity. Walgreens, Surf Thru Express Car Wash and Multi-Tenant Shops fully occupy the 27,315-square-foot property. Situated on a total of 4.3 acres, the center is located at 4172, 4140, 4182 N. First St. Sean Cox, Alex Moore and Shaun Riley of Faris Lee Investments represented both parties in the deal.

May 25, 2022

California Loans Retail Western

Gantry Arranges $24M Loan for Refinancing of Southern California Retail Center

by Amy Works May 24, 2022

MOORPARK, CALIF. — San Francisco-based mortgage banking firm Gantry has arranged a $24 million bridge loan for the refinancing of Village at Moorpark, a retail center located at 706-790 Los Angeles Ave. in Moorpark. Amazon Fresh, Dover Saddlery and other local, regional and national tenants occupy the 129,000-square-foot property. Mark Ritchie and Austin Ridge of Gantry’s Los Angeles office arranged the financing on behalf of the borrower, a private real estate investor. An investment management platform firm provided the loan, which features earn-out provisions with holdbacks tied to future performance milestones and extensions.

May 24, 2022

California Development Multifamily Western

Cityview Breaks Ground on South Bay X Multifamily Development in Gardena, California

by Amy Works May 23, 2022

GARDENA, CALIF. — Cityview has broken ground on South Bay X, a multifamily project in Gardena that will feature 265 workforce housing units. Residences will be available in a mix of studio, one- and two-bedroom floor plans ranging in size from 510 to 1,197 square feet. Located at 12850 Crenshaw Blvd., the transit-oriented property offers access to Interstate 105, the LA Metro Green Line and Los Angeles International Airport. South Bay X is slated for completion in early 2025. The project is expected to create upwards of 1,000 jobs during its development.

May 23, 2022

Acquisitions California Retail Western

Newmark Negotiates Sale of 79,875 SF Village Oaks Shopping Center in Martinez, California

by Amy Works May 23, 2022

MARTINEZ, CALIF. — Newmark has negotiated the sale of Village Oaks, a 79,875-square-foot shopping center in Martinez. An undisclosed private family investor sold the asset to an institutional investment group for an undisclosed price. Situated on 7.9 acres at 1185 Arnold Drive, Village Oaks was 96 percent leased at the time of sale to tenants within the financial, medical, restaurant and service retail sectors. Grocer Lucky California and Rite Aid currently anchor the property. Nicholas Bicardo and Cheyne Bloch of Newark represented the seller in the transaction.

May 23, 2022

Acquisitions California Development Life Sciences Western

Luminous Capital Acquires R&D Building for Life Sciences Conversion in Carlsbad

by Amy Works May 20, 2022

CARLSBAD, CALIF. — Luminous Capital Management, in partnership with Austin, Texas-based Virtus Real Estate Capital, has acquired 5931 Priestly Drive, an industrial/research and development (R&D) building in Carlsbad. Locally based investment firm Greene Properties sold the asset for $14 million, or $265 per square foot. Situated within Carlsbad Research Center, the 52,800-square-foot property was fully leased to two tenants under short-term leases that expire in 2023 at the time of sale. The buyers plan to implement significant renovations and reposition the property for bioscience R&D and manufacturing. The partial two-story building features approximately 16,000 square feet of space with 24-foot clear heights, as well as heavy power, abundant parking and grade-level loading. Michael Nucci of RW Commercial represented the seller in the deal, while Chris Baumgart of JLL represented the buyer. Baumgart will also handle leasing of the property. John Chun and John Marshall of JLL arranged the equity joint venture between Luminous and Virtus. California Bank & Trust provided financing for the acquisition and conversion.

May 20, 2022

Acquisitions California Industrial Lee & Associates Western

Lee & Associates Brokers $12.5M Sale of Industrial Facility in Brea, California

by Amy Works May 20, 2022

BREA, CALIF. — Lee & Associates Orange has brokered the sale of a freestanding industrial property located at 760 Challenger St. in Brea, an eastern suburb of Los Angeles. The asset traded for $12.5 million, approximately 20 percent over asking price. The 27,734-square-foot building features two dock-high doors and 24-foot minimum warehouse clearance. Mark Hintergardt of Lee & Associates represented the undisclosed seller in the transaction. The name of the buyer was also not released.

May 20, 2022

California Life Sciences Loans Office Western

CBRE Arranges $75M Loan for Shoreway Innovation Center in Belmont, California

by Amy Works May 19, 2022

BELMONT, CALIF. — CBRE has arranged a $75 million loan for the acquisition and redevelopment of Shoreway Innovation Center in Belmont. The property will be redeveloped into a new life sciences campus. The borrower is Four Corners Properties. Mike Walker and Brad Zampa with CBRE Capital Markets’ Debt & Structured Finance group arranged and secured the three-year, floating-rate financing through a private equity firm. The nonrecourse loan carried two extension options. Four Corners Properties will use the financing to fund a portion of the predevelopment costs for 1301 Shoreway Road, which was acquired in December 2021 for $90.2 million. The future redevelopment will likely include construction of two Class A life sciences buildings totaling approximately 500,000 to 600,000 square feet. The new development will also include a multi-story parking structure with approximately 1,500 parking stalls.

May 19, 2022

Acquisitions California Retail Western

Clarion Partners, HP Investors Sell Three Retail Properties in San Diego for $89.8M

by Amy Works May 19, 2022

SAN DIEGO — Clarion Partners and HP Investors have sold a collection of three single-tenant net-leased retail properties within Gateway at Kearny Mesa in San Diego. An undisclosed private investor acquired the asset for $89.8 million. Totaling 194,303 square feet, the property is fully occupied to three national tenants, including a global discount department store, Food 4 Less and Prime Car Wash/Jiffy Lube. The properties were constructed in 2001 on 18.8 acres as part of a 30-acre Gateway at Kearny Mesa retail destination. Gleb Lvovivh, Geoff Tranchina, Darcy Miramontes, Kip Malo and Bob Prendergast of JLL Capital Markets represented the sellers in the deal.

May 19, 2022

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