BARSTOW, CALIF. — Joseph W. Brady Inc., dba The Bradco Cos., has facilitated the sale of 2601 Barstow Road, an office building that the Bureau of Land Management formerly occupied in Barstow. Wells Fargo, representing The Constance Wallace Irrevocable Trust, sold the property to Sonata North LLC for an undisclosed price. Constructed in 1997 on 4.8 acres, the 15,280-square-foot building features several built-out offices, a breakroom, four restrooms, conference rooms, supply room, a mail room and open space for cubicles. Additionally, there are two roll-up doors for a storage warehouse on the back side of the building, a fenced yard in the rear of the property and ample covered and non-covered parking. The seller was a referral of Newmark Knight Frank.
GOLETA, CALIF. — Agoura Hills-based Majestic Asset Management has purchased a six-building industrial/R&D campus located at 315-346 Bollay Drive and 320-340 Stork Road in Goleta, for $50.7 million in an off-market transaction. The asset was part of a portfolio of commercial properties managed by The Towbes Group. Situated on 11.9 acres, the 194,625-square-foot portfolio is occupied by multiple tenants, including Lockheed Martin, Alcon Research, Electro Optical Industries, The Good Work Space, DeLabs and Santa Barbara Imaging Systems. Francois DeJohn and Steve Hayes of Hayes Commercial Group represented the buyer in the transaction.
ELK GROVE, CALIF. — Kubato Tractor Corp. has closed escrow on a 43.7-acre land parcel located at 10251 E. Grant Line Road in Elk Grove. Terms of the transaction were not released. Kubato plans to develop a 632,000-square-foot Western Regional Distribution Center at the site, which has an additional 12-plus acres of expansion land for future needs. The company will relocate from its 180,000-square-foot facility in Lodi, where it has operated its Western distribution center since 2005. Tim Pryor of Mid Cal Industrial Properties and Ken Noack of Newmark Knight Frank handled the transaction.
SACRAMENTO, CALIF. — Sacramento-based D&S Development has sold an eight-story multifamily building located at 1430 Q St. in Sacramento to San Francisco-based Soma Capital for $57.1 million, or $761,333 per unit. Built in 2020, the 95,461-square-foot property features 75 apartments and 8,744 square feet of ground-floor retail space. At the time of sale, the asset was 99 percent occupied. The building features one studio, 29 one-bedroom, 43 two-bedroom and two three-bedroom units with washers/dryers, central heat/air, upscale design and construction, floor-to-ceiling windows, large closets and private patios/balconies in select units. Community amenities include a rooftop terrace, fitness center, yoga room, courtyard with outdoor seating, garage parking, electric vehicle charging station, bike storage and pet spa. Jason Parr, Scott MacDonald, John Hansen, Michael Bissada and Sydney Ladrech of Cushman & Wakefield’s Multifamily Advisory Group in Northern California represented the seller in the transaction.
SAN DIEGO — Sterling Bay and Harrison Street have entered into a joint venture to purchase Sorrento Ridge Research Park, located at 6150 Nancy Ridge Drive in San Diego’s Sorrento Mesa submarket, for $34 million. The name of the seller was not released. Totaling 60,000 square feet, Sorrento Ridge Research Park is a fully vacant former office building, which was built in 1987 and renovated in 2021. The buyers plan to convert the property into a mix of Class A lab and creative office space. All lab space will include scientific research necessities such as fume hoods; lab benches with compressed air and vacuum; deionized water stations; piping for natural gas; and the option to add lab furniture, fixtures and equipment, if needed. The project is expected to undergo redevelopment improvements starting this year, with expected delivery to future tenants in 2023.
TORRANCE, CALIF. — Stuart Klabin, the founder of The Klabin Co./CORFAC International, has passed away at age 90. Klabin, who founded Torrance-based The Klabin Co. in 1961, was a pioneer in Los Angeles industrial real estate and enjoyed decades of success both as a broker and developer. Klabin was also the founder of the American Industrial Real Estate Association. While Klabin was not involved with the day-to-day operations of the Klabin Co. for the past more than 20 years, he served as chairman emeritus until his passing. Over the past several years, Klabin maintained a connection to The Klabin Co. through the real estate assets he developed and owned in the greater Los Angeles region. CORFAC International, formerly known as Corporate Facility Advisors, is a network for independently owned commercial real estate firms. CORFAC currently has over 75 offices worldwide.
By Terrison Quinn, Managing Principal, SRS Real Estate Partners Despite the headwinds facing the Orange County retail property sector in 2021, retailers experienced record sales, while shopping center owners realized all-time-high property values. Orange County’s retail vacancy rate also decreased in 2021 from 4.58 percent to 4.32 percent as compared to 2020, according to CoStar. Meanwhile, rents increased from $33.12 per square foot, per year to $34.55 per square foot, per year — back to pre-pandemic levels. There are many reasons for these impressive numbers, though less stringent COVID rules and the solid job market may be two key drivers. Orange County remained less restrictive on businesses than neighboring Los Angeles County. The county also seems to have been the economic benefactor given the less severe climb out of the vacancy and unemployment challenges that were experienced through the pandemic. Orange County’s job market was hit hard during the pandemic with its large employment base in hospitality and leisure. However, it bounced back quickly with Disneyland re-opening and others hiring thousands of workers amongst robust consumer demand. Orange County’s job market is also recognized as one of the more diverse and higher paying counties in Southern California. Investors Continue to Eye Orange County as the Gold Standard …
LOS ANGELES — Hollywood Holdings, a Los Angeles-based private family office, has purchased The Gershwin Lofts Retail @ Hollywood, an urban retail center in Los Angeles. An undisclosed seller sold the property for $30.4 million. Located at 5501-5521 Hollywood Blvd. and 1719-1723 N. Western Ave., the two-building property features 42,916 square feet of retail space. One building was remodeled in 2015 and the other was built in 2015. At the time of sale, Marshalls, Petco and Farmer Boys fully occupied the property. Patrick Wade and Alex Kozakov of CBRE represented the seller in the deal.
LOS ANGELES — Harbor Associates and Gemdale USA have purchased Agoura Hills Business Park, an office campus located at 30401–30501 Agoura Road in the Agoura Hills submarket of Los Angeles, for $29.7 million. Built in 1987 on six acres, the 113,991-square-foot campus consists of two two-story office buildings around a central plaza and a 193-car parking lot. The acquisition represents the recapitalization of the office property, which Harbor Associates originally purchased in January 2020 in a joint venture with a Kansas City-based real estate investment firm. The sale represents Harbor’s exit from the investment after meeting its business plan. Matt Heyn and Caitlin Hoffman of CBRE will lease the property on behalf of Gemdale USA and Harbor. Andrew Harper, Will Poulsen, Matt McRoskey and Chad Solomon of JLL represented the seller in the transaction.
PALM DESERT, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the sale of a newly constructed, single-tenant restaurant property at Monterey Crossing shopping center in Palm Desert. Newport Beach-based Fountainhead Development sold the asset to a Southern California-based private investor for $4.6 million. Located at 73320 Dinah Shore Drive, The Habit Burger Grill occupies the 2,700-square-foot drive-thru restaurant property. Bill Asher and Jeff Lefko of Hanley Investment Group represented the seller and developer, while John Costa, David Fults and Brian McLoughlin of Voit Real Estate Services’ Los Angeles office represented the buyer in the transaction.