California

Sudberry Properties Opens 260-Unit Hub at Scripps Ranch Mixed-Use Project in San Diego

by Amy Works April 7, 2022

SAN DIEGO — Sudberry Properties has opened The Hub at Scripps Ranch, a mixed-use redevelopment project located at 9840 Carroll Canyon Road in the Scripps Ranch neighborhood of San Diego. Construction is nearing completion and apartment residents are moving in. Situated on 9.5 acres, The Hub at Scripps Ranch features 260 apartments and 10,700 square feet of retail and restaurant space. The property offers one-, two- and three-bedroom layouts, ranging from 614 square feet to 1,391 square feet, with rents starting at $2,600 per month. Interior amenities include private patios or balconies, nine-foot ceilings, hardwood-style flooring in main areas, carpeting in bedrooms, fully equipped kitchens with GE Energy Star stainless steel appliances, quartz countertops and full-size washers/dryers. The retail and restaurant space includes a 2,061-square-foot Starbucks Coffee, Pacific Dental Services and Big Cheech’s Chicken N’ Waffles and Sliders. The development team includes MVE Architecture, Reylenn Construction Co., Pasco Laret Suiter & Associates, GroundLevel Landscape Architecture and Design Tec. Matt Mosser of Retail Insite is responsible for retail leasing, and Sudberry Properties will provide property management for The Hub.

April 7, 2022

California Development Industrial Western

CapRock Partners Breaks Ground on 2 MSF Industrial Warehouse Development in Norco, California

by Amy Works April 7, 2022

NORCO, CALIF. — CapRock Partners has broken ground on Phase I of Palomino Ranch, a master-planned industrial warehouse development located at 1811 Mountain Ave. in Norco. Spanning 112 acres, the project will total 2 million square feet across 24 buildings. The initial phase of the Class A project will include eight standalone industrial buildings, totaling approximately 700,000 square feet on 44 acres. Phase I buildings will range from approximately 55,000 square feet to 156,000 square feet with clear heights from 30 feet to 36 feet. Buildings larger than 20,000 square feet will offer up to 6,000 square feet of mezzanine office space. Other features will include secured and unsecured concrete truck courts, 125-foot truck court depth, ESFR sprinklers and up to 4,000 amps of power. At total project completion, Palomino Ranch will be the largest industrial real estate development in Norco’s history. The project will be LEED certified and feature design elements such as wrap-around wooden porches and lantern streetlighting that are reflective of the city’s equestrian background and nickname Horsetown U.S.A. Jeff Ruscigno, Brian Pharris, Paul Earnhart, Ryan Earnhart, Austin Hill and Jeff Smith of Lee & Associates have been retained to market the lease availabilities at the project. …

April 7, 2022

Acquisitions California Multifamily Western

Levin Johnston Arranges $31.5M Sale of The Lakes Apartments in Concord, California

by Amy Works April 6, 2022

CONCORD, CALIF. — Levin Johnston of Marcus & Millichap has brokered the sale of The Lakes Apartments, a multifamily property located at 1818, 1819 and 1850 Laguna St. in Concord. An undisclosed seller sold the asset to a private investor for $31.5 million. Constructed in 1967 on 4.2 acres, The Lakes features 102 one- and two-bedroom floor plans, secure vehicle and pedestrian entrances, onsite laundry, a swimming pool and private balconies and patios. Adam Levin and Robert Johnston of Levin Johnston represented the seller and procured the buyer in the deal.

April 6, 2022

Acquisitions California Industrial Lee & Associates Western

Lee & Associates Brokers Acquisition of Three Industrial Buildings in North Hollywood Totaling $21.4M

by Amy Works April 6, 2022

LOS ANGELES — Lee & Associates LA North/Ventura has arranged the purchases of three multi-tenant industrial properties located in the North Hollywood neighborhood of Los Angeles in two separate deals for the combined total of $21.4 million. Together the properties total 66,019 square feet. In the first transaction, Vineland Group Holdings sold a two-building asset at 6850 Vineland Ave. to LaTerra Development II LLC. Scott Caswell and Eric Balin of Lee & Associates LA North/Ventura represented the buyer. In the second deal, 625 South Pacific Avenue LLC acquired an industrial building at 13401-13431 Saticoy St. from Pine Investment Partners. Caswell and Balin represented the buyer, while Greg Barsamian of CBRE represented the seller in the deal.

April 6, 2022

California Market Reports Retail Western Western Market Reports

Orange County’s Retail Sector Looks Resilient in 2022

by Jeff Shaw April 6, 2022

By Glenn R. Rudy, Senior Managing Director, Retail Capital Markets, Newmark We all know the commercial real estate industry is cyclical and there are casualties in every cycle across asset classes. However, retail seems to always be in everyone’s crosshairs. It quite frequently is the tail wagging the dog across institutional investors. Consider this, though: if there is one thing the pandemic has proven (once again), it is that the retail sector as a whole is one of the most resilient in the industry. Nowhere in the country is this statement more evident than here in Orange County. While investment sales activity was sluggish overall in 2021, picking up largely in the fourth quarter, retail leasing activity was record breaking. Annual net absorption turned positive after nine consecutive quarters of losses. Vacancy rates have not yet returned to pre-pandemic levels, but rent growth has reach a new all-time high as of year-end 2021. Tenants and landlords were both motivated to sign leases in 2021 to satisfy the increased market demand from consumers yearning to get out and be social again. Society wanted to spend its money on soft goods, dining out and enjoying the retail experience that was so sorely missed in 2020. On the investment …

April 6, 2022

17011-17023-17027-S-Central-Ave-Carson-CA

Acquisitions California Industrial Western

New Mountain Capital Divests of Four Industrial Properties in California for $65M

by Amy Works April 5, 2022

VAN NUYS, CARSON, VERNON AND OCEANSIDE, CALIF. — New York-based New Mountain Capital has completed the disposition of four infill industrial properties in the Greater Los Angeles and San Diego County area to Rexford Industrial Realty for $65 million. Totaling 150,736 square feet, the four assets are located at: 14243 Bessemer St. in Van Nuys 17011, 17023 and 17027 S. Central Ave. in Carson 2970 East 50th St. in Vernon 2843 Benet Road in Oceanside Arctic Glacier Co. currently occupies all the properties, which are cold production and distribution facilities. Vincent Polce, Robert Bickel, Barbara Perrier, Eric Cox and Rebecca Perlmutter of CBRE represented the seller in the deal.

April 5, 2022

Acquisitions California Office Western

Parkview Financial Acquires Office Building in West Los Angeles for $19M

by Amy Works April 5, 2022

LOS ANGELES — Parkview Financial has purchased a multi-tenant office building located at 11440 San Vicente Blvd. in West Los Angeles’ Brentwood neighborhood. Westwood Financial, which owned the property since 1989 and currently occupies the first floor, sold the asset for $19 million. Parkview Financial plans to occupy the three-story, 24,317-square-foot property as its new headquarters. The company will implement a $2 million renovation of the asset’s common areas, as well as building out the entire 8,000-square-foot second floor, with plans to move in by late 2022. Built in 1972, the building features various floorplate layouts with walkability to amenities, including restaurants and retail stores. Additionally, the property features 49 parking spaces and overlooks Veterans’ Park on Wilshire Boulevard. Tom Sexton and Michael Arnold of NAI Capital represented the buyer, while Daniel Rainer, Matt McRoskey and Andrew Harper of JLL represented the seller in the transaction.

April 5, 2022

Acquisitions California Company News Maryland Oregon Retail Southeast Top Stories Washington Western

First Washington Realty Goes Shopping, Acquires Donahue Schriber Realty Group

by John Nelson April 5, 2022

BETHESDA, MD. AND COSTA MESA, CALIF. — Bethesda-based retail real estate owner First Washington Realty (FWR) has purchased Donahue Schriber Realty Group Inc., a shopping center owner based in Costa Mesa. An affiliate of FWR acquired the private retail REIT and its portfolio of grocery-anchored, open-air centers from institutional investors advised by J.P. Morgan Global Alternatives. The transaction adds 47 shopping centers, as well as one DSRG-owned office property, for a combined 6 million square feet to FWR’s holdings. The sales price was not disclosed, but Bloomberg reported in February that the negotiations for the deal valued DSRG and its assets at north of $3 billion. The news outlet also reports that the California Public Employees’ Retirement System (CalPERS) was an equity partner with FWR on the deal and that JPMorgan Asset Management and the New York State Teachers’ Retirement System (NYSTRS) were among DSRG’s largest investors. For FWR, the deal expands its presence on the West Coast, including in high-profile markets such as the Bay Area, Orange County, Seattle, Portland, San Diego and Sacramento. The deal also expands FWR’s corporate base on the West Coast, as its executive management team now oversees DSRG’s existing offices in Orange County, San …

April 5, 2022

Acquisitions California Life Sciences Office Western

DivcoWest Acquires 143,383 SF Office Building in South San Francisco, Plans Life Sciences Conversion

by Amy Works April 4, 2022

SOUTH SAN FRANCISCO, CALIF. — DivcoWest has purchased 5000 Shoreline, a three-story, Class A office building located on 8.5 waterfront acres at 5000 Shoreline Court in South San Francisco. The buyer plans to convert the property, which is vacant, into a life sciences asset. The seller was not disclosed. DivcoWest plans to upgrade the base building improvements, utilities, electrical and mechanical components, and covert the existing structure to a warm shell condition to accommodate life sciences tenancy. Once base building modifications are complete, DivcoWest plans to complete market-ready upgrades to the interiors to be able to offer prospective tenants turn-key office and laboratory suites. Mike Walker and Brad Zampa of CBRE Capital Markets’ Debt & Structured Finance group arranged $124 million in acquisition and conversion financing for DivcoWest. The three-year, nonrecourse, floating-rate loan was secured through a European investment bank.

April 4, 2022

Acquisitions California Industrial Western

Mohr Capital Sells 102,466 SF Industrial Building in Gilroy, California

by Amy Works April 4, 2022

GILROY, CALIF. — Dallas-based Mohr Capital has completed sale of an industrial building located at 8190 Murray Ave. in Gilroy. Four Springs Capital Trust acquired the property for an undisclosed price. Crothall Healthcare fully occupies the 102,466-square-foot property, which serves as a mission-critical facility providing laundry processing services to Northern California hospital systems. Kevin Moul of Colliers San Jose represented the seller in the deal.

April 4, 2022

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