California

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

Acquisitions California Retail Western

SRS Real Estate Partners Brokers Sale of 102,546 SF Ramona Plaza in Hemet, California

by Amy Works April 4, 2022

HEMET, CALIF. — SRA Real Estate Partners has arranged the sale of Ramona Plaza, a retail center located at 1300-1480 E. Florida Ave. in Hemet. A Southern California-based investor sold the asset to a California-based private investor for $13.9 million. Winston Guest, Matthew Mousavi and Patrick Luther of SRS Real Estate Partners’ National Net Lease Group represented the seller, while The Visintainer Group represented the buyer in the transaction. Built in 1974 on 6.4 acres, Ramona Plaza features 102,546 square feet of retail space. At the time of sale, the property was 88 percent occupied. Current tenant includes Grocery Outlet, Planet Fitness, Dollar Tree, Aaron’s, Leslie’s Poolmart, Subway and Little Caesars Pizza.

April 4, 2022

Acquisitions California Office Western

Newmark Negotiates $145M Sale of Governor Park Office Portfolio in San Diego

by Amy Works April 1, 2022

SAN DIEGO — Newmark has arranged the sale of Governor Park Portfolio, an office campus with life sciences redevelopment potential located at 6200 and 6220 Greenwich Drive in San Diego. The buildings traded for $145 million. The portfolio comprises two office buildings situated on individual parcels. The building at 6200 Greenwich Drive offers 70,987 square feet and situated on 4.4 acres. The asset is 100 percent leased to University of California, San Diego (UCSD) through May 2026. The building at 6220 Greenwich Drive totals 141,214 square feet on a 6.2-acre parcel. The 6220 building is fully leased to Mitchell International through October 2025. The portfolio has been institutionally owned and operated since the buildings were originally developed. It is serviced by ample surface parking, as well as a five-story parking facility, providing an above-market-standard parking ratio. Kevin Shannon, Brunson Howard, Paul Jones and Ken White of Newmark represented the undisclosed seller in the deal.

April 1, 2022

California Development Multifamily Western

CEDARst Plans $74.4M Multifamily Project in San Diego

by Amy Works April 1, 2022

SAN DIEGO — CEDARst Cos. has announced plans to develop 4135 Park Blvd., a 205,000-square-foot, $74.4 million, ground-up residential development in San Diego’s North Park and Hillcrest neighborhoods. The seven-story building will feature 190 apartments, a café, fitness center, spacious lounge, game room and an exterior deck with a pool, hot tub, cabanas and communal kitchen. Completion is slated for 24 months after construction begins. 4135 Park Blvd. is in a Qualified Opportunity Zone and is one of several CEDARst properties under contract in the San Diego area. Bridge Investment Group is an equity partner and BMO Harris Bank is the project leader. Suffolk Construction is serving as general contractor and Studio E is serving as architect.

April 1, 2022

Acquisitions California Net Lease Office Western

Newmark Brokers $15M Sale of Office Building in Chatsworth, California

by Amy Works April 1, 2022

CHATSWORTH, CALIF. — Newmark has arranged the sale of 19900 Plummer, a single-tenant office building located at 19900 Plummer St. in Chatsworth. Korda Group sold the asset to Rexford Industrial for $15 million. Campbellsville University, a non-profit educator offering a master’s of marriage and family therapy program, fully occupies the 43,472-square-foot building on a net-lease basis. Ryan Plummer, Andrey Mindirgasov, Sean Fulp, Mark Schuessler and Chris Smith of Newmark facilitated the off-market transaction.

April 1, 2022

California Features Industrial Western Western Feature Archive

CommercialEdge: Industrial Rents Rise at Torrid Pace Amid Record Supply

by John Nelson April 1, 2022

SANTA BARBARA, CALIF. — The national average for in-place industrial rents across the top 30 U.S. markets reached $6.45 per square foot in February, a 4.4 percent year-over-year increase according to research from CommercialEdge, a product of Yardi Systems. The Santa Barbara-based firm found that the average effective rental rates signed over the same interval was $7.35 per square foot, 90 cents higher than the national average for in-place leases, a nearly 14 percent swing. Southern California markets led the nation in rent expansion, largely due to intense activity in the Ports of Los Angeles and Long Beach. Orange County recorded the most significant 12-month change with a 7 percent hike, reaching $11.65 per square foot. Los Angeles (6.7 percent) and the Inland Empire (6.5 percent) rounded out the top three markets nationally. On the other end of the spectrum, markets that have higher availability of developable land recorded weaker rent growth in the last 12 months. Newly delivered stock in these markets is helping developers meet demand, while also elevating vacancy levels. Across the top 30 U.S. markets, rent growth was slowest in Charlotte (1.1 percent), Houston (1.7 percent) and Indianapolis (2.3. percent). The spread between the average lease …

April 1, 2022

Charleston-Plaza-Palo-Alto-Mountain-View-CA

Acquisitions California Retail Western

Nuveen Real Estate Sells Charleston Plaza Retail Center in Silicon Valley for $71.8M

by Amy Works March 31, 2022

PALO ALTO AND MOUNTAIN VIEW, CALIF. — Nuveen Real Estate has completed the disposition of Charleston Plaza, a five-building retail center in Palo Alto and Mountain View. San Francisco-based Presidio Bay acquired the asset for $71.8 million. Situated on 10.9 acres at 2400-2470 Charleston Road, Charleston Plaza features 132,590 square feet of retail space. Completed in 2006, the property features four big box retail buildings and one pad site. Key tenants include PetSmart, Starbucks Coffee and Chipotle. Will Connors, Daniel Renz and Michael Manas of the JLL Capital Markets team represented the seller and procured the buyer in the deal.

March 31, 2022

Acquisitions California Multifamily Student Housing Western

CBRE Brokers Sale of 160-Bed Student Housing Property Near UCLA

by Amy Works March 31, 2022

LOS ANGELES — CBRE has arranged the sale of Studio 11024, a 160-bed student housing property serving students attending the University of California, Los Angeles (UCLA). The 31-unit community was built in 2015 in the Westwood neighborhood of Los Angeles. The property offers shared amenities including a fitness center; yoga studio; study center with both private and group study spaces; a community room with a kitchenette; courtyard; grilling station; and two rooftop decks. Jaclyn Fitts, William Vonderfecht, Casey Schaefer, Laurie Lustig-Bower and Kadie Presley Wilson of CBRE represented the seller, Phoenix Property Co., in the disposition of the property to an undisclosed company based in the Los Angeles area.

March 31, 2022

Acquisitions California Multifamily Western

Lowe, LaSalle Investment Divest of IDEA1 Multifamily Community in San Diego for $106M

by Amy Works March 30, 2022

SAN DIEGO — Lowe and LaSalle Investment Management have completed the disposition of IDEA1, a mid-rise apartment complex located at 895 Park Blvd. in San Diego’s East Village neighborhood. Fairfield acquired the property for $106 million. Built in 2017 by Lowe, LaSalle and I.D.E.A. Partners, the six-story IDEA1 features 295 apartments in a mix of studios, one- and two-bedroom units with 12-foot ceilings, dual-pane vinyl windows, full-size washers/dryers, stainless steel appliances, quartz countertops and an average size of 739 square feet. Community amenities include a glass IDEA Box that serves as a business center, coworking space and conference room that can transform into a giant screen for movies and concerts in the courtyard. Additional amenities include a rooftop clubroom, sundeck with outdoor barbecues and firepits, rooftop spa, 24-hour fitness center, the HUB flexible event space, onsite restaurants and an art gallery. The property also offers 5,533 square feet of retail space and 7,717 square feet of office space, as well as a five-story mural. Darcy Miramontes and Kip Malo of JLL Capital Markets represented the seller in the deal.

March 30, 2022

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