California

North Palisade Partners Breaks Ground on 58,999 SF Industrial Property in Vernon, California

by Amy Works November 1, 2022

VERNON, CALIF. — North Palisade Partners has broken ground on Palisade Santa Fe Center, a Class A industrial property at 5655 Santa Fe Ave. in Vernon. The 58,999-square-foot facility will feature 32-foot clear heights, a 150-foot secured truck court, 9,500 square feet of two-story office and mezzanine space, more than 55 parking spaces, ESFR sprinklers, six dock-high loading positions, three trailer parking stalls and 1,200 amps of power. The project team includes Herdman Architects and Premier Design + Build Group. Completion is slated for summer 2023. Jack Mergenthaler, Jeff Stephens and Evan Crawford of CREB will handle leasing of the project.

November 1, 2022

California Development Healthcare Western

Stockdale Capital to Develop 145,000 SF Medical Office Tower in Los Angeles’ Westside

by Amy Works October 31, 2022

LOS ANGELES — Stockdale Capital Partners has received approval from the Los Angeles City Council for the development of a 12-story Class A medical office building at 656 S. San Vicente Blvd. in Los Angeles’ Westside neighborhood. With construction slated to begin as early as late 2023, the 145,000-square-foot project will offer surgery, invasive outpatient services, laboratory space and patient-centered medical space. The property will also feature living gardens on the ground floor and upper floors, low-water usage and drip irrigation, increased plantings and greenspace, potential for building-integrated solar, use of recycled materials, high-efficiency heating and cooling systems, and energy-efficient design and green spaces throughout. Additional amenities will include electric vehicle charging stations, ample bicycle parking and 418 parking spaces with valet services.

October 31, 2022

Acquisitions California Industrial Western

CBRE Brokers $61M Sale of 8.4-Acre Industrial Complex in Fullerton, California

by Amy Works October 31, 2022

FULLERTON, CALIF. — CBRE has arranged the sale of an 8.4-acre industrial complex, including three industrial buildings totaling 155,000 square feet, in Fullerton. B&K Investment Co. sold the assets to Ares Management for $61 million. The corner land parcel includes three industrial buildings: an 83,170-square-foot facility at 801 S. Acacia Ave., a 56,000-square-foot asset at 811 S. Acacia Ave. and a 15,830-square-foot property at 1580 Kimberly Ave. The existing tenants have leased the properties back and will continue to occupy the assets. Ben Seybold, Sean Ward and Keith Greer of CBRE represented the seller in the transaction.

October 31, 2022

California Loans Office Western

PSRS Arranges $6.9M Refinancing for Office Property in Downey, California

by Amy Works October 31, 2022

DOWNEY, CALIF. — PSRS has arranged $6.9 million in refinancing for a multi-tenant office building in Downey. Constructed in 1969, the six-story property features 65,481 square feet of space. Grady Seldin of PSRS secured the fixed-rate, cash-out, non-recourse loan with a 10-year term and a 30-year amortization through one of PSRS’ correspondent life insurance companies.

October 31, 2022

California Development Multifamily Seniors Housing Western

South Bay Partners Completes 336-Unit Variel Seniors Housing Project in Los Angeles

by Amy Works October 28, 2022

LOS ANGELES — South Bay Partners has completed construction of The Variel of Woodland Hills, a luxury independent living, assisted living and memory care community in the Woodland Hills neighborhood of Los Angeles. The property features 215 independent living units, 94 assisted living units and 27 memory care units. Momentum Senior Living is the operator. VTBS Architects designed the buildings, while Rodrigo Vargas Design handled the interiors. W.E. O’Neil Construction was the general contractor. The site is located near Warner Tennis Center, grocery stores and Kaiser Permanente Woodland Hills Medical Center, a 264-bed hospital. The project was originally announced in 2018, and construction began just before the COVID-19 pandemic hit in early 2020.

October 28, 2022

California Development Hospitality Western

R.D. Olson Construction Breaks Ground on $38M Springhill Suites by Marriott in Chula Vista, California

by Amy Works October 28, 2022

CHULA VISTA, CALIF. — R.D. Olson Construction has commenced construction on Springhill Suites by Marriott in Chula Vista, a five-story hotel slated for completion by December 2023. Located at 870 Showroom Place, the $38 million, 127,628-square-foot hotel will feature 179 guest rooms, a lounge, bar, buffet, meeting room, rim flow pool, hot tub, cabanas, fire pits, activity area, pavilion, event lawn, barbecues and fitness center. Project partners include Lee & Sakahara as architect and Design Studio as interior designer.

October 28, 2022

Acquisitions California Industrial Lee & Associates Western

Lee & Associates Arranges $11M Sale of Industrial Building in Poway, California

by Amy Works October 28, 2022

POWAY, CALIF. — Lee & Associates has brokered the sale of an industrial property located at 13535 Danielson St. in Poway. The freestanding building traded for $11 million in an off-market transaction. The single-tenant, 30,667-square-foot building is fully temperature controlled and offers two dock-high doors, one grade-level door and 26-foot clear heights. Rusty Williams, Chris Roth and Jake Rubendall of Lee & Associates North San Diego County represented the undisclosed seller, while Ryan Earnhart of Lee & Associates Ontario represented the undisclosed buyer in the deal.

October 28, 2022

Acquisitions California Net Lease Restaurant Retail Western

Storm Properties Sells Aldi-Anchored Redondo Plaza in Gardena, California for $15.1M

by Amy Works October 26, 2022

GARDENA, CALIF. — Storm Properties has completed the disposition of Redondo Plaza, a grocery-anchored retail center located at 1550 W. Redondo Beach Blvd. in Gardena. A private 1031 exchange buyer acquired the asset for $15.1 million. Built in 2002 and renovated in 2018, Redondo Plaza features 28,000 square feet of retail space. Aldi anchors the property with 11.5 years remaining on its existing triple-net lease. At the time of sale, the property was fully occupied. Tenants include Domino’s Pizza, T-Mobile, Jackson Hewitt, Super Laundry and Crazy Rock’n Sushi. Gleb Lvovich, Daniel Tyner, Geoff Tranchina and Bryan Ley of JLL Retail Capital Markets Investment Sales and Advisory team represented the seller in the deal.

October 26, 2022

Affordable Housing California Development Multifamily Western

Forge Development, Bridge Investment Open 240-Unit Studio Apartment Complex in San Francisco

by Amy Works October 26, 2022

SAN FRANCISCO — A partnership between Forge Development Partners and Bridge Investment Group has opened TL Residences, a studio apartment community in San Francisco’s Tenderloin neighborhood. Located at 361 Turk St. and 145 Leavenworth St., the two-building community offers 240 studio apartments, ranging from 230 square feet to 280 square feet, and more than 3,000 square feet of ground-floor retail space. Thirty-one units are available at below-market rate to renters with qualifying annual incomes of $32,000 or less, as mandated by the City of San Francisco’s Office of Housing and Inclusionary Housing Ordinance. An additional 94 units are set aside for renters with voluntarily imposed qualifying annual incomes ranging from $75,000 to $80,000. The remaining units are market rate, ranging from $2,467 to $3,791 per month. Community amenities include a rooftop lounge, community kitchen, yoga studio and pet zone. San Francisco-based Gensler is the architect of record for the project.

October 26, 2022

Oxford Properties Group-Oxford Properties Expands its San Diego

Acquisitions California Life Sciences Office Western

Oxford Properties Buys 250,000 SF Life Sciences/Office Campus in Carlsbad, California

by Amy Works October 25, 2022

CARLSBAD, CALIF. — Oxford Properties has expanded its life sciences portfolio in metro San Diego with the acquisition and long-term leaseback of Ionis Pharmaceuticals’ 18.4-acre life sciences campus and corporate headquarters in Carlsbad. As part of the transaction, Ionis will lease the properties for a minimum of 15 years. Additional terms of the transaction were not released. The three-building campus offers 250,000 square feet of existing office and life sciences space with chemistry labs, biology labs and R&D support systems, as well as a modern office space. The buildings were constructed between 2011 and 2021. Founded in 1989, Ionis is a publicly traded biotech company and a leader in discovering and developing RNA-targeted therapeutics.

October 25, 2022

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