California

GreenRock Capital Leads $103M in C-PACE Funding for Chinese Hospital in San Francisco

by Amy Works January 31, 2022

SAN FRANCISCO — GreenRock Capital has led $103 million in Commercial Property Assessed Clean Energy (C-PACE) funding for Chinese Hospital, located at 845 Jackson St. in San Francisco. This is the largest single C-PACE transaction in industry history and is the first to combine both taxable and tax-exempt financing in the same transaction, according to GreenRock. The C-PACE transaction reduced the cost of financing seismic and other building improvements associated with a new patient tower. The transaction will also refinance outstanding debt associated with the new tower and, by doing so, Chinese Hospital will realize respective cashflow savings of more than $40 million during the next 10 years. C-PACE is a financing mechanism that allows owners and developers of commercial and healthcare properties to access low-cost, long-term financing for efficient building improvements, including seismic and other resiliency measures. The financing is repaid through a property assessment payment paid through the term of financing.

January 31, 2022

Acquisitions California Office Western

Hines Acquires Four-Building Liberty Station Office Campus in San Diego

by Amy Works January 31, 2022

SAN DIEGO — Hines Global Income Trust has purchased Liberty Station, a four-building office campus located in the Old Town/Point Loma submarket of San Diego. Terms of the transaction were not released. The 187,000-square-foot campus is situated on the waterfront within a 360-acre mixed-use site with convenient access to major employment nodes and the San Diego International Airport. The site also features more than 100 walkable amenities, 349 residential units, a golf club, retail shops, restaurants, the Liberty Public Market and 125 acres of parks and recreation space.

January 31, 2022

California Development Industrial Life Sciences Western

Luminous Capital, Virtus Real Estate Buy R&D Building in Carlsbad, Plan Life Sciences Conversion

by Amy Works January 31, 2022

CARLSBAD, CALIF. — Luminous Capital Management, in partnership with Austin, Texas-based Virtus Real Estate Capital, has acquired 2290 Cosmos Court, an industrial/R&D building in Carlsbad. Los Angeles-based Excelsior Partners sold the asset for $9.5 million, or $255 per square foot. The 37,300-square-foot building was vacant at the time of sale. Previously, ViaSat utilized the property for its global communications operations. The buyers plan to renovate the property the property for bioscience research and development, including the build out of wet lab and support space. The property features heavy power, ground-level loading and abundant parking. Completion of the planned upgrades is slated for early 2023. Virtus provided joint venture equity for the renovation and repositioning of the property. Rusty Williams, Chris Roth and Jake Rubendall of Lee & Associates represented the seller in the deal. 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.

January 31, 2022

Acquisitions California Office Western

Lone Cypress Realty Sells 38,154 SF Office Building in Aliso Viejo for $10.5M

by Amy Works January 31, 2022

ALISO VIEJO, CALIF. — Fort Worth, Texas-based Lone Cypress Realty has completed the disposition of VIEW at 101 Columbia, a Class B office property in Aliso Viejo. Holt Integrated Circuits purchased the asset for $10.5 million. The integrated circuits supplier for the aerospace industry plans to use the 38,154-square-foot building with the ground-floor for warehousing and the second floor for corporate offices. The property was renovated in 2020 with modern entry finishes and light fixtures, as well as updated two-tone exterior paint. Mike Adams and Morgan Adams of Stream Greater L.A. represented the seller in the transaction.

January 31, 2022

California Development Multifamily Office Top Stories

STC Venture Breaks Ground on Three Buildings in Cityline Sunnyvale Mixed-Use Project Near San Jose

by Julia Sanders January 28, 2022

SUNNYVALE, CALIF. — STC Venture has broken ground on Phase III of the Cityline Sunnyvale mixed-use project, which will add one residential building and two office towers in downtown Sunnyvale, 12.3 miles west of San Jose. The three new towers will include two seven-story buildings with approximately 590,000 square feet of rentable office, retail, flex and outdoor terrace space. The office portion of the project will be both LEED Gold and WiredScore Gold certified, which measures internet connectivity and digital infrastructure in commercial properties. The third building is The Martin, a 12-story apartment tower with 479 units, including 53 affordable rental units. The residential property will feature a hospitality-level amenity package and ground-floor retail and restaurant spaces. Additionally, the completed three towers will include a public park, which will be used as the town square and gathering space for the downtown area. “These 590,000 square feet of new office and retail space will bring more jobs to the central core of Sunnyvale and boost business for all of the community’s business owners,” says Deke Hunter, president of Hunter Properties. Phase I of Cityline Sunnyvale included 198 apartments located along Washington and McKinley avenues, as well as 85,000 square feet of …

January 28, 2022

California Company News Leasing Activity Retail Western

First Commercial Property Management to Operate Two Shopping Centers in Arizona, California

by Amy Works January 28, 2022

PHOENIX AND MENIFEE, CALIF. — Upland-based 1st Commercial Property Management has been selected to operate two retail centers in Arizona and California. The company will provide management services for Arcadia Crossing Shopping Center, which features more than 450,000 square feet of retail space. Fry’s Food and Drug, Ross Dress for Less, Target, Petco, Burlington and Conn’s Home Plus are tenants at the property. A private foreign owner has selected 1st Commercial to provide property management services for Countryside Marketplace in Menifee. Built in 2008 on 32 acres, the 721,000-square-foot property is fully leased. Current tenants include Super Target, Lowe’s Home Improvement Warehouse, Kohl’s, Best Buy, T.J. Maxx, HomeGoods, Michaels, Burlington, Staples, Petco and Boot Barn.

January 28, 2022

Acquisitions California Industrial Western

Alere Property Group Acquires Freeway Business Center Industrial Property in Riverside, California for $199.2M

by Amy Works January 27, 2022

RIVERSIDE, CALIF. — Alere Property Group has purchased Freeway Business Center, a Class A industrial warehouse facility at 2677 E. Alessandra Blvd. in Riverside. A joint venture between Crow Holdings Industrial and a global real estate investment advisor sold the asset for $199.2 million. Built in 2021 on 39 acres, the property features 709,081 square feet of industrial space with 36-foot clear heights, ample excess trailer parking, heavy power, ESFR and drive-around access. Additionally, the facility features 109 dock-high doors and a large secure concrete truck court. At the time of sale, the property was fully leased on a long-term basis to a national third-party logistics provider. Jeff Chiate, Jeffrey Cole, Mike Adey, Ed Hernandez, Brad Brandenburg and Matt Leupold of Cushman & Wakefield’s National Industrial Advisory Group represented both parties in the transaction. Phil Lombardo, Chuck Belden and Andrew Starnes of Cushman & Wakefield provided local market advisory for the deal.

January 27, 2022

Acquisitions California Net Lease Restaurant Retail Western

Hanley Investment Group Brokers $19.3M Sales of Four Single-Tenant Investments at Retail Center in Rosamond, California

by Amy Works January 27, 2022

ROSAMOND, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the sales of four single-tenant, net-leased investments at a shopping center in Rosamond for a total consideration of $19.3 million. Four separate buyers acquired the assets, which offer a combined total of 28,462 square feet and were built in 2021. Bill Asher and Jeff Lefko of Hanley Investment Group represented the developer and seller, a partnership between Pasadena-based Halferty Development Co. and Net Lease Alliance. In the first transaction, Asher and Lefko brokered the sale of a 16,000-square-foot Grocery Outlet-occupied property at 2550 Rosamond Blvd. A San Diego-based private partnership purchased the asset for $7.1 million. Mike Conger of San Diego-based CAA represented the buyer in the deal. A Los Angeles-based private investor acquired a 2,200-square-foot Starbucks Café and Drive-Thru at 2544 Rosamond Blvd. for $3.5 million. Joey Kim of Irvine-based eXp Realty represented the buyer, while Asher and Lefko represented the seller. In the third deal, Asher and Lefko arranged the sale of a 3,062-square-foot 7-Eleven convenience store with a gas station at 2536 Rosamond Blvd. A San Diego-based private investor acquired the property for $5.6 million. Lindsey Kalal of Coronado-based Kalal Investment Realty represented the buyer, while …

January 27, 2022

Courtyard-Medical-Professional-Center-Hemet-CA

Acquisitions California Healthcare Office Western

Progressive Real Estate Arranges $5.6M Sale of Courtyard Medical & Professional Center in Hemet, California

by Amy Works January 27, 2022

HEMET, CALIF. — Progressive Real Estate Partners has arranged the sale of Courtyard Medical & Professional Center, located at 910-960 N. State St. in Hemet. A Newport Beach-based private investor acquired the asset for $5.6 million. Greg Bedell of Progressive Real Estate Partners represented the seller, while Henry Liu of CBD Investments represented the buyer in the transaction. Built in 1981, the 39,796-square-foot Courtyard Medical & Progressive Center was fully occupied at the time of sale.

January 27, 2022

Acquisitions California Office Western

Woodstock Development Buys One Bay Plaza Office Building in Burlingame, California for $108M

by Amy Works January 26, 2022

BURLINGAME, CALIF. — Woodstock Development has purchased the remaining ownership stake in One Bay Plaza, a nine-story, Class A office building located on the Bayshore waterfront in Burlingame. With the completion of the transaction, valued at $108 million, Woodstock is now the 100 percent owner of the property. Located at 1250 Bayshore Highway, the property features 196,000 rentable square feet, plus approximately 12,000 square feet of lower-level amenity space. The building is currently 85 percent leased to more than 35 tenants, including Alaska Airlines, Cushman & Wakefield, BTIG and Acco Brands. Woodstock first purchased the property with Iron Point Partners in June 2019. Since 2019, Woodstock has implemented a renovation of building, including new lobbies, restrooms and corridors. Additionally, the company retained Mark Cavagnero Associates to design a 12,000-square-foot amenity area, including conference rooms, collaboration rooms, ping pong, fitness room with showers and lockers, and a social pantry. Eastdil Secured represented Woodstock Development and Iron Point in the transaction.

January 26, 2022

Newer Posts

Older Posts