California

Link Logistics, Western Realco Acquire 16.4-Acre Industrial Redevelopment Site in Corona, California

by Amy Works January 24, 2022

CORONA, CALIF. — A partnership between Link Logistics and Western Realco has purchased a 16.4-acre industrial redevelopment site located at 1375 Magnolia Ave. in Corona. Terms of the acquisition were not released. Jeff Chiate, Mike Adey and Brad Brandenburg of Cushman & Wakefield’s National Industrial Advisory Group represented the undisclosed seller in the deal. Rick Ellison and Brett Lockwood of Cushman & Wakefield will handle leasing for the new project. The site has the potential to house two Class A industrial buildings totaling more than 300,000 square feet of warehouse space. Currently, the property consists of multiple older industrial structures originally built in the mid-1990s that would be demolished.

January 24, 2022

Acquisitions California Retail Western

Gerrity Group Sells Gateway Center Retail Property in Mission Viejo, California to DJM Capital for $39.5M

by Amy Works January 21, 2022

MISSION VIEJO, CALIF. — Gerrity Group has completed the disposition of Gateway Center, a retail destination in Orange County’s Mission Viejo. San Jose-based DJM Capital acquired the asset for $39.5 million. Completed in 1979, Gateway Center features 79,001 square feet of retail space. Current tenants include Starbucks Coffee, Cold Stone Creamery, Subway, Baja Fresh, Happy Minds Academy, Oggi’s, San Diego Credit Union, Gateway Liquor, Dance Daly Ballroom, Fit Pilates, Thai Body Works, Saddleback Urgent Care, Sweet Pediatric Dental and French’s Pastry. The property is located on 7.3 acres at 23972-24042 Alicia Parkway. Gleb Lvovich, Bryan Ley and Geoff Tranchina of JLL Retail Capital Markets represented the seller in the transaction. Jeff Sause and John Marshall of JLL Debt Placement arranged a three-year, floating-rate acquisition loan for the buyer.

January 21, 2022

California Development Industrial Western

Trammell Crow, CBRE Break Ground on Spec 606,343 SF Logistics Center in Tracy, California

by Amy Works January 21, 2022

TRACY, CALIF. — A joint venture between Trammell Crow Co. and CBRE Investment Management, on behalf of one of its investment funds, has broken ground on Tracy 205 Logistics Center, a logistics facility in the Northern California city of Tracy. Slated for completion in late 2022, the cross-dock building will feature 606,343 square feet of speculative industrial space with 40-foot clear heights, 185-foot truck courts, 56-foot by 60-foot column spacing, LED and sky lighting and an ESFR system. The project team includes HPA Architecture, Kier & Wright and Big D Pacific Builders. Tom Davis, Bob Taylor and Dan Davis of CBRE Central Valley will lead leasing efforts for the project.

January 21, 2022

Acquisitions California Industrial Western

Paceline Divests of Light Industrial Building in San Francisco for $19.3M

by Amy Works January 21, 2022

SAN FRANCISCO — Paceline Investors has completed the disposition of 1270 Bush Street, a light industrial property in San Francisco. Sterling Organization acquired the asset for $19.3 million. Situated on a 18,906-square-foot lot, the 38,000-square-foot building is zoned for a wide range of residential and commercial uses. Mark Geisreiter, Seth McKinnon and Nadav Kariv of Newmark represented the seller and Florida-based buyer in the deal.

January 21, 2022

Acquisitions California Net Lease Retail Western

Hanley Investment Brokers $8.5M Sale of Smart & Final-Occupied Property in Murrieta, California

by Amy Works January 21, 2022

MURRIETA, CALIF. — Hanley Investment Group Real Estate Advisors has negotiated the sale of a single-tenant retail property located in Murrieta. A San Diego-based private partnership sold the building to Los Angeles-based Anza Drive Properties for $8.5 million. Smart & Final Extra occupies the 20,750-square-foot property, which is situated at the intersection of Madison Avenue and Los Alamos Road, on a net-lease basis. The building was built in 2003. Bill Asher and Jeff Lefko of Hanley Investment Group represented the seller, while Kris Hons of Glendale, Calif.-based Stevenson Real Estate Services represented the buyer in the transaction.

January 21, 2022

California Industrial Market Reports Western Western Market Reports

The Famous Inland Empire Industrial Market Remains as Tight as Ever

by Jeff Shaw January 21, 2022

By Tony Phu, Senior Executive Vice President, Colliers Rental rates and land values continue to outpace construction cost inflation, driven by the insatiable need for industrial and distribution space across the entire Western U.S. This is especially true in Southern California where a critical mass of population/tenant demand and high barriers to entry for development have created an exacerbated supply and demand imbalance. Scarcities of land for new development, as well as existing and under-construction buildings, are the main drivers. Entitlements are difficult to secure with a timeline between 24 and 30 months from start to finish. As a result, scarcity will remain the name of the game, and tenants will continue to pay increased costs to secure a building. With roughly 29 million square feet expected to deliver over the next five quarters, vacancy should remain flat as demand stays high for these buildings. Lease rates will continue to rise as existing tenants renew while expanding tenants compete for limited space that comes to market. Total net absorption for 2021 will break the record set in 2018, likely falling just shy of 30 million square feet. Activity levels in both the Inland Empire East and West remain about the same. There are so …

January 21, 2022

Acquisitions California Industrial Western

Xebec Realty Partners Buys 6.1-Acre Industrial Redevelopment Opportunity in San Fernando Valley

by Amy Works January 20, 2022

SYLMAR, CALIF. — Xebec Realty Partners has purchased a 6.1-acre redevelopment opportunity in Sylmar from Howmet Aerospace for $24 million. Located at 12975 Bradley Ave., the property is currently improved with an approximately 104,903-square-foot industrial building, which will be torn down in favor of a high-bay, Class A industrial building. The property is zoned M2, permitting a wide range of uses including wholesale, storage, limited commercial, manufacturing and media products. John DeGrinis, Patrick DuRoss and Jeff Abraham of Newmark represented the seller and buyer in the deal.

January 20, 2022

JW-Marriott-Desert-Springs-Resort-Spa-Palm-Springs-CA

California Hospitality Loans Western

Kam Sang Co. Receives $128M in Financing for JW Marriott Desert Springs Resort & Spa in Palm Desert

by Amy Works January 19, 2022

PALM DESERT, CALIF. — Kam Sang Co. has obtained a $128 million loan for the JW Marriott Desert Springs Resort & Spa in Palm Desert. JLL’s Hotels & Hospitality Group secured the five-year, fixed-rate, interest-only loan, which Goldman Sachs Bank USA originated. The owner used proceeds to repay the existing loan, which was scheduled to mature in February 2022. The 884-key hotel underwent a $40 million renovation in early 2020 that resulted in the creation of additional suites and substantial upgrades to all guest rooms. Spanning 286 acres, the resort features five swimming pools; two 18-hole golf courses; a Peter Burwash International Tennis Court; a 47-treatment-room spa facility; an aviary; 35 acres of streams, lakes and cascading waterfalls; a 12,000-square-foot entertainment zone; and more than 234,000 square feet of indoor and outdoor event space. The resort also offers a broad collection of food and beverage outlets, including T&T Innovation Kitchen, Mikado Japanese Steakhouse, Blue Star Lounge, Rockwood Grill and Aquifer65. Mike Huth and Shalin Patel of JLL Hotels & Hospitality represented the borrower in the financing.

January 19, 2022

California Florida Healthcare Loans Office Southeast Western

PSRS Arranges $28.5M in Financing for Medical Office Portfolio in Southern California, Florida

by Amy Works January 19, 2022

LOS ANGELES — PSRS has closed $28.5 million in portfolio financing for three medical office buildings in Southern California and Southern Florida. David Hamilton arranged the financing on behalf of a large medical office landlord. One of PSRS’ debt fund lenders provided the capital. Los Angeles-based PSRS achieved a cash-out refinance on the borrower’s existing portfolio, reducing the equity need for the new acquisitions. The firm also provided the sponsor maximum leverage, three years of interest-only payments and a non-recourse structure.

January 19, 2022

Acquisitions California Industrial Western

ZKS Sells Multi-Tenant Industrial Facility in Torrance, California to Rexford Industrial for $75.3M

by Amy Works January 18, 2022

TORRANCE, CALIF. — ZKS Real Estate Partners has completed the disposition of an industrial property located at 4240 W. 190th St. in Torrance. Rexford Industrial Realty acquired the asset for $75.3 million. David Prior, Todd Taugner and Frank Schulz of The Klahin Co./CORFAC International represented the seller in the deal. Bret Hardy, Andrew Briner, Kevin Shannon, Jim Linn and Scott Schumacher of Newmark served as the institutional investment contacts in the transaction. Situated on 11.4 acres, the 307,487-square-foot building features dock-high and grade-level loading, a large yard area, future rail-service potential and immediate access to interstates 405 and 110.

January 18, 2022

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