CHINO, CALIF. — Affiliates of The Roxborough Group and Cress Capital have purchased an industrial property, located at 4331 Eucalyptus Ave. in Chino. Terms of the transaction were not released. Constructed in 2022, the 100,615-square-foot building features 28-foot clear heights, nine dock-high doors, eight grade-level doors and 2,000 amps of power. Richard Schwartz and Joey Reaume of Colliers assisted the partnership with the acquisition and will lead the marketing and leasing of the property.
ENCINITAS, CALIF. — Manna Development Group has completed construction of a multi-tenant medical office building in Encinitas. Located at 777 N. El Camino Road, the property is the first speculatively built non-owner/user medical office building in 15 years in the city, according to the developer. Totaling 12,200 square feet, the property will feature a 5,675-square-foot ground floor and a 6,502-square-foot second floor. Both floors can be divided into multiple suites. Additionally, the asset will offer reserved and on-site parking. The building is slated for delivery in mid-November. Peter Curry, Brooks Campbell and Owen Curry of Cushman & Wakefield are handling leasing efforts for the property.
SAN DIEGO — LBA Logistics has purchased 5959 Santa Fe Street, an infill and coastal distribution facility in San Diego’s submarket of Pacific Beach and Rose Canyon. An undisclosed seller sold the asset for $46.3 million in a sale-leaseback transaction. Built in 1980 on 7.1 acres, the 131,299-square-foot building has been the primary beverage distribution center for one of the world’s largest brewing companies. Matt Carlson, Hunter Rowe, Sean Williams, Roger Carlson, Barbara Perrier and Joe Cesta of CBRE represented the seller in the transaction.
FONTANA, CALIF. — SBH Real Estate Group, a Los Angeles-based developer, has completed the sale of a retail building located at 17064 Sierra Lakes Parkway in Fontana. An undisclosed buyer acquired the asset for $5.1 million. 7-Eleven occupies the property under a 15-year ground lease and pays $205,000 per year, with scheduled rental bumps of 10 percent every five years. Situated on two acres, the property has 16 gas pumps and a 4,000-square-foot convenience store. Jeremy McChesney of Hanley Investment represented the seller, Eric Silverman of SBH, while Tom Carosella of Carosella Properties represented the buyer in the deal.
SANTA ROSA, CALIF. — Buchanan Mortgage Holdings, an affiliate of Newport Beach, Calif.-based Buchanan Street Partners, has provided a $35.5 million non-recourse senior construction loan for the development of an apartment community located at 888 Fourth in downtown Santa Rosa. Construction was approximately 50 percent completed at the time of loan closing. Totaling 108 apartments, the multifamily property will offer unobstructed views from all units, a rooftop hot tub, third-level recreation terrace, ground-level picnic area and a fitness center. The market-rate multifamily property is slated to open in mid-2023. The name of the borrower was not released.
SANTA CLARITA, CALIF. — iBorrow has provided a $15 million loan for the refinancing of Old Orchard Shopping Center, a retail strip center in Santa Clarita. The loan proceeds will retire an outstanding CMBS loan and provide for a reserve for tenant improvements and leasing commissions for newly leased suites. Located at 23329-23449 Lyons Ave., Old Orchard Shopping Center features 100,000 square feet of retail space and is anchored by Vallarta Supermarkets.
LAGUNA HILLS, CALIF. — George Smith Partners (GSP) has arranged two loans totaling $39.4 million in acquisition financing for a five-building office campus in Laguna Hills. Situated on 16 acres, the properties are located at 23332, 23382 and 23422 Mill Creek Drive and 2441 and 24461 Ridge Route Drive. The first loan included $24.8 million of non-recourse, seven-year, fixed-rate CMBS debt for the purchase of three office buildings that are 84 percent leased and total 158,000 square feet. GSP sourced a lender that was able to close with a complicated Delaware Statutory Trust equity structure in a tight timeframe. The second loan was $14.6 million in non-recourse, 75 percent loan-to-value bridge financing for the acquisition of two buildings that are 79 percent leased and total 66,000 square feet. GSP identified a lender that could provide a flexible 24-month loan term with three 12-month extensions. Steve Bram, David Pascale, Nick Rogers and Allison Higgins of GSP advised on the financing. Further details on the sales, including buyer, seller and price, were not disclosed.
SAN DIEGO — Murphy Development Co. (MDC) has broken ground on Phase II of Brown Field Technology Park, a 52-acre corporate industrial park in San Diego’s Otay Mesa neighborhood. The second phase will include two speculative industrial buildings: Building 1, a 102,099-square-foot asset, and Building 2, a 101,145-square-foot facility. Completion of the two buildings is scheduled for third-quarter 2023. The buildings will feature 32-foot clear heights, 4,000 amps of 277/480 volt power, manufacturing sewer and water capacity, ESFR sprinklers, concrete truck courts, wide column spacing, and high-dock door ratios designed for distribution users. The buildings will accommodate a variety of tenant needs, ranging in size from 30,000 square feet to 203,244 square feet. Andy Irwin, Joe Anderson and Greg Lewis of JLL are overseeing the leasing of the two buildings.
UPLAND, CALIF. — Los Angeles-based Dunleer has acquired 11 industrial buildings on three separate parcels spanning 3.1 acres at 928, 1004 and 1024 9th St. in Upland. An undisclosed seller sold the assets for $8 million. Totaling 43,414 square feet, the buildings offer 12 units and are less than a quarter mile from Interstate 10, providing direct access to Los Angeles and the greater Southern California region. Joe Harmon and Charles Johnson of DAUM represented the buyer and seller in the transaction.
MORGAN HILL, CALIF. — Trammell Crow Co., along with joint venture partner CBRE Investment Management, has broken ground on Cochrane Technology Center, a Class A industrial park in Morgan Hill. Situated on 30 acres, the speculative development will feature five buildings offering a total of 500,000 square feet. The single-phase Cochrane Technology Center will offer buildings ranging from 73,000 square feet to 138,000 square feet. The property is slated for completion in early 2024. The project team includes HPA as architect of record, Kier and Wright as civil engineer and Mille & Severson as general contractor. Rob Shannon, Chip Sutherland and Brian Matteoni of CBRE will handle marketing and leasing of the property.
