California

Duke Realty Southern California Completes Four Industrial Projects in Metro Los Angeles

by Amy Works July 15, 2022

LONG BEACH AND FONTANA, CALIF. — The Southern California office of Duke Realty has completed four industrial facilities, totaling 335,984 square feet in Long Beach and Fontana. The properties include: A newly leased, 173,121-square-foot facility at 10905 Beech Ave. in Fontana. A pre-leased, 40,850-square-foot asset at 1180 Spring St. in Long Beach. A 72,526-square-foot building at 2861 Orange Ave. in Long Beach. A 49,487-square-foot property at 2851 Orange Ave. in Long Beach. Zac Sakowski of JLL and Mike Condon Jr. of Cushman & Wakefield are listing brokers for the Long Beach properties, while Clyde Stauff and Jace Gan of Colliers International are listing brokers for the Fontana development. Duke Realty is currently constructing nine additional properties, totaling 2 million square feet and a 4.6-acre trailer yard, in Irwindale, Perris, Redlands, Fontana, Anaheim and Lynwood.

July 15, 2022

Acquisitions California Mixed-Use Office Retail Western

Bolour Associates Acquires 32,500 SF Mixed-Use Building in Hollywood

by Amy Works July 15, 2022

LOS ANGELES — Bolour Associates has purchased a two-story, mixed-use building located at 6432 Santa Monica Blvd. in the Hollywood neighborhood of Los Angeles for $13.7 million, or $421 per square foot. Totaling 32,500 square feet, the property features 17,500 square feet of ground-floor retail space and 15,000 square feet of second-story office space. At the time of sale, the property was 100 percent occupied by tenants ranging from creative management and casting to production equipment rentals and photography studios. Brandon Michaels, Matthew Luchs and Andrew Leff of Marcush & Millichap represented the buyer and undisclosed seller in the deal.

July 15, 2022

Acquisitions California Industrial Western

CenterSquare, RAF Pacifica Group Sell 202,844 SF Industrial Facility in Vista, California

by Amy Works July 15, 2022

VISTA, CALIF. — A joint venture between CenterSquare and RAF Pacifica Group has completed the disposition of 1 Viper Way, an industrial property located in Vista. BLT Enterprises acquired the asset for an undisclosed price. Totaling 202,822 square feet, the facility features 28-foot clear heights, 20 dock-high doors, 16 grade-level doors, heavy power and ample skylights to provide natural light and energy efficiencies. At the time of sale, the property was fully leased to two tenants. Cushman & Wakefield advised CenterSquare and RAF Pacifica Group in the initial acquisition in 2021, as well as the lease-up and sale of the property.

July 15, 2022

California Market Reports Retail Western Western Market Reports

San Diego Retail Momentum Continues in 2022

by Jeff Shaw July 15, 2022

By Chad Iafrate, Executive Director, and Phil Lyons, Managing Director, Cushman & Wakefield Retail leasing and investment sales transaction volumes continue to increase in 2022. This growth trend began to surge in the second part of 2021 following the pandemic recovery. Retail vacancy rates in San Diego County have decreased quarter over quarter to 5.9 percent, with vacancy lowest among power centers and strip centers. Asking rental rates, meanwhile, have increased across the county. This is primarily driven by significant rent growth at lifestyle centers (+5 percent from the previous quarter) and neighborhood centers (+2.8 percent). All major retail use categories seem to be back in expansion mode after four consecutive quarters of positive absorption. Pent-up consumer demand, stimulus and liquidity have all helped fuel growth plans in the retail sector with tenants continuing to try to make up for the lost year during the 2020 pandemic-related lockdowns. Suburban shopping centers have been the beneficiary of the work-from-home model as employees who would typically frequent retailers near their offices have pivoted to restaurants and shops closer to their residences. Investor confidence in retail centers also continues to increase, most notably from rising REIT activity and exchange buyers. Local retail investment …

July 15, 2022

One-Eleven-La-Quinta-Center-La-Quinta-CA

Acquisitions California Retail Western

SRS Brokers $35M Sale of Retail Property in La Quinta, California

by Amy Works July 14, 2022

LA QUINTA, CALIF. — SRS Real Estate Partners has arranged the sale of a 154,383-square-foot portion of One Eleven La Quinta Center, a community retail center located at 78959 CA-11 in La Quinta. A Coachella Valley-based private family office sold the asset to Anaheim-based Milan Capital Management for $35 million. Chris Tramontano and John Redfield of SRS’ Investment Properties Group represented the seller, while the buyer was self-represented in the deal. Terrison Quinn and Casey Mahony of SRS Real Estate Partners are the exclusive leasing agents for the property. Tenants include Ross Dress for Less, Staples, Petco and Big 5 Sporting Goods. The property was 79 percent occupied at the close of escrow. The center is shadow anchored by Stater Bros, Hobby Lobby and Kohl’s. Built in phases between 1992 and 2002, One Eleven La Quinta Center totals 852,465 square feet and is situated on 19.7 acres. This transaction marks the first sale of a portion of the center since development.

July 14, 2022

Acquisitions Arizona California Hospitality Western

NewcrestImage to Acquire Four La Quinta Hotels in California, Texas, Arizona

by Amy Works July 14, 2022

DALLAS — Dallas-based NewcrestImage has agreed to purchase four La Quinta by Wyndham-branded hotels, totaling 696 rooms. A joint venture between Highgate and Cerberus sold the properties for an undisclosed price. The hotels include La Quinta Inn & Suites by Wyndham LAX in Los Angeles; La Quinta Inn & Suites by Wyndham Anaheim in Anaheim, Calif.; La Quinta Inn by Wyndham Phoenix North in Phoenix; and La Quinta Inn & Suites DFW Airport South/Irving in Irving, Texas. The acquisition of the LAX property marks NewcrestImage’s first gateway location in California.

July 14, 2022

Instil-Bio-Life-Sciences-Campus-Tarzana-CA

California Development Life Sciences Loans Western

Instil Bio Receives $85M Construction Loan for Life Sciences Campus Near Los Angeles

by Amy Works July 12, 2022

TARZANA, CALIF. — Instil Bio Inc. has received an $85 million construction loan for the development of Instil Bio Life Sciences Campus in Tarzana. Greg Grant of CBRE arranged the five-year, floating-rate, interest-only, non-recourse loan for the borrower. CBRE’s Andrew Riley and Jeff Pion facilitated Instil Bio’s original acquisition of the site in October 2020. Located at 18404-18412 Oxnard St., the campus will feature 102,000 square feet of lab, office and good manufacturing practice space. Instil Bio is a clinical-stage biopharmaceutical company focused on developing innovative cell therapies in the fight against cancer.

July 12, 2022

California Development Multifamily Seniors Housing Western

R.D. Olson Construction Breaks Ground on 70-Unit Seniors Housing Community in Pasadena

by Amy Works July 12, 2022

PASADENA, CALIF. — R.D. Olson Construction, on behalf of owner BRIDGE Housing, has broken ground on Heritage Square South, a seniors housing property located at 710 N. Fair Oaks Ave. in Pasadena. Slated for completion by September 2023, the $28 million, 70,000-square-foot community will feature three three-story buildings offering 69 one-bedroom units and one two-bedroom unit. The three buildings are interconnected with walking bridges. Onsite amenities will include walking trails, flex rooms, a community room and 2,200 square feet of retail space. Additionally, the site has a bus stop on the front of Fair Oaks Avenue. KTGY is serving as architect for the project.

July 12, 2022

Acquisitions California Net Lease Restaurant Retail Western

Orange County-Based Private Partnership Sells KFC-Occupied Property in Perris, California for $3.7M

by Amy Works July 11, 2022

PERRIS, CALIF. — An Orange County-based private partnership has completed the disposition of a restaurant property located at 2560 N. Perris Blvd. in Perris. A Riverside County-based local family office acquired the asset for $3.7 million, or $1,706.82 per square foot. KFC occupies the single-tenant, 2,200-square-foot building, which features a drive-thru, on a net-lease basis. The property was built in 2022. Bill Asher and Jeff Lefko of Hanley Investment Group, along with Greg Bedell of Progressive Real Estate Partners, represented the seller, while Howard Rosenthal and Guy Excell of Hemet-based Rosenthal & Excell Commercial Real Estate represented the buyer in the deal.

July 11, 2022

Acquisitions California Civic Development Office Western

Partnering With Parents Buys Office Park in Oceanside for $11.8M, Plans Conversion to Charter School Campus

by Amy Works July 8, 2022

OCEANSIDE, CALIF. — Sunrise Capital has completed the disposition of a vacant office campus situated on six acres at 1305-1320 Union Plaza Court in Oceanside. Partnering With Parents, doing business as The Classical Academies, acquired the asset for $11.8 million. The buyer, an organization of tuition-free California public charter schools in North San Diego County, plans to convert the four-building, 99,968-square-foot office park into a school campus. Peter Curry, Jason Kimmel and Tim Winslow of Cushman & Wakefield represented the seller, while Jon Walters and Jim Benson of Kidder Mathews represented the buyer in the deal.

July 8, 2022

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