MOJAVE, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the sale of a new construction, single-tenant retail property located at 15652 Sierra Highway in Mojave. Phoenix-based Kaidence Group sold the asset to an Orange County-based private investor for $4.6 million. Starbucks Coffee occupies the 3,000-square-foot freestanding property that includes a café and drive-thru. Bill Asher and Jeff Lefko of Hanley Investment Group represented the seller in the deal.
SAN LEANDRO, CALIF. — An affiliate of Madison Marquette has completed the sale of Bayfair Center, a 42-acre regional mall at a BART subway station in San Leandro. B3 and GAW Capital Partners acquired the property for an undisclosed price. Located at 15555 E. 14th St., Bayfair Center was 91 percent leased at the time of sale. Current tenants include Target, Century Theaters, Macy’s, Kohl’s, Bed Bath & Beyond, Ulta Beauty, Old Navy, 24 Hour Fitness and PetSmart. The property includes one main mall building and five outparcel buildings with a total of 816,771 leaseable square feet. The asset offers the ability to redevelop a large portion of the site into a life sciences and mixed-use campus. Nicholas Bicardo, Steven Golubchik, Jonathan Schaefler, Darren Hollak and Cheyne Bloch of Newmark represented the seller in the transaction.
SAN DIEGO — Brixton Capital has completed the sale of Lomas Pacific I & II, a two-building office park in the Kearny Mesa area of San Diego. San Diego-based MC Strauss Co. bought the property for $22.8 million. Scripps Health, Q.E.D. and Patenaude & Felix A.P.C. are tenants at the 88,522-square-foot asset, which is located at 9619 Chesapeake Drive and 9444 Farnham St. At the time of sale, the property was 84.4 percent leased. After acquiring the property in 2015, Brixton renovated the asset, including repainting the exterior, upgrading the landscaping and remodeling all the lobbies and common areas. The company also addressed deferred maintenance and modernized building operating systems. Rick Reeder, Brad Tecca, Bill Cavanaugh and Mike Novkov of Cushman & Wakefield represented the seller, while the buyer was self-represented in the deal. Bill Cavanagh, Duncan Dodd and Mike Novkov of Cushman & Wakefield also provided leasing advisory.
MILPITAS, CALIF. — Analog Devices has completed the disposition of a freestanding research and development (R&D) property located at 275 S. Hillview Drive in Milpitas. A partnership controlled by San Francisco-based Cannae Partners acquired the asset for $32.8 million. The new ownership plans to renovate and re-tenant the property. The 127,574-square-foot facility features 35,862 square feet of Class 10 cleanroom and service space with a fully operational, 7,669-square-foot sub-fab and four 2,500 kVA substations with capacity for 10 megawatts of power. The building is situated on 6.4 acres and is surrounded by retail amenities, housing and transportation, as well as semiconductor and technology companies. The seller used the property as a semiconductor fabrication facility. Todd Beatty, Steve Horton, Kelly Yoder and Carrick Young of Cushman & Wakefield represented the seller in the transaction.
CLAREMONT, CALIF. — Progressive Real Estate Partners has negotiated the sale of a retail property located at 903-911 W. Foothill Blvd. in Claremont. The Festival Cos. sold the asset to a San Gabriel Valley-based private investor for $4.1 million. Greg Bedell and Roxy Klein of Progressive Real Estate Partners represented the seller, while Katherine Quach of Treeland Realty Group represented the buyer in the transaction. Unleashed by Petco and Wild Birds have been tenants at the 9,226-square-foot property since 2010/2011 and recently renewed their leases. Progressive also handled the lease-up of the final space to Almond Haus Café. The property features modern architecture and was fully remodeled in 2010, including a new façade and roof.
SACRAMENTO, CALIF. — LDK Ventures has completed the disposition of a warehouse building in Sacramento to Belvedere Logistics CA Property Owners for $42.8 million. Located at 8301 Belvedere Ave., the property features 340,000 square feet of industrial space. LDK Ventures originally acquired the asset in 2015 from a family trust. After purchase, LDK renewed both existing tenant leases and made building and site improvements, which included expansion of the interior, infill of existing rail tracks to create more usable floor space, and asphalt improvements to the site and parking areas. Rebecca Perlmutter, Darla Longo, Barbara Perrier, Brett Hartzell, Joe Cesta, Eric Cox, Michael Longo, Paige Morgan, Michael Luca and Ryan DeAngelis of CBRE represented LDK Ventures in the transaction.
NATIONAL CITY, CALIF. — Commercial Asset Advisors has brokered the sale of an office property located at 22 W. 35th St. in National City. SCOS LP sold the building to Strong Tower LP for $6.3 million. Mike Conger and Brian Jenkins of Commercial Asset Advisors represented the seller, while Shirley Kanamu and Valley Coleman of Pacific Coast Commercial represented the buyer in the deal. The property features 19,917 square feet of Class B office space with high visibility and convenient freeway access.
OXNARD, CALIF. — CBM1 has facilitated the sale the of a retail strip center located at 3450-3460 Saviers Road in Oxnard. Rick Rivera of CBM1 represented the seller in the deal. The names of the buyer and seller were not released. Situated on a half-acre lot, the property features a 7,300-square-foot retail building with four tenant units. At the time of sale, the asset was 100 percent occupied. Tenants include Little Caesars, a market, laundromat and nail salon.
IRVINE, CALIF. — MetLife Investment Management and PGGM have purchased Intersect, a four-building creative office campus in Irvine. Hines sold the property for $235.2 million. Totaling 453,975 square feet, the asset is located at 17877 and 17875 Von Karman Ave. and 17838 and 17872 Gillette Ave. in the Orange County Airport submarket. Kevin MacKenzie, John Chun and Samuel Godfrey of JLL’s debt advisory team secured a $117.6 million, 10-year, fixed-rate acquisition loan through Allianz Real Estate for the buyer. Previously, JLL worked to sell the original campus to Hines in 2015 and refinanced the asset on the company’s behalf in 2019. Intersect underwent a more than $27 million renovation in recent years. The asset features a two-acre courtyard with a game pavilion, urban garden, farmer’s market, basketball courts, volleyball courts, fire pits and lawn games. The Hangar 24 Brewery opens onto the courtyard and offers indoor and outdoor dining, as well as live music and events catering to the campus’ tenant base and residential neighbors. Additional onsite amenities include conference facilities, a fitness center, food trucks, wellness trails, private tenant terraces and patios, and subterranean and structured parking. At the time of sale, the property was 85 percent leased to …
COSTA MESA AND FULLERTON, CALIF. — JLL Capital Markets has arranged $68.9 million in financing for a three-building retail portfolio in Costa Mesa and Fullerton. Totaling 194,763 square feet, the properties are fully leased to a mix of investment grade credit-tenants and national retail tenants, including Sprouts Farmers Market, Rite Aid, Target and Ralphs. Greg Brown, John Marshall and Jordan Leake of JLL Capital Markets’ debt advisory team secured the 10-year, fixed-rate loans with a correspondent insurance company for the borrower, a private company. Two of the three properties are located along the 17th Street commercial corridor in Costa Mesa and the third property is located near the 91 Freeway and State Route 57 in Fullerton.
