California

Passman Group Brokers $6.7M Sale of Beverlywood Plaza in Los Angeles

by Amy Works April 27, 2022

LOS ANGELES — The Passman Group has arranged the sale of Beverlywood Plaza, a shopping center located in Beverlywood, a neighborhood in the Westside region of Los Angeles. The property traded for $6.7 million, or $710 per square foot. The names of the buyer and seller were not released. Situated on a 13,500-square-foot lot, the property features 9,500 square feet of retail space. Current tenants include Beverly Robertson Veterinary Clinic and Beverlywood Market. David Passman, Marc Pakravan and Michael Navi of The Passman Group represented the seller in the deal.

April 27, 2022

Acquisitions California Healthcare Office Western

Boureston Development Sells Woodbridge Square Medical Office Building in Irvine for $27.6M

by Amy Works April 26, 2022

IRVINE, CALIF. — Boureston Development has completed the disposition of Woodbridge Square, a multi-tenant medical office building in Irvine. Anchor Health Properties acquired the property for $27.6 million. Located at 4980 Barranca Parkway, the 36,104-square-foot building was 94 percent leased at the time of sale to 18 medical, dental and laboratory tenants. Sean Fulp, Mark Schuessler, Ryan Plummer, John Scruggs, Kevin Shannon, Paul Jones and Ken White of Newmark represented the seller in the transaction.

April 26, 2022

Acquisitions California Industrial Western

BentallGreenOak Buys 614,020 SF Industrial Portfolio in Metro San Diego

by Amy Works April 25, 2022

CARLSBAD, VISTA AND SAN MARCOS, CALIF. — BentallGreenOak has acquired a 614,020-square-foot industrial portfolio consisting of seven manufacturing and distribution buildings in the northern suburbs of San Diego. The name of the seller and acquisition price were not released. The portfolio includes: Vista Distribution Center, a three-building property at 1205, 1211-1215 and 1225 Park Center Drive in Vista 2710 Progress St. in Vista 1880 Diamond St. and 120 Mata Way in San Marcos 2281 Las Palmas Drive in Carlsbad At the time of sale, the portfolio was 100 percent leased. Jeffrey Cole, Aric Starck, Jeff Chiate, Mike Adey, Ed Hernandez and Drew Dodds of Cushman & Wakefield’s Southern California Capital Markets team represented the seller in the deal.

April 25, 2022

Acquisitions California Multifamily Seniors Housing Western

SLIB Negotiates Sale of 94-Unit Rancho Belago Seniors Housing Community in Moreno Valley, California

by Amy Works April 25, 2022

MORENO VALLEY, CALIF. — Senior Living Investment Brokerage (SLIB) has negotiated the sale of Rancho Belago, a 94-unit assisted living and memory care in the Inland Empire city of Moreno Valley. Totaling 125 beds, the community was built in 2014, totals approximately 98,700 square feet and is situated on approximately 7.3 acres of land. The seller was a local developer based in greater Los Angeles area. The buyer is a group based on the West Coast that was looking to expand its presence within California. The buyer plans to optimize operations, with a renewed focus on optimizing staffing and increasing occupancy. Jason Punzel, Brad Goodsell and Vince Viverito of SLIB handled the transaction. The price was not disclosed.

April 25, 2022

Parkway-Commerce-Center-Hayward-California

Acquisitions California Industrial New York Northeast Top Stories Western

Blackstone Agrees to Acquire Industrial Owner-Operator PS Business Parks for $7.6B

by Taylor Williams April 25, 2022

NEW YORK CITY — Affiliates of private equity giant Blackstone (NYSE: BX) have agreed to acquire PS Business Parks (NYSE: PSB), a Glendale, Calif.-based commercial owner-operator primarily focused on industrial assets, for $7.6 billion. The deal is scheduled to close in the third quarter. Under the terms of the agreement, New York City-based Blackstone will purchase all outstanding shares of PSB’s common stock for $187.50 per share, which represents a premium of approximately 15 percent over the weighted average share price over the last 60 days. Blackstone plans to take the company private as part of the acquisition. Public Storage (NYSE: PSA), which is also based in Glendale, currently owns about 26 percent of PSB’s common stock, and the self-storage REIT’s executives and shareholders have voted in favor of the sale to Blackstone. The transaction will also include the acquisition of Public Storage’s limited partner equity interests in PSB’s operating partnership at the same per-share price of $187.50. As of March 30, 2022, PSB owned and operated 96 commercial properties across the country, primarily in California, South Florida, Texas and Northern Virginia. Those assets span approximately 27 million square feet and are occupied by nearly 5,000 tenants. Though mainly comprised …

April 25, 2022

California Development Industrial Washington Western

CA Industrial Plans Five Developments on West Coast Totaling $272M

by Amy Works April 22, 2022

CALIFORNIA AND WASHINGTON — CA Industrial, the dedicated industrial and logistics arm of CA Ventures, has unveiled plans for five new developments totaling $272 million in project costs for properties across the West Coast. The company plans to develop more than 670,000 square feet of industrial space across the markets, marking its entrance into California and Washington. CA Industrial will finance these development costs in part with capital from Centris Industrial, the external REIT for CA Industrial. The five California and Washington developments include: The repositioning and stabilization of a 58,991-square-foot building situated on nine acres at 1551 Atlantic St. in Union City, Calif. The project is in partnership with DWS. A partnership between CA Industrial, Four Stones Real Estate and American Realty Advisors will develop a 175,500-square-foot speculative facility in Watsonville, Calif. CA Industrial has partnered with a global asset manager to develop a 202,400-square-foot speculative facility in Richmond, Calif. Realterm and CA Industrial will develop a 132,300-square-foot Class A warehouse in La Puente, Calif. In partnership with Transwestern, the company will develop a 97,000-square-foot Class A warehouse on 20 acres in Covington, Wash.

April 22, 2022

Acquisitions California Industrial Multifamily Western

One Shasta Purchases 266-Acre Industrial Site in Mount Shasta, California

by Amy Works April 22, 2022

MOUNT SHASTA, CALIF. — One Shasta LLC has purchased a 266-acre property in Mount Shasta. Crystal Geyser Water Co. sold the asset for $7.1 million. The property comprises industrial, low-intensity agriculture and residentially zoned land in Siskiyou County, Calif. Additionally, the acquisition includes a 144,900-square-foot industrial building at 210 Ski Village Drive. The building offers dock-high access and proximity to Interstate 5. John Troughton and Adam Elomari of Kennedy Wilson Brokerage represented the buyer in the deal.

April 22, 2022

California Development Life Sciences Loans Western

Square Mile Capital Provides $118M in Development Financing for Life Sciences Development in San Carlos, California

by Amy Works April 21, 2022

SAN CARLOS, CALIF. — Square Mile Capital Management has originated a $118 million loan to finance the development of 777 Industrial Road, a planned R&D and life sciences lab building in the Bay Area city of San Carlos. The borrower is a partnership managed by Presidio Bay Ventures, which purchased the former car dealership site in 2020. The project team plans to develop a four-story, 150,000-square-foot, Class A building on top of an existing parking podium at the site. The property will feature lab buildouts, a fitness center with full locker rooms, a 4,000-square-foot rooftop deck and ample outdoor seating. Jeff Wilcox of Gantry arranged the financing.

April 21, 2022

Acquisitions California Retail Western

Nella Holdings, Tower Investments Buy 371,114 SF Nut Tree Plaza in Vacaville, California

by Amy Works April 21, 2022

VACAVILLE, CALIF. — Nella Holdings and Tower Investments, two local family-owned companies, have acquired Nut Tree Plaza in Vacaville. A partnership managed by Dallas-based Dunhill Partners sold the asset for $124.5 million. Located at 1621 E. Monte Vista Ave, the 371,114-square-foot Nut Tree Plaza features 68 retail stores, 17 restaurants and outdoor attractions, including a kiddie train. Current tenants include Nordstrom Rack, ULTA Beauty, Best Buy, PetSmart, Five Below, Cost Plus World Market, HomeGoods, Old Navy, Buffalo Wild Wings, Michaels, Bevmo!, Panera Bread, Peet’s Coffee, See’s Candies, Jelly Belly Candy Store and Jamba Juice. At the time of sale, the property was 96 percent occupied. Dunhill Partners will provide property management services for the retail center. Jimmy Slusher, Philip Voorhees and James Tyrrell of CBRE’s National Retail Partners – West represented the seller, a partnership managed by Dallas-based Dunhill Partners, while DCA Partners facilitated the relationship between the buyers. Citibank and Wells Fargo financed the transaction.

April 21, 2022

Acquisitions California Industrial Western

JLL Income Property Trust Buys South San Diego Distribution Center for $158.5M

by Amy Works April 19, 2022

SAN DIEGO — JLL Income Property Trust has purchased South San Diego Distribution Center, a three-building industrial portfolio in San Diego. Affiliates of Murphy Development Co. sold the asset for $158.5 million. Totaling 665,000 square feet, the three properties were 96 percent leased to eight tenants at the time of sale. The investment was acquired through the assumption of an in-place, $72.5 million first mortgage at a 3.18 percent fixed interest rate. The financing features interest-only payments for another four years with maturity in 2031. The acquisition also includes the issuance of $75 million in operating partnership units to the sellers. The balance of the purchase was funded with cash.

April 19, 2022

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