LOS ANGELES — Rexford Industrial has acquired two Class A industrial buildings in central Los Angeles for a total consideration of $28 million. Located at 1501-1545 Rio Vista, the buildings feature a total of 53,651 square feet. At the time of sale, both buildings were 100 percent leased to stable credit tenants. Jerry Sackler of DAUM Commercial represented the seller, a private family real estate investment trust, and procured the buyer in the deal.
REDLANDS, CALIF. — Progressive Real Estate Partners has arranged the sale of The Grove, a neighborhood retail center located at 1542-1598 Orange St. in the Inland Empire city of Redlands. A Los Angeles County-based seller sold the property to a Riverside County-based private investor group for $8 million. Built in two phases in 1987 and 1990, The Grove features 39,339 square feet of retail space. Circle K anchors the property, which was 80 percent occupied at the time of sale. Greg Bedell of Progressive Real Estate Partners represented the seller, while Melody Waltz of Realty Executives Riverside represented the buyer in the deal.
SAN JOSE, CALIF. — Newmark, on behalf of Bay West Development and Forum Real Estate Group, has arranged $284 million in construction financing for the development of The Maxwell, an apartment community situated on 4.5 acres in San Jose. Construction is slated to commence before the end of March and the first phase is scheduled for delivery by third-quarter 2024. Located within the South Bascom Urban Village Plan and approved under the City of San Jose’s Signature Project process, The Maxwell will feature 590 apartments and best-in-class amenities and unit interiors, as well as direct access to the VTA Light Rail Bascom Station.
FRESNO, CALIF. — Matthews Real Estate Investment Services has arranged the purchase of Shaw West Center, a shopping plaza located at 2047-2097 W. Shaw Ave. in Fresno. A 1031 exchange buyer acquired the asset from an undisclosed seller for $11.1 million. Shaw West Center is occupied by national and regional tenants, with many under triple-net leases. Nabil Awada of Matthews Real Estate Investment Services represented the buyer in the deal.
OAKLAND, CALIF. — Colliers has arranged the sale of a creative office property located at 1504 Franklin St. in downtown Oakland. Bullock Capital acquired the asset from SpringTide Franklin LLC for an undisclosed price. The two-story building features 27,440 square feet with 2,000 square feet of ground-floor retail space along 15th Street. The property was built in the 1920s, retrofitted in the 1960s, then restored, retrofitted and modernized in 2018. The most recent renovations included seismic upgrades, new building systems, tech-drive building security and high-end creative finishes. At the time of sale, the property was 81 percent leased. Comfy | Enlightened, a subsidiary of Siemens Real Estate, anchors the building. Will Cliff and Aileen Dolby of Colliers represented the seller in the transaction.
BARSTOW, CALIF. — Joseph W. Brady Inc., dba The Bradco Cos., has facilitated the sale of 2601 Barstow Road, an office building that the Bureau of Land Management formerly occupied in Barstow. Wells Fargo, representing The Constance Wallace Irrevocable Trust, sold the property to Sonata North LLC for an undisclosed price. Constructed in 1997 on 4.8 acres, the 15,280-square-foot building features several built-out offices, a breakroom, four restrooms, conference rooms, supply room, a mail room and open space for cubicles. Additionally, there are two roll-up doors for a storage warehouse on the back side of the building, a fenced yard in the rear of the property and ample covered and non-covered parking. The seller was a referral of Newmark Knight Frank.
GOLETA, CALIF. — Agoura Hills-based Majestic Asset Management has purchased a six-building industrial/R&D campus located at 315-346 Bollay Drive and 320-340 Stork Road in Goleta, for $50.7 million in an off-market transaction. The asset was part of a portfolio of commercial properties managed by The Towbes Group. Situated on 11.9 acres, the 194,625-square-foot portfolio is occupied by multiple tenants, including Lockheed Martin, Alcon Research, Electro Optical Industries, The Good Work Space, DeLabs and Santa Barbara Imaging Systems. Francois DeJohn and Steve Hayes of Hayes Commercial Group represented the buyer in the transaction.
ELK GROVE, CALIF. — Kubato Tractor Corp. has closed escrow on a 43.7-acre land parcel located at 10251 E. Grant Line Road in Elk Grove. Terms of the transaction were not released. Kubato plans to develop a 632,000-square-foot Western Regional Distribution Center at the site, which has an additional 12-plus acres of expansion land for future needs. The company will relocate from its 180,000-square-foot facility in Lodi, where it has operated its Western distribution center since 2005. Tim Pryor of Mid Cal Industrial Properties and Ken Noack of Newmark Knight Frank handled the transaction.
SACRAMENTO, CALIF. — Sacramento-based D&S Development has sold an eight-story multifamily building located at 1430 Q St. in Sacramento to San Francisco-based Soma Capital for $57.1 million, or $761,333 per unit. Built in 2020, the 95,461-square-foot property features 75 apartments and 8,744 square feet of ground-floor retail space. At the time of sale, the asset was 99 percent occupied. The building features one studio, 29 one-bedroom, 43 two-bedroom and two three-bedroom units with washers/dryers, central heat/air, upscale design and construction, floor-to-ceiling windows, large closets and private patios/balconies in select units. Community amenities include a rooftop terrace, fitness center, yoga room, courtyard with outdoor seating, garage parking, electric vehicle charging station, bike storage and pet spa. Jason Parr, Scott MacDonald, John Hansen, Michael Bissada and Sydney Ladrech of Cushman & Wakefield’s Multifamily Advisory Group in Northern California represented the seller in the transaction.
SAN DIEGO — Sterling Bay and Harrison Street have entered into a joint venture to purchase Sorrento Ridge Research Park, located at 6150 Nancy Ridge Drive in San Diego’s Sorrento Mesa submarket, for $34 million. The name of the seller was not released. Totaling 60,000 square feet, Sorrento Ridge Research Park is a fully vacant former office building, which was built in 1987 and renovated in 2021. The buyers plan to convert the property into a mix of Class A lab and creative office space. All lab space will include scientific research necessities such as fume hoods; lab benches with compressed air and vacuum; deionized water stations; piping for natural gas; and the option to add lab furniture, fixtures and equipment, if needed. The project is expected to undergo redevelopment improvements starting this year, with expected delivery to future tenants in 2023.
