California

Hines Buys 161,168 SF Activity Business Park in San Diego from BKM Capital Partners

by Amy Works July 2, 2021

SAN DIEGO — Hines has acquired Activity Business Park, a five-building industrial property located at 9235-9265 Activity Road and 9520-9530 Padgett St. in San Diego’s Miramar submarket. BKM Capital sold the asset for an undisclosed price. Totaling 161,168 square feet, the property consists of five one- and two-story buildings with expansive windows, abundant light, clear heights ranging from 10 feet to 20 feet and flexibility for a variety of users. At the time of sale, the property was 90 percent leased. Bryce Aberg, Jeffrey Cole, Jeff Chiate, Zach Harman, Mike Adey and Ed Hernandez of Cushman & Wakefield’s National Industrial Investment Advisory Group in Southern California, along with Rich Reeder and Brad Tecca of the firm’s Capital Markets group in San Diego, represented the buyer and seller in the deal. Brant Aberg of Cushman & Wakefield and Chris Duncan of Voit Real Estate provided market leasing advisory for the transaction.

July 2, 2021

California Development Industrial Western

Majestic Realty Co. Breaks Ground on 629,274 SF Spec Industrial Project in Tejon Ranch, California

by Amy Works June 30, 2021

TEJON RANCH, CALIF. — Majestic Realty Co., in its fourth joint-venture partnership agreement with Tejon Ranch Co., has broken ground on a Class A speculative industrial building located at 5151 Wheeler Ridge Road at Tejon Ranch Commerce Center located at the junction of Interstate 5 and Highway 99 in Tejon Ranch. Designed for single- or multi-tenant use, the 629,274-square-foot building will feature 36-foot clear heights, a minimum seven-inch floor slab, 136 dock-high doors, 185-foot cross-dock truck courts and an ESFR sprinkler system. Occupancy is slated for mid-2022. Mike McCrary of JLL represented the developers for the project. Tejon Ranch Commerce Center is a 1,450-acre master-planned commercial/industrial development in Kern County, Calif.

June 30, 2021

Acquisitions California Industrial Multifamily Self-Storage Western

Levin Johnston Brokers Three Bay Area Acquisitions Totaling $68.2M

by Amy Works June 30, 2021

SUNNYVALE AND ALAMEDA, CALIF. — Levin Johnston of Marcus & Millichap has arranged the purchases of three properties in the Bay Area on behalf of a local private investor. The acquisitions totaled a combined $68.2 million. The transactions are: The $18 million acquisition of a 65,805-square-foot self-storage facility located at 220 W. Ahwanee Ave. in Sunnyvale. The Storage Spot operates the 508-unit property. The $36 million purchase of Iris Park Apartments & Iris Garden Apartments, a 100-unit asset located at 611-641 Iris Ave. in Sunnyvale. The $14.2 million acquisition of Islander Apartments, a 38-unit, 31,374-square-foot apartment community at 1701 Shore Line Drive in Alameda. Adam Levin and Robert Johnston of Levin Johnston of Marcus & Millichap handled the transactions. The names of the sellers were not released.

June 30, 2021

Acquisitions California Industrial Western

Staley Point Capital, Bain Capital Acquire Industrial Property in Torrance, California for $34.5M

by Amy Works June 30, 2021

TORRANCE, CALIF. — Staley Point Capital and Bain Capital Real Estate have purchased 2700 California, an infill industrial property located in Torrance, for $34.5 million, or $256 per square foot. The transaction marks the joint venture’s first investment in the South Bay market. The 135,000-square-foot property features 16- to 25-foot clear heights, six dock-high doors and 14 grade-level doors. Edelbrock, a specialty auto parts designer and manufacturer, formerly occupied the building. Greenberg Traurig LLP served as legal counsel to Staley Point Capital on the transaction. CBRE represented the seller and JLL Capital Markets will arrange the loan financing.

June 30, 2021

Acquisitions California Industrial Office Western

Bridge Industrial Sells Box Yard Creative Industrial Park in Downtown Los Angeles to Rexford for $94M

by Amy Works June 29, 2021

LOS ANGELES — Bridge Industrial has completed the sale of Box Yard, a four-building, creative industrial business park in downtown Los Angeles. Rexford Industrial acquired the asset for $94 million. Located at 2425, 2445, 2460 and 2535 E. 12th St., Box Yard offers a total of 261,528 square feet of flex space. At the time of sale, the property was 94 percent leased to a variety of tenants, including e-commerce, tech, entertainment/studio, fashion, arts and creative tenants. The asset features 24-foot clear heights, dock- and grade-level loading for each unit and a fully gated and secured site. The property recently underwent interior and exterior renovations, including upgraded office finishes, LED lighting and warehouse air circulation fans, exterior paint, new signage, landscaping and improved site security. Gensler was the architectural firm for the renovations. Andrew Briner, Bret Hardy, Jim Linn, Kevin Shannon, Scott Schmacher and Laura Stumm of Newmark represented the seller in the transaction.

June 29, 2021

Acquisitions California Development Office Western

Kilroy Realty Buys Downtown San Diego Site for $42M, Plans 275,000 SF Office Development

by Amy Works June 29, 2021

SAN DIEGO — Kilroy Realty Corp. has acquired a 1.3-acre development site in downtown San Diego from Pacifica Cos. for $42 million. Kevin Nolen, Mike Novkov, Tim Winslow and Jason Kimmel of Cushman & Wakefield represented the seller in the transaction. Kilroy plans to develop up to 275,000 square feet of Class A office space on the full city-block site, which is located at 2045 Pacific Highway in San Diego’s Little Italy neighborhood. The site consists of four parcels within walking distance to numerous amenities and the San Diego Bay.

June 29, 2021

Acquisitions California Office Western

Mulberry Capital Sells Multi-Tenant Office Building in Commerce, California for $12M

by Amy Works June 29, 2021

COMMERCE, CALIF. — Mulberry Capital has completed the disposition of an office property located at 5100 S. Eastern Ave. in Commerce. Khosh Properties LLC purchased the asset for $12 million. The two-story building features 46,980 square feet of office space, an upgraded lobby, energy-efficient solar panels and surface and structured parking. Roland Corp., a Japanese manufacturer and distributor of high-end electronic musical instruments, electronic equipment and software, anchors the three-tenant property, which has served as the company’s U.S. headquarters since 1999. Ryan Plummer, Sean Fulp and Mark Schuessler of Newmark, along with Tony Naples of Lee & Associates, represented the seller in the transaction.

June 29, 2021

California Hospitality Loans Western

Columbia Pacific Advisors Provides $27M Loan for Hyatt Hotel Nue in Los Angeles

by Amy Works June 28, 2021

LOS ANGELES — Columbia Pacific Advisors Bridge Lending, a platform within Columbia Pacific Advisors, has provided a $27 million construction-to-bridge loan to recapitalize the Hyatt Hotel Nue in Los Angeles. Located at 1525 N. Cahuenga Blvd., the hotel will feature 64 guest rooms, a ground-floor lobby and restaurant, rooftop bar, lounge and pool, as well as an underground parking garage. The hotel is part of the Hyatt Unbound collection that caters to business travelers and tourists seeking a unique social experience. S3D Partners, led by Jayesh Kumar, owns the hotel. The group currently owns or maintains an interest in 12 hotels throughout California and Texas.

June 28, 2021

Acquisitions California Multifamily Western

Stepp Commercial Brokers $4M Sale of Apartment Building in Long Beach, California

by Amy Works June 28, 2021

LONG BEACH, CALIF. — Stepp Commercial has arranged the sale of a multifamily property located at 2104 E. Florida in Long Beach’s Fourth Street/Retro Row neighborhood. A locally based private investor sold the asset to another local private investor in a 1031 exchange for $4 million. Built in 1948, the property features 10 one-bedroom units and one studio apartment. The community recently underwent more than $600,000 of capital improvements. Interior units included the installation of new laminate flooring, custom shaker-style cabinets, quartz countertops, washers/dryers in most units, stainless steel appliances, designer bathroom tile and pedestal sinks, as well as modern lighting, ceiling fans and fixtures throughout. Robert Stepp and Todd Hawke of Stepp Commercial represented the seller in the deal.

June 28, 2021

Acquisitions California Industrial Western

Rexford Industrial Acquires Five Industrial Properties in Southern California for $188.9M

by Amy Works June 25, 2021

LOS ANGELES — Rexford Industrial Realty expanded its Southern California portfolio by purchasing five industrial properties for an aggregate acquisition price of $188.9 million. The facilities total 660,254 square feet. The transactions include: – The $93.6 million, or $363 per square foot, acquisition of a 257,976-square-foot repositioned industrial campus at 2425-2535 E. 12th St. in Los Angeles. The property is 96 percent leased and features 24-foot warehouse clearance and dock-high loading. – The $27.4 million, or $307 per square foot, purchase of an 89,272-square-foot facility at 19951 Mariner Ave. in Torrance. Situated on 4.2 acres, the property offers 27-foot warehouse clearance, dock-high loading and an oversized yard. – The $13.5 million, or $174 per square foot, acquisition of a two-building, 77,758-square-foot industrial property located at 2555 E. Del Amo Blvd. in Rancho Dominguez. – The $27.3 million, or $87 per land square foot, purchase of a single-tenant, 100,000-square-foot property situated on 7 acres in the Los Angeles – Greater San Fernando Valley submarket. – The $27.1 million, or $200 per square foot, acquisition of a two-tenant, 135,258-square-foot industrial building at 29120 Commerce Center Drive in Valencia. The property features 30-foot clear heights, dock-high loading and proximity to freeway access. The …

June 25, 2021

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