NEWPORT BEACH, CALIF. — CapRock Partners has acquired, leased or sold nearly 10 million square feet of industrial space across the Western United States and opened two offices in Phoenix and Northern California, welcoming 26 new employees, according to the Newport Beach-based firm. CapRock Partners signed 10 leases totaling more than 5.3 million square feet; acquired eight properties and land sites totaling 4.2 million square feet; and sold 196,534 square feet across two properties. Additionally, an institutional investor retained the company to manage a six-asset, 1.9 million-square-foot industrial real estate portfolio that spans four markets. These transactions bring CapRock’s total investment, development and asset management pipeline to more than 25 million total square feet since inception in 2009. On the development side, the company completed more than 4.1 million square feet of Class A industrial product across the Las Vegas basin and Inland Empire, including the 3 million-square-foot Commerce Center in Ontario, California, which CapRock developed on behalf of Ivanhoé Cambridge. Since March 2020, the company started construction of an additional 2.8 million square feet and successfully received entitlements for over 3 million square feet in multiple projects across the Inland Empire. This brings CapRock’s total either recently constructed or …
CARSON, CALIF. — CT Realty and Clarion Partners have commenced construction of South Bay Logistics Center, a Class A industrial facility in Carson. Located at 333 W. Gardena Blvd., the single-tenant, 145,840-square-foot building will feature 25 dock-high positions, 36-foot clear heights, a 144-foot secure truck yard, an ESFR K-25 sprinkler system, 5,500 square feet of modern two-story office space and ample parking. Completion is slated for this fall. Danny Williams, Barry Hill and John McMillan of Newmark are listing agents for the project.
SAN FRANCISCO — Panoramic Interests has received a $104 million loan for the refinancing of City Gardens, an apartment property located at 333 12th St. in the Western Mission/SOMA neighborhood of San Francisco. Ready Capital provided the three-year, floating-rate loan that Charles Halladay, Alex Witt, Jordan Angel, Jonah Aelyon and Lauren Mezzanotte of JLL Capital Markets arranged. City Gardens offers 200 two-, four- and five-bedroom micro-units with fully furnished bedrooms and living areas, expansive windows and nine-foot ceilings. The 152,445-square-foot property features high-efficiency lighting and plumbing; laminated, heat-resistant glass; and energy recovery ventilation.
MOUNTAIN VIEW, CAILF. — A joint venture between BioScience Properties and Harrison Street has acquired an office building, located at 303 Ravendale Drive in Mountain View, from 303 MVRP LLC for $40.7 million. The buyers plan to convert the 67,000-square-foot building into a speculative life science asset by upgrading the property with lab improvements suitable for biology and chemistry uses. The converted building will feature sinks, compressed air, vacuum, backup power, fume hoods and single-pass air in the laboratory areas. Built in 1978, the building offers a flexible plan suitable for a single tenant as well as divisibility options for partial building users. Erik Doyle and Alec Hanley of CBRE Capital Markets in Palo Alto represented the seller in the deal.
VISTA, CALIF. — Lee & Associates has arranged the sale of an industrial property located at 2540 Pioneer Ave. in Vista. The Greenwood Family Trust acquired the asset from D&D Vista LLC for $2.5 million. The 10,940-square-foot building features 35 percent office space with a fenced loading and yard area. Rusty Williams, Chris Roth and Jake Rubendall of Lee & Associates/The Williams Roth Group represented the seller and buyer in the deal.
OAKLAND, CALIF. — Signature Development Group has received $130 million in construction financing for the development of Brooklyn Basin – Parcel G, an unnamed apartment and retail property located on 2.7 acres within the master-planned Brooklyn Basin community in Oakland. The project is entitled for 371 apartments and 31,000 square feet of retail space. Designed by California-based TCA Architects, the residential property will offer a fitness center, clubhouse, outdoor courtyard and roof deck with views of San Francisco Bay. Ramsey Daya and Chris Moritz of Newmark’s Debt & Structured Finance arranged the financing behalf of Signature Development. Bank OZK provided the construction loan. “Even with the pandemic-driven challenges posed to the multifamily market, Parcel G’s exceptional location and unique offering for tenants presented a compelling opportunity for lenders,” says Moritz. “This, combined with the strength and experience of the sponsor, resulted in significant interest from the debt markets.” Brooklyn Basin is a 63-acre master-planned development located along Oakland’s waterfront. The project will include market-rate housing, affordable housing and townhome residences, including Parcel G. Orion Apartments is currently leasing units, while MidPen Housing’s Paseo Estero and Vista Estero affordable housing communities are set to open this spring. Last November, Township Commons …
ANAHEIM, CALIF. — Waterford Property Co., in partnership with California Statewide Communities Development Authority (CSCDA), has purchased Jefferson Platinum Triangle. The transit-oriented multifamily community is located at 1781 S. Campton Ave. in Anaheim’s Platinum Triangle District. JPI sold the asset for $160 million. The buyers plan to convert the 400-unit property into workforce housing. The acquisition is part of a workforce housing finance program created in 2020 by CSCDA. Using tax exempt bond financing, CSCDA can purchase multifamily projects without the use of public subsidies to provide much-needed housing for the middle-income workforce demographic. With this acquisition the partnership will be able to lower rents for qualified existing and new residents making between 80 percent and 120 percent of the area median income in order to create more workforce housing in Anaheim. Built in 2018, Jefferson Platinum Triangle features 400 units, clubrooms, two resort-style pools with hot tubs, outdoor cooking areas, fitness centers and a yoga studio. Shane Shafer and Kyle Pinkalla of NorthMarq brokered the transaction.
SIGNAL HILL, CALIF. — A joint venture between Newport Beach, Calif.-based RanchHarbor and Los Angeles-based Manhattan West Real Estate has purchased a 0.79-acre, value-add industrial asset located in Signal Hill. Terms of the off-market transaction were not released. The property consists of two single-tenant industrial buildings totaling 18,682 square feet with a shared secured yard. Each building offers a dock-high door and a grade-level door. At the time of acquisition, one building was occupied with a substantial term remaining on the lease and the other building was vacant. The buyers plan to perform deferred maintenance and capital improvements to the property, including “white boxing” of the vacant building to improve its marketability and make it move-in ready. The joint venture has retained Marc Bonadando and Brad Connors of Kidder Mathews to handle leasing of the available space. RanchHarbor arranged a full capital-stack solution for the transaction, with the company’s advisory platform sourcing a 36-month, fixed-rate, non-recourse bridge loan from a bank lender.
By Drew Sanden, Senior Managing Director, Newmark The Inland Empire office market boasted very strong fundamentals heading into 2020. The vacancy rate across the 28.3 million-square-foot base was 9.5 percent, lease rates were reaching peak levels and developers were again exploring larger spec developments. Like many markets across the U.S., COVID-19 has greatly impacted the Inland Empire’s office market. Office usage, demand, absorption and leasing transactions are down year-over-year. Large back-office transaction volume has been the most impacted as companies struggle to manage the social distancing guidelines. With that said, the suburban nature of the Inland Empire has helped insulate the office market. The combination of affordable housing (relative to Southern California’s coastal communities) and remote work opportunities have strengthened the overall workforce. This pandemic has acted as an accelerator for the hub-and-spoke trend where companies have larger regional offices in CBDs like Los Angeles and Irvine, while maintaining smaller satellite offices in suburban markets. We’ve seen an influx of small satellite offices in Corona, Ontario, Rancho Cucamonga and Riverside. Demand for medical office building (MOB) leasing and sales has remained strong. This trend was highlighted with the pre-sale of two medical office buildings at the Rincon in Chino Hills, …
SAN DIEGO — Sentre has purchased Rancho Bernardo Vista, a newly constructed Class A industrial facility situated on 10 acres at 16915 Via Del Campo in San Diego’s Rancho Bernardo area. An undisclosed seller sold the asset for $50 million. Delivered last year, the core industrial distribution property features 141,518 square feet of industrial space, including 32-foot clear heights, an ESFR fire protection system, deep truck court, 36 dock doors, four grade-level doors, mezzanine space and ample vehicle parking. The property was fully leased to the largest e-commerce company in the world prior to completion and will serve as a mission-critical, last-mile facility for the credit tenant. Bob Prendergast, Lynn LaChapelle and Sach Kirpalani of JLL Capital Markets represented the seller in the deal. Aldon Cole and Bradley Vansant of JLL Capital Markets Debt Placement team arranged $26 million in fixed-rate, financing with a seven-year term through a publicly traded life insurance company for the buyer. Jay Alexander and Andy Irwin of JLL represented the developer in its lease negotiations.