CYPRESS, CALIF. — Romeo Power, an energy technology company delivering electrification solutions for complex commercial vehicle applications, has leased a new headquarters and manufacturing facility in Cypress. The facility will support Romeo Power’s expansion of battery development and testing capabilities adjacent to its production line, allowing for faster innovation and time to market. The 215,000-square-foot facility includes 191,000 square feet of industrial space that will be designed to double critical laboratory and testing capacity. The expanded manufacturing capabilities will enhance throughput, quality and cost effectiveness, while the increased office space will also allow for continued organizational investment in scientific engineering and other support resources. Romeo Power will assume occupancy in the near future, with full occupancy expected to be completed over the next six to nine months.
SACRAMENTO, CALIF. — A joint venture between PCCP and Panattoni Development Co. has unveiled plans to develop Natomas Advanced Logistics Center, a two-building, 185,973-square-foot industrial property located at Duckhorn Drive and Arena Boulevard in Sacramento. The 122,401-square-foot Building A will feature 32-foot clear heights and the 63,572-square-foot Building B will feature 28-foot clear heights. The property is designed for flexibility and is available to accommodate distribution, logistics, light industrial and manufacturing uses for two to seven tenants. The center will include three separate points of access along Duckhorn Road, a semi-truck access aisle that will be gated and separate from employee vehicle parking, ample vehicle parking and a shared truck court totaling 300 feet.
BURBANK, CALIF. — GPI Cos. has acquired a medical office building, located at 2701 W. Alameda Ave. in Burbank, from a private real estate investor for $23.9 million, or $468 per square foot. The 50,986-square-foot building was 90.4 percent leased to 22 medical tenants, with most of the space occupied by doctors on staff at Providence Saint Joseph Medical Center. Mark Shaffer, Anthony DeLorenzo, Chris Bodnar, Lee Asher, Gerard Poutier and Cody Chiarella of CBRE represented the seller in the deal.
SAN DIEGO — Kawa Capital Management has partnered with CL Hotels LLC to purchase Hotel La Jolla, a Curio Collection Hilton hotel located in the La Jolla neighborhood of San Diego. Terms of the acquisition were not released. The partnership plans to implement a $5 million to $6 million improvement plan for the 11-story hotel, which features 110 guestrooms. The program will update the guest rooms, lobby, pool area, restaurant and meeting space. The renovation will not interrupt operations and will take approximately two years to complete.
PACOIMA, CALIF. — Newmark has arranged the sale of a five-building industrial portfolio in Pacoima. Chase Partners acquired the portfolio from a private local family for more than $16 million. John DeGrinis, Patrick DuRoss and Jeff Abraham of Newmark represented the buyer and seller in the transaction. Situated within the San Fernando Valley’s infill areas, the properties offer a total of 80,000 square feet. At the time of sale, the single-story portfolio was 100 percent occupied.
BEAUMONT, CALIF. — JLL Capital Markets has brokered the sale of Marketplace Beaumont, a shopping center situated on 51.7 acres at 1604, 1693 and 1642 E. Second St. in Beaumont. Completed in 2008, the 187,851-square-foot property was 91 percent occupied at the time of sale. Tenants include ALDI, Ross Dress for Less, Best Buy, Petco and Bed Bath & Beyond. Gleb Lvovich and Daniel Tyner of JLL Retail Capital Markets represented the buyer, while Aldon Cole and Pat Burger of JLL Debt Advisory team represented the seller, a private family trust that originally developed the center, in the deal. JLL worked with Brixton Capital to source the transaction and structure the existing financing.
FAIRFIELD, CALIF. — SRS Real Estate Partners has brokered the sale of a retail property located at 200 Travis Blvd. in Fairfield. A West Coast-based owner and operator of retail properties sold the asset to a Los Angeles-based private 1031 exchange investor for $6.7 million. Grocery Outlet occupies the 33,590-square-foot property, which was built in 1977 on 4.1 acres. Matthew Mousavi and Patrick Luther of SRS Real Estate Partners’ National Net Lease Group represented the seller and buyer in the deal.
LOS ANGELES — Core Spaces has received construction financing for Hub on Campus II, a 577-bed student housing development located near the University of Southern California (USC) in Los Angeles. TSB Capital Advisors secured the loan through Square Mile Capital and PacWest Bank on behalf of the borrower. Details of the financing were undisclosed. The project is scheduled for completion by fall 2023.
LOS ANGELES — A joint venture between New York-based LIVWRK and Daniel Kotzer of Los Angeles has purchased a historic 63,100-square-foot property in Los Angeles’ Art District for $20 million. The partnership will transform the two-building asset, located at 800-810 Traction Ave., into an office and lifestyle project called AtTraction. Construction on the renovations is slated to begin this week, with completed scheduled for early 2023. Upon completion, AtTraction will be a five-story building, plus a basement, totaling 53,400 square feet. Floors will range between 7,500 square feet to 10,700 square feet with ceilings ranging from 10 feet to 15 feet. The property at 810 Traction Ave. will be a two-story building, plus basement, totaling 9,700 square feet. Each building will also offer the potential for ground-level retail. The building at 800 Traction Ave. will feature a rooftop patio deck and the building at 810 Traction Ave. will offer a private gated patio space. Additionally, there is a private parking lot serving both buildings. The building originally housed the Joannes Brothers Co., a coffee, tea and spice processor and wholesaler, followed in the mid 1950s by the Los Angeles Desk Co. Mike Condon Jr., McKenna Gaskill and Brittany Winn of …
By Mark Ventre, Senior Vice President, Stepp Commercial As it turns out, COVID has once again delayed hopes of a return to normalized operations for apartment owners. Just when it seemed the shackles that have hindered the ability to raise rents and recoup lost income would be removed, it now appears the light at the end of the tunnel has grown more distant. Fortunately, there have been positive indicators that the economic environment in Los Angeles for the first half of 2021 has improved considerably from the second half of 2020. According to the California Labor Market, the unemployment rate lowered from 17.9 percent to 10.6 percent a year ago. Apart from the third quarter of 2020, which experienced an enormous economic bounce back of 33.4 percent, the second quarter of this year has seen a GDP increase of 6.5 percent, one of the strongest since 2003. This is great news for a city that was particularly hard hit, considering the amount of hospitality and leisure jobs. However, Los Angeles has still lagged the nation with respect to rent growth in 2021. Average asking rents have improved by 3.9 percent since the beginning of the year, far below the national average …