WHITTIER AND SYLMAR, CALIF. — Rexford Industrial Realty has acquired two industrial assets in Southern California for a total consideration of $339.2 million. The acquisitions were funded using a combination of cash on hand, 1031 exchange proceeds from prior dispositions, assumption of existing debt and operating partnership units. The sellers in both cases were not disclosed. The company purchased Gateway Pointe Industrial Campus, a four-building complex located at 3963, 3931, 3735 and 3629 Workman Mill Road in Whittier for $296.6 million, or $300 per square foot. The 45.1-acre asset features four Class A industrial buildings totaling 989,195 square feet of space. The fully occupied complex features 32-foot clear heights at first bay, extensive dock-high loading, excess container parking and access to major transportation corridors. Additionally, Rexford acquired 13943-13955 Balboa Boulevard in Sylmar for $42.6 million, or $212 per square foot. Totaling 200,632 square feet, the property is fully occupied by three tenants.
FULLERTON, CALIF. — Calbay Development has completed the disposition of a single-tenant restaurant building located at 1101 S. Harbor Blvd. in Fullerton. A Los Angeles-based high-net-worth buyer acquired the property for $6.2 million, or $2,067 per square foot. Constructed in 2020, the 3,000-square-foot property has a fully entitled drive-thru. Starbucks Coffee occupies the building and recently signed a 20-year, absolute, triple-net ground lease with no termination rights for the asset. Adam Friedlander of JLL Retail Capital Markets represented the seller in the deal.
SAN DIEGO AND BOSTON — Life sciences real estate development firm IQHQ Inc. has completed a $1.7 billion equity raise. The company — which completed an initial equity raise of $770 million earlier this year — plans to use the combined funds to build 4.4 million square feet of projects that are currently in its development pipeline. The company has offices in San Diego and Boston, both hubs for life sciences companies. The demand for life sciences real estate continues to increase as the need for vaccines, therapeutics and diagnostics intensifies amid the COVID-19 pandemic, according to an October report by CBRE. Plymouth Meeting, Pa.-based CenterSquare Investment Management invested $158 million in IQHQ’s latest funding round, alongside a group of undisclosed new and existing strategic partners. Madison International Realty, a real estate private equity firm, invested $100 million with an option to invest an incremental $100 million in IQHQ. IQHQ’s current projects include sites in Boston, San Francisco and San Diego. The company announced plans to develop the San Diego Research and Development District (RaDD), a $1.5 billion life science campus located along San Diego’s waterfront, in September. The RaDD will span eight acres and three city blocks, making it …
SAN JOSE, CALIF. — Cupertino, Calif.-based Hunter Properties has completed the sale of Phase I of Coleman Highline, a 1.75 million-square-foot, mixed-use campus in San Jose. The transaction included two office buildings totaling 360,000 square feet and fully leased to Roku, an amenities building and parking structure. Upon full build out, the Coleman Highline will total eight office buildings, a 175-room hotel and 115,000 square feet of amenity and retail space.
VISTA, CALIF. — US Divers Co. has completed the disposition of an industrial property located at 2340 Cousteau Court in Vista. Elion ACQ acquired the asset for $22 million. Situated on 8.9 acres, the 134,299-square-foot building features 24,000 square feet of office space, heavy power, eight dock doors, four grade-level doors and 26-foot clear heights. The seller intends to leaseback the facility for one year before relocating to a new location. Rusty Williams, Chris Roth, Greg Pieratt and Jake Rubendall of Lee & Associates Commercial Real Estate Services – North San Diego County represented the seller and buyer in the transaction.
CARMICHAEL, CALIF. — Blue Sky has purchased a medical office property located at 6555 Coyle Ave. in Carmichael. A private investment group sold the asset for an undisclosed price. Situated on Mercy San Juan Medical Center campus, the building features 99,000 square feet of specialty medical office space. Dignity Health is a tenant at the property. Blue Sky acquires, builds, finances and operates facilities for and on behalf of mission-based organizations to deliver optimate cost savings and solutions. Bill Swettenham and Eric Ortiz of The Swettenham Ortiz Healthcare Team at Colliers International represented the buyer in the deal.
SAN DIEGO — The San Diego City Council has unanimously approved the 200-acre Riverwalk San Diego mixed-use project. Developer Hines plans to transform the existing Riverwalk golf course in western Mission Valley into a transit-oriented development. Project costs are estimated at $3 billion, according to The San Diego Union-Tribune. A new San Diego Metropolitan Transit System Green Line trolley stop and town square will anchor the project. Hines expects to break ground in the second half of 2021. Of Riverwalk’s 4,300 multifamily units, 10 percent will be designated as income-qualified affordable housing. Floor plans will range from studios to three-bedroom units. The project will feature 1 million square feet of office space and 152,000 square feet of retail space. Nearly 100 acres will be dedicated to open space and a regional park. Hines will also restore the stretch of the San Diego River that runs through Riverwalk. Plans call for bike and walking paths as well as an extension of the San Diego River Trail. “Riverwalk is an opportunity to provide something really special for San Diego,” says Eric Hepfer, managing director with Hines. “Our vision from the beginning was to create a village where people would have the option …
RICHMOND, CALIF. — TJL Properties has completed the disposition of a light industrial warehouse and office facility located in the East Bay community of Richmond. An institutional investor acquired the asset for $50.1 million. Situated on 12.3 acres at 700-702 National Court, the asset features 267,500 square feet of light industrial and office space. The property comprises a 250,500-square-foot industrial warehouse and a 17,000-square-foot office building. The industrial component features 22-foot clear heights and 15 dock-high, two grade-level and four rail doors. At the time of sale, the facility was triple-net leased to a beverage distribution company. Ryan Sitov, Tony Beatty, Mark Detmer and Andie Fezell of JLL Capital Markets represented the seller in the deal.
COSTA MESA, CALIF. — Invesco Real Estate, along with Steelwave and 5_Ronin, has completed the base build for Phase I of The Press in Costa Mesa. The development team is transforming the former Los Angeles Times newsroom, printing press and distribution facility into a mixed-use creative work campus and social hall. Upon completion in fourth-quarter 2020, the project will offer 380,856 square feet of modern creative office space and 50,909 square feet of retail space. Situated on 24 acres at 1375 Sunflower Ave., the property features a 1.5-acre park and improved outdoor space, as well as accessibility to John Wayne Airport and the residential markets of Newport Beach and Irvine. Jay Nugent and George Thomson of Newmark are handling office leasing for the project. Retail Insite’s Chris Hodgman and The Lab’s Jason House are serving as leasing agents for the retail portion of the asset.
NOVATO, CALIF. — Oakmont Senior Living has opened Oakmont of Novato in the San Francisco suburb of Novato. Oakmont of Novato is the third Oakmont Senior Living community to be built and opened during the 2020 pandemic. The 72,614-square-foot community sits on nearly three acres and features 49 assisted living and 36 memory care apartments. Oakmont of Novato is close to shopping, fine dining, and arts and entertainment.