California

Irvine Co. Begins Construction of Final Phase of Spectrum Terrace Office Development in Irvine, California

by Amy Works August 4, 2021

IRVINE, CALIF. — Irvine Co. has started construction for the third and final phase of Spectrum Terrace, an office development located at the intersection of the 405, 5 and 133 freeways in Irvine. The final phase of the project will feature three four-story buildings totaling more than 345,000 square feet of Class A office space. Completion is slated for August 2022. Spectrum Terrace’s buildings are arranged in three terraced office neighborhoods that are adjacent to coastal wilderness and a 1.5-mile jogging/walking trail. The development also offers The Commons, an outdoor gathering area with shaded workspaces for meetings, breaks or small events; a private, resort-style fitness center; Terrace Kitchen + Bar; and Venue, a fully equipped meeting and event space for up to 100 people. The property also features an Olympic-length pool, poolside cabanas, high-end locker rooms and grab-and-go food offerings. Spectrum Terrace is currently 80 percent leased. Tenants include Alteryx, CoStar Group, iHerb, Kajabi and RSM.

August 4, 2021

California Life Sciences Market Reports Western Western Market Reports

Orange County Solidifies Itself as a Leading Life Sciences Market

by Jeff Shaw August 4, 2021

By Bob Caudill, Executive Vice President, Colliers International From public and private funding increases to the demand created by the COVID-19 pandemic and the vaccine rollout combatting it, the life sciences sector is continuing to see a significant increase in interest from both developers and investors across the country. Rapid growth in advanced therapy medicinal products (ATMP) science, which includes gene therapy, is also driving demand for lab and manufacturing space from both early and mid-stage biotech companies. All-important leasing data points, such as vacancy and net absorption, further compare favorably to the challenged office market, suggesting even more positive days are ahead for this sector. Orange County boasts world-class life sciences innovations and is continuing to grow its educational, employment and investment footprint. Given the amount of medical device and diagnostic equipment companies in Orange County that occupy office, research and development and industrial properties, life sciences has now become the largest industry in the market. In fact, Biocom’s 2020 California Economic Impact Report has Orange County generating $37.2 billion in economic activity and supporting more than 150,000 jobs. Orange County’s growth is attributed to several factors, such as UC Irvine’s $1 billion expansion of its Medical and Health Sciences Complex. UC …

August 4, 2021

Acquisitions California Retail Western

Progressive Real Estate Arranges Sale of Retail Space for Specialty Grocer in Riverside, California

by Amy Works August 3, 2021

RIVERSIDE, CALIF. — Progressive Real Estate Partners has brokered the sale of a retail anchor space located at 9185 Magnolia Ave. in Riverside. A Riverside County-based private investor sold the asset to Pioneer Cash & Carry for $1.7 million. The 10,128-square-foot space will be Pioneer Cash & Carry’s first location in the Inland Empire. The store is slated to open in 2022. The family-owned and -operated grocer offers an extensive variety of fresh Indian and ethnic produce and a wide array of unique, Indian, brand-name products. Remodeled in 2016, the space features an open floor plan, two loading docks, ample parking and monument signage. Albert Lopez of Progressive Real Estate Partners represented the seller in the deal.

August 3, 2021

Acquisitions California Office Top Stories Western

KKR Purchases Silicon Valley Office Campus for $535M

by John Nelson August 3, 2021

SAN JOSE, CALIF. — Global private investor KKR has purchased HQ @ First, an office campus in Silicon Valley totaling 603,666 square feet. Mori Trust Co. Ltd., a real estate development firm based in Japan, sold the campus to KKR for $535 million, according to several media outlets. The LEED Gold-certified property was fully leased at the time of sale to data memory and storage manufacturer Micron Technologies and IT securities firm Zscaler. The campus is located at 110, 120, 130 Holger Way in San Jose in the heart of Silicon Valley’s “Golden Triangle,” which is home to globally renowned tech firms such as Cisco Systems, Adobe, PayPal and eBay. Steven Golubchik, Edmund Najera, Jonathan Schaefler and Darren Hollak of Newmark brokered the transaction. KKR purchased HQ @ First via its KKR Real Estate Select Trust fund and selected San Francisco-based Drawbridge Realty to manage the office campus. “HQ @ First is a marquee property with great amenities, including onsite lab facilities, and access to Silicon Valley’s immense pool of talent,” says Justin Pattner, partner and head of real estate equity in the Americas at KKR. “We believe well-located trophy assets that can deliver a dynamic work environment for innovative …

August 3, 2021

Acquisitions California Multifamily Western

IPA Arranges $74.1M Sale of The Dylan Multifamily Property in Oceanside, California

by Amy Works August 2, 2021

OCEANSIDE, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of The Dylan, a multifamily property located in Oceanside. 29th Street Capital sold the asset to 550 Los Arbolitos Owner LLC for $74.1 million, or $356,250 per unit. Built in 1973, The Dylan features 208 apartments in a mix of one-, two- and three-bedroom layouts. Community amenities include two swimming pools, two spas, a gym and a business center. Christopher Zorbas, Alexander Garcia Jr. and Tyler Martin of IPA represented the seller and procured the buyer in the deal.

August 2, 2021

Acquisitions California Multifamily Western

Mogharebi Group Brokers $18M Sale of Country Club Apartments in San Bernardino, California

by Amy Works August 2, 2021

SAN BERNARDINO, CALIF. — The Mogharebi Group has arranged the sale of Country Club Apartments, a 79-unit seniors housing community in San Bernardino. The buyer and seller were both private investment groups based in Los Angeles. The property sold for $18 million, or $228,000 per unit. “Due to the proven value-add upside, and close proximity to San Bernardino’s largest employers, the buyer pool was large,” says Otto Ozen, executive vice president of TMG. Ozen and Alex Mogharebi of TMG represented the seller in the transaction. Built in 1986, Country Club Apartments is a two-story community comprising 71,428 square feet of rentable space. The complex is situated on a 5.4-acre site. Country Club Apartments features two-bedroom floor plans with an average size of 903 square feet.

August 2, 2021

Acquisitions California Colorado Industrial Self-Storage Washington Western

CBRE Global Investors Buys Four Self-Storage Facilities in Colorado, California, Washington Totaling 3,746 Units

by Amy Works July 30, 2021

BOULDER, COLO.; VISTA, CALIF.; AND BOTHELL AND LAKE STEVENS, WASH. — A fund sponsored by CBRE Global Investors has purchased four self-storage properties totaling 3,746 units and 296,286 square feet. Terms of the transaction were not released. The acquired assets, which were all delivered in 2020, are: The 69,115-square-foot StorQuest Boulder, located at 4790 Pearl St. in Boulder, featuring 772 climate-controlled units. The 74,416-square-foot StorQuest Vista, located at 943 S. Melrose Drive in Vista, with 899 climate-controlled units. The 74,805-square-foot StorQuest Bothell, located at 21008 Bothell Everett Highway in Bothell, offering 1,155 climate-controlled units. The 77,950-square-foot StorQuest Lake Stevens, located at 1113 WA-204 in Lake Stevens, with 920 climate-controlled units. With these acquisitions, the fund now owns 19 self-storage assets, totaling 13,650 units, across the United States.

July 30, 2021

Acquisitions California Office Western

Prime US REIT Buys Sorrento Towers Office Complex in San Diego from Shorenstein Properties for $146M

by Amy Works July 29, 2021

SAN DIEGO — Prime US REIT has purchased Sorrento Towers, a Class A office complex located at 5355 and 5375 Mira Sorrento Place in San Diego’s Sorrento Mesa submarket. Shorenstein Properties sold the asset for $146 million. Built in 1990, Sorrento Towers features two seven-story buildings totaling 296,327 square feet of office space atop a multi-level parking structure. At the time of sale, the property was 98.2 percent occupied. Kevin Shannon, Brunson Howard, Ken White and Paul Jones of Newmark represented the seller in the deal. KBS serves as the United States-based asset manager for the Singapore-based buyer’s portfolio, which includes identifying and sourcing this asset on Prime’s behalf. Shorenstein acquired the property in 2018 and increased occupancy to 98 percent. Since 2018, the property underwent more than $8.4 million in renovations, including an expanded first-curtain wall that captured additional ground-floor area, a renovated open-air plaza and revitalized main lobbies, elevator lobbies, elevator cabs and restrooms. The renovation also included the addition of an amenity space, including a fitness center, conferencing spaces, a training center and multiple outdoor meeting areas. Shorenstein also invested approximately $16.7 million for new, best-in-class tenant improvements within the last two years. The new owners are …

July 29, 2021

California Development Retail Western

Wood Investments Acquires Land Parcel to Develop 206,072 SF Shopping Center in Ontario, California

by Amy Works July 29, 2021

ONTARIO, CALIF. — Wood Investments Cos. has purchased a 19.6-acre development site within the master-planned community of Ontario Ranch in Ontario. San Diego-based GDC RCCD 2 LP sold the asset for $18.5 million. Wood Investments plans to develop The Ranch at Model Colony Shopping Center, a 206,072-square-foot retail property, at the site. The asset will be located at the intersection of Ontario Ranch Road and Hamner Avenue. Already signed tenants include include a national grocery tenants, Burlington Coat Factory, Five Below, Hobby Lobby and Planet Fitness. Brian McDonald and Walter Pagel of CBRE represented Wood Investments in the purchase and lease transactions. CBRE also represented the seller in the deal.

July 29, 2021

California Development Mixed-Use Multifamily Retail Western

Holland Partner, MVE + Partners Complete 285,415 SF Mixed-Use Project in Long Beach

by Amy Works July 29, 2021

LONG BEACH, CALIF. — Holland Partner Group and architecture firm MVE + Partners have completed Volta on Pine, a 285,415-square-foot, mixed-use, infill development in downtown Long Beach. Located at 635 Pine Ave., Volta on Pine features 271 apartments, 1,300 square feet of ground-floor retail space, subterranean parking and extensive sidewalk space. Residential units range from 629 square feet to 1,400 square feet in a mix of studio, one-, two- and three-bedroom layouts. Eleven apartments are dedicated as median-income affordable housing. Apartments include custom-finish packages, keyless entry, Nest thermostats, LED-lit vanity mirrors, soft-close drawers and cabinets, in-home washers/dryers, high-end kitchen counters and appliances, solar mesh roller shades, soaking tubs, and large balconies and windows. Community amenities include a rooftop terrace and sky lounge, fitness center, swimming pool with sun deck, hot tub, outdoor grills and firepits, parcel lockers, electric vehicle charging stations, bike storage and three levels of subterranean parking offering a total of 341 parking stalls. LRM served as landscape architect and Arial Fox provided interior design services for the project.

July 29, 2021

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