California

Westlake Group Sells Shoreway Innovation Center in Belmont, California for $90.2M

by Amy Works December 8, 2021

BELMONT, CALIF. — Westlake Group has completed the disposition of Shoreway Innovation Center, an office building located at 1301 Shoreway Road in Belmont. Four Corners Properties acquired the asset for $90.2 million. The four-story Shoreway Innovation Center features 150,000 square feet of Class A office space. At the time of sale, the property was 82 percent leased to a mix of tenants with less than three years of average remaining lease term. The property also includes seven acres along US-101 in Belmont. Mike Taquino, Kyle Kovac, Joe Moriarty and Scott Prosser of CBRE Capital Markets in Northern California represented the seller in the transaction.

December 8, 2021

California Development Industrial Western

CenterPoint to Develop 100,147 SF Distribution Center Near Ports of Los Angeles, Long Beach

by Amy Works December 8, 2021

SIGNAL HILL, CALIF. — CenterPoint Properties has acquired nine acres of land at 2550 Orange Ave. in Signal Hill from Signal Hill Petroleum for an undisclosed price. CenterPoint plans to develop a 100,147-square-foot distribution facility with 17 dock-high doors and 73 trailer parking stalls on the former driving range site. Tom Holland, Justin Domblaser and Alex Matar represented CenterPoint in the deal.

December 8, 2021

Acquisitions California Retail Western

Black Lion Divests of Final Parcel of Vista Terrace Marketplace in California

by Amy Works December 8, 2021

VISTA, CALIF. — Black Lion Investment Group has completed the sale of the fifth and final parcel of Vista Terrace Marketplace, a retail property in Vista. Crow Holdings acquired the two-acre parcel, which features 28,440 square feet of retail space, for $13.3 million. Vista Terrace Marketplace is currently more than 90 percent occupied by a variety of tenants, including Jersey Mike’s Subs, Pacific Dental, Sports Clips and Discovery Preschool. Gleb Lvovich and Daniel Tyner of JLL’s Capital Markets team handled the transaction.

December 8, 2021

Acquisitions California Multifamily Western

IRA Capital Expands Long Beach Multifamily Portfolio with $42M Acquisition

by Amy Works December 7, 2021

LONG BEACH, CALIF. — IRA Capital has acquired the Long Beach Collective, an apartment portfolio of 17 properties in the North Alamitos Beach submarket of downtown Long Beach. An undisclosed seller sold the property for $42 million, or $270,000 per unit. The portfolio includes 17 properties with a total of 155 units. At the time of closing, the portfolio was 99 percent occupied. IRA Capital is exploring the addition of up to 33 accessory dwelling units to the portfolio to further enhance affordable housing opportunities in the area. John Alden of Alden Pacific Investments represented IRA in the acquisition.

December 7, 2021

Acquisitions California Industrial Western

Rexford Industrial Acquires 242,101 SF Topaz Business Center in Simi Valley

by Amy Works December 7, 2021

SIMI VALLEY, CALIF. — Rexford Industrial has purchased Topaz Business Center, a six-unit industrial building in Simi Valley, from 2280 LLC for $46.4 million. The property features 242,100 square feet of industrial space. Topaz Distribution purchased the asset 10 years ago for $14 million and added 40,000 square feet of rentable building footprint during a 2015 renovation. Topaz Distribution occupies about 51,000 square feet of the property. Additional tenants include Tire Hub, Sooner Express, Frontline, Derma E and Lifetech Resource. Mike Tingus, Jose Jusko and Grant Fulkerson of Lee & Associates’ LA North/Ventura office represented the buyer and seller in the deal.

December 7, 2021

California Market Reports Multifamily Western Western Market Reports

Multifamily Rents Skyrocket in San Diego Despite Pandemic

by Jeff Shaw December 7, 2021

By Allen Chitayat, First Vice President, CBRE Capital Markets The San Diego multifamily market has continued to exhibit very strong fundamentals in light of the pandemic. This is due to the region’s diversified economy, as well as the continued shortage of housing supply. Tourism, biotech, healthcare, education, the Navy, drone manufacturing, business services, software, and other high-tech industries have made San Diego a magnet for venture capital and other business investment, with several high-profile technology companies announcing expansions in San Diego. Local historic housing policies, which have been unfriendly to new development, have made it very expensive to build, and perpetuate the shortage of housing. This dynamic has continued to bode well for multifamily investment in the region. However, there have been numerous efforts by the various municipalities within San Diego County to increase housing density in their transit priority areas. This has been aided by more relaxed parking requirements and revisions of community plans in the City of San Diego (through the Complete Communities Initiative), Mission Valley, Kearny Mesa and Downtown’s Midway District. These community plan amendments and initiatives call for an additional supply of about 70,000 new housing units. In addition, the Navy recently announced a preliminary decision to redevelop …

December 7, 2021

California Company News Restaurant Retail Top Stories Western

Jack in the Box, Del Taco Enter into $575M Merger Agreement

by Taylor Williams December 6, 2021

SAN DIEGO AND LAKE FOREST, CALIF. — Jack in the Box Inc. (NASDAQ: JACK) and Del Taco Restaurants (NASDAQ: TACO) have entered into a merger agreement valued at approximately $575 million, inclusive of existing debt. Under the terms of the agreement, Jack in the Box will acquire Del Taco for $12.51 per share in cash. The deal, which is expected to close in the first quarter of 2022, would yield a company with more than 2,800 restaurants across 25 states. In addition, the new entity plans to grow its store count by 4 percent annually by 2025. “This is a natural combination of two like-minded, challenger brands with outstanding growth opportunities,” says Darin Harris, CEO of Jack in the Box. “Together, Jack in the Box and Del Taco will benefit from a stronger financial model, gaining greater scale to invest in digital and technology capabilities and unit growth for both brands.” “Del Taco has a loyal, passionate guest base and a strong operating model, and we believe that we can leverage our infrastructure, experience refranchising and development strategy to support Del Taco’s growth plans and expand Del Taco’s footprint,” continues Harris. “In recent years, we have uniquely positioned Del Taco …

December 6, 2021

Acquisitions California Multifamily Western

Intracorp Divests of AmpliFi Apartments in Fullerton, California for $168M

by Amy Works December 6, 2021

FULLERTON, CALIF. — Intracorp has completed the sale of AmpliFi Apartments, a multifamily property located at 600 W. Commonwealth Ave. in Fullerton. An undisclosed buyer acquired the asset for $168 million. Built in 2019, AmpliFi features 290 apartments in a mix of studio, one-, two- and three-bedroom floor plans. On-site amenities include a pool with private cabanas, outdoor fireplaces with seating areas, outdoor dining, barbecues, ground-floor retail space and a business center with private offices. The property also features a coffee bar, clubhouse with chef-inspired kitchen, fitness center, three rooftop viewing decks, dog park and spa.

December 6, 2021

Acquisitions California Industrial Western

Faris Lee Brokers Sale of 42,119 SF Industrial Park in Rancho Cucamonga, California

by Amy Works December 6, 2021

RANCHO CUCAMONGA, CALIF. — Faris Lee Investments has arranged the sale of Hermosa Technology Center, an incubator industrial park located at Hermosa Avenue and Sixth Street in Rancho Cucamonga. A private family office based out of Riverside County, Calif., sold the asset to a Los Angeles-based family office for $11.4 million, or $271 per square foot. Nick Miller and Shaun Riley of Faris Lee represented the seller in the deal. At the time of sale, the 42,119-square-foot property was fully leased.

December 6, 2021

Avenir-Memory-Care-Westside-Los-Angeles-CA

California Development Multifamily Seniors Housing Western

Avenir Opens 88-Unit Memory Care Community in Los Angeles

by Amy Works December 6, 2021

LOS ANGELES — Avenir Senior Living has opened Avenir Memory Care Westside, a seniors housing community in Los Angeles’ Westchester neighborhood. The community features 88 memory care units using a specialized program that aligns residents who have similar cognitive abilities. “We call this the cognitive lifestyle,” says Jason Gurash, vice president of sales and marketing for Avenir Senior Living. “Taking it a step further, every neighborhood is intentionally designed to look exactly the same. That way, everything is familiar. Residents feel comfortable and at home even if they need to move to a higher level of support.”

December 6, 2021

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