California

Vertical Ventures Buys Sycamore Technology Park R&D Campus in Northern California for $45.5M

by Amy Works August 19, 2020

MILPITAS, CALIF. — Vertical Ventures has acquired Sycamore Technology Park, a three-building office/R&D campus in Milpitas, from a local Bay Area-based investor for $45.5 million. NorthMarq’s San Francisco office arranged financing for the acquisition. Situated within Oak Creek Business Park, the portfolio includes 475, 501 and 525 Sycamore Drive. Constructed in 1983, the three buildings offer a total of 213,519 square feet, which is currently 84 percent leased to two different tenants. Nathan Prouty of NorthMarq secured $39.9 million in senior bridge financing for the acquisition, as well as to fund capital improvements and future leasing costs for the project. Eric Fox, Steve Hermann, Seth Siegel, Adam Lasoff and Ryan Venezia of Cushman & Wakefield represented the seller. Leasing of the project will be handled by Cushman & Wakefield’s San Jose, Calif., team of Gregory Davies, Eric Hallgrimson, Steven Horton and Kelly Yoder.

August 19, 2020

Acquisitions California Office Western

National University System Sells Its Two-Building Headquarters Campus in San Diego

by Amy Works August 19, 2020

SAN DIEGO — National University System, a veteran-founded nonprofit university, has completed the disposition of The Pointe at Torrey Pines, an 11.4-acre office campus in San Diego. An institutional investor acquired the property for an undisclosed price. Located at 11255 and 11355 N. Torrey Pines Road in San Diego’s La Jolla submarket, the existing property features two office buildings totaling 139,135 square feet with views of the Pacific Ocean and Torrey Pines Reserve. The property is currently home to the National University System headquarters. Louay Alsadek, Hunter Rowe and Caitlin Little of CBRE represented the seller, while the buyer was self-represented in the transaction.

August 19, 2020

Acquisitions California Industrial Western

Vegan Fried Chicken Company Acquires 10,000 SF Warehouse in San Diego

by Amy Works August 19, 2020

SAN DIEGO — Atlas Monroe, a vegan food manufacturer, has purchased an industrial warehouse property located 10 miles south of downtown San Diego. Deborah Torres of Atlas Monroe acquired the asset from Jerrold B Siegel for an undisclosed price. Currently based in the San Francisco Bay area, Atlas Monroe is expanding its footprint to include San Diego with the purchase of the two-story, 10,000-square-foot, freestanding warehouse building near San Diego’s Chula Vista community. The company offers plant-based options for vegetarians and vegans, including applewood-fired ribs, extra crispy fried chick’n, deep fried and stuffed turkey rolls, signature sauces, cakes and more. The new San Diego location will serve as a food manufacturing facility, as well as offer occasional pick-up opportunities for locals. Mark Lewkowitz, Chris Holder and Will Holder of Colliers International represented the buyer and seller in the deal.

August 19, 2020

California Development Mixed-Use Multifamily Office Restaurant Retail Western

Sunnyvale City Council Approves Next Phase of CityLine Sunnyvale Mixed-Use Project in California

by Amy Works August 17, 2020

SUNNYVALE, CALIF. — Sunnyvale City Council has approved a Downtown Specific Plan and Development Agreement that allows for the next phase of CityLine Sunnyvale to begin. STC Venture, a partnership between Sares Regis Group of Northern California and Hunter Properties, is developing the multi-phase redevelopment project in downtown Sunnyvale. The new phase will add 792 residential units and 653,000 square feet of office space above 182,000 square feet of ground-floor retail space on four parcels along Murphy and McKinley avenues. The overall CityLine Sunnyvale project — a 36-acre, pedestrian-oriented, mixed-use district —also features a large public plaza, as well as shopping and entertainment space. The new phase will include a Building B offering 150,000 square feet of office space and 8,000 square feet of retail space and the redevelopment of Redwood Square into Block 3S featuring 480 apartments (11 percent designated affordable) with 30,000 square feet of retail space. Construction of the new phase is scheduled to begin in early 2021. The phase also includes the redevelopment of the former Macy’s into 500,000 square feet of office space and 60,000 square feet of retail space, the development of Block 6 with 312 apartments (11 percent affordable) with 35,000 square feet of …

August 17, 2020

Acquisitions California Industrial Western

Realty Advisory Group Brokers Sale of 214,436 SF Distribution Facility in Southern California

by Amy Works August 17, 2020

SANTA CLARITA, CALIF. — Realty Advisory Group has negotiated the sale of an industrial and distribution building located at 24903 Avenue Kearny within Valencia Industrial Center in Santa Clarita. Los Angeles-based Dedeaux Properties acquired the facility from AmerisourceBergen Corp. for an undisclosed price. The seller has owned and operated the property as a pharmaceutical warehouse/distribution center since 1988. Dedeaux Properties plans to reposition the 214,436-square-foot facility and place it on the market for lease. Jim Abbott of Realty Advisory Group handled the transaction.

August 17, 2020

Acquisitions California Multifamily Western

Cushman & Wakefield Arranges $20.6M Sale of Creekside Apartments in San Leandro, California

by Amy Works August 17, 2020

SAN LEANDRO, CALIF. — Cushman & Wakefield has brokered the sale of Creekside Apartments, a multifamily property located at 424 Callan Ave. in San Leandro. Trion Properties acquired the asset from a private partnership for $20.6 million. Developed in 1969, Creekside Apartments features 80 one- and two-bedroom apartments averaging more than 880 square feet. At the time of sale, six of the units were fully renovated. Community amenities include a swimming pool and laundry facilities. Jason Parr, Scott MacDonald and Seth Siegel of Cushman & Wakefield represented the seller in the deal.

August 17, 2020

Acquisitions California Multifamily Western

LDK Ventures, USA Properties Fund Break Ground on 345-Unit Multifamily Project at Sacramento’s Railyards

by Amy Works August 17, 2020

SACRAMENTO, CALIF. — LDK Ventures and USA Properties Fund have closed on the financing and acquisition of a development site for The A.J., a multifamily property located in the Railyards mixed-use development in Sacramento. Situated on 2.9 acres at the southwest corner of Sixth Street and Railyards Boulevard, The A.J. will feature 345 apartments in a mix of studio, one- and two-bedroom layouts, with 69 of the units designated as affordable. The community will also include 5,000 square feet of ground-floor retail space, a fitness center, pool and spa, dog wash, and rooftop sky lounge with outdoor grills and fire tables. The A.J. is the first project at the Railyards, a 244-acre urban infill development in downtown Sacramento. Completion of the multifamily property is slated for winter 2022. The A.J. is named in honor of A.J. Stevens, who was deemed father of innovation at the Sacramento Railyards in the late 1800s. LDK Ventures is the managing member of Downtown Railyard Venture. The City of Sacramento, the California Department of Housing and Community Development, and Sacramento Housing and Redevelopment Agency provided assistance to structure the financing for the $130 million residential project. Citi Bank Community Capital provided financing for the development.

August 17, 2020

Acquisitions California Mixed-Use Multifamily Office Retail Western

Machine Investment Acquires Stevens Creek Executive Park in San Jose for $54.5M

by Amy Works August 14, 2020

SAN JOSE, CALIF. — Machine Investment Group, a newly created New York-based real estate investment platform, has launched its business with the purchase of Stevens Creek Executive Park in San Jose. An undisclosed seller sold the asset for $54.5 million. Machine Investment acquired the property in partnership with Miramar Capital Advisors. Situated on 9.2 acres, Stevens Creek Executive Park consists of 164,986 square feet of existing office space, plus entitlements for the development of 582 multifamily units, 10,000 square feet of retail space and additional office space. The executive park is located within Stevens Creek Urban Village Plan and the Cupertino Union School District, less than two miles from Apple’s global headquarters and the Santana Row shopping district. Under the leadership of real estate veterans Andy Kwon and Eric Rosenthal, Machine Investment Group focuses on opportunistic, distressed and special-situation commercial real estate across the United States.

August 14, 2020

Acquisitions California Company News Restaurant Retail Western

FAT Brands to Acquire Johnny Rockets Restaurant Chain for $25M

by Amy Works August 13, 2020

LOS ANGELES — Fresh. Authentic. Tasty. (FAT) Brands has agreed to purchase the Johnny Rockets restaurant chain from an affiliate of Sun Capital Partners for $25 million. The deal will be funded through cash on hand and proceeds generated from FAT’s securitization facility. The transaction is slated to close in September. With the acquisition of Johnny Rockets, FAT Brands will have more than 700 franchised and company-owned restaurants around the globe with annual system-wide sales exceeding $700 million. Johnny Rockets was founded in 1986 with its first location on Melrose Avenue in Los Angeles. The 1950s-themed restaurant serves freshly made, classic burgers and hand-spun real ice cream shakes. Johnny Rockets currently has more than 325 locations across the United States and internationally, including nine company-owned locations. Duff & Phelps served as financial advisor to Sun Capital Partners and Morgan Lewis & Bockius acted as legal counsel to Sun Capital Partner. Loeb & Loeb acted as legal counsel to FAT Brands and Andersen Tax served as tax advisor to FAT Brands.

August 13, 2020

Acquisitions California Retail Western

Hanley Investment Negotiates $3.8M Sale of Four-Tenant Retail Building in Inland Empire

by Amy Works August 13, 2020

LAKE ELSINORE, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the sale of a multi-tenant retail building within Lake Elsinore Marketplace, a shopping center in Lake Elsinore. Irvine-based Pacific Castle sold the asset to a Torrance-based private investor for $3.8 million. Built in 2006 at 29261 Central Ave., the 7,203-square-foot pad building is fully occupied. Tenants include Navy Federal Credit Union, iBrows Threading Salon, Submarina and Juice It Up!. Anchors at the larger, 144,034-square-foot Lake Elsinore Marketplace include Costco, Lowe’s Home Improvement Warehouse, Grocery Outlet, PetSmart and Dollar Tree. Kevin Fryman and Bill Asher of Hanley represented the seller in the deal.

August 13, 2020

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