California

MIG Real Estate Enters Los Angeles, Bay Area Markets with Two Multifamily Developments

by Amy Works September 22, 2020

LOS ANGELES AND FREMONT, CALIF. — Newport Beach, Calif.-based MIG Real Estate has opened escrow on two ground-up multifamily projects located within Opportunity Zones in Los Angeles and Fremont. The projects mark the firm’s entry into the Los Angeles and Bay Area markets. MIG will develop a 140-unit residential property in the core of Hollywood and a 240-unit community in Fremont. MIG is actively seeking other suitable land investment opportunities to develop and revitalize Opportunity Zone properties in primary markets throughout the West, Mountain West and Sun Belt states. Earlier this year, the firm acquired its first site in metro Denver for the development of a 114-unit apartment community, with construction slated to start later this year. The Fremont and Los Angeles projects are a continuation of MIG’s investment strategy to reposition its portfolio by purchasing and developing new projects in key urban areas. To further that goal, MIG has allocated $100 million in equity to develop Opportunity Zone sites throughout the western United States.

September 22, 2020

Acquisitions California Multifamily Western

Graceada Partners Buys Westlake Apartments in Sacramento for $23.5M

by Amy Works September 21, 2020

SACRAMENTO, CALIF. — Graceada Partners has purchased Westlake Apartments, a multifamily property located at 1 Shoal Court in Sacramento’s Pocket neighborhood. An undisclosed seller sold the 148-unit asset for $23.5 million, or $159,000 per unit. Graceada Partners plans to extensively renovate and modernize the 140,000-square-foot property, including $12,000 in per-unit renovations. The owner estimates it will be able to charge an additional $250 per unit per month following the project.

September 21, 2020

California Development Mixed-Use Multifamily Office Restaurant Retail Western

Presidio Bay Ventures Takes Overs Construction of Mixed-Use Development in Menlo Park, California

by Amy Works September 18, 2020

MENLO PARK, CALIF. — San Francisco-based Presidio Bay Ventures has taken over construction, lease-up and stabilization of the 6.4-acre mixed-use development, located at 1300-1302 El Camino Real and 550 Oak Grove Ave. in Menlo Park. The strategic operation of the project, renamed Springline, was transitioned to Presidio Bay mid-construction in June. Since then, the firm’s development team has overhauled nearly all aspects of the project. Situated in Menlo Park’s pedestrian-oriented downtown city center, Springline will feature two 100,000-square-foot Class A office buildings, 183 residences, retail, dining, a dual-level subterranean parking garage and public outdoor space. Approved by Menlo Park City Council in early 2017, original construction for the project started later that year. Delivery of the commercial buildings is slated for fourth quarter and leasing of the residential component is scheduled to begin in second-quarter 2021. Christian Prelle, Mike Courson and Clay Jones of Newmark Knight Frank’s Palo Alto, Calif., office, along with Cassidy Zerrer of NKF’s San Francisco office, are handling office leasing efforts for the project.

September 18, 2020

Acquisitions California Office Western

Carlsen Investments Divests of 63,206 SF Office Building in Gold River, California

by Amy Works September 18, 2020

GOLD RIVER, CALIF. — Carlsen Investments has completed the disposition of Gold Pointe Corporate Center Building E, an office property located at 11919 Foundation Place in Gold River. Davies Torrance Trust acquired the property for $14.3 million. eHealth Inc. occupies the 63,206-square-foot property, which Panattoni Development Co. built in 2003. Building E is part of the larger Gold Pointe Corporate Center, which totals five buildings and 455,000 square feet. Campus amenities include a fitness center, bike lockers, showers and an on-site café. Randy Getz of CBRE’s Sacramento office represented the seller, while Steve Tyrrell of Kidder Mathews represented the buyer in the deal.

September 18, 2020

California Leasing Activity Retail Western

T-Mobile Leases 1,300 SF Retail Space in Yucca Valley

by Amy Works September 18, 2020

YUCCA VALLEY, CALIF. — T-Mobile has signed a lease to occupy 1,300 square feet of retail space at 57750 Twentynine Palms Highway in Yucca Valley. The end-cap location is within a shopping center anchored by Starbucks Coffee and Applebee’s Neighborhood Bar and Grill. The corporate T-Mobile store is expected to open by year-end. Roxy Klein of Progressive Real Estate Partners represented the undisclosed landlord in the deal.

September 18, 2020

California Features Leasing Activity Restaurant Retail Western Western Feature Archive

Yelp: 61 Percent of Restaurants Closed Due to Pandemic Won’t Open Again

by John Nelson September 18, 2020

SAN FRANCISCO — A majority of U.S. restaurants and cafés that closed their doors in response to the COVID-19 pandemic will remain closed for good, according to crowd-source review giant Yelp. In its September economic impact report, the San Francisco-based firm tallied 32,109 restaurants that were open and operating on March 1 were closed on Aug. 31. Of that total, 19,590 (61 percent) indicated they were permanently closed. Yelp tracks business closures via business owners marking their business as closed, including by changing their hours or through a COVID-19 banner on its Yelp page. The tech firm concedes that closure counts are likely an estimate as businesses not included in the report include those that remain open with curtailed hours and staffing, or because they have not yet updated their Yelp business pages to reflect closures. Yelp only counts closures that have been vetted by its User Ops team or have been updated directly by a business owner. According to Yelp’s findings, breakfast and brunch restaurants, burger joints, sandwich shops, dessert places and Mexican restaurants are among the types of restaurants with the highest rate of business closures. Restaurants that work well for delivery and takeout — such as pizza …

September 18, 2020

Moreno-Corporate-Center-Moreno-Valley-CA

Acquisitions California Industrial Western

Avison Young Negotiates Acquisition of Moreno Corporate Center in Inland Empire

by Amy Works September 17, 2020

MORENO VALLEY, CALIF. — Avison Young has arranged the purchase of Moreno Corporate Center, an industrial park located in Moreno Valley. A Southern California-based private investor acquired the property from a Bay Area-based investment company for an undisclosed price. Built in 1989 on nine acres, the five-building, 139,150-square-foot Moreno Corporate Center features 17-foot clear heights and a 2.85 parking ratio. The buildings are located at 14300, 14320 and 14340 Elsworth St. and 22620 and 22640 Goldencrest Drive. At the time of sale, the property was 95 percent occupied by more than 45 tenants. Alan Pekarcik and Chris Smith of Avison Young represented the buyer, while CBRE represented the seller in the transaction.

September 17, 2020

Acquisitions California Retail Western

MAG Capital Partners Sells Southern California Retail Property to Japanese REIT

by Amy Works September 17, 2020

LOMPOC, CALIF. — Fort Worth, Texas-based MAG Capital Partners has completed the disposition of a single-story retail property located at 1600 N. H St. in Lompoc. Jinushi USA Inc., a real estate investment trust listed on the Tokyo Stock Exchange as Nippon Commercial Development Co., acquired the 62,500-square-foot end-cap property for an undisclosed price. The separately parceled property is situated on 5.3 acres within Mission Plaza, a shopping center with 26 tenants including Starbucks Coffee, Chase, Albertsons, Big 5, Ross Dress for Less and GNC. Judd Dunning of DWG Capital Group represented the seller, while Jeff Wiggins of Coldwell Banker Commercial NRT represented the buyer in the transaction. MAG Capital Partners, led by Principals Dax Mitchell and Andrew Gi, purchased 1600 North H Street in December 2019. The property was then short-term leased to Walmart prior to the sale to Jinushi USA.

September 17, 2020

Acquisitions California Retail Western

Wood Investments Buys 99 Cents Only-Occupied Building in Chino Hills, California

by Amy Works September 17, 2020

CHINO HILLS, CALIF. — Wood Investments Cos. has purchased a single-tenant retail investment property located at 4050 Chino Hills Parkway in Chino Hills. An undisclosed seller sold the asset for $2.5 million. Situated within Chino Hills Parkway Center, 99 Cents Only occupies the 28,240-square-foot property, which was originally built in 1974 for Alpha Beta. Other tenants at the shopping center include 7-Eleven, Jack in the Box, AutoZone and H&R Block. Wood Investments plans to hold the asset for cash flow until the end of the 99 Cents Only lease and will either negotiate a new lease with 99 Cents Only or another essential needs or grocery tenant at market rates. The business plans will take approximately three to five years to complete. Patrick Wade, Alex Kozakov and Jake Hayutin of CBRE’s South Bay office in El Segundo, Calif., represented the seller, while Wood Investments Cos. was self-represented in the deal. Chicago-based JDI Realty is the lender in the deal.

September 17, 2020

Vel-Verde-Logistics-Center-Riverside-County-CA

California Development Industrial Western

Rockefeller Group to Develop 623,109 SF of Industrial Distribution Space in Riverside County, California

by Amy Works September 16, 2020

RIVERSIDE COUNTY, CALIF. — Rockefeller Group has purchased 30 acres of land in Riverside County for the development of a total of 623,109 square feet of Class A industrial distribution space. Newcastle sold the parcels for $20 million. The first project — Val Verde Logistics Center — is located on 13 acres and will include a 289,556-square-foot speculative distribution building. The second project — Harvill Avenue Logistics Center — is located on 16.9 acres and will include a 333,553-square-foot speculative distribution facility. The developer expects to break ground on both projects in October. Newport Beach, Calif.-based RM Dalton is serving as general contractor, Herdman Architecture + Design is serving as architect and Kimley-Horn as civil engineer for both projects. Bill Heim, Alex Heim and Nesha Ritchie of Lee & Associates are the exclusive leasing agents for both logistics centers.

September 16, 2020

Newer Posts

Older Posts