California

LA-Fitness-Marina-Pacifica-Long-Beach-CA

LA Fitness to Open New Location at Marina Pacifica in Long Beach

by Amy Works October 8, 2021

LONG BEACH, CALIF. — LA Fitness has leased 33,987 square feet of space, which Best Buy formerly occupied at Marina Pacifica Shopping Center in Long Beach. The gym location is scheduled open in early 2022. Other tenants at the 296,954-square-foot shopping center include AMC, Ralphs, Nordstrom Rack, Barnes & Noble, Buffalo Wild Wings, Starbucks Coffee and Ulta Beauty. The landlord, NewMark Merrill Cos., was represented in-house and by Beta Agency, while RealSource Group represented LA Fitness in the deal.

October 8, 2021

California Development Multifamily Western

Intracorp Breaks Ground on 178-Unit Multifamily Community in Irvine, California

by Amy Works October 7, 2021

IRVINE, CALIF. — Intracorp has broken ground on a 178-unit apartment property located at 2055 Main St. in the Irvine Business Complex (IBC). The project, which is Intracorp’s fourth development in the IBC, will be the company’s first for-rent multifamily development in the area. Situated on 2.2 acres, 2055 Main will feature five stories of residential living in a modern geometric design. Community amenities will include a rooftop deck with a resort-style pool and spa, entertainment pavilion, expansive LED wall, lounge areas, barbecues and a game area. Other amenities will include a fitness center, sunken amphitheater, outdoor dining areas, fire features, business center and social club. Leasing on the project is slated to begin in summer 2023.

October 7, 2021

Acquisitions California Net Lease Retail Western

Stanford Hotels Group Sells Walgreens-Occupied Retail Building in Huntington Beach for $11.3M

by Amy Works October 7, 2021

HUNTINGTON BEACH, CALIF. — Stanford Hotels Groups has completed the sale of a single-tenant retail property located at 19001 Brookhurst St. in Huntington Beach. A private 1031 exchange investor acquired the asset for $11.3 million. Walgreens occupies the 11,838-square-foot building on a triple-net, long-term lease. The tenant has occupied the property, which sits on 1.3 acres, since it was constructed in 2007. Daniel Tyner and Gleb Lvovich of JLL Retail Capital Markets represented the buyer in the transaction.

October 7, 2021

58132-Twentynine-Palms-Hwy-Yucca-Valley-CA

Acquisitions California Retail Western

Progressive Real Estate Brokers $2M Sale of Multi-Tenant Retail Pad in Yucca Valley, California

by Amy Works October 7, 2021

YUCCA VALLEY, CALIF. — Progressive Real Estate Partners has arranged the sale of a multi-tenant retail pad located at 58132 Twentynine Palms Highway in Yucca Valley. The asset traded for $2 million in a 1031 exchange transaction. Tenants at the 6,518-square-foot property include Gamestop, Verizon Wireless and Metro PCS. The building is an outparcel to a 212,000-square-foot shopping center that is anchored by Stater Bros. Greg Bedell of Progressive Real Estate represented the seller, while Victor Buendia, also of Progressive Real Estate, represented the buyer in the transaction.

October 7, 2021

Arizona California Features Industrial Nevada Western Western Feature Archive

CapRock Partners Seizes Industrial Opportunities in Western Region

by Kristin Harlow October 7, 2021

Newport Beach, Calif.-based CapRock Partners was busy before the pandemic, but shows no signs of slowing down even as brick-and-mortar retail reopens. The industrial investor, developer and asset manager’s newest venture is also its biggest: a 183-acre infill project in Phoenix where it plans to build an eight-building industrial complex that totals more than 3.4 million square feet. “Several years prior to the pandemic, we recognized the ecommerce trends along with the demand for larger logistics facilities and subsequently made investments in buildings and land positions in order to capture a segment of that demand,” says Bob O’Neill, CapRock’s senior vice president of acquisitions. “In the 16 months since the onset of the pandemic, our growth has accelerated.” Phoenix’s Industrial Market Rises CapRock has added about 4.8 million square feet of Phoenix-area industrial product to its portfolio since the pandemic’s onset. Its total pipeline in the Valley is now close to 6 million square feet, with its Phoenix-area acquisition closing in 2017. Aside from CapRock, Cushman & Wakefield also appears to be bullish on Phoenix’s industrial market. The firm projects Phoenix’s preliminary industrial absorption to be about 12 million square feet for the first half of 2021. This compares to …

October 7, 2021

California Loans Office Western

Swig Co. Receives $190M Loan to Refinance 633 Folsom Street Office Building in San Francisco

by Amy Works October 6, 2021

SAN FRANCISCO — The Swig Co. has obtained $190 million in refinancing for 633 Folsom Street, an office building in the SOMA submarket of San Francisco. Bruce Ganong, Lillian Roos and Spencer Bergthold of JLL Capital Markets secured the seven-year, fixed-rate loan through Bank of China for the borrower. Originally developed in 1967, the building underwent significant a renovation and expansion, which was completed in 2021. The project added five new floors, all new building systems, exterior façade and an outdoor plaza. Asana, a cloud-based application for workplace management and team collaboration, fully leases the 271,000-square-foot property.

October 6, 2021

Acquisitions California Industrial Western

Alere Property Group Acquires 422,000 SF Saddle Ranch Business Park in Norco, California

by Amy Works October 6, 2021

NORCO, CALIF. — Alere Property Group has purchased Saddle Ranch Business Park, located at 3300-3390 Horseless Carriage Drive in Norco, from CapRock Partners for an undisclosed price. Saddle Ranch Business Park consists of four buildings ranging in size from 81,000 square feet to 158,000 square feet with clear heights from 30 feet to 32 feet. The concrete tilt-up structures feature dock-high and grade-level loading, ESFR sprinklers, ample power, large truck courts and 5.6 percent office space. Goli Nutrition, a vitamin and nutrition company, fully leases the 422,000-square-foot industrial warehouse complex. The company uses the facility for its corporate headquarters and manufacturing and distribution of its products. Darla Longo, Barbara Perrier, Rebecca Perlmutter, Joe Cesta and Eric Cox of CBRE represented the seller and buyer in the deal. Paul Earnhart, Jeff Ruscigno, Brian Pharris and Ryan Earnhart of Lee & Associates consulted on the transaction.

October 6, 2021

California Industrial Market Reports Western Western Market Reports

Industrial is the Belle of the Ball in LA

by Jeff Shaw October 6, 2021

By Robert Flores, Senior Vice President, CBRE Not too long ago, industrial real estate was generally viewed as an obscure and often unpopular subset of commercial real estate. Instead of owning a concrete box, many investors and developers were drawn to the flashier structures in Central Business Districts and hip submarkets. Fast forward a few short years, and industrial has firmly taken center stage for many who might have previously shunned the sector. The Greater Los Angeles area is one of the beneficiaries. The Greater Los Angeles region is the second-largest metro in the U.S. and is home to some of the nation’s most critical infrastructure. With the ports of Los Angeles and Long Beach accounting for more than 40 percent of the country’s inbound container traffic and Los Angeles International Airport serving as a major gateway for passengers and air cargo, the local industrial market is ground zero for industrial users. At the close of the second quarter, the Greater Los Angeles industrial market totaled more than 1 billion square feet of rentable space with a vacancy rate of just above 1.5 percent, according to our CBRE research. Based on current activity levels and leasing velocity in the market, …

October 6, 2021

California Industrial Leasing Activity Office Western

Romeo Power Signs 215,000 SF Lease for Headquarters, Manufacturing Facility in Cypress, California

by Amy Works October 5, 2021

CYPRESS, CALIF. — Romeo Power, an energy technology company delivering electrification solutions for complex commercial vehicle applications, has leased a new headquarters and manufacturing facility in Cypress. The facility will support Romeo Power’s expansion of battery development and testing capabilities adjacent to its production line, allowing for faster innovation and time to market. The 215,000-square-foot facility includes 191,000 square feet of industrial space that will be designed to double critical laboratory and testing capacity. The expanded manufacturing capabilities will enhance throughput, quality and cost effectiveness, while the increased office space will also allow for continued organizational investment in scientific engineering and other support resources. Romeo Power will assume occupancy in the near future, with full occupancy expected to be completed over the next six to nine months.

October 5, 2021

Natomas-Advanced-Logistics-Center-Sacramento-CA

California Development Industrial Western

PCCP, Panattoni to Develop 185,973 SF Industrial Project in Sacramento

by Amy Works October 4, 2021

SACRAMENTO, CALIF. — A joint venture between PCCP and Panattoni Development Co. has unveiled plans to develop Natomas Advanced Logistics Center, a two-building, 185,973-square-foot industrial property located at Duckhorn Drive and Arena Boulevard in Sacramento. The 122,401-square-foot Building A will feature 32-foot clear heights and the 63,572-square-foot Building B will feature 28-foot clear heights. The property is designed for flexibility and is available to accommodate distribution, logistics, light industrial and manufacturing uses for two to seven tenants. The center will include three separate points of access along Duckhorn Road, a semi-truck access aisle that will be gated and separate from employee vehicle parking, ample vehicle parking and a shared truck court totaling 300 feet.

October 4, 2021

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