California

Medical Office REIT Buys Torrey Hills Medical Plaza in San Diego for $37.3M

by Amy Works January 15, 2021

SAN DIEGO — A publicly traded REIT has acquired Torrey Hills Medical Plaza, a Class A medical office building and attached parking garage in San Diego. Virtus Real Estate Capital and Coast Income Properties sold the property for $37.3 million. Situated on 2.6 acres at 4765 Carmel Mountain Road, the 47,596-square-foot asset features a connected, two-level parking garage. Fresenius Medical Care anchors the two-story building, which is 91 percent leased. Andrew Milne, Evan Kovac, Trent Jemmett, Paul Braun, Chris Ross and Kelly Moriarty of JLL Healthcare Capital Markets represented the seller in the transaction.

January 15, 2021

California Company News Retail Western

Petco Ends First Day of Trading 63 Percent Higher than IPO Price

by Alex Tostado January 15, 2021

SAN DIEGO — Petco ended its first day of trading on Nasdaq on Thursday at $29.40 per share, 63 percent higher than its initial public offering (IPO). The San Diego-based pet care retailer is trading under the stock symbol WOOF. Petco priced its IPO at $18 per share, and the stock price opened at $26 per share Thursday. Petco operates more than 1,500 stores in the United States, Puerto Rico and Mexico and sells food, toys and healthcare needs for a variety of pets. Additionally, more than 100 Petco locations offer in-store veterinary services.

January 15, 2021

Acquisitions California Industrial Western

Avison Young Brokers Sale of 45,702 SF Single-Tenant Industrial Property in Rancho Cucamonga

by Amy Works January 15, 2021

RANCHO CUCAMONGA, CALIF. — Avison Young has arranged the acquisition of a single-tenant industrial building, located at 8767 Rochester Ave. in Rancho Cucamonga. An Orange County-based private investor purchased the asset from a local private owner for an undisclosed price. Built in 1989 on nearly two acres, the 45,702-square-foot building features 24-foot clear heights, eight dock-high loading doors and a partial second-floor office. Alan Pekarcik and Chris Smith of Avison Young represented the buyer, while Ryan Velasquez and Milo Lipson of Cushman & Wakefield represented the seller in the transaction.

January 15, 2021

California Development Leasing Activity Office Top Stories Western

Beyond Meat to Open 300,000 SF Headquarters Near Los Angeles

by Katie Sloan January 15, 2021

EL SEGUNDO, CALIF. — Beyond Meat Inc. (NASDAQ: BYND), a producer of plant-based meat replacement products, has signed a 12-year lease for a 300,000-square-foot corporate headquarters less than one mile south of Los Angeles International Airport at 888. N. Douglas St. in El Segundo. The headquarters will be located within a four-building, 550,000-square-foot creative office and industrial campus currently under development by Hackman Capital Partners, which is scheduled for completion this spring. Beyond Meat’s offices are set to open in fall of this year and will include advanced research labs and incubator spaces for the development of new technologies and more innovative products. The company’s headquarters is designed for LEED and Fitwel certification in alignment with Beyond Meat’s mission and commitment to sustainability and workplace wellbeing. “Our new campus and state-of-the-art research facilities will house cutting-edge fundamental and applied research alongside globalized product development teams, all in service to a single goal — creating meat from plants that is indistinguishable from its animal protein equivalent,” says Ethan Brown, founder and CEO of Beyond Meat. The JLL team of Gary Horwitz, Blake Searles, Connor Hall and Kamil Agha represented Beyond Meat in the leasing transaction. The company also tapped DPPM Project Management …

January 15, 2021

Acquisitions California Office Western

Toda America Buys Hites Plaza Office Building in California’s Tri-Valley for $34.7M

by Amy Works January 14, 2021

DUBLIN, CALIF. — Toda America has acquired Hites Plaza, a Class A office property located at 5601 Arnold Road in Dublin, from an undisclosed seller for $34.7 million. Built in 2000, the four-story Hites Plaza features 120,199 square feet of office space. At the time of sale, the property was 90 percent leased to national or credit tenants, including Easter Seals; the U.S. Bureau of Alcohol, Tobacco, Firearms and Explosives; and the California Department of Justice. The building features redundant power and HVAC capacity, 12-foot ceiling heights and large, flexible floor plates. Brian Lagomarsino and Kevin Moul of Colliers International, along with the firm’s Institutional Capital Markets team, represented the buyer and seller in the deal.

January 14, 2021

California Development Mixed-Use Multifamily Office Retail Western

STC Ventures Receives Approval for 12-Story Mixed-Use Project in Sunnyvale, California

by Amy Works January 13, 2021

SUNNYVALE, CALIF. — STC Ventures, a joint venture between Sares Regis Group of Northern California and Hunter Properties, has received approval from Sunnyvale Planning Commission to develop a 12-story, mixed-use project at 200 S. Taafee St. within CityLine Sunnyvale. Situated in downtown Sunnyvale, the two-building property will feature 479 apartments, 30,000 square feet of retail space and a new public open area at Redwood Square. The public space will function as a “living room” for downtown Sunnyvale, which is anchored by the just-approved mixed-use development and recently opened Whole Foods Market and AMC Theaters. Fifty-three of the apartments will be offered at below-market rate, providing housing for qualifying households with income levels ranging from approximately $55,000 per year up to $130,000 per year. The 200 S. Taafee Street project is the first of four upcoming developments slated for the second phase of CityLine Sunnyvale. The overall project will redevelop four parcels in Sunnyvale’s downtown core into residences, ground-level retail space and office space. Last year, STC Ventures received approval of its Downtown Specific Plan that allows for a buildout of an additional 817 residences and 709,000 square feet of office space above 642,000 square feet of ground-level retail.

January 13, 2021

Affordable Housing California Development Multifamily Western

Alta Housing Breaks Ground on $46.3M Wilton Court Affordable Housing Project in Palo Alto

by Amy Works January 12, 2021

PALO ALTO, CALIF. — Alta Housing (formerly Palo Alto Housing), a nonprofit affordable housing developer, has broken ground on Wilton Court, a 100 percent affordable housing community in Palo Alto. Located at 3705 El Camino Real, the four-story property will feature 59 units offering independent living for a mix of single- and two-person households earning between 30 percent and 60 percent of the area median income. Twenty-one of the units are reserved for adults with intellectual or developmental disabilities. The property is within walking distance of a grocery store, retail, restaurants, parks and public transportation. The project team includes L&D Construction Co. as general contractor and PYATOK as designer. Completion is scheduled for summer 2022. The City of Palo Alto, Santa Clara County, Wells Fargo Bank, Enterprise Community Partners California Community Reinvestment Corp., California Tax Credit Allocation Committee, California Department of Housing and Community Development, and California Municipal Finance Authority are providing financing for the $46.3 million project.

January 12, 2021

Acquisitions California Restaurant Retail Western

Regency Centers Sells South Bay Village Shopping Center Near Los Angeles to Charing Cross for $39.7M

by Amy Works January 12, 2021

TORRANCE, CALIF. — Regency Centers has completed the disposition of South Bay Village, a shopping center located at 19330 Hawthorne Blvd. in Torrance. Charing Cross acquired the property for $39.7 million. Built in 1971 and renovated in 2012, South Bay Village features 107,539 square feet of retail space. Current tenants include Home Goods, Walmart Neighborhood Market, Orchard Supply Hardware, Marshalls and El Pollo Loco. Bill Bauman and Kyle Miller of Newmark, along with Luke Palmo of Westmac Commercial Brokerage Co., represented the seller and buyer in the transaction.

January 12, 2021

Acquisitions California Industrial Office Western

Faris Lee Brokers $4.7M Acquisition of Value-Add Office/Industrial Property in Orange County

by Amy Works January 12, 2021

MISSION VIEJO, CALIF. — Faris Lee Investments has arranged the purchase of a vacant flex office/industrial building located at 23311 Madero in Mission Viejo. A Beverly Hills-based company acquired the property for $4.7 million in an all-cash transaction. The buyer plans to redevelop the site and market it for a long-term user. Tom Chichester and Nick D’Argenzio of Faris Lee Investments represented the buyer in the transaction.

January 12, 2021

Acquisitions California Nevada Seniors Housing Top Stories Washington Western

Aegis Living, Blue Moon Capital Buy Seniors Housing Portfolio in Western US from Healthpeak for $350M

by John Nelson January 12, 2021

BELLEVUE, WASH. AND BOSTON — Aegis Living, a seniors housing owner and operator based in Bellevue, has acquired 10 properties from Healthpeak Properties Inc. (NYSE: PEAK). Aegis already operated the communities under a lease agreement with Healthpeak Properties, a Denver-based real estate investment trust (REIT). Aegis’ joint venture partner on the $350 million acquisition is Blue Moon Capital Partners LP, a Boston-based private equity investor in the seniors housing sector. The portfolio is located in Washington, California and Nevada, totaling 702 units of assisted living and memory care. The acquired communities include: • Aegis Living Callahan House (Shoreline, Wash.) • Aegis Living Shoreline (Shoreline, Wash.) • Aegis Living Kirkland (Kirkland, Wash.) • Aegis Living Las Vegas (Las Vegas) • Aegis Living Dana Point (Dana Point, Calif.) • Aegis Gardens Fremont (Fremont, Calif.) • Aegis Living Granada Hills (Granada Hills, Calif.) • Aegis Living San Francisco (San Francisco) • Aegis Living Pleasant Hill (Pleasant Hill, Calif.) • Aegis Living Ventura (Ventura, Calif.) The transaction is the largest in Aegis’ history. The acquisition is the next step in the company’s growth strategy, which includes doubling its ownership portfolio by 2030, according to Aegis’ founder and CEO Dwayne Clark. “At a time when …

January 12, 2021

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