California

NorthMarq Arranges $10M Refinancing for Lambert Industrial Campus in Fullerton, California

by Amy Works May 13, 2020

FULLERTON, CALIF. — NorthMarq has arranged $10 million in refinancing for Lambert Industrial, a two-building industrial property in Fullerton. The permanent, fixed-rate loan was structured with a 10-year term on a 30-year amortization schedule. Daniel McCarthy and Michael Elmore of NorthMarq’s Newport Beach, Calif., office secured the loan for the undisclosed borrower through a national bank. Totaling 87,652 square feet, the properties are a 45,761-square-foot building at 150 Lambert and a 41,891-square-foot asset at 110 Lambert.

May 13, 2020

Acquisitions California Industrial Western

Avison Young, NKF Broker $5M Sale of Industrial Asset in West Los Angeles

by Amy Works May 13, 2020

LOS ANGELES — Avison Young and Newmark Knight Frank (NKF) have arranged the sale of an industrial building with excess land located at 2133 and 2143 Pontius Ave. in West Los Angeles. A California-based private investor sold the property to a West Los Angeles-based private investor for $5 million. Built in 1948 on a 0.3-acre land parcel, the 6,500-square-foot building features a high-clear-span, bow truss design with sufficient loading and power, warehouse skylights and 14-foot minimum ceiling height. Patrick Barnes, Chris Maling and David Maling of Avison Young, along with John DeGrinis of Newmark Knight Frank, represented the seller, while David Kamran of Diva Real Estate Group represented the buyer in the deal. According to the brokers, the transaction was record-setting for the West Los Angeles submarket with the highest price per square foot of $590 paid for an industrial building under 10,000 square feet and $300 per square foot for the land, per CoStar records.

May 13, 2020

Acquisitions California Retail Western

SBH Real Estate Acquires Former Wells Fargo Branch Near Los Angeles for $4M

by Amy Works May 12, 2020

ALHAMBRA, CALIF. — SBH Real Estate Group has purchased a retail property located at 1300 E. Valley Blvd. in Alhambra. Wells Fargo sold the former bank branch for $4 million. Situated on a 58,000-square-foot land parcel, the 3,800-square-foot building was vacant at the time of sale. Geoff Martin of CBRE represented the buyer and seller in the deal.

May 12, 2020

Restaurant building at 1020 Garnet Ave San Diego California

Acquisitions California Restaurant Retail Western

Retail Insite Brokers $2M Sale of Five Guys-Occupied Restaurant in San Diego’s Pacific Beach

by Amy Works May 12, 2020

SAN DIEGO — Retail Insite has directed the sale of a freestanding building located at 1020 Garnet Ave. in San Diego’s Pacific Beach neighborhood. Tanye Blane sold the asset to an undisclosed buyer for $2 million. The buyer plans to reposition the 4,500-square-foot property, which Five Guys Burgers and Fries currently occupies. Brian Pyke and Allison Campbell of Retail Insite represented the seller and buyer in the transaction.

May 12, 2020

California Market Reports Office Western Western Market Reports

The Changing Face of the Inland Empire Office Market

by Jeff Shaw May 11, 2020

An hour east of downtown Los Angeles, the Inland Empire office market contains about 25 million square feet of office product in San Bernardino and Riverside counties. This market has undergone tremendous growth over 10 years, and a more diverse stable of occupiers has moved in since the area was decimated by the housing crisis of 2007. At times overlooked, the Inland Empire’s office market is more than just the low-cost alternative to Southern California’s LA and Orange counties. With a sector vacancy rate of just 9 percent (lower than neighboring submarkets) the Inland Empire’s economic engine is supporting one of the fastest job growth areas in the country over the past decade, boasting an unemployment rate of only 3.6 percent. The fourth quarter of 2019 witnessed the first speculative general office building development in more than eight years. Average asking rates have also increased to $2.05 per square foot, the highest level since 2009. With sustained positive absorption and continued rising rental rates, this area has shifted to become a landlord market over the past couple years and, with this, concessions will continue to evaporate. Education and health services, government, and professional and business services have all seen recent …

May 11, 2020

3300-3390-Horseless-Carriage-Dr-Norco-CA

California Industrial Leasing Activity Lee & Associates Western

Goli Nutrition Leases 422,432 SF of Industrial Space in Norco, California

by Amy Works May 11, 2020

NORCO, CALIF. — Goli Nutrition, a vitamin manufacturer, has inked a deal to occupy 422,432 square feet of industrial space spread across four industrial buildings located at 3300-3390 Horseless Carriage Drive in Norco, approximately 45 miles east of Los Angeles. Goli Nutrition plans to use the multi-building campus, located within Saddle Business Center, to expand its operations, including its distribution efforts. The landlord is CapRock Partners. Jeff Ruscigno of Lee & Associates Riverside, Calif., along with Paul Earnhart, Ryan Earnhart and Brian Pharriss of Lee & Associates Ontario, Calif., represented both the landlord and the tenant in the transaction.

May 11, 2020

Acquisitions California Office Western

BPS Bioscience Purchases Office Building in San Diego for $8.5M

by Amy Works May 11, 2020

SAN DIEGO — BPS Bioscience has acquired an office property located in San Diego’s Sorrento Mesa submarket for $8.5 million. The seller was Canada-based Ledcor Group. Located at 6405 Mira Mesa Blvd., the 37,991-square-foot, two-story building was originally built in 1990. The buyer plans to occupy the majority of the building, while leasing back a portion of the building to the seller. Matt Pourcho, Anthony DeLorenzo, Doug Mack and Bryan Johnson of CBRE represented the seller, while an outside firm represented the buyer in the transaction.

May 11, 2020

Acquisitions California Retail Western

CBRE Negotiates $27.7M Acquisition of Vons-Occupied Retail Asset in San Diego

by Amy Works May 7, 2020

SAN DIEGO — CBRE has arranged the purchase of a retail property located at 4145 30th St. in the North Park neighborhood of San Diego. A Los Angeles-based private investor acquired the building from a Texas-based investment firm for $27.7 million. Vons, a Fullerton, Calif.-based supermarket chain, occupies the 40,000-square-foot building on a lease that runs through June 2039. Gary Stache, Anthony DeLorenzo, Doug Mack and Bryan Johnson of CBRE represented the buyer, which was completing a 1031 exchange. The seller was self-represented in the off-market transaction.

May 7, 2020

Acquisitions California Industrial Western

Rexford Industrial Buys Clothing Production Facility in Metro Los Angeles for $21M

by Amy Works May 7, 2020

COMMERCE, CALIF. — Los Angeles-based Rexford Industrial has acquired an industrial facility located in Commerce, approximately eight miles southeast of Los Angeles. A private seller sold the property for $21 million. Situated on five acres located at 6687 Flotilla St., the divisible, 120,000-square-foot property features office space, 20-foot to 24-foot clear heights, extensive dock-high loading and a large secured yard. Color Image Apparel, a Los Angeles-based clothing manufacturing company, currently occupies the facility. Jeff Stephens, Jack Mergenthaler and Evan Crawford of CBRE represented the seller, while the buyer was self-represented in the deal.

May 7, 2020

Acquisitions California Mixed-Use Multifamily Office Retail Western

Federal Realty Investment Sells Historic Pottery Barn Building in Old Pasadena for $16.1M

by Amy Works May 7, 2020

PASADENA, CALIF. — Federal Realty Investment Trust has completed the disposition of the historic Pottery Barn Building, a mixed-use property located at the intersection of East Colorado Boulevard and North Fair Oaks Avenue in Pasadena. A private investor acquired the property for $16.1 million. Pottery Barn occupies three levels of the five-story, 30,955-square-foot building, which was built in 1905 and renovated in 1997. The property also offers two floors of residential space and one floor of office space leased to other tenants. Pottery Barn has occupied the building for the more than 20 years, and last year executed a lease extension at the property. Carlos Lopez and Lee Csenar of Hanley Investment Group represented the seller, while Rob Ippolito, Glenn Rudy and Pete Bethea of Newmark Knight Frank Capital Markets represented the buyer in the transaction.

May 7, 2020

Newer Posts

Older Posts