California

Shea Properties Completes 500,000 SF Shea Business Center in Santa Ana, California

by Amy Works June 10, 2020

SANTA ANA, CALIF. — Aliso Viejo, Calif.-based Shea Properties has completed the development of Shea Business Center, a Class A industrial park located on the former ITT site on Dyer Road in Santa Ana. Construction began in August 2018 and was completed on June 1, 2020. Totaling 500,000 square feet, the nine-building Shea Business Center offers dock-high and ground-level loading doors, ESFR sprinklers, concrete foundation, gas service to all buildings, potential private yards, ample power and 28-foot to 30-foot clear heights. Anduril has inked a deal to occupy 72,000 square feet at the industrial park. Anduril is a defense technology start-up focused on artificial intelligence platforms to protect troops, fight wildfires, perform search-and-rescue missions and more. John Griffin and Max Wang of Cushman & Wakefield are leasing agents for the property. Tucker Hughes of Hughes Marion represented Anduril in its lease.

June 10, 2020

Acquisitions California Industrial Lee & Associates Western

Lee & Associates Arranges $2.8M Sale of Industrial Building in Metro San Diego

by Amy Works June 10, 2020

ESCONDIDO, CALIF. — Lee & Associates – North San Diego County has arranged the sale of an industrial property located at 124 S. Market Place in Escondido. PGP Beach Colony acquired the property from Morris Alkin Revocable Trust for $2.8 million. The 19,525-square-foot industrial building features four suites leased to three tenants. Daniel Knoke and Peter Merz of Lee & Associates represented the buyer and seller in the deal.

June 10, 2020

California Development Multifamily Western

Hines, MetLife Break Ground on 228-Unit The Grant Multifamily Development in Concord, California

by Amy Works June 9, 2020

CONCORD, CALIF. — Hines, along with investment partner MetLife Investment Management, has broken ground on The Grant, a multifamily community in downtown Concord. Comprising two buildings separated by Clayton Road, The Grant will feature a north building office with 139 apartments and ground-floor retail space, as well as a south building with 89 units. The property will feature a mix of studio, one- and two-bedroom layouts ranging in size from 506 square feet to 1,211 square feet. Community amenities will include a swimming pool, roof deck, clubhouse, outdoor fitness area, fire pits, bicycle parking and space for dogs, as well as 328 parking spaces. Completion is slated for third-quarter 2022, with leasing scheduled to begin in April 2022. Development partners include Architects Orange as design and landscape architect, Haven Design Studio for interior design services and Brown Construction as general contractor.

June 9, 2020

Acquisitions California Industrial Western

Westcore Expands Bay Area Portfolio with $9.2M Industrial Acquisition

by Amy Works June 9, 2020

SAN JOSE, CALIF. — Westcore has purchased an industrial warehouse, located at 660 N. King Road in San Jose, for $9.2 million. The 40,000-square-foot property features 29-foot clear heights and a secured yard. Westcore plans to renovate the warehouse to include a new roof, seismic retrofitting, parking lot repairs, office reconfiguration and upgrades. The asset is adjacent to an 87,000-square-foot industrial warehouse, located at 1800 Dobbin Drive, that Westcore acquired earlier this year. Jeffrey Ida and Cole Ferrari of Marcus & Millichap represented the buyer and undisclosed seller in the transaction.

June 9, 2020

Acquisitions California Leasing Activity Office Top Stories Western

PG&E to Move to Oakland, Sell San Francisco Headquarters

by John Nelson June 9, 2020

SAN FRANCISCO AND OAKLAND, CALIF. — PG&E Corp. (NYSE: PCG), parent company of West Coast utilities company Pacific Gas and Electric Co., has entered into a long-term lease at 300 Lakeside, a 824,469-square-foot office building situated along Lake Merritt in Oakland. Starting in 2022, the publicly traded firm will move away from its longtime downtown San Francisco headquarters at 77 Beale St. and 245 Market St. The company plans to sell the buildings, pending approval of the bankruptcy court. PG&E entered into bankruptcy protection in January 2019 that included a $13.5 billion settlement for approximately 70,000 victims of the Northern California wildfires in 2017 and 2018, according to the San Francisco Business Times. The company’s power lines were reported to have sparked the fires. PG&E plans to request approval from the California Public Utilities Commission to return the net gain realized upon the future sale of its San Francisco headquarters to its customers. The company currently owns and occupies roughly 1 million square feet of office space in San Francisco, according to the San Francisco Business Times. PG&E’s lease in Oakland includes a purchase option from landlord TMG Partners taking effect in 2023, the same year that PG&E plans to …

June 9, 2020

California Development Multifamily Western

Phoenix Development, Integrity Housing Plan Dutton Flats Affordable Apartments in Santa Rosa, California

by Amy Works June 8, 2020

SANTA ROSA, CALIF. — Phoenix Development Co., in partnership with Irvine, Calif.-based Integrity Housing, has closed financing and started construction on Dutton Flats Apartments in Santa Rosa. Located at 214 W. Third St., Dutton Flats Apartments will feature 40 affordable apartments to serve low-income families with children, along with one manager’s unit. The apartments will feature a great room with an open kitchen, dining and living area, as well as Energy Star appliances, LED lighting, high-efficiency heating and energy-conserving windows and insulation. Community amenities will include a community room, laundry room, technology center, bike repair area, fitness center, children’s activity room and picnic/barbecue area. The community is located in downtown Santa Rosa and in close proximity to schools and employment. Additionally, the property will feature a bus shelter for ease of transportation to off-site services. Dutton Flats is owned by Dutton Flats LP, consisting of Phoenix Development Co., Integrity Housing and Berkadia. Exchange Bank loaned $13 million for construction, while The Housing Authority of the City of Santa Rosa provided an additional $3.1 million. Precision General Commercial Contractors is building the property, which KTGY Architecture & Planning designed. FPI Management will manage the completed community.

June 8, 2020

Acquisitions California Retail Western

SRS Brokers $9.5M Sale of Shops at El Camino Real in Belmont, California

by Amy Works June 8, 2020

BELMONT, CALIF. — SRS Real Estate Partners has negotiated the sale of Shops at El Camino Real, a retail center located at 1200 El Camino Real in Belmont. A Northern California-based private investor sold the asset for $9.5 million, or approximately $1,200 per square foot. Peet’s Coffee & Tea, Detox Kitchen & Juice Bar, Menchie’s Yogurt, SuperCuts, Toto’s Pizzeria and AT&T are tenants at the two-building, 8,014-square-foot retail center. Built in 1999, the property is an outparcel to a Safeway-anchored retail center. Chris Tramontano, John Redfield and Bruce Frazer of SRS’ National Net Lease Group represented the seller. The Gilmartin Group represented the undisclosed buyer in the transaction.

June 8, 2020

California Data Centers Development Industrial Western

CoreSite Completes Final Phase of SV8 Data Center in Santa Clara, California

by Amy Works June 8, 2020

SANTA CLARA, CALIF. — CoreSite Realty Corp. has completed the third and final phase of SV8, a 162,000-square-foot data center development in Santa Clara. The final phase consists of a 54,000-square-foot building with six megawatts, with 11 percent of the building pre-leased. The first two phases, totaling 108,000 square feet, are fully leased. The 18-megawatt, purpose-built SV8 project is part of CoreSite’s Santa Clara and broader Silicon Valley connected campus, with close proximity to the heart of the high-tech Silicon Valley market.

June 8, 2020

Hampton-Inn-Breakwater-Town-Center-Imperial-Beach-CA

California Development Hospitality Western

Sudberry Properties, Tharaldson Hospitality Open Hampton Inn & Suites in Imperial Beach, California

by Amy Works June 5, 2020

IMPERIAL BEACH, CALIF. — Sudberry Properties and Tharaldson Hospitality Management have opened Hampton Inn & Suites by Hilton at Breakwater Town Center in Imperial Beach. Situated on 1.5 acres, the four-story, 62,000-square-foot property is the final phase of Breakwater Town Center, a public-private partnership by the city of Imperial Beach and Sudberry Properties. Located at 771 Palm Ave., the newly constructed hotel features 100 guest rooms, a fitness center, breakfast and lounge area, business center, outdoor swimming pool, free Wi-Fi and 100 parking spaces. The hotel’s development team includes Joseph Wong of San Diego-based JWDA, Las Vegas-based Design Cell Architecture and Carlsbad, Calif.-based Watkins Landmark Construction. Heritage Inn of Imperial Beach LLC owns the hotel. Sudberry and Tharaldson are serving as managing partners. Tharaldson Hospitality Management operates the hotel under a franchise agreement with Hilton Worldwide Holdings.

June 5, 2020

California Loans Office Western

Gantry Arranges $35M in Financing for Two San Francisco Office Buildings

by Amy Works June 5, 2020

SAN FRANCISCO — Gantry has secured $35 million in permanent financing for two Class B office buildings in San Francisco. Located at 1301 Sansome St. and 945 Battery St., the two buildings are situated just north of San Francisco’s Financial District. Built in 1910-1940 and renovated in 1999, 1301 Sansome Street features six stories, including a penthouse, offering 38,868 square feet of office space. Grove Collaborative occupies the entire building. Built in 1911 and renovated in 1999, the six-story 945 Battery Street features 67,966 square feet of office space, including a penthouse. Second Life, an online virtual platform, and Lightstep, a provider of software solutions that help organizations stay in control of their systems, occupy the building. George Mitsanas and Josh Natker of Gantry’s Los Angeles office arranged the 15-year loan, which has a 30-year amortization schedule, with a correspondent life insurance company for the undisclosed borrower. Gantry will service the permanent loan.

June 5, 2020

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