California

JLL Negotiates Sale of 315,000 SF Office Asset in Pasadena

by Amy Works April 29, 2020

PASADENA, CALIF. — JLL Capital Markets has directed the sale of 101 S. Marengo, a Class A office property in Pasadena. Terms of the transaction were not released. Originally built in 1974, the 315,000-square-foot property was occupied by a single tenant that vacated last year. The asset is now available for a full renovation building to create a multi-tenant environment. Situated on 2.9 acres, the transit-oriented site is one block from the Los Angeles Metro Gold line and close proximity to Pasadena 101, Venture 134 and Foothill 210 freeways. Michael Leggett, Andrew Harper, Will Poulsen and Patrick Church of JLL represented the undisclosed seller in the deal.

April 29, 2020

Acquisitions California Office Western

Voit Real Estate Brokers $14.5M Sale-Leaseback of Office Property in San Diego

by Amy Works April 28, 2020

SAN DIEGO — Voit Real Estate Services Private Client Group has arranged the sale of a two-building office asset located in San Diego’s City Center neighborhood. San Diego State University Research Foundation sold the property to Casey Brown Cos. for $14.5 million. The off-market transaction was structured as a sale-leaseback, through which the seller signed a five-year lease with one five-year extension option. Kipp Gstettenbauer and Ryan King of Voit represented the sellers. Voit Real Estate Services also represented the buyer in the deal. The property includes two of the largest office buildings on El Cajon Boulevard and a four-story, 149-stall parking structure.

April 28, 2020

Acquisitions California Industrial Lee & Associates Western

Westcore Enters Temecula Market with 65,625 SF Industrial Warehouse Acquisition

by Amy Works April 28, 2020

TEMECULA, CALIF. — Westcore, an industrial real estate acquisition, development and asset management firm, has entered the Temecula market with the purchase of an industrial warehouse located at 27731 Diaz Road. An undisclosed private investor sold the property for $10.8 million. Situated on 10.6 acres, the currently vacant property features 65,625 square feet of space. The facility offers 14 dock-high doors, 30-foot clear heights, cross-dock configuration and a large decomposed granite secured yard. Brad Yates and Stefan Pastor of Colliers International represented Westcore, while Barret Woods of Lee & Associates represented the seller in the transaction.

April 28, 2020

Acquisitions California Retail Western

The Passman Group Arranges Sale of Three-Parcel Land Site in Los Angeles

by Amy Works April 27, 2020

LOS ANGELES — The Passman Group has brokered the sale of a three-parcel land assemblage, located at 2107-2121 Westwood Blvd. in Los Angeles. A private investor acquired the asset for an undisclosed price. The property consists of multiple buildings across three parcels that are approximately 27,000 square feet. With close to 200 feet of frontage, the property was previously home to the iconic Wally’s Wine & Spirits for more than 30 years. David Passman, Michael Navi and Marc Pakravan of The Passman Group represented the undisclosed seller in the transaction. Richard Drapkin advised the seller.

April 27, 2020

Acquisitions California Multifamily Western

Matthews Real Estate Negotiates $9.7M Sale of Apartment Building in Los Angeles

by Amy Works April 27, 2020

LOS ANGELES — El Segundo, Calif.-based Matthews Real Estate Investment Services has arranged the sale of a residential property located at 12626 Matteson Ave. in Los Angeles. An undisclosed buyer acquired the asset for $9.7 million. The name of the seller was not released. Built in 1988 in Los Angeles’ Westside neighborhood, the building features 20 units in a mix of two-bedroom and four-bedroom apartments with lofts. Kyle Mirrafati of Matthews Real Estate represented the buyer and seller in the deal.

April 27, 2020

Acquisitions California Industrial Western

First Industrial Buys Warehouse, Manufacturing Asset in Fremont for $9.1M

by Amy Works April 27, 2020

FREMONT, CALIF. — First Industrial has acquired a light industrial warehouse and manufacturing facility in Fremont. An undisclosed seller sold the property for $9.1 million. The 38,692-square-foot property is located at 4160-4170 Business Center Drive. The asset was built to accommodate a variety of uses from manufacturing to last-mile delivery services. Joe Yamin of Colliers represented the seller, while Century 21 represented the buyer in the transaction.

April 27, 2020

Acquisitions California Industrial Lee & Associates Western

Avison Young Brokers $5.5M Sale of 32,000 SF Industrial Asset in Whittier, California

by Amy Works April 27, 2020

WHITTIER, CALIF. — Avison Young has arranged the sale of an industrial building located at 8155 Byron Road in Whittier. The undisclosed seller sold the asset to a private buyer for $5.5 million. Built in 1974 on 1.5 acres, the 32,000-square-foot property includes 3,000 square feet of office space, 16 parking spaces, two roll-up doors and 20-foot to 22-foot clear heights. The seller is a company that manufactured racking systems for the grocery industry and vacated the property prior to escrow. The buyer intends to use the building for its business. Chris Maling, David Mailing and Paul Clark of Avison Young represented the seller, while Lee & Associates represented the buyer in the deal.

April 27, 2020

California Development Retail Western

Organic Roots Grocery Store Opens at McKinley Crossroads in Corona, California

by Amy Works April 27, 2020

CORONA, CALIF. — Organic Roots, a family-owned organic and natural food store, has opened a its location at McKinley Crossroads. ShopOne Centers REIT owns the property, located in Corona. This is the retailer’s second store, joining its existing location in Temecula. Organic Roots offers local, organic products, all-natural foods, health and body care products, and supplements. Additionally, the store features a wide selection of foods for specialized diets, including vegan, vegetarian, gluten free, low sugar, paleo and keto. Organic Roots will be open to seven days a week from 9 a.m. to 7 p.m. and will offer senior citizen shopping hours and curbside pickup for the duration of the coronavirus pandemic.

April 27, 2020

Acquisitions California Multifamily Western

Matthews Real Estate Brokers $20.2M Sale of Multifamily Portfolio in San Fernando Valley

by Amy Works April 24, 2020

SAN FERNANDO VALLEY, CALIF. — Matthews Real Estate Investment Services has directed the sale of a nine-property multifamily portfolio in San Fernando Valley. The portfolio traded for $20.2 million in an off-market transaction. The names of the seller and buyer were not released. Totaling 124 units, the portfolio consists of nine apartment buildings spread across the San Fernando Valley, a 250-square-mile urbanized region of Los Angeles County comprising 34 neighborhoods and nearly 1.7 million people. Daniel Withers and John Boyett of Matthews Multifamily division arranged the sale.

April 24, 2020

Acquisitions California Retail Western

JLL Negotiates Sales of Two Vacant Retail Properties in Los Angeles County Totaling $4.8M

by Amy Works April 24, 2020

NORWALK AND CITY OF INDUSTRY, CALIF. — JLL Capital Markets has arranged the sales of two vacant retail assets located in Los Angeles County for a combined consideration of $4.8 million. Happy Sky Inc. acquired the 8,100-square-foot building, located at 11732 Rosecrans Ave. in Norwalk. Completed in 1950, the freestanding building is situated on 0.5 acres of land. The adjacent 29-stall parking lot was included in the deal. The buyer plans to convert the property, which was formerly occupied by Mega Shoe Factory, into a coin-operated laundromat. Bliss Car Wash purchased the 1.1-acre, two-parcel asset at 120 S. Hacienda Blvd. in City of Industry. Formerly a bank branch building with a drive-thru, the one-story, 5,500-square-foot building features 66 parking spaces on a rectangular lot. The buyer plans to demolish the existing building and construct an express car wash facility on the property. Adam Friedlander of JLL Retail Capital Markets represented the sellers, private investors, in each transaction.

April 24, 2020

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