CLEAR LAKE OAKS, CALIF. — Colliers International has brokered the sale of Big Oaks Center, a mixed-use property located in Clear Lake Oaks in Northern California. Las Vegas-based Crystal View Capital sold the property to Redding, California-based Berg Family for $7.2 million. Totaling 98,811 square feet, Big Oaks Center features 78,845 square feet of self-storage space, 17,086 square feet of retail space and a 2,880-square-foot United States Postal Service location. Tom de Jong of Colliers International National Self Storage Group represented the seller in the deal. The purchase was partially completed via a 1031 exchange, with the balance financed by Five Star Bank.
IRVINE, CALIF. — A joint venture between Hines and a global investment management firm has received $182 million in refinancing for Intersect, a mid-rise, four-building, Class A office campus in Irvine. Kevin MacKenzie, John Chun and Nick Lench of JLL Capital Markets placed the three-year, interest-only financing with MetLife Investment Management. The borrower plans to use the loan proceeds to fund future leasing at the property and retire the existing loan that the same JLL team arranged for the borrower in 2018. Situated on 15 acres, Intersect comprises four buildings, totaling 452,060 square feet, at 17875 and 17877 Von Karman Ave. and 17872 and 17838 Gillette Ave. Located in the heart of the Irvine Business Complex, the property features a restaurant, shipping container beer garden and coffee shop, game pavilion, fire pits, chicken coop, bird aviary and sports court. Additional features include indoor and outdoor workspaces; a fitness center with Peloton bikes, classes, locker rooms, spin studio and outdoor yoga lawn; private tenant terraces; a 40-seat, stadium-style conference center; and a 16-person board room. The Intersect also offers 573 surface parking stalls, a 1,595-space structured parking garage at 17892 Gillette Ave. and a 181-stall subterranean parking facility.
SAN DIEGO — LPC West, the West Coast operating division of Lincoln Property Co., has completed the sale of a two-story, flex R&D property located at 9877 Waples St. in San Diego’s Sorrento Mesa submarket. An affiliate of Alexandria Real Estate Equities acquired the building for $17 million in an off-market transaction. The 62,392-square-foot asset is mid-way through the seller’s biotech conversion process, which the buyer will complete. Andy Hugget, Bill Dolan and Sean Williams of CBRE represented LPC West, while Alexandria was self-represented in the transaction.
MORENO VALLEY, CALIF. — Toolots, a California-based online marketplace and distribution channel for factory-direct industrial tools, machinery and technology, has inked a deal to occupy a warehouse and distribution facility located at 17783 Indian St. in Moreno Valley. KKR Alpha Industries owns and operates the 436,350-square-foot facility. Robert Feathers and Brian Bennett of Kidder Mathews represented Toolots in the lease transaction.
SAN RAMON, CALIF. — Fitness center retail chain 24 Hour Fitness has filed for Chapter 11 bankruptcy protection stemming from revenue losses during the COVID-19 pandemic. The San Ramon-based company expects to secure $250 million in debtor-in-possession financing, which is subject to court approval. The fitness chain has also announced its intention to permanently close 132 of its 300-plus gyms. In California alone, 24 Hour Fitness will shutter 41 locations, and in Texas another 26 will permanently close as the company will focus on reopening its other gyms across the country. “If it were not for COVID-19 and its devastating effects, we would not be filing for Chapter 11,” says Tony Ueber, CEO of 24 Hour Fitness. “With that said, we intend to use the process to strengthen the future of 24 Hour Fitness for our team and club members, as well as our stakeholders.” Although Ueber says the COVID-19 pandemic is the main culprit in the company’s struggles, the retailer’s debt load is also a contributing factor. Brad Umansky, president of Progressive Real Estate Partners, says that the retailer’s ownership group, including private equity firm AEA Investors, hampered 24 Hour Fitness from operating to the best of its ability …
LOS ANGELES — Meta Housing, as developer, and R.D. Olson Construction, as general contractor, have broken ground on Lamp Lodge, a 49,000-square-foot affordable housing community in downtown Los Angeles. Located at 660 Stanford Ave., the seven-story building will offer 74 studio units, seven one-bedroom apartments and one two-bedroom unit. All units will feature a refrigerator, dishwasher and range, as well as energy-efficient windows. Community amenities will include an on-site laundry room, community center and open residential courtyard. KFA Architecture and JAG Interiors are serving as architects for the project, which is slated for completion in first-quarter 2021. JP Morgan Bank and the Housing Authority of the City of Los Angeles are funding the development, which is situated on the site of a former four-story apartment community.
CORONA, CALIF. — Denver-based EverWest Real Estate Investors has completed the $37 million sale-leaseback acquisition of Magnolia Point, a Class A industrial facility in Corona. Located at 1560 E. Sixth St., the 210,345-square-foot building features 32-foot clear heights, 21 dock-high doors, two ground-level doors, a 150-foot truck court and more than 27,300 square feet of office space. Amrapur Overseas occupies the entire warehouse/distribution building, which was constructed in 2014. Richard Schwartz, Joey Reaume and Tommy Gilmore of Colliers International represented the buyer, while Jim deRegt of Lee & Associates represented the seller in the transaction.
EL CAJON, CALIF. — The Mogharebi Group (TMG) has brokered the sale of Willow Creek, a multifamily property located at 8410 Los Coches Road in El Cajon. A Southern California-based private investor acquired the asset for $8.5 million. The seller was a Southern California-based investor. Built in 1987, Willow Creek features 33 apartments in a mix of two- and two-bedroom floor plans spread across two three-story residential buildings totaling 31,800 rentable square feet. Units offer upgraded quartz countertops, stainless steel appliances, air conditioning, new flooring, accented painted interiors and in-unit washers/dryers. Community amenities include a swimming pool, hillside views and covered parking. Alex Mogharebi and Otto Ozen of TMG represented the seller in the deal.
BURLINGAME, CALIF. — JLL Capital Markets has secured $33.8 million in construction financing for the development of 250 California, a speculative office building in Burlingame. Jordan Angel and Chris Gandy of JLL represented the borrower, Dewey Land Co. and Divco West, to capitalize the project through a joint venture partnership. Slated for completion in 2022, the 44,605-square-foot project will feature four stories of office space, ground-floor retail space and a three-level subterranean parking facility. The transit-oriented property is situated in downtown Burlingame immediately adjacent to the Burlingame Caltrain station, near Highway 101 and state routes 82 and 92.
TRACY, CALIF. — Nearon Enterprises has purchased Eastgate Business Park, an industrial property located at 1447 Mariana Court in Tracy. Indianapolis-based Scannell Properties sold the asset for an undisclosed price. Situated on 11.9 acres, the property features 155,000 square feet of industrial space, 28-foot clearance, a gated truck court, 3,000 amps of electrical service, ample parking and dock-high/grade-level loading. Additionally, the facility features 18,000 square feet of temperature-controlled space, a tenant-funded development. Blue Line Foodservice Distribution, a national food distributor and restaurant supplier, occupies 37 percent of the property on a lease through 2030. Darla Longo, Barbara Perrier, Rebecca Perlmutter, Tom Davis and Dan Davis of CBRE, along with Jim Martin of Lee & Associates, represented the seller in the deal.