RANCHO CUCAMONGA, CALIF. — Voit Real Estate Services has directed the sale of a multi-tenant industrial park in Rancho Cucamonga. Newport Beach, Calif.-based Focus Real Estate Services sold the asset to Pasadena, Calif.-based Teamrise International for $21.5 million. Located at 9007-9087 Arrow Route, the property features 138,081 square feet of industrial space. Juan Gutierrez of Voit’s Ontario, Calif., office and Mike Bouma of Voit’s Anaheim, Calif., office represented the seller, while KMBJ Inc. represented the buyer in the deal.
STOCKTON, CALIF. — Meridian, a full-service real estate developer and owner of medical real estate, has completed the sale of an outpatient dialysis clinic in Stockton. A Northern California-based private investor acquired the asset for $7.5 million. The 13,600-square-foot property is located at 7500 West Lane. In 2018, Meridian originally acquired a 7,500-square-foot building situated on 2.06 acres to develop the Stockton dialysis clinic. The development team included Walnut Creek, Calif.-based Harriman Kinyon Architects; Livermore, Calif.-based Kier and Wright; and Napa, Calif.-based H2 Builders. Paul Beckwith of Cushman & Wakefield’s Oakland, Calif., office represented the buyer, while Chris Sheldon of Cushman & Wakefield’s San Francisco office represented the seller in the transaction.
Employers throughout Orange County continue to seek ways to attract and retain the best and brightest talent as unemployment dropped to 2.4 percent in the second quarter, below both the California and U.S. rates. That, in turn, has resulted in landlords reinvesting in their properties, providing creative and flexible work spaces, and offering a variety of onsite amenities and service that help companies fulfill that goal. Landlords continue to seek out creative competitive advantages by improving the actual employee experience within the workplace. This often results in amenities like gyms, fitness classes, outdoor work areas, restaurants and collaborative open spaces. Add to that complimentary concierge and personal services, dog-friendly campuses, onsite hosted events and entertainment opportunities and it’s evident to see that property owners are stepping up their tenant services game, thereby enhancing employee innovation and productivity in the workplace. With all that in mind, three new office projects completed construction in the second quarter. FLIGHT at Tustin Legacy added 457,217 square feet of unique, creative office space with 26 percent already pre-leased. The major warehouse-to-office conversion project at 2722 Michelson was delivered fully leased to Anduril, an aerospace defense firm, which subsequently subleased 47,733 square feet to advertising technology …
JURUPA VALLEY, CALIF. — CBRE Capital Markets’ Debt & Structured Finance team has arranged a $9 million loan for Kite Family Limited Partnership. The funds will be used to refinance debt on Jurupa Valley Spectrum, a retail asset in Jurupa Valley. Located at 8022-8082 Limonite Ave., the 124,949-square-foot retail center was 98 percent leased at the time of financing. Jurupa 14 Cinemas occupies approximately 48 percent of the property. Other tenants include Walgreens, Starbucks Coffee and the United States Postal Service. Shaun Moothart, Bruce Francis, Bob Ybarra, Dana Summers, Doug Birrell and Jennifer Ansari of CBRE secured the financing, which was used to retire existing debt on the property, improve the borrower’s terms and enhance the cash flow generated from the investment. The loan’s structure also provides for future funding to build out additional improvements at the property.
Despite the headwinds facing retail real estate, including the continued rise of ecommerce, the Orange County retail market remains resilient. Statistics are favorable. Vacancy is low at 3.7 percent and average market rent is $32.29 per square foot, up 1.15 percent from last year. Cap rates remain nearly 200 basis points below the national average, signaling buyer sentiment that OC retail is a relatively safe haven. Ground-up development is slow and selective, shoring up demand and keeping rates up for the foreseeable future. The interesting thing is that the market trends are pervasive. Let’s identify a few. Drive-thru restaurants are on fire. Tenants like Chick Fil-A, Raising Cane’s, Starbucks, In-N-Out, Panera and others are performing much higher in SoCal as compared to the rest of the country. Good sites are commanding competition, driving ground rents and drive-thru build-to-suit rents higher each of the past three years. Fitness, grocery, discount and entertainment uses are the most active players in the box category. It’s amazing to think the 1.5 million square feet of big boxes that were dumped on the market in 2017 and 2018 are now mostly accounted for thanks to these new users. EOS Fitness, Planet Fitness, ALDI, Burlington, At …
CORONA, CALIF. — San Diego-based Providence Capital Group has completed the sale of Rincon Corporate Plaza, an office building located at 355 E. Rincon St. in Corona. ZHOPE LLC acquired the asset for $11.8 million, or $200 per square foot. At the time of sale, the 58,850-square-foot property was 100 percent leased to 17 tenants, including Lennar Homes, Wells Fargo and Verizon. Anthony DeLorenzo, Gary Stache, Doug Mack, Sammy Cemo and Bryan Johnson of CBRE represented the seller. Shaun Moothart and Jenifer Ansari, also of CBRE, arranged financing for the Corona-based buyer in the transaction.
LAGUNA BEACH, CALIF. — LaSalle Investment Management has completed the disposition of Aliso Creek Shopping Center, a retail asset located at 30814-30936 Pacific Coast Highway in Laguna Beach. Although the sale price was not released, it marked the highest price-per-square-foot sold for an anchored shopping center in Orange County, according to JLL, which brokered the deal. Situated on 4.2 acres, Aliso Creek Shopping Center features 49,149 square feet of retail space and was fully leased at the time of sale. Tenants include CVS/pharmacy, as anchor, Yoga Works, Starfish Laguna, Fantastic Sam’s, Pure Pilates, Chase Bank, Hand & Stone, Aliso Beach Animal Clinic and Z-Pizza. Gleb Lvovich, Bryan Ley and Daniel Tyner of JLL Capital Markets represented the seller in the transaction. The name of the buyer was not released.
SAN FRANCISCO — A joint venture between The John Buck Co., Golub & Co. and MetLife has completed construction of Park Tower at Transbay, a 45-story, 803,700-square-foot office tower in San Francisco’s Transbay district. The building is situated at the corner of Howard and Beale streets, two miles east of downtown San Francisco and four blocks from San Francisco Bay. Architect Goettsch Partners (GP) designed the 605-foot-tall building to include a covered, 3,600-square-foot outdoor plaza with a 35-foot ceiling at the base of the tower. A major focal point of this outdoor space is a site-specific art installation, titled “Night Writing” by Teresita Fernandez, which is integrated into the main wall of the tower’s core. Park Tower is certified LEED Gold. In May 2018, Facebook signed a long-term lease to fully occupy the building upon completion. “We’re pleased to welcome Facebook to Park Tower,” said Joel Redmon, San Francisco-based managing director for MetLife Investment Management’s real estate business, when the lease was announced. “We’ve worked hard to design an office of the future that will facilitate technological innovation and provide a great foundation for Facebook’s future success.” In addition to the outdoor plaza, Park Tower offers a series of large …
NEWPORT BEACH, LAGUNA BEACH, YOUNTVILLE AND CORONA DEL MAR, CALIF. — JLL has arranged $110 million in acquisition financing for Boardwalk Investments Group. The funds will be used for the purchase of a 12-property retail portfolio in Southern California. John Chun, John Marshall, Sam Godfrey and Jake Fideler of JLL Capital Markets placed the three-year, floating-rate loan with two one-year extension options. Michael Mestel of H.I.G. Realty Partners ran the transaction on behalf of the lender’s retail estate credit fund. Key assets in the portfolio include a CVS/pharmacy-anchored shopping center located at 30814-30936 Pacific Coast Highway in Laguna Beach; a Pavilions-anchored retail center at 3100-3152 Newport Blvd. and a high-street retail asset located at 2902 West Coast Highway in Newport Beach; a fine-dining retail property located at 6725 Washington St. in Yountville; and multiple coastal assets in Newport Beach.
FULLERTON, CALIF. — Goodman Group has acquired a 65-acre manufacturing and distribution property in Fullerton and plans to redevelop the site into a modern logistics campus named Goodman Logistics Center Fullerton. The project will support construction of up to 1.5 million square feet of new space, offering tenants space ranging from 170,000 square feet to 1.5 million square feet across a four-building campus. Slated for delivery in late 2021, the campus will feature potential for cargo/commuter rail service, significant paved trailer parking and cross-dock functionality with multiple points of ingress/egress. Glenn Dyke, Darla Longo and Barbara Emmons of CBRE represented the undisclosed seller, while Sean Ward and Ben Seybold, also of CBRE, were instrumental in the sale of the former distribution center.