California

Harvest Properties, New York Life Real Estate Investors Sell One Bay Plaza in Bay Area for $75.3M

by Jeff Shaw July 3, 2019

BURLINGAME, CALIF. — Harvest Properties and joint-venture partner New York Life Real Estate Investors, on behalf of McMorgan Northern California Value Add Development Fund I, have sold One Bay Plaza in Burlingame to local developer/operator Woodstock Development for an undisclosed amount. The 196,000-square-foot, nine-story office tower was originally purchased in 2016. Paul Nelson, Stephen Van Dusen, Cartter Berg and Cameron Palmer of Eastdil Secured represented Harvest and New York Life Real Estate Investors on the transaction. Sources close to the sale confirmed a price of $75.3 million.

July 3, 2019

California Development Multifamily Seniors Housing Western

Oakmont Senior Living Plans 90,000 SF Community in Southern California

by Jeff Shaw July 3, 2019

OXNARD, CALIF. — Oakmont Senior Living has announced plans for Oakmont of Riverpark, slated to open this winter in Oxnard, a coastal city approximately 70 miles west of Los Angeles. Senior living veteran Gina Salman will be executive director of the 90,000-square-foot, resort-style senior living community located on three acres. The property will feature 59 assisted living and 25 memory care apartment homes. A marketing information center is already open at the site.

July 3, 2019

California Development Industrial Self-Storage Western

StorQuest Self Storage Opens Facility in Metro San Diego

by Jeff Shaw July 3, 2019

ESCONDIDO, CALIF. — StorQuest Self Storage has opened a new facility on 222 W. Mission Ave. in downtown Escondido. Set on 1.57 acres, the four-story structure spans 70,000 square feet with 810 rentable units. Features include climate-controlled units, extended access hours, electronic gate access, online bill payment and month-to-month rentals.

July 3, 2019

Acquisitions California Retail Western

Stan Johnson Co. Brokers $24.5M Sale-Leaseback of California C-Store Portfolio

by Jeff Shaw July 2, 2019

LOS ANGELES — Stan Johnson Co. has completed the $24.5 million sale-leaseback of six Mobil-branded convenience and gasoline retail sites in Los Angeles. Matt Lipson, Chris Lomuto and Milo Spector of Stan Johnson’s Portland, Oregon and Walnut Creek, California offices represented the seller/operator in the transaction. Known as 1234 M Division Street, the seller/operator is a boutique carwash and convenience store operator based in southern California. A New York-based institutional investor purchased the portfolio at a 7.25 percent capitalization rate.

July 2, 2019

Acquisitions California Industrial Western

Prologis Acquires 264,847 SF Industrial Park in Orange County

by Jeff Shaw July 2, 2019

WESTMINSTER, CALIF. — JLL represented Prologis in the acquisition of a 10-building, 264,847-square-foot industrial park on Fenwick Lane in Westminster. JLL’s Louis Tomaselli, Steve Wagner and Zach Niles represented Prologis in the transaction. Curt Stalder of Lee & Associates represented the seller, CMSS Ventures LP.

July 2, 2019

Acquisitions California Retail Western

Hanley Investment Group Arranges $2.3M Sale of Two-Tenant Retail Property in California

by Jeff Shaw July 2, 2019

RIVERSIDE, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the $2.3 million sale of a two-tenant retail property occupied by a Jack in the Box restaurant with a drive-thru and a Verizon cell tower at 1115 W. La Cadena Drive in Riverside. The sale was made at a 4.52 percent capitalization rate. Hanley’s Austin Blodgett and Eric Wohl represented the seller, Greens Capital Ventures LLC, an affiliate of Irvine, Calif.-based Greens Group Inc. Allen Park of Packo Investments represented the unnamed buyer. Built in 2018, the 1,869-square-foot Jack in the Box building sits on a 0.49-acre lot.

July 2, 2019

Acquisitions California Mixed-Use Retail Top Stories Western

Regency Centers Purchases Retail Component of Silicon Valley Mixed-Use Project for $212.5M

by John Nelson July 2, 2019

CAMPBELL, CALIF. — Regency Centers Corp. (Nasdaq: REG) has acquired the retail component of The Pruneyard, a 27-acre mixed-use development in Silicon Valley that dates back to 1969. The Jacksonville, Fla.-based shopping center owner and developer purchased the property from a joint venture between Ellis Partners and investment funds managed by an affiliate of Fortress Investment Group LLC for $212.5 million. Situated in Campbell near State Route 17, The Pruneyard’s 258,000-square-foot shopping center is anchored by Trader Joe’s. The site was formerly a pear and prune orchard before the Brynteson family sold it in 1966, according to the Silicon Valley Business Journal. The recently renovated development also features three office towers spanning 365,000 square feet and a 171-room DoubleTree by Hilton hotel that were not part of the transaction. Other retailers and restaurants at The Pruneyard include Pruneyard Dine-In Cinemas, Marshall’s, Rock Bottom Brewery, Sports Basement, Café Artemis, Buca di Beppo, Peet’s Coffee, Chase Bank and Massage Envy. Coming to the center this fall are fitness concept Row House and DIY workshop retailer Board & Brush. Bryan Ley and Eric Kathrein of HFF represented the sellers in the transaction. San Francisco-based Ellis Partners is retaining a minority interest in the …

July 2, 2019

California Development Office Western

Adobe Breaks Ground on North Tower at San Jose Headquarters

by Kristin Harlow July 1, 2019

SAN JOSE, CALIF. — Adobe Systems Inc. has broken ground on the Adobe North Tower, which will become the fourth tower at the company’s downtown San Jose headquarters. The all-electric tower will house 4,000 employees for Adobe, which was founded in 1982 and has been headquartered in San Jose since 1994. When completed in 2022, the North Tower will connect to Adobe’s existing campus via a pedestrian bridge extending over San Fernando Street, and will also include retail space.

July 1, 2019

Acquisitions California Multifamily Seniors Housing Western

Faris Lee Investments Brokers Acquisition of Seniors Housing Community in Bay Area for $39M

by Amy Works June 28, 2019

HAYWARD, CALIF. — Faris Lee Investments has arranged the purchase of Casa Sandoval, a 187,926-square-foot seniors housing community in Hayward, located along San Francisco Bay. Kayne Anderson Real Estate, a Florida-based private equity firm, acquired the property for $39 million in an off-market sale. The purchase was made through a recently closed $1.85 billion private equity fund focused on seniors housing, medical office and student housing. Gene Ventura with Faris Lee Investments represented the buyer in the transaction. The name of the seller was not released. Constructed in 1990, the Casa Sandoval community offers a total of 235 licensed beds for independent living, assisted living and memory care, with expansion opportunities available.

June 28, 2019

Acquisitions California Industrial Self-Storage Western

Loeffler Self-Storage Group Arranges $6.9M Sale of Self-Storage Asset in California

by Amy Works June 28, 2019

REDDING, CALIF. — The Loeffler Self-Storage Group has facilitated the sale of Best Value Storage, a self-storage facility located along Lake Boulevard in Redding. California-based CP Partners sold the property to a local owner-operator for $6.9 million. Situated on 5.3 acres, Best Value Storage features 64,797 net rentable square feet and 521 self-storage units. The property consists of 15 single-story buildings, a manager’s office and two living quarters. At the time of sale, the property was 100 percent leased. Bobby Loeffler and Tyler Skelly of Loeffler Self-Storage Group represented the seller in the deal.

June 28, 2019

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