California

CBRE Negotiates $7.5M Sale of Medical Office Building in Folsom, California

by Amy Works November 14, 2024

FOLSOM, CALIF. — CBRE has brokered the sale of a medical office building located at 1743 Creekside Drive in Folsom. A private seller sold the asset to an undisclosed buyer for $7.5 million. At the time of sale, the 20,086-square-foot property was fully leased. Tenants include CGT Global, Folsom Orthopedic Surgery and Sports Medicine and Hanger Prosthetics & Orthotics West. The building is situated within the nine-building Willow Creek Medical Office Park, which is adjacent to Dignity Health Hospital. Matt Post, Sammy Cemo and Antony DeLorenzo of CBRE represented the seller in the deal.

November 14, 2024

California Development Industrial Western

REDA, Clarion Partners Deliver 253,318 SF Industrial Project in Central Los Angeles

by Amy Works November 13, 2024

LOS ANGELES — A joint venture between Real Estate Development Associates (REDA) and Clarion Partners have completed construction of Union Commerce Center, a Class A warehouse/distribution facility at 3690 E. Union Pacific Ave. in central Los Angeles. Situated on more than 11 acres, Union Commerce Center offers 253,318 square feet of speculative industrial space. The development consists of a single 253,318-square-foot industrial building with a clear height of 36 feet, 35 dock-high doors with levers on all docks, two oversized grade-level doors, 41 trailer stalls, an ESFR K-25 sprinkler system, skylights, wide column spacing and ample expandable power. Union Commerce Center features a large-scale mural that wraps around a 500,000-gallon water tower, which serves the property’s fire sprinkler system. The mural was produced by local artist Downtown Daniel, an Angeleno more formally known as Daniel Antelo. Antelo’s work has been featured on walls and canvases nationwide, and he is recognized for his work with Nike, Kobe Bryant’s family, The Marathon Clothing and the LA Rams, Clippers and Dodgers. Cushman & Wakefield’s John Minervini, Erik Larson, Chris Tolles and Paul Sims are handling the leasing efforts of the property.

November 13, 2024

Acquisitions California Industrial Office Western

Madison Marquette Divests of 96,535 SF Valent Innovation Center R&D Building in San Ramon, California

by Amy Works November 13, 2024

SAN RAMON, CALIF. — Madison Marquette has completed the sale of Valent Innovation Center, a two-story R&D building in San Ramon. Orion Office REIT acquired the asset for an undisclosed price as the first acquisition under its new entity. Located at 4600 Norris Canyon Road, Valent Innovation Center offers 96,535 square feet of research and development space, which is fully leased to Valent USA, a wholly owned subsidiary of Sumitomo Chemical. The asset was most recently renovated in 2022. Adam Lasoff, Erik Hanson, Rob Hielscher, Caroline Reynolds and Quinn O’Connor of JLL Capital Market’s Investment Sales and Advisory represented the seller in the transaction.

November 13, 2024

Acquisitions California Retail Western

Capstone Advisors Buys 55,580 SF Solana Beach Retail Center in California from GEM Realty Capital

by Amy Works November 13, 2024

SOLANA BEACH, CALIF. — Capstone Advisors has purchased Beachwalk Shopping Center in Solana Beach from GEM Realty Capital for $32.1 million. Located at 437 S. Highway 101, the 55,580-square-foot asset consists of eight buildings offering a mix of retail, restaurant, medical and creative office space. Capstone Advisors plans to revitalize the center with physical improvements and a curated tenant roster focusing on food-and-beverage options, as well as health and wellness offerings. Two new tenants that reflect this focus are Pure Infrared Sauna and Lana Restaurant, which are currently under construction. Geoff Tranchina, Gleb Lvovich and Daniel Tyner of JLL Investment Sale and Advisory represented the seller in the deal.

November 13, 2024

California Civic Development Western

C.W. Drivers Cos. Builds K-8 Public School at The Preserve in Chino

by Amy Works November 12, 2024

CHINO, CALIF. — C.W. Driver Cos. has completed the construction of Legacy Academy, a K-8 school at The Preserve at Chino, a 38-acre master-planned community in Chino. The $51 million public school will serve more than 1,250 students in the Chino Valley Unified School District (Chino Valley USD). Legacy Academy’s 73,000-square-foot campus consists of six one-story buildings housing classrooms, science and STEM labs, physical education facilities, administration, a library, kitchen, multipurpose room, a dedicated TK/kindergarten and an outdoor amphitheater. Additionally, C.W. Driver Cos. provided construction of the school’s new parking lots, playfields, hardcourts, fencing and gates. PBK Architect provided architectural services for the project.

November 12, 2024

California Development Mixed-Use Multifamily Retail Western

Downtown Burbank Completes Second Phase of First Street Village Mixed-Use Project

by Amy Works November 12, 2024

BURBANK, CALIF. — Downtown Burbank has completed the second phase of First Street Village, a three-phase mixed-use apartment community at the intersection of First Street and Magnolia Boulevard in downtown Burbank. Situated on more than 3 acres, the second phase includes 275 apartments and 18,000 square feet of ground-floor retail space. High Impact Pilates has signed a lease to occupy a portion of the new retail space. First Street Village offers micro units, one-, two- and three-bedroom apartments, a sky deck with WiFi, fitness center, social workspaces, barbecues, fire pits and pools. The first phase of the community is 95 percent occupied and retail tenants include Flow Wine Bar, Hardcore Fitness and Hollywood Pet Grooming Pet Store. The residential component includes 24 affordable housing units. Developed by Tim Behunin, First Street Village is the largest mixed-use development in downtown Burbank since 2005. Christopher Baer of Avison Young is handling leasing for First Street Village’s retail component. Downtown Burbank Partnership, a California nonprofit mutual benefit corporation, manages the Downtown Burbank District.

November 12, 2024

California Loans Multifamily Student Housing Western

JLL Secures $45M Acquisition Financing for Garden Village Student Housing Community Near UC Berkeley

by Amy Works November 11, 2024

BERKELEY, CALIF. — JLL Capital Markets has secured $45 million in financing for Hawkins Way Capital’s acquisition of Garden Village, a student housing community in Berkeley. Located at 2201 Dwight Way, Garden Village offers 77 residential units for students. The property will be operated as the FOUND Study Southside Berkeley and will be managed by FCL Management. Built in 2016 near the University of California, Berkeley (UC Berkeley), the mid-rise property offers a mix of two- and four-bedroom floor plans, a rooftop farm and flower garden, secured access, outdoor patios, an indoor lounge, laundry room, fitness center and bike storage. The community consists of 18 buildings, totaling 64,301 square feet. Brandon Smith, Annie Rice and Gyasi Edmondson of JLL Capital Market’s Debt Advisory arranged the two-year, floating-rate loan through Limekiln Real Estate Investment Management. The financing package includes an initial funding of $36 million, with an additional $9 million available for future funding.

November 11, 2024

Acquisitions California Development Industrial Self-Storage Western

Buchanan Street Partners Buys Metro Los Angeles Development Site, Plans 1,180-Unit Self-Storage Project

by Amy Works November 11, 2024

UPLAND, CALIF. — Buchanan Street Partners has acquired a 2.1-acre site located at 1382 E. Foothill Blvd. in Upland for $6.2 million from a private owner/developer in an off-market transaction. Buchanan Street Partners plans to redevelop the site, which is located approximately 37 miles east of Los Angeles and is currently occupied by a vacant medical office building, into a Class A self-storage facility. The new four-story, 123,000-square-foot property will offer 1,180 self-storage units. Construction will begin immediately, with completion slated for January 2026. DAI General Contracting is the general contractor, and Wintrust Bank is providing construction financing for the project.

November 11, 2024

Acquisitions California Property Type Restaurant Retail Western

Hanley Investment Group Arranges Sale of Multi-Tenant Retail Pad in Fresno, California

by Amy Works November 11, 2024

FRESNO, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the sale of Shops at Broadway Faire, a multi-tenant, net-leased retail pad property in Fresno. Built in 1995 on 1.4 acres, the 15,000-square-foot retail pad is located at 3367-3385 W. Shaw Ave. At the time of sale, the property was fully leased by five tenants: Red Robin, which occupies 47 percent of the property; FedEx Office, which recently signed a new 10-year lease; Conroy’s Flowers, which recently executed a new 10-year renewal; Liquor 4U, which extended an additional five years with a rental increase; and OneMain Financial, which exercised its five-year extension option. Eric Wohl and C.J. Kiehler of Hanley Investment Group Estate Advisors represented the seller, a New York-based real estate investment trust, while the buyer, a local private investor, was self-represented in the transaction. The sales price was not disclosed.

November 11, 2024

California Loans Office Western

Nuveen Green Capital Closes $220M in C-PACE Financing for 200 Park Avenue Office Building in San Jose

by Amy Works November 8, 2024

SAN JOSE, CALIF. — Nuveen Green Capital, on behalf of Jay Paul Co., has closed $220 million in C-PACE financing for 200 Park Avenue, an office building in San Jose. Commercial Property Assessed Clean Energy (C-PACE) provides flexible financing solutions for new, ongoing or recently completed commercial real estate projects. The financing was used to recapitalize the building’s sustainability and resiliency measures. Designed and developed by Jay Paul Co., the 19-story tower offers 965,000 square feet of Class A office space, including 24,300 square feet of outdoor terraces, four levels of underground parking and a 20,500-square-foot fitness and amenity center. Matt Cimino and Bruce Ganong of JLL Capital Market’s Debt Advisory represented the sponsor in the financing transaction.

November 8, 2024

Newer Posts

Older Posts