California

C.W. Driver Completes $73M Cal Poly Pomona Student Services Building in Pomona, California

by Amy Works January 25, 2019

POMONA, CALIF. — C.W. Drive Cos. has completed the construction of a new student services building at California State Polytechnic University, Pomona. The three-story, 138,400-square-foot structure consists of two buildings beneath an undulating roof, which uses solar power to regulate the building’s temperature and energy efficiency. Designed by CO Architects, the curved steel and concrete roof regulates the building’s temperature through its solid and perforated panels. Additionally, the roof shades the exterior glass windows, reducing glare and maximizing natural light. Serving as the new “front door” to the university, the $73 million building plays a critical role in the long-term development of the university, increases operational efficiency and enables growth. The property replaces former student services and administration areas and consolidates key departments located elsewhere on campus. The building will also serve as a one-stop service center to facilitate access, increase visibility and streamline operations for students and staff.

January 25, 2019

Acquisitions California Industrial Western

HFF Arranges $33M Acquisition of Vacant 340,000 SF Industrial Building in the Inland Empire

by Amy Works January 24, 2019

SAN BERNARDINO, CALIF. — HFF has brokered the sale of a vacant industrial building in San Bernardino. Bixby Land Co. acquired the Class A asset for $33 million. The newly built, 340,000-square-foot property is located at 4982 Hallmark Parkway within the Inland Empire. The acquisition is part of a joint venture with AXA Investment Managers – Real Assets to aggregate $400 million of industrial assets across the Western United States. Andrew Briner and Michael Roberts of HFF represented the buyer, while CBRE represented the undisclosed seller in the transaction.

January 24, 2019

Acquisitions California Office Western

South Korean Gaming Developer Acquires Pettebone Building in Los Angeles for New Headquarters

by Amy Works January 24, 2019

LOS ANGELES — NHN Global, a South Korean video game developer, has purchased the historic Pettebone Building, located at 501 S. Broadway in Los Angeles. RYDA sold the property for $22 million, or $595 per square foot. The video game developer plans to relocate its headquarters, which is currently in Koreatown, to the new location in downtown Los Angeles. Andrew Tashjian and Michael Gooch of Cushman & Wakefield represented the seller, while Carle Pierose of Industry Partners represented the buyer in the transaction. Originally built in 1905, Pettebone Building is designated a Historic-Cultural Monument and underwent an extensive renovation in 2015. The property features updated elevators, fiber internet, and a 3,000-square-foot rooftop deck. Retail tenants at the office building include Mezcalero and YAKIDO.

January 24, 2019

Acquisitions California Multifamily Western

Burbank Housing Development Corp. Buys Parkwood Apartments in Santa Rosa for $15M

by Amy Works January 24, 2019

SANTA ROSA, CALIF. — Burbank Housing Development Corp. has acquired Parkwood Apartments, a garden-style multifamily property in Santa Rosa. L.E.E. & J. Inc. sold the property for $15 million, or $268,000 per unit. Located adjacent to Rincon Valley Community, Parkwood Apartments features 56 units. Vincent Schwab and John Garrett of Marcus & Millichap represented the seller and procured the buyer in the deal.

January 24, 2019

Acquisitions California Industrial Self-Storage Western

Gelt Inc. Purchases 665-Unit Self-Storage Facility in California for $16.5M

by Amy Works January 24, 2019

SOUTH PASADENA, CALIF. — Los Angeles-based Gelt Inc. has acquired Southmark Storage, a self-storage facility located in South Pasadena. Southmark Storage LLC, a California-based private investor, sold the property for $16.5 million. Situated on a 1.8-acre site at 919 Mission St., the six-building property features 623 indoor storage units, 42 outdoor rental units, a site office and a two-bedroom manager’s apartment. At the close of escrow, the property, which was built in 1986, was 99 percent occupied. Immediately upon closing, Gelt hired Extra Space Storage to streamline operations at the property. Gelt also plans to install new roofs, asphalt and paint, as well as signage, property access systems and the addition of a web payment platform. Greg Nassir and Edward Matevosian of CBRE represented the seller, while Gelt was self-represented in the transaction.

January 24, 2019

California Development Mixed-Use Restaurant Retail Western

DWS Group Begins Next Phase of $180M Manhattan Village Redevelopment in Southern California

by Amy Works January 23, 2019

MANHATTAN BEACH, CALIF. — DWS Group has broken ground on Village Shops, the next phase of its $180 million Manhattan Village redevelopment in Manhattan Beach. Manhattan Village is 44-acre, 573,000-square-foot indoor/outdoor mixed-use dining and retail property. Village Shops will feature 60,942 square feet of retail/restaurant space, 30,744 square feet in South Village and 30,198 square feet in North Village; two parking decks encompassing 956 spaces in South Deck, North Deck and surface lots; a water feature; clock tower; and seating areas and lush landscaping. Completion for Village Shops is scheduled for November 2020. Currently signed tenants at Manhattan Village include ROC, Mercado Manhattan Beach, California Pizza Kitchen, Joey Manhattan Beach, Urban Plates, MAC, Origins, Holly and Hudson Nail Lounge, Macy’s, Apple, Williams Sonoma, Pottery Barn, Pottery Barn Kids, Sephora, Victoria’s Secret, Tommy Bahama and Kiehl’s. Manhattan Village is being developed in phases and slated for full completion in 2020. JLL is managing and handling leasing at Manhattan Village.

January 23, 2019

Acquisitions California Hospitality Western

Pacifica Hotels Acquires 128-Room Residence Inn by Marriott in Orange County for $25.5M

by Amy Works January 23, 2019

ANAHEIM, CALIF. — Pacifica Hotels has purchased Residence Inn by Marriott Anaheim Hills Yorba Linda, an extended-stay hotel located at 125 S. Festival Drive in Anaheim. An institutional seller sold the property for $25.5 million. Completed in 2002, the Residence Inn by Marriott comprises one common area building and two guest-room buildings. The 128-unit hotel features a meeting room, complimentary breakfast, evening social event, outdoor terrace with built-in grill, outdoor swimming pool, fitness center and business center. Scott Hall, Tony Malk, Aaron Lapping and Blake Malecha of HFF represented the seller in the deal.

January 23, 2019

California Company News Leasing Activity Top Stories Western

Facebook Signs Lease for 803,000 SF Office Campus Near San Francisco

by David Cohen January 23, 2019

BURLINGAME, CALIF. — Tech giant Facebook has signed a lease to fully occupy Burlingame Point, an 803,000-square-foot office campus currently under construction in Burlingame. Located on more than 18 acres at the edge of the San Francisco Bay, Burlingame Point is being developed by Kylli, a subsidiary of China-based Genzon Investment Group Co. The campus is 16 miles south of San Francisco. Mike Moran and Clarke Funkhouser of Cushman & Wakefield represented Kylli in the transaction. Facebook was represented by JLL. “We couldn’t be more excited that one of the world’s leading technology firms has selected Burlingame Point to expand its Northern California footprint, says Moran. “This is a testament that strong design elements do make a difference to the discerning tenant.” In addition to four new Class A office buildings with bay views, the project will include public amenities that include an improved Bay Trail, a pedestrian promenade and an improved roadway for cyclists and motorists. Facebook first announced the lease was in negotiations in August and the lease was fully executed in the fourth quarter of 2018. Burlingame Point is expected to open in 2020. The project is the first Class A office campus developed by Kylli in the …

January 23, 2019

Acquisitions California Industrial Western

Dermody Properties Acquires 265,500 SF Logistics Building in Inland Empire

by Amy Works January 22, 2019

FONTANA, CALIF. — Dermody Properties has purchased a logistics building, located at 14605 Miller Ave. in Fontana, for an undisclosed price. Situated two miles east of Interstate 15, the 265,500-square-foot property is located 10 minutes from Southern California’s Ontario International Airport. Dermody Properties plans to implement an improvement program at the property in the first quarter of 2019. Renovations will include upgrading the fire system to ESFR, making aesthetic changes and dividing the building into two spaces, although the property will be available to either a one- or two-tenant scenario. Ryan Athens and Hunter McDonald of CBRE represented the undisclosed seller in deal. Frank Geraci, Juan Gutierrez and Adam Geiger of Voit Real Estate Services will market the space for Dermody Properties.

January 22, 2019

Acquisitions California Multifamily Seniors Housing Washington Western

HFF Arranges Sale of Three Aegis Seniors Housing Communities on West Coast

by Amy Works January 22, 2019

BELLEVUE AND KIRKLAND, WASH., AND APTOS, CALIF. — HFF has arranged both the sale of and acquisition financing for three Class A seniors housing communities totaling 253 units on the West Coast. The sale structure essentially added a joint-venture partner, with Áegis Living as the seller and a venture between Blue Moon Capital Partners and Áegis affiliates as the buyer. The price was not disclosed. The portfolio offers a blend of assisted living and memory care units and has a combined average occupancy of nearly 95 percent. The two Seattle-area properties in the portfolio are Áegis of Bellevue in Bellevue, which consists of 68 assisted living and 18 memory care units, and Áegis Lodge of Kirkland in Kirkland, which consists of 70 assisted living and 17 memory care units. The Northern California property, Áegis of Aptos, is located in Aptos, an oceanside community approximately eight miles east of Santa Cruz and less than 40 miles south San Jose. The HFF investment advisory team representing the seller included David Fasano, Ryan Maconachy, Chad Lavender, Ross Sanders, Mark Wintner and Christopher Ross. HFF’s debt placement team representing the borrower was led by director Sarah Anderson.

January 22, 2019

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