California

VTBS Architects Tapped for 436-Unit Multifamily Project in Downtown Sacramento

by Amy Works October 4, 2019

SACRAMENTO, CALIF. — Van Tilburg, Banvard & Soderbergh (VTBS Architects) is working with Weidner Apartments Homes and Deacon Construction to develop Sacramento Commons, a multifamily project in downtown Sacramento. The development team has broken ground on the two mid-rise buildings. Upon completion, the project will feature 436 apartments in a mix of studio, one- and two-bedroom layouts, with ground-floor retail space for restaurants, stores and neighborhood services. Sacramento Commons will be the center of the area’s mega block, a four-square-block residential area between Fifth and Seventh streets and N and P streets. Construction is expected to take approximately 32 months.

October 4, 2019

Acquisitions California Retail Western

Donahue Schriber Purchases Two Bay Area Shopping Centers for Nearly $132M

by Amy Works October 3, 2019

SAN FRANCISCO AND ANTOICH, CALIF. — Donahue Schriber has acquired two grocery-anchored retail centers for a total of nearly $132 million. The acquisitions expand the company’s presence in the San Francisco Bay area. In the first deal, Donahue Schriber purchased Lakeshore Plaza in San Francisco. Located at 1549 Sloat Blvd., the 172,364-square-foot center was built in 1993 and serves the Sunset District, West Portal and Saint Francis Wood. Lucky, Ross Dress for Less, Petco and Big 5 Sporting Goods anchor the retail property. This acquisition represents the company’s second purchase in San Francisco in the last two years. Additionally, Donahue Schriber acquired Antioch Crossings, a neighborhood retail center located at 3303-3421 Deer Valley Road in Antioch. Safeway anchors the 126,309-square-foot shopping center. Further terms of the transactions were not disclosed.

October 3, 2019

Acquisitions California Retail Western

Westside Retail Arranges $8.2M Sale of Freestanding Retail Building in Southern California

by Amy Works October 3, 2019

CULVER CITY, CALIF. — Westside Retail has arranged the sale of a freestanding retail building, located at 4411 Sepulveda Blvd. in Culver City. Tova Capital Inc. acquired the asset from Drucker Living Trust for $8.2 million, or approximately $680 per square foot. Samy’s Camera occupies the 12,054-square-foot building. Originally built in 1989 by the owner and operator of Allied Model Trains, the building’s architecture is a replica of the historic Los Angeles Union Train Station. Mark Einbund and Marc Pollock of Westside Retail represented the seller, while Daniel Pickard of Industry Partners represented the buyer in the deal.

October 3, 2019

Acquisitions California Industrial Office Western

Stos Partners Buys R&D/Office Property in California for $3.8M

by Amy Works October 3, 2019

CARLSBAD, CALIF. — San Diego-based Stos Partners has purchased a two-tenant R&D/office property located at 5816 Dryden Place in Carlsbad. A private entity sold the asset for $3.8 million. Stos Partners negotiated a sale-leaseback through which the seller will remain a long-term tenant, occupying 79 percent of the 22,156-square-foot building. The buyer plans to implement cosmetic improvements and building upgrades that include a new roof, exterior and interior paint, revived drought-tolerant landscaping, parking lot upgrades and speculative creative office interior improvements. This transaction brings Stos Partners’ year-to-date acquisition volume in 2019 to 402,500 square feet totaling more than $55.5 million throughout Southern California. Adam Foster of Foster Commercial Real Estate represented Stos in the acquisition.

October 3, 2019

Acquisitions California Multifamily Western

Pathfinder Partners Buys Rosemont Park Multifamily Complex in Metro Sacramento for $28.8M

by Amy Works October 2, 2019

SACRAMENTO — San Diego-based Pathfinder Partners has acquired Rosemont Park, an apartment complex near downtown Rosemont, a census-designated place in Sacramento County outside of Sacramento. An undisclosed seller sold the asset for $28.8 million. Located at 9190 Schmuckley Drive in Sacramento, Rosemont Park features 170 apartments in a mix of one-, two-, three- and four-bedroom units, as well as 21 townhomes ranging from 537 square feet to 1,400 square feet. The asset features a mix of original unit interiors and renovated units with upgraded vinyl-plank flooring, resurfaced countertops, stained cabinetry and dual-pane windows. Community amenities include reserved covered parking, a courtyard with a community garden, resident package lockers, 24-hour card-operated laundry facilities, shaded barbecue and picnic area, swimming pool, spa and an open area to host community events.

October 2, 2019

Acquisitions California Retail Western

Capstone Advisors Disposes of Sabre Springs Plaza Retail Center in San Diego for $6.8M

by Amy Works October 2, 2019

SAN DIEGO — An affiliate of Capstone Advisors has completed the sale of Sabre Springs Plaza, a retail center in San Diego’s Sabre Springs community. A Southern California-based private investor acquired the property for $6.8 million. Located at the intersection of Poway Road and Springbrook Drive, the asset features 15,038 square feet of retail space. Phil Voorhees of CBRE’s National Retail Partners – West represented the seller, while Gary Stache of CBRE represented the buyer in the deal. Capstone Advisors has owned and operated the retail center since it acquired the property in 2015.

October 2, 2019

California Retail Western

Forever 21 Files for Chapter 11 Bankruptcy, Plans to Shutter 350 Stores Worldwide

by Jeff Shaw October 1, 2019

LOS ANGELES — Forever 21 Inc. has filed for chapter 11 bankruptcy in the United States Bankruptcy Court in the District of Delaware. Forever 21 intends to use these proceedings to facilitate a global restructuring that will allow the company to focus on a profitable core part of its operations. As part of its restructuring strategy, the company plans to exit most of its international locations in Asia and Europe, but will continue operations in Mexico and Latin America. The Wall Street Journal reports Forever 21 could close up to 350 stores worldwide, including up to 178 In the U.S. Forever 21 intends to operate in a business-as-usual manner, honoring all company policies, including gift cards, returns, exchanges, reimbursement and sale purchases. Forever 21 has obtained $275 million in financing from its existing lenders with JPMorgan Chase Bank N.A. as agent, as well as $75 million in new capital from TPG Sixth Street Partners.

October 1, 2019

California Industrial Leasing Activity Western

Cardinal Health Leases 1 MSF Industrial Facility in Riverside, California

by Amy Works October 1, 2019

RIVERSIDE, CALIF. — Cardinal Health has signed a long-term lease to occupy the an entire 1 million-square-foot, state-of-the-art warehouse and distribution facility in Riverside. The property is one of two facilities at Dedeaux Sycamore Canyon Distribution Park. Dedeaux Properties, the landlord, acquired the newly completed asset in August. Dublin, Ohio-based Cardinal Health plans to utilize the property at Sycamore Canyon Business Park as a key West Coast medical products distribution center. Cardinal Health provides medical products and pharmaceuticals to hospitals, health systems, pharmacies, ambulatory surgery centers, clinical laboratories and physician’s offices worldwide. Dedeaux Properties is currently nearing completion on an adjacent 361,346-square-foot warehouse building, which is slated for occupancy during fourth quarter of this year. Ian DeVries and Chris DeVries of Colliers International represented the landlord, while Dan de la Paz of CBRE’s Ontario, Calif., office represented the tenant in the lease transaction.

October 1, 2019

California Development Office Top Stories Western

Boston Properties, CPPIB to Develop 1.1 MSF Office Campus in Silicon Valley

by John Nelson October 1, 2019

SAN JOSE, CALIF. — Boston Properties Inc. (NYSE: BXP) has formed a joint venture with institutional investor Canada Pension Plan Investment Board (CPPIB) to develop Platform 16, a 1.1 million-square-foot office campus in downtown San Jose. Boston Properties, a developer and owner of Class A office buildings, holds a 55 percent ownership stake in the joint venture. The Silicon Valley project will comprise three buildings situated near Diridon Station, the largest multi-modal transportation hub in the Bay Area consisting of the Caltrain, VTA light-rail and the ACE train lines, as well as the planned BART and high-speed rail lines. Platform 16 will also be near Guadalupe River Park and adjacent to Google’s planned transit village spanning 8 million square feet. “Platform 16 is ideally located in one of the largest technology hubs in the country,” says Aaron Fenton, vice president of development for Boston Properties. “With easy access to public transportation, as well as local housing, culture, food and entertainment, Platform 16 will help companies attract and retain the talent they need to support their growth.” Designed by Kohn Pedersen Fox Associates, Platform 16’s name originates from its proximity to Diridon Station and its planned 16 outdoor terraces across the …

October 1, 2019

Acquisitions California Retail Western

Reliable Properties Acquires 28,131 SF Retail Asset in California’s Inland Empire

by Amy Works September 30, 2019

ONTARIO, CALIF. — Los Angeles-based Reliable Properties has purchased a retail property located in Ontario. Terms of the transaction were not released. Cardenas Market, an Ontario-based grocery chain, occupies the single-tenant asset. Located at the intersection of Holt Boulevard and Campus Avenue, the property features 28,131 square feet of retail space.

September 30, 2019

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