California

Voit Real Estate Directs $19.6M Sale of Three-Building Industrial Portfolio in Corona, California

by Amy Works December 12, 2018

CORONA, CALIF. — Voit Real Estate Services’ Anaheim office has brokered the sale of a three-building industrial portfolio located in Corona. A private investor sold the assets to TH Real Estate, a real estate investment manager, for $19.6 million. Located at 1467 and 1468 Davril Circle and 1461 Railroad St., the portfolio features 130,474 square feet of industrial space. Thoro Packaging occupies all three buildings under a long-term lease. The packaging company uses the properties for its corporate headquarters, manufacturing and distribution. Thoro Packaging is a wholly owned subsidiary of Autajon, a French company with more than 4,200 employees and 36 subsidiaries worldwide. Mike Hefner of Voit represented the seller and buyer in the deal.

December 12, 2018

California Development Industrial Western

Bridge Development Begins Construction of 505,906 SF Industrial Building in Rialto, California

by Amy Works December 11, 2018

RIALTO, CALIF. — Bridge Development has started construction of Rialto Fulfillment Center 3, a speculative Class A industrial building in Rialto. Located at 12050 Agua Mansa Road, the 505,906-square-foot building will feature 36-foot clear heights, 67 dock-high loading positions, two ground-level doors, 254 auto parking spaces, 185-foot fully secured concrete truck positions and 151 outside-of-dock trailer storage positions. Completion is slated for fourth-quarter 2019. Peter McWilliams, Mike McCrary, Ruben Goodsell and Sharon Wortmann of JLL’s Ontario, Calif., office are handling the leasing efforts for the property.

December 11, 2018

Acquisitions California Retail Western

Paragon Commercial Group Sells Walmart Property in Palm Desert for $13.5 Million

by Amy Works December 11, 2018

PALM DESERT, CALIF. — Paragon Commercial Group has sold a single-tenant, 45,648-square-foot, Walmart-occupied property in Palm Desert. A private investor from Chicago acquired the property for $13.5 million. William Bauman, Kyle Miller and Matthew Schwartz of Newmark Knight Frank represented seller in the transaction while Mike Mintz of Millennium Properties represented the buyer. The property sold at a cap rate of 5 percent and a price per square foot of approximately $296. The triple-net leased asset is situated on 5.37 acres at 72314 Highway 111.

December 11, 2018

Acquisitions California Industrial Office Western

Bolour Associates Acquires 50,000 SF Flex Building in Woodland Hills, California

by Amy Works December 11, 2018

WOODLAND HILLS, CALIF. — Bolour Associates has purchased a flex commercial building, located at 21200 Oxnard St. in Woodland Hills, for an undisclosed price. Situated on three acres, the property features 50,000 square feet of commercial space. Additionally, the building is part of the Warner Center 2035 Specific Plan, which promotes high-density development in the Warner Center neighborhood of San Fernando Valley. The building is surrounded by development, including a 120,000-square-foot seniors housing facility, 110,000-square-foot medical office building, 170-room hotel and 461-unit apartment complex. Nigel Stout of JLL represented the buyer in the deal. David Harding, Billy Walk and David Josker of CBRE will oversee the leasing of the property.

December 11, 2018

California Industrial Market Reports Western Western Market Reports

Orange County’s Industrial Demand Fuels Rent Growth

by Taylor Williams December 11, 2018

The industrial market in Orange County remains strong as demand continues to far outweigh supply. Vacancy throughout the region remains at historic lows, staying below 3 percent for the 13th consecutive quarter through the third quarter of this year. The largest submarket, North Orange County, is also the tightest submarket with a 1.2 percent overall vacancy. As an infill market, we do not anticipate significant increases in vacancy within the Orange County industrial marketplace for the foreseeable future, despite the new developments recently delivered, planned or under construction. There are several significant industrial development projects in various stages in the county. This is welcome news by users seeking to upgrade and expand into modern facilities while maintaining local operations. The first is a 30-acre redevelopment site in Huntington Beach that was purchased by Sares Regis Group earlier this year. Sares Regis is expected to begin construction shortly, with plans to deliver more than 600,000 square feet of new product in late 2019. Shea Properties recently began construction on Shea Business Center in Santa Ana, which is planned for nearly 530,000 square feet and a completion date in 2019. Western Realco is also nearing completion of Beckman Business Center, a 900,000-square-foot, …

December 11, 2018

Acquisitions California Office Top Stories Western

CBS to Sell Television City Campus in Los Angeles to Hackman Capital for $750M

by John Nelson December 11, 2018

LOS ANGELES — CBS Corp. (NYSE: CBS) has signed a definitive agreement for the sale of its landmark CBS Television City property and sound stage operation in Los Angeles. Hackman Capital Partners, a Los Angeles-based real estate developer, is purchasing the 25-acre campus from the mass media company for $750 million. As part of the agreement, Hackman Capital will have the rights to use the Television City trademark in connection with its operations on the property. CBS programs including “The Late Late Show With James Corden,” “The Price is Right” and “The Young and The Restless” will continue to be produced on the Television City campus for at least the next five years. CBS will also retain office space for CBS Studios International’s U.S. headquarters and other company departments currently housed on the site. The transaction is expected to close in early 2019. The Los Angeles Times reported that CBS has been considering selling its studio complex since 2017 to capture increased value for developers looking to build in the Fairfax area. The campus features surface parking that Hackman Capital could redevelop, according to the newspaper. Joseph Ianniello, president and acting CEO of CBS Corp. says the company will use …

December 11, 2018

California Industrial Loans Pennsylvania Western

Bellwether Enterprise Secures $85M Loan for Warehouse Portfolio in California, Pennsylvania

by Amy Works December 10, 2018

LOS ANGELES COUNTY, CALIF. — Bellwether Enterprise Real Estate Capital has arranged $85 million in permanent financing for s five-building warehouse portfolio. Totaling 1.1 million square feet, three buildings are located in Los Angeles County, one in the Inland Empire West area and one in Central Pennsylvania’s Lehigh Valley submarket. Each building is a concrete tilt-up warehouse building with minimal office build-out and clear heights ranging from 24 feet to 36 feet. Additionally, each building is leased to a single tenant. Shelley Magoffin and Max Sauerman of Bellwether Enterprise secured the loan with one of the company’s correspondent life insurance companies and Thrivent Financial.

December 10, 2018

Acquisitions California Healthcare Office Western

Welltower Acquires Two Medical Office Buildings Near Los Angeles for $29.9M

by Amy Works December 10, 2018

WESTLAKE VILLAGE, CALIF. — Welltower has purchased two medical office buildings located in Westlake Village, approximately 40 miles from Los Angeles. Nadler Cypress Holdings2 LLC and La Venta LLC sold the assets for $29.9 million in an off-market transaction. Located at 1220 and 1250 La Venta Drive, the buildings offer a total of 50,000 square feet of medical office space. UCLA Health and Providence St. Joseph Health are anchor tenants at the fully occupied properties. Evan Kovac, Andrew Milne and Trent Jemmett of HFF represented the seller in the transaction. Anchor Health Properties will provide property management services for the buildings.

December 10, 2018

Acquisitions California Multifamily Western

HFF Negotiates $41M Sale of Four-Property Multifamily Portfolio in Sonoma County

by Amy Works December 7, 2018

ROHNERT PARK, CALIF. — HFF has arranged the sale of a four-property multifamily portfolio in Rohnert Park, a community in Sonoma County. A Colorado-based private firm acquired the portfolio from a private investor for $41 million. The assets are Atherton, a 40-unit community at 181 Avram Ave.; Brewster Ames, a 27-unit property at 7300 Adrian Drive; Tivoli Gardens, a 29-unit complex located at 7380 Adrian Drive; and Lancaster Arms, a 105-unit property at 8288 Lancaster Drive. The properties have an average occupancy greater than 97 percent and provide direct access to Highway 101 and the Cotati and Rohnert Park SMART stations. Scott Bales and Peter Yorck of HFF represented the seller and procured the buyer in the deal.

December 7, 2018

Acquisitions California Multifamily Student Housing Western

CBRE Arranges Sale of 658-Bed Community Near University of California, Riverside

by Amy Works December 7, 2018

RIVERSIDE, CALIF. — CBRE has arranged the sale of Sterling Highlander, a 658-bed student housing community located near the University of California, Riverside. The property comprises four buildings and a clubhouse offering studio, two-, three- and four-bedroom units. Shared amenities include a swimming pool, fitness center, tanning dome, gourmet coffee bar, basketball court, private study rooms, a computer center, game room and courtyards with barbecue areas. Seattle-based Horizon Realty Advisors purchased the asset from Houston-based The Dinerstein Companies for an undisclosed price. Jaclyn Fitts, William Vonderfecht, Casey Schaefer and Cray Carlson of CBRE brokered the transaction. Ben Roelke and Ian Walker, also of CBRE, secured long-term financing on behalf of the buyer. The 10-year, fixed-rate loan was provided through CBRE’s Fannie Mae DUS program.

December 7, 2018

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