California

Longfellow Real Estate Partners Buys 259,586 SF Palo Alto Technology Center for $205M

by Amy Works July 31, 2019

PALO ALTO, CALIF. — Longfellow Real Estate Partners has purchased Palo Alto Technology Center (PATC), a life science and technology campus in Palo Alto. KBS sold the 10-building asset for $205 million. Located at 1800-1850 Embarcadero Road and 2445-2465 Faber Place, PATC offers a total of 259,586 square feet of life science and technology space. At the time of sale, the campus was 99 percent leased to a variety of tenants, including Stanford, Bill.com, Aurora Innovation and Eversight. Greg Cioth, Paul Nelson, Nate Jones and Kurt Chong of Eastdil Secured represented the seller, while Longfellow was self-represented in the transaction.

July 31, 2019

California Development Office Western

Federal Realty Begins Construction of 360,000 SF Office Expansion at Santana Row in San Jose

by Amy Works July 31, 2019

SAN JOSE, CALIF. — Federal Realty Investment Trust has started construction on One Santana West, the newest edition to Santana Row in San Jose. The project includes a 360,000-square-foot office building and 1,750 parking spaces spread across a five-story parking garage and two floors of below-grade parking areas. One Santana West is the first phase of the up to 1 million-square-foot Santana West development that will adjoin Santana Row, a mixed-use neighborhood. Located at corner of Winchester Boulevard and Olin Avenue, the eight-story One Santana West will feature floorplates up to 54,000 square feet, 13-foot clear heights, direct access to parking, a plaza and terraces on the second, seventh and eighth floors. Completion is slated for first-quarter 2021. The adjacent 360,000-square-foot Two Santana West is scheduled for delivery in the first quarter of 2022. San Francisco-based Studios Architecture is serving as architect and Devcon Construction is serving as general contractor. Newmark Knight Frank is the leasing agent for the project.

July 31, 2019

Acquisitions California Multifamily Western

Davlyn Investments Acquires 187-Unit Multifamily Asset in Inland Empire for $60M

by Amy Works July 31, 2019

RIVERSIDE, CALIF. — Davlyn Investments has closed escrow on the $60 million off-market purchase of Metro Gateway, a multifamily property located in Riverside. MBK Rental Living sold the property for $60 million. Constructed in 2017, the Class A asset features 187 apartments and a modern amenity package. Sean Deasy and Ryan Fitzpatrick of JLL represented the seller. Ryan Blair of City National Bank arranged acquisition financing for the buyer. This is Davlyn’s 11th acquisition in Southern California’s Inland Empire.

July 31, 2019

Acquisitions California Loans Multifamily Western

PCCP Provides $268.4M in Financing for Acquisition of Two Apartment Towers in Los Angeles

by Amy Works July 30, 2019

LOS ANGELES — PCCP has provided $268.4 million in financing for the acquisition of two newly built, 28-story apartment towers in downtown Los Angeles. Known as The Grace and The Griffin, the Class A properties offer a total of 575 units and were delivered in late 2018 by the seller, Holland Partners. The properties are located at 732 and 755 South Spring St. Totaling 275 units, The Griffin features a mix of six studios, 155 one-bedroom, 55 two-bedroom and 59 three-bedroom apartments and 9,726 square feet of ground-floor retail space. The Grace offers 300 units in a mix of 18 studios, 195 one-bedroom, 61 two-bedroom and 26 three-bedroom layouts, as well as 7,569 square feet of ground-floor retail space. The units feature open floor plans with integrated kitchens, quartz countertops, stainless steel hardware and appliances, in-unit washers/dryers, recessed light fixtures, vinyl plank flooring and 9.5-foot ceiling heights. Each building features a resort-style infinity pool and spa, observatory rooftop lounge, bar and entertainment lounge, dog wash and run, two-story fitness center and yoga studio, business center, package delivery lockers, dry cleaning drop-off, electric vehicle charging stations and a coffee bar. Currently nearly 50 percent leased, the undisclosed buyer plans to hold …

July 30, 2019

Avesta-Residences-Hamilton-Hill-Novato-CA

California Development Multifamily Seniors Housing Western

Sundt Starts Construction of Seniors Housing Community in Bay Area

by Amy Works July 30, 2019

NOVATO, CALIF. — Sundt Construction Inc. has started construction of Avesta Residences at Hamilton Hill, a seniors housing community in the Bay Area city of Novato. The four-story building will sit on four acres and total 68,000 square feet. The community will offer 80 units of assisted living and memory care. The architect on the project is LPAS. The project is scheduled for completion by fall 2020.

July 30, 2019

California Development Office Western

Verizon to Co-Develop New Campus at Coleman Highline in San Jose

by Amy Works July 29, 2019

SAN JOSE, CALIF. — Verizon will co-develop and lease-to-purchase a new ground-up campus for its Verizon Media workforce at the Coleman Highline campus in San Jose. Co-developed by Hunter Properties, the new campus will support 3,400 employees, including 2,400 from Verizon Media’s current Sunnyvale, Calif., location. Verizon signed a long-term lease for approximately 640,000 square feet in multiple buildings, including a welcome pavilion and workplace amenities such as a fitness center and cafeteria. Verizon’s new campus will be part of the larger Coleman Highline mixed-use development that includes a hotel and retail and residential space, as well as communal gathering and collaboration spaces. Groundbreaking for the Verizon asset is slated for this fall, with completion scheduled for 2021. At build-out, Coleman Highline will feature more than 7,500 square feet of on-site retail options; a public market; a diverse collection of cuisine, caterers and food trucks; two dedicated retail pavilions anchored by a main plaza and promenade; an on-site hotel; more than 2,500 new housing units; and 11 acres of urban parkland. The transit-oriented project will also offer access to the Santa Clara Caltrain and Santa Clara Valley Transportation Authority stations. Gensler, a global design and architecture firm, is designing the …

July 29, 2019

California Development Retail Top Stories Western

Los Angeles Clippers Unveil Plans for $1.1B Basketball Arena in Inglewood

by Taylor Williams July 29, 2019

INGLEWOOD, CALIF. — The NBA’s Los Angeles Clippers have unveiled plans for a $1.1 billion arena and team headquarters in Inglewood, located just southwest of downtown Los Angeles. The Inglewood Basketball & Entertainment Center will be located along Prairie Avenue and West Century Boulevard and offer seating for approximately 18,500 fans. In addition, the building will house the Clippers’ team offices, training facility and a sports medicine clinic, essentially making Inglewood the team’s full-time home. The project will also feature retail, restaurants and educational facilities, as well as public basketball courts and an event plaza. A developer and general contractor have not yet been named, but the project will be entirely privately financed. The proposed site does not house any homes or churches and includes many buildings that have been vacant for decades, according to the developers. It is unclear how many new jobs that the project will create, but the Clippers have pledged to make 35 percent of those jobs local hires. A construction timeline is still being negotiated, but the team’s lease at the Staples Center, which it shares with the Lakers, expires in 2024. In addition, Curbed Los Angeles reports that a lawsuit filed by Madison Square Garden …

July 29, 2019

Acquisitions California Multifamily Western

CBRE Brokers Sale of 304-Unit Multifamily Community in California’s Inland Empire

by Amy Works July 26, 2019

MORENO VALLEY, CALIF. — CBRE has arranged the sale of a multifamily property located at 15700 Lasselle St. in Moreno Valley. Irvine, Calif.-based 4GVentures sold the 304-unit asset to a New York-based real estate investment firm for an undisclosed price. Dean Zander, Stew Weston and John Montakab of CBRE represented the seller, while Brian Eisendrath and Annie Rice of CBRE facilitated an acquisition loan on behalf of the borrower in the transaction. The property features a mix of one-, two- and three-bedroom apartments, a pool, jacuzzi, built-in fire pits, barbecues, guard gates and a fitness center. Additionally, the property is centrally located and in close proximity to Kaiser Medical Center and Riverside University Hospital.

July 26, 2019

Acquisitions California Industrial Office Western

Embarcadero Capital Partners, PCCP Acquire 472,000 SF Office/R&D Campus in Silicon Valley

by Amy Works July 26, 2019

MILPITAS, CALIF. — Embarcadero Capital Partners and PCCP have purchased Park Point, a recently renamed office/R&D campus located at 115-155 N. McCarty Blvd. in Milpitas. Los Angeles-based Hudson Pacific Properties sold the asset for an undisclosed price. Situated on 30 acres, the campus features three buildings totaling approximately 472,000 square feet. The buyers retained HOK, a global design, architecture, engineering and planning firm, to revitalize the property into a contemporary, creative workplace. Jeff Arrillaga, Shawn Kellenberger and Michael Saign of Newmark Knight Frank’s Silicon Valley offices represented the seller in the transaction.

July 26, 2019

Mira-Loma-Industrial-Center-Jurupa-Valley-CA

Acquisitions California Industrial Western

Davis Partners Sells Mira Loma Industrial Center South in Southern California for $30M

by Amy Works July 26, 2019

JURUPA VALLEY, CALIF. — Davis Partners has completed the sale of Mira Loma Industrial Center South, an industrial park located in the Riverside County city of Jurupa Valley. An undisclosed buyer acquired the 172,898-square-foot asset for nearly $30 million. Part of a master-planned, 269,195-square-foot development by Davis Partners, Mira Loma Industrial Center South consists of five freestanding buildings on De Forest Circle and Nobel Court: Building 7 (31,093 square feet), Building 8 (30,684 square feet), Building 9 (39,722 square feet), Building 10 (33,773 square feet) and Building 11 (37,626 square feet). The property was completed in June and is the only new construction completion in the Jurupa Valley/Eastvale area this year, according to Cushman & Wakefield Research. Milo Lipon, Tal Siglar, Ryan Velasquez and Andrew Starnes of Cushman & Wakefield’s Ontario, Calif., office represented the seller in the deal.

July 26, 2019

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