California

Space Investment Partners Buys Westport Plaza & Square in Costa Mesa for $18.4M

by Amy Works September 27, 2019

COSTA MESA, CALIF. — Space Investment Partners has acquired Westport Plaza & Square, a leasehold retail center located at 369 E. 17th St. in Costa Mesa. Newport Beach, Calif.-based Wohl Investment Co. sold the asset for $18.4 million. Built in 1975 and renovated in 2002 and 2018, the property features 39,000 square feet of retail space. At the time of sale, the property was 100 percent leased to a collection of eateries, restaurants and high-end clothing and furnishing boutiques. Current tenants include Etoile on 17th, Plums Café and Catering, Common Thread and Shunka Sushi. Philip Voorhees, Jimmy Slusher and Sean Heitzler of CBRE’s National Retail Partners-West represented the seller in the deal.

September 27, 2019

Acquisitions California Industrial Office Western

Valore Ventures Acquires 28,542 SF Flex Industrial Facility in Southern California

by Amy Works September 27, 2019

SANTA FE SPRINGS, CALIF. — Valore Ventures has purchased a flex industrial facility, located at 15511 Carmenita Road in Santa Fe Springs, from a private seller for an undisclosed sum. Built in 1998, the 28,542-square-foot property features 11,437 square feet of office space spanning two floors in the front of the building, and 17,105 square feet of one-story industrial warehouse space with 22-foot clear heights in the rear of the building. The facility features a gated parking lot, two drive-in docks and two-grade level doors.

September 27, 2019

California Market Reports Office Western Western Market Reports

San Diego’s Office Market Shows Strong Fundamentals, Continued Creativity

by Taylor Williams September 27, 2019

The outlook for San Diego’s office market is sunny and bright. Often considered a less costly option for office users as compared to other Southern California markets, San Diego holds consistent appeal for tenants seeking a coastal address where the weather is mild and the vibe is entrepreneurial and business friendly. The market is following the national trend of stronger occupancy rates and robust absorption, buoyed by a healthy economy. At 10.2 percent in the second quarter — the lowest level in nearly 14 years — San Diego’s office vacancy rate beats the national office vacancy rate of 12 percent — the lowest level in 18 years, despite construction. These fundamentals are demonstrating increased tenant demand. We’re continuing to see growth and expansion of office in submarkets throughout San Diego County. Sorrento Valley is one of the stronger office submarkets due to its centralized location and accessibility to major freeways. Other submarkets with heightened demand are Del Mar Heights, which is close to the ocean and suburban areas that house corporate executives, and Kearny Mesa, another major business center for the county. Carlsbad and Oceanside in North County and Chula Vista in South County are also popular choices. Oceanside and …

September 27, 2019

Acquisitions California Multifamily Western

Decron Properties Acquires 250-Unit Alura Apartments in Los Angeles for $79M

by Amy Works September 26, 2019

LOS ANGELES — Decron Properties has purchased Alura, a multifamily property located in the Los Angeles neighborhood of Woodland Hills, for $79 million. Situated in the Warner Center district, Alura features 250 apartments in a mix of studio, one-, two- and three-bedroom layouts. Los Angeles-based Decron plans to implement a capital improvements plan to modernize the property, which was built in 1977. Renovations will include upgrades to interior units and exterior common areas. Gregory Harris, Kevin Green and Joseph Grabiec of Institutional Property Advisors, a division of Marcus & Millichap, represented the undisclosed seller in the deal.

September 26, 2019

Acquisitions California Office Western

Drawbridge Realty Sells 160,000 SF Office Campus in San Jose for $55.5M

by Amy Works September 26, 2019

SAN JOSE, CALIF. — San Francisco-based Drawbridge Realty has completed the disposition of an office campus, located at 5300-5350 Hellyer Ave. in San Jose. An affiliate of the Empire Square Group acquired asset for $55.5 million. Cobham Advanced Electronic Solutions occupies utilizes the 160,000-square-foot campus as its corporate headquarters. Scott Prosser, Joe Moriarty and Jack DePuy of CBRE represented Drawbridge in the transaction.

September 26, 2019

Acquisitions California Office Western

CBRE Brokers Sale of 112,511 SF Office Building in Metro Sacramento

by Amy Works September 25, 2019

RANCHO CORDOVA, CALIF. — CBRE has arranged the sale of an office building, located at 2882 Prospect Park Drive in Rancho Cordova, a suburb 15 miles east of Sacramento. Lafayette, Calif.-based Prospect Park LLC sold the asset to San Jose, Calif.-based Prospect Park Drive LLC for an undisclosed sum. Matt Post, Stuart Wright and Randy Getz of CBRE’s Sacramento office represented the seller in the deal. Built in 1999, the four-story, 112,511-square-foot property was 88 percent leased at the time of sale. The asset is located within the Highway 50 Corridor submarket, which has a total of 11.4 million square feet of office space.

September 25, 2019

California Loans Office Western

Ready Capital Closes $18.1M in Refinancing for Creative Office Portfolio in Southern California

by Amy Works September 25, 2019

CULVER CITY, CALIF. — Ready Capital has provided a $18.1 million loan for the refinancing, repositioning and lease-up of a vacant creative office portfolio in Culver City. The loan will be used to reposition the 38,000-square-foot property from traditional office to modern, creative-type finishes and simultaneously provide a facility for tenant lease-up. The name of the borrower was not released. Ready Capital closed the non-recourse, interest-only, floating-rate loan that features a 36-month term, two extension options and flexible prepayment. Additionally, the loan is inclusive of a facility to provide future funding for the capital expenditures, tenant leasing costs and interest and operating reserves.

September 25, 2019

Centerpointe-Commerce-Center-Moreno-Valley-CA

California Development Industrial Western

Rockefeller Group, Newcastle Partners Break Ground on 203,944 SF Distribution Center in Inland Empire

by Amy Works September 25, 2019

MORENO VALLEY, CALIF. — Rockefeller Group has broken ground on Centerpointe Commerce Center, a speculative distribution center situated on 8.8 acres of industrial land in Moreno Valley. The 203,944-square-foot facility is slated for completion in summer 2020. Located on Frederick Street, the dock-high industrial building will feature 32-foot clear heights, 8,000 square feet of speculative office improvements, 106 auto-parking stalls and 26 trailer-parking stalls. Additionally, the property will offer access to several Southern California freeways, including Interstate 215, State Route 60, State Route 90 and Interstate 10. Rockefeller Group acquired the site from Newcastle Partners in April. Newcastle pursued the required governmental approvals for the projects beginning in October 2017, and the company successfully obtained the entitlements and zoning just prior to Rockefeller Group’s acquisition. Rockefeller Group and Newcastle selected Newport Beach, Calif.-based RM Dalton as general contractor, Herdman Architecture + Design as architect and SDH & Associates as civil engineer. Bill Heim, Finn Comer, Alex Heim and Nesha Ritchie of Lee & Associates are the exclusive leasing agents for Centerpointe Commerce Center.

September 25, 2019

Acquisitions California Office Western

Polidev Sells 140,047 SF Historic Office Building in Downtown San Francisco

by Amy Works September 24, 2019

SAN FRANCISCO — Polidev has completed the sale of 351 California Street, a 16-story office building located in downtown San Francisco. Tidewater Capital and affiliates of the Goldman Sachs Merchant Banking Division acquired the property for an undisclosed sum. Built in 1920, the 140,047-square-foot building is one of the most recognized historic office buildings in San Francisco’s Financial District. The property features distinct architectural details, U-shaped floor plates and exposed ceilings. The previous owner invested approximately $8 million into the property with a partial renovation in 2010 and a seismic retrofit in 2015. At the time of sale, the property was 87 percent occupied by a diverse roster of tenants, including tech and professional services firms. Kyle Kovac, Mike Taquino, Russell Ingrum, Mandy Lee and Giancarlo Sangiacomo of CBRE’s San Francisco office represented the seller in the transaction.

September 24, 2019

Acquisitions California Industrial Western

JJRE Properties Sells 14,380 SF Industrial Building in California for $2.7M

by Amy Works September 24, 2019

CORONA, CALIF. — JJRE Properties has completed the disposition of an industrial building in Corona. An undisclosed buyer acquired the property for $2.7 million. Located at 508 Bateman Circle, the property features 14,380 square feet of industrial space. Greg Diab of Lee & Associates’ Orange, Calif., office represented the seller in the deal.

September 24, 2019

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