California

PATTERSON, CALIF. — Marcus & Millichap has arranged the sale of Best Western Plus Villa Del Lago Inn, a hospitality property located at 2959 Speno Drive in Patterson. A limited liability company sold the property for $8.6 million. Built in 2000, the property features 82 interior corridor rooms and a restaurant, Francesca’s Restaurant and Lounge. Gordon Allred and Kelly Hansen of Marcus & Millichap represented the seller and the buyer, a limited liability company, in the deal.

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1800-Solar-Dr-Oxnard-CA

OXNARD, CALIF. — Oxnard Union High School District and Rio School District have acquired an office building, located at 1800 Solar Drive in Oxnard. Thatch Inc. sold the property for $13.7 million. Oxnard Union High School District will own 70 percent of the 115,612-square-foot building and occupy the first two floors, while Rio School District will the remaining 30 percent of the property, occupying the third floor. The school districts plan to use the property for administrative headquarters. David Kim and Mike Tingus of Lee & Associates-LA North/Ventura, in collaboration with Joel Kirschenstein of Sage Realty Group, represented the buyers, while Fred Ferro of NAI Capital, Ventura County, represented the seller in the deal

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3531-Fashion-Way-Torrance-CA

TORRANCE, CALIF. — Providence Health has completed the sale of a vacant medical office building in Torrance. California-based Meridian, a full-service real estate developer and owner of medical real estate, acquired the property for $7.5 million. Meridian plans to invest an additional $3.6 million into the 26,000-square-foot building by the time it’s fully leased. Renovations will include an exterior facelift, lobby modernization, the addition of common area restrooms and a new roof, HVAC systems, landscaping and signage, as well as a parking lot restriping/resurfacing. Improvements are scheduled for completion by third-quarter 2019. Located at 3531 Fashion Way, the building is in close proximity to two major hospitals, including the 436-bed Providence Little Company of Mary Medical Center and the 401-bed Torrance Memorial Medical Center. Brendan McArthur, Steve Solomon, Jeff Adkinson and Kristen Bowman of JLL’s Los Angeles represented the seller, while Meridian was self-represented in the transaction.

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RICHMOND, CALIF. — Denver-based Black Creek Group has acquired an approximately 30-acre land site, located at 500 Pittsburg Ave. in Richmond, for an undisclosed price. Commonly referred to as Parkway Logistics Center, the developable land offers access to Interstates 580 and 80 and the San Rafael-Richmond Bridge, and has close proximity to the Port of Oakland and San Francisco Bay Area. Black Creek Group has received approval for the construction of a 482,000-square-foot, Class A distribution facility, divisible up to four tenants, for the site. The cross-docked warehouse will feature 36-foot minimum clear heights, 75 dock-high doors, 12 grade-level doors, an ESFR sprinkler system, trailer parking and 534 parking spaces. Construction is slated to begin the second half of 2019. Todd Severson and Bruce Bauer of Colliers International represented the buyer and undisclosed seller in the deal.

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CITY OF INDUSTRY, CALIF. — TheoPacific has sold an industrial facility, located at 14421-14441 Bonelli St. in City of Industry. Rexford Industrial Realty acquired the property for $19.5 million. Rustin Mork and Danny Reaume of Realty Advisory Group represented the buyer and seller in the transaction. At the time of sale, the 148,740-square-foot property was fully leased.

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San-Bernardino-Target-Center-CA

SAN BERNARDINO, CALIF. — Brixmor Property Group has completed the sale of San Bernardino Target Center, a shopping center located at 499 W. Orange Show Road in San Bernardino. International Properties Holdings Group acquired the 143,082-square-foot asset for an undisclosed price. A 105,565-square-foot Target and a 37,367-square-foot Big Lots anchor the property, which was fully occupied at the time of sale. Dixie Walker and Charley Simpson of Cushman & Wakefield represented the seller in the transaction.

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The Orange County retail real estate market remains resilient despite continued pressure from growing ecommerce sales and a new tranche of retailer bankruptcies. Sears is the latest retailer to file for bankruptcy in the Amazon era. Toys“R”Us, Fallas Paredes and Mattress Firm have all declared bankruptcy, while Lowe’s announced it would close all Orchard Supply Hardware stores. In comparison, ecommerce sales continue to experience double-digit increases year-over-year and analysts are quick to conclude the so-called “retail apocalypse” is imminent. Does this mean it’s time to panic if you are in the retail real estate business? Definitely not, but it does mean the edge belongs to those who are proactive and adaptable in their decision making. We are also seeing many retailers and developers step up their game in the wake of ecommerce popularity. Retailers like Walmart and Ralph’s/Kroger are offering free same-day delivery and, in the case of groceries, food delivery in as little as one hour. Retailers like Best Buy are not only price matching but offering better product education and experience via what the company calls a “stickier” relationship. Developers are getting better at placemaking, the multi-faceted approach to planning, design and management of space, giving people more …

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Calabasas-Park-Centre-Calabasas-CA

CALABASAS, CALIF. — Kilroy Realty Corp. has completed the disposition of Calabasas Park Centre, a three-building, Class A office campus in Calabasas. A joint venture between Related Fund Management and Cruzan acquired the asset for $78.2 million. Calabasas Park Centre was developed by Kilroy Realty in phases between 2000 and 2001. It consists of two four-story buildings and one two-story building located at 23925, 23975 and 24025 Park Sorrento. At the time of sale, the 225,340-square-foot property was 96 percent leased to 38 tenants. Kevin Shannon, Rob Hannan, Brunson Howard, Michael Moll and Laura Stumm of Newmark Knight Frank represented the seller in the transaction.

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San-Luis-Ranch-San-Luis-Obispo-CA

SAN LUIS OBISPO, CALIF. — A joint venture between San Diego-based Presidio Residential Capital and Coastal Community Builders has received approval from the San Luis Obispo City Council to develop San Luis Ranch, a 131-acre mixed-use farm-to-table community. Slated to break ground the first quarter of 2019, the development will features 580 residential homes, 150,000 square feet of commercial space, 100,000 square feet of office space and a 200-room hotel. Delivery of a 10-acre multifamily site and all commercial and hotel pads is scheduled for the second and third quarters of 2019. Additionally, 281 single-family lots will be delivered for home construction commencement starting in the third quarter of 2019. The residential portion of the development will include single-family detached and multifamily housing, including a significant number of affordable housing units. The residential homes will offer a variety of energy-efficient and environmentally friendly features, including solar panels, Energy Star-certified appliances and lighting, tankless water heaters, low-flow plumbing and natural, edible landscaping. More than 50 percent of the pedestrian-oriented community will be park land, open space and agricultural land with a working organic farm and learning center, community gardens, a recreation and fitness loop, and several parks and picnic areas. Additionally, …

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Prologis-Vernon-Business-Center-Los-Angeles-CA

LOS ANGELES — Prologis is developing a two-building industrial park located at 5215 S. Boyle Ave. in Los Angeles. Dubbed Prologis Vernon Business Center 1 and 2, the asset will include a 113,952-square-foot building and a 232,229-square-foot building. Slated for completion this fall, the facilities will each feature more than 10,000 square feet of corporate office build-out space, 36-foot clearance, ESFR sprinkler system, concrete truck courts and 2.5 percent skylights. Business Center 1 will include 20 dock-high positions, 13 trailer stalls and 111 car parking spaces, while Business Center 2 will include 38 dock-high positions, 54 truck stalls and 184 car parking spaces. John McMillan, Jeff Sanita, Danny Williams and Greg Stumm of Newmark Knight Frank are handling the leasing for industrial center.

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