SAN DIEGO — JLL Income Property Trust, an institutionally managed daily NAV REIT, has acquired a two-building medical office campus known as Genesee Plaza for $90 million. Genesee Plaza is located in San Diego’s University Town Center, near the University of California, San Diego and Scripps Hospital campuses.
SAN DIEGO — Cushman & Wakefield has advised the seller in the disposition of Sorrento Ridge, a 103,325-square-foot, three-story office building in the Miramar submarket of San Diego. Tappan Corp. purchased the property, located at 7220 Trade St., from an unnamed seller. The price was not disclosed. Cushman & Wakefield’s Rick Reeder, Brad Tecca, Brooks Campbell and Duncan Dodd represented the seller, while Bill Cavanagh and Mike Novkov provided local market advisory. Larry Glenn of Glendale Mortgage represented the buyer. Sorrento Ridge was nearly 60 percent leased at the time of sale to mainly smaller tenants representing a mix of professional services, engineering and technology firms, with the largest leasing less than 10,000 square feet. The property is situated on 4.4 acres near interstates 5 and 805 and the Sorrento Plaza shopping center.
The City of Los Angeles checks all the boxes for an excellent apartment owner environment. This includes a booming economy, expensive housing, meaningful job growth, and an abundance of Millennials and professionals. Los Angeles enjoys an immense and fast-growing high-tech industry, especially within the media, tech, aerospace and advanced transportation industry with the likes of Netflix, Google, SpaceX and Northrop Grumman. Los Angeles County houses the nation’s largest international trade industry, the nation’s largest manufacturing base, and an increasing amount of venture capital investment startups. A growing economy is almost always paired with escalating housing costs, and Los Angeles is no exception. More than ever, residents are driven to rental housing as homeownership is prohibitively expensive and not conducive to job mobility and flexibility. Last year was a banner year for region’s apartment sector. The average market rent in the Los Angeles MSA has seen extremely impressive growth, increasing an average of 5.3 percent annually since the turn of the century, according to Axiometrics. This remarkable trajectory has been spurred by the extremely tight rental market, with annual occupancies averaging between 94 percent and 97 percent. Such indicators allow landlords to be extremely discerning when vetting tenants, which, in turn, …
BURLINGAME, CALIF. — Harvest Properties and joint-venture partner New York Life Real Estate Investors, on behalf of McMorgan Northern California Value Add Development Fund I, have sold One Bay Plaza in Burlingame to local developer/operator Woodstock Development for an undisclosed amount. The 196,000-square-foot, nine-story office tower was originally purchased in 2016. Paul Nelson, Stephen Van Dusen, Cartter Berg and Cameron Palmer of Eastdil Secured represented Harvest and New York Life Real Estate Investors on the transaction. Sources close to the sale confirmed a price of $75.3 million.
OXNARD, CALIF. — Oakmont Senior Living has announced plans for Oakmont of Riverpark, slated to open this winter in Oxnard, a coastal city approximately 70 miles west of Los Angeles. Senior living veteran Gina Salman will be executive director of the 90,000-square-foot, resort-style senior living community located on three acres. The property will feature 59 assisted living and 25 memory care apartment homes. A marketing information center is already open at the site.
ESCONDIDO, CALIF. — StorQuest Self Storage has opened a new facility on 222 W. Mission Ave. in downtown Escondido. Set on 1.57 acres, the four-story structure spans 70,000 square feet with 810 rentable units. Features include climate-controlled units, extended access hours, electronic gate access, online bill payment and month-to-month rentals.
LOS ANGELES — Stan Johnson Co. has completed the $24.5 million sale-leaseback of six Mobil-branded convenience and gasoline retail sites in Los Angeles. Matt Lipson, Chris Lomuto and Milo Spector of Stan Johnson’s Portland, Oregon and Walnut Creek, California offices represented the seller/operator in the transaction. Known as 1234 M Division Street, the seller/operator is a boutique carwash and convenience store operator based in southern California. A New York-based institutional investor purchased the portfolio at a 7.25 percent capitalization rate.
WESTMINSTER, CALIF. — JLL represented Prologis in the acquisition of a 10-building, 264,847-square-foot industrial park on Fenwick Lane in Westminster. JLL’s Louis Tomaselli, Steve Wagner and Zach Niles represented Prologis in the transaction. Curt Stalder of Lee & Associates represented the seller, CMSS Ventures LP.
RIVERSIDE, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the $2.3 million sale of a two-tenant retail property occupied by a Jack in the Box restaurant with a drive-thru and a Verizon cell tower at 1115 W. La Cadena Drive in Riverside. The sale was made at a 4.52 percent capitalization rate. Hanley’s Austin Blodgett and Eric Wohl represented the seller, Greens Capital Ventures LLC, an affiliate of Irvine, Calif.-based Greens Group Inc. Allen Park of Packo Investments represented the unnamed buyer. Built in 2018, the 1,869-square-foot Jack in the Box building sits on a 0.49-acre lot.
CAMPBELL, CALIF. — Regency Centers Corp. (Nasdaq: REG) has acquired the retail component of The Pruneyard, a 27-acre mixed-use development in Silicon Valley that dates back to 1969. The Jacksonville, Fla.-based shopping center owner and developer purchased the property from a joint venture between Ellis Partners and investment funds managed by an affiliate of Fortress Investment Group LLC for $212.5 million. Situated in Campbell near State Route 17, The Pruneyard’s 258,000-square-foot shopping center is anchored by Trader Joe’s. The site was formerly a pear and prune orchard before the Brynteson family sold it in 1966, according to the Silicon Valley Business Journal. The recently renovated development also features three office towers spanning 365,000 square feet and a 171-room DoubleTree by Hilton hotel that were not part of the transaction. Other retailers and restaurants at The Pruneyard include Pruneyard Dine-In Cinemas, Marshall’s, Rock Bottom Brewery, Sports Basement, Café Artemis, Buca di Beppo, Peet’s Coffee, Chase Bank and Massage Envy. Coming to the center this fall are fitness concept Row House and DIY workshop retailer Board & Brush. Bryan Ley and Eric Kathrein of HFF represented the sellers in the transaction. San Francisco-based Ellis Partners is retaining a minority interest in the …
