California

Avison Young Negotiates $6.5M Sale of Single-Tenant Bank Location in Cerritos

by Amy Works May 17, 2019

CERRITOS, CALIF. — Avison Young has arranged the sale of a retail property, located at 11355 South St. in Cerritos. A private investor from Southern California sold the property for $6.5 million. Built in 1974, the 5,225-square-foot property features of 1,200 square feet of mezzanine space. Comerica Bank occupies the building on an absolute triple-net leased basis. Brian Hennessey and Armand Aghadjanians of Avison Young represented the seller, while Brian Russell of Kinnery’s Brokerage and The Primemark Group represented the buyer, a Southern California-based private investor, in the deal.

May 17, 2019

California Industrial Leasing Activity Western

Mutual Trading Co. Signs 299,786 SF Lease at Goodman El Monte Logistics Center

by Amy Works May 16, 2019

EL MONTE, CALIF. — Mutual Trading Co., a Japanese food, beverage and restaurant supply specialist, has leased 299,786 square feet of space at Goodman El Monte Logistics Center, an industrial facility under development at 4300 Shirley Ave. in El Monte. Goodman Group owns and manages the project, which will be a two-building, 1.2 million-square-foot tech-enabled logistics facility, with additional leasing opportunities available for up to 935,657 square feet. Slated for delivery fourth-quarter 2019, the property will feature 36-foot clear heights, minimum 185-foot concrete truck courts, 164 trailer stalls, 24/7 operations and site security, 147 dock doors, offices to suit, an ESFR sprinkler system, a LEED-certified shell, and close proximity to major freeways, airports and ports. Mutual Trading Co. is upgrading and consolidating its five previous locations into one by expanding to a bigger and more modern facility to support its U.S. growth. The company plans to move into the new space in November.

May 16, 2019

Acquisitions California Retail Western

Progressive Real Estate Partners Arranges $11M Sale of Retail Center in Inland Empire

by Amy Works May 16, 2019

CORONA, CALIF. — Progressive Real Estate Partners has arranged the sale of Corona Freeway Center in Corona. An Orange County, Calif.-based private investor sold the property to Orange County-based PRES Cos. for $11 million. The 67,690-square-foot retail center was built in 1991 and was recently renovated, including a new roof, new HVAC, updated landscaping, painting, major renovations to the parking lot, and the addition of a 60-foot high digital freeway pylon sign and a 400-square-foot digital screen. Tenants include Express Scripts, Jenson USA Bicycles and LA Carpet & Flooring. Frank Vora of Progressive Real Estate Partners represented the seller, while Greg Ozimec of Industrial Brokers represented the buyer in the deal.

May 16, 2019

California Development Industrial Western

Ryan Cos., DWS Group Break Ground on Vantage Point Spec Logistics Project Near San Diego

by Amy Works May 15, 2019

POWAY, CALIF. — Ryan Cos. and DWS Group have broken ground on Vantage Point, an infill speculative logistics/distribution development located in Poway. The two-building Vantage Point will consist of 533,950 square feet of Class A space and is the largest speculative development of its kind in mid-San Diego County in 20 years, according to the developers. The property will feature 36-foot minimum clear heights, an ESFR fire suppression system with K22 heads, up to 113 dock-high doors, 12 drive-in doors, a 180-foot-wide concrete truck court, eight-inch warehouse concrete slabs with 4,000 PSI and 4,000 amps of 277-480 volt power. Additional on-site amenities will include two large outdoor break areas, an indoor bicycle storage room and six electric vehicle charging stations. Ryan Cos. and DWS Group retained Mickey Morera and James Duncan of Kidder Mathews as leasing agents for the project.

May 15, 2019

Acquisitions California Multifamily Western

Stockbridge Capital Sells 105-Unit Novella Redondo Apartment Property Near Los Angeles

by Amy Works May 15, 2019

REDONDO BEACH, CALIF. — Stockbridge Capital Group has completed the sale of Novella Redondo, a multifamily community located at 616 Esplanade St. in Redondo Beach. A joint venture between Clovis, Calif.-based IDEAL Capital Group and Aegon Real Assets US, a division of Aegon NV, sold the property for an undisclosed price. CBRE’s Dean Zander, Stewart Weston and John Montakab represented the seller and buyer in the transaction. The 82,203-square-foot property features 105 apartment units. On-site amenities include a swimming pool, outdoor fireplace, pool-side fitness center, two laundry facilities, community-wide Wi-Fi, a dog wash station and subterranean parking. The buyer plans to make extensive renovations and upgrades to unit interiors and common areas. The asset experienced extensive water damage last year and received a full roof replacement and common area waterproofing upgrades. Prior to the water damage, the property had undergone a $16 million renovation.

May 15, 2019

Acquisitions California Office Western

Gemini Rosemont Purchases Four-Building Office Campus in Silicon Valley for $175M

by Amy Works May 14, 2019

SANTA CLARA, CALIF. — Gemini Rosemont Commercial Real Estate has acquired Central Technology Park, an office campus located at 3380-3420 Central Expressway in Santa Clara, from an undisclosed seller for $175 million. Built between 1980 and 1987, the four-building, 368,707-square-foot campus recently underwent a renovation of 90 percent of its square footage. At the time of sale, the property was 100 percent occupied by a variety of tenants, including Cloudinary, Intuitive Surgical Inc., ThermoFisher Scientific Inc. and Nissan. Jason Kuester and Jeremy Wustman of Gemini Rosemont provided in-house representation for the buyer, while Greg Cioth and Nate Jones of Eastdil Secured represented the seller in the transaction.

May 14, 2019

California Civic Development Western

C.W. Driver Cos. Breaks Ground on $36M Athletics Complex at Orange Coast College in California

by Amy Works May 14, 2019

COSTA MESA, CALIF. — C.W. Driver Cos. has broken ground on the $36 million Orange Coast College (OCC) Kinesiology and Athletics Complex in Costa Mesa. The three-building, 88,000-square-foot complex is one part of a broader project to revitalize and modernize OCC’s campus, and one of the three projects C.W. Driver is currently building for OCC. Construction for the complex will occur in two phases. The first phase includes new construction of a multi-building, one-story complex spanning 58,000 square feet. Phase II will focus on the renovation of the existing 30,000-square-foot building that houses the men’s and women’s locker rooms and existing pool areas. Upon delivery, the complex will feature division offices, athletic training, adaptive physical education, equipment management, locker rooms/showers, support spaces for the aquatics programs, a 65-meter competition pool with double bulkheads, a 25-meter instructional pool, and a 450-person bleacher space covered by a canopy. The buildings will be interconnected by an overhead shade structure. Project partners include Little Diversified Architectural Consulting. This complex is one part of the broader project funded by Measure M, a $698 million general obligation bond provided and supported by the local community to construct education facilities for all three colleges that comprise Coast …

May 14, 2019

Acquisitions California Industrial Western

EB Capital Buys 77,736 SF Industrial Building in Southern California for $14M

by Amy Works May 14, 2019

VISTA, CALIF. — EB Capital LLC has purchased an industrial building, located at 1125 Joshua Way in Vista, from BRE 1125 Joshua Owner LLC for $14 million. Situated on 4.75 acres, the asset features 77,736 square feet of industrial space and 16,780 square feet of highly improved, high-end, two-story office area. At the time of sale, 21,359 square feet of the building was leased. The buyer intends to occupy the remaining 56,377 square feet. Rusty Williams and Chris Roth of Lee & Associates, North San Diego County, represented the buyer, while Barry Hendler and Aric Starck of Cushman & Wakefield represented the seller in the deal.

May 14, 2019

Acquisitions California Retail Western

Arroyo Parkway Acquires Whole Foods Market-Occupied Retail Building in Pasadena, California

by Amy Works May 13, 2019

PASADENA, CALIF. — The Arroyo Parkway LLC, a Pasadena-based investment group, has purchased a retail building and two acres of adjoining land in Pasadena from a private family trust for more than $100 million in an off-market transaction. Whole Foods Market has occupied the 80,000-square-foot retail building since it was built in 2007. The assets are located at 465-577 Arroyo Parkway. David Ickovics of Commercial Asset Group represented the seller, while the buyer was self-represented in the transaction.

May 13, 2019

California Loans Multifamily Seniors Housing Western

CBRE Arranges $91.8M Refinancing for Seniors Housing Portfolio in California

by Amy Works May 13, 2019

WALNUT CREEK, CALIF. — CBRE has arranged $91.8 million in financing for DiNapoli Capital Partners (DCP), an investor based in Walnut Creek. The funds will refinance existing debt on a five-property, 560-unit seniors housing portfolio located in California. Integral Senior Living manages three of the communities, located in Los Angeles area, and Westmont Senior Living manages the remaining two communities, located in the Sacramento area. DCP bought each of the assets within the portfolio separately as value-add acquisitions. The financing package comes at the end of the company’s repositioning plan for the properties. Andrew Behrens of CBRE Multifamily Institutional Group, along with Aron Will, Austin Sacco and Adam Mincberg of CBRE National Senior Housing, arranged the transaction. The 10-year Fannie Mae loan includes five years of interest-only payments.

May 13, 2019

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