California

Cushman & Wakefield Brokers $1.8M Sale of Industrial Building in Metro San Diego

by Amy Works November 15, 2018

VISTA, CALIF. — Cushman & Wakefield has arranged the sale of a freestanding industrial building, located at 2530 Pioneer Ave. in Vista. Ki’s Kitchen purchased the 9,150-square-foot property from BS Ventures for $1.8 million. Built in 1989, the property features a modernized conference room, private office space, open break room/reception, floor-to-ceiling glass walls, multiple restrooms, motorized grade loading and a secured fenced yard. The buyer, a privately owned commercial kitchen company, plans to relocate its own operations to the property from its current location in Carlsbad. Chris Baumgart and Jeffrey Sallen of Cushman & Wakefield’s San Diego office represented the seller in the deal.

November 15, 2018

Acquisitions California Hospitality Western

Braemar Hotels & Resorts to Acquire Ritz-Carlton Lake Tahoe for $120M

by Amy Works November 14, 2018

TRUCKEE, CALIF. — Braemar Hotels & Resorts has agreed to acquire Ritz-Carlton Lake Tahoe, an upscale hotel and resort property located 13031 Ritz Carlton Highlands Court in Truckee. Additionally, the company is acquiring a 3.4-acre parcel of vacant land adjacent to the hotel. The land is being entitled for luxury residential townhome development. Total consideration for the acquisition is $120 million and consists of $103.4 million for the hotel, or $608,000 per key; $8.4 million for the adjacent development parcel; and $8.2 million for capital reserves. The acquisition is expected to close by Jan. 15, 2019. Built in 2009, the property features 170 guest rooms, including 17 suites; ski-in/ski-out access to Northstar Ski Mountain; Lake Club on the shore of Lake Tahoe, a 17,000-square-foot full-service spa; six food and beverage outlets; more than 37,000 square feet of flexible indoor/outdoor meeting space; two outdoor pools; a fitness club and yoga studio; and the Ritz Kids Club. Ritz-Carlton will continue to manage the property following the acquisition.

November 14, 2018

Acquisitions California Industrial Office Western

BLT Enterprises Divests 54,000 SF Flex Building in San Diego’s Kearny Mesa for $18M

by Amy Works November 14, 2018

SAN DIEGO — Santa Monica, Calif.-based BLT Enterprises has completed the sale of an R&D and flex building, located at 5454 Ruffin Road in San Diego’s Kearny Mesa district. San Diego Unified School District acquired the asset for $18 million, or $330 per square foot. BLT acquired the property in 2017. During its ownership, the company converted the 77,000-square-foot, two-story office building back to its original 54,000-square-foot size by removing the dated addition of a second-story office space that was constructed in the late 1980s. Additionally, BLT modernized the property and added an outdoor amenity space, new lobby, exposed high ceilings, skylights, dual-pane, energy-efficient glazing and LED lighting. Ron Jacobson of SD Realty Partners, in conjunction with Brad Black and Chris Pascale of CBRE, represented the seller, while Tom Mercer of Colliers International represented the buyer in the deal.

November 14, 2018

California Development Industrial Western

Panattoni Development Co., PGIM Real Estate Begin Construction of 1.2 MSF Industrial Building in Inland Empire

by Amy Works November 13, 2018

RIALTO, CALIF. — Panattoni Development Co., in partnership with PGIM Real Estate, has started construction of Building 1. The 1.2 million-square-foot industrial building is located within the Rialto Fulfillment Center at 3520 S. Cactus Ave. in Rialto. Situated on 122 acres, Rialto Fulfillment Center is a planned two-building, 2.25 million-square-foot fulfillment and distribution center. Building 1 will be a freestanding cross-docked facility with internal truck drive around capacity. The facility will feature 40-foot minimum warehouse clearance height, an ESFR sprinkler system, eight-foot minimum flat Ductilcrete warehouse slab, 56-foot by 60-foot typical bay spacing with 70-foot speed bays, and 4,000 amp building service with base infrastructure for 12,000 amps. Additionally, the building will feature 196 dock-high doors, four grade-level loading doors, two fully secured truck courts, 544 off-dock trailer stalls and 685 auto parking stalls. Completion of Building 1 is slated for fourth-quarter 2019. Peter McWilliams, Mike McCrary and Ruben Goodsell of JLL are handling the leasing efforts for the Rialto Fulfillment Center.

November 13, 2018

California Loans Mixed-Use Multifamily Retail Western

Newmark Arranges $29.9M in Financing for Five55 Apartment, Retail Development in Santa Cruz

by Amy Works November 13, 2018

SANTA CRUZ, CALIF. — Newmark has arranged $29.9 million in financing for Five55 Pacific, a newly developed mixed-use property located in Santa Cruz. Swenson Builders, the borrower, completed the development earlier this year. The beachside property features 94 apartments and four ground-floor commercial spaces, which are managed by Woodmont Real Estate Services. Jeff Wilcox, Robert Slatt and Charlie Kokernak of Newmark structured the financing as a first deed of trust with Benefit Street Partners.

November 13, 2018

Acquisitions California Restaurant Retail Western

Locker Realty Brokers $8.4M Acquisition of Chick-fil-A Property in Santa Monica, California

by Amy Works November 12, 2018

SANTA MONICA, CALIF. — Locker Realty Corp. has arranged the acquisition of a restaurant property, located on Lincoln Boulevard in Santa Monica. An undisclosed buyer acquired the asset for $8.4 million. Chick-fil-A occupies the 1,560-square-foot restaurant and drive-thru building, which is located on 12,314 square feet of land, on a net-leased basis. Paul Locker and Kristine Locker of Locker Realty Corp. represented the buyer, while Pat Wade and Alex Kozakov of CBRE represented the undisclosed seller in the deal.

November 12, 2018

California Development Restaurant Retail Western

Sunset Development Opens 300,000 SF Shopping Center in San Ramon, California

by Amy Works November 9, 2018

SAN RAMON, CALIF. — Sunset Development Co. has opened City Center Bishop Ranch, a shopping, dining, entertainment and community development located in San Ramon’s Bishop Ranch area. Designed by Renzo Piano Building Workshop and BAR Architects, the 300,000-square-foot regional shopping center will feature 70 stores and restaurants at full occupancy. THE LOT, a 10-screen cinema and dining destination, and Equinox San Ramon, a whole-body personal fitness, training and yoga center, anchor the property. The second location of The Slanted Door, a Vietnamese-inspired eatery, occupies a freestanding, all-glass structure at the center. Currently open tenants include AlysGrace, Boba Guys, Candle Delirium, Fieldwork Brewing Co., M by Maggie Rizer, NEEKO, On the EDGE, Pottery Barn, Starbucks Coffee, West Elm and Williams-Sonoma. Stores slated to open in the coming months include Anthropologie, Athleta, Equinox San Ramon, Heller Jewelers, KIN THE LABEL and Monokrome. Signed restaurants include C CASA, Curry Up Now, Delarosa, Gio Gelati, Joe & The Juice, Mendocino Farms, MIXT, Ramen Hiroshi, Roam, SOCIAL-AFFAIR, THE LOT and The Slanted Door. Sunset Development Co. owns and operates the property.

November 9, 2018

Acquisitions California Retail Western

Phillips Edison Acquires 80,259 SF Value-Add Retail Center in Southern California

by Amy Works November 9, 2018

MURRIETA, CALIF. — Phillips Edison & Co. has purchased Sierra Vista Plaza, a value-add retail center located at 25030-25100 Hancock St. in Murrieta, for an undisclosed price. Stater Bros., CVS/pharmacy, Chuck E. Cheese, Valley Veterinary Clinic, The UPS Store, Pizza Hut and Jack in the Box are tenants at the 80,259-square-foot property. Bryan Ley, Gleb Lvovich, Justin Kundrak and Tony Ensbury of HFF represented the undisclosed seller in the deal.

November 9, 2018

Acquisitions California Retail Western

IREA Brokers $9.7M Sale of Retail Property in Northridge, California Leased to Petco

by Amy Works November 9, 2018

NORTHRIDGE, CALIF. — Investment Real Estate Associates (IREA) has negotiated the sale of a retail property located at 8800 Tampa Ave. in Northridge. A private individual acquired the property for $9.7 million as part of a 1031 exchange. Petco has occupied the 14,280-square-foot property, which is an outparcel to Costco and adjacent to In-N-Out Burger, since March 2004. Clark Everitt, William Everitt and Jonathan Krikorian of IREA represented the buyer in the deal. The name of the seller was not released.

November 9, 2018

Acquisitions California Industrial Western

Surfside Industries Sells Six-Building Industrial Property in Port Hueneme, California for $5.1M

by Amy Works November 9, 2018

PORT HUENEME, CALIF. — Surfside Industries LLC has completed the sale of a six-building industrial asset located at 250-278 S. Surfside Drive in Port Hueneme. James Mesa acquired the investment property for $5.1 million. Currently operated as a multi-tenant industrial and RV park, the property is M-1 zoned for manufacturing, processing and distribution use. Chris Roth and Rusty Williams of Lee & Associates Commercial Real Estate Services – North San Diego County, along with John Ochoa of Lee & Associates Ventura, represented the seller. Ventura, Calif.-based The Becker Group represented the buyer in the deal.

November 9, 2018

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