California

Levin Johnston Arranges $15.5M Sale of Land Site for Multifamily Project in Fremont, California

by Amy Works May 7, 2019

FREMONT, CALIF. — Levin Johnston of Marcus & Millichap has arranged the sale of a 2.7-acre land parcel located at 3515 Walnut Ave. in Fremont. A private high-net worth investor sold the property to a local multifamily developer for $15.5 million. The buyer plans to develop a multifamily property on the site that will include 275 market-rate apartments, 2,245 square feet of ground-floor retail space and a six-story parking garage. Adam Levin and Robert Johnston of Marcus & Millichap’s Levin Johnston team represented the seller and the buyer in the transaction.

May 7, 2019

Acquisitions California Office Retail Western

Madison Partners Brokers $7.1M Sale of Retail, Office Building in Los Angeles

by Amy Works May 7, 2019

LOS ANGELES — Madison Partners has arranged the sale of a retail and creative office building, located at 62-66 Windward Ave. in the Venice neighborhood of Los Angeles. Southern California-based Optimus Properties sold the property to BrandView Capital Partners for $7.1 million, or $957 per square foot. Originally constructed in 1922, the 7,471-square-foot asset features a street-level portico with three retail units and a creative office unit on the second level, which features a rooftop deck. Bob Safai, Matt Case and Brad Schlaak of Madison Partners represented the seller in the deal.

May 7, 2019

California Development Office Western

Triad Development Plans 840,000 SF Office Project in Bay Area

by Amy Works May 3, 2019

VACAVILLE, CALIF. — Ascend @ Lagoon Valley LLC, a limited liability company affiliated with Seattle-based Triad Development, has unveiled plans for a 700,000-square-foot to 840,000-square-foot Class A office development project Lagoon Valley. The 50-acre development site is located along Interstate 80 on Lagoon Valley Road in Vacaville, approximately 51 miles from downtown San Francisco. The project will consist of six four-story buildings. A 30,000-square-foot amenities building will offer a fitness center, food services and recreation space. Additionally, the office project will include an amphitheater, sports courts and field space as outdoor amenity space, as well as a transit center with shuttle to Vacaville’s Capitol Corridor Amtrak station. The surrounding 1,200 acres of protected open space includes the 470-acre Lagoon Valley park and 100-acre lake, plus an adjacent eight-acre public park. The land adjacent to the development is entitled for residential development. James Lees, Sandy Rodriguez, Max Sander and Skip Whitney of Kidder Mathews are leasing agents for Ascend @ Lagoon Valley.

May 3, 2019

Acquisitions California Retail Western

Faris Lee Investments Arranges $4.6M Sale of Two Retail Centers in Indio, California

by Amy Works May 3, 2019

INDIO, CALIF. — Faris Lee Investments has arranged the sale of two retail strip centers — Rubidoux Plaza and South Rubidoux — in Indio. The assets sold for a combined total of $4.6 million. Totaling nearly 20,000 square feet, the retail centers are located along Highway 111 and serve the entire Coachella Valley area. Tom Chichester of Faris Lee Investments represented the seller in the transactions. The names of the seller and buyers were not released.

May 3, 2019

California Development Industrial Western

Construction Begins for 141,027 SF Speculative Industrial Building in San Diego

by Amy Works May 3, 2019

SAN DIEGO — An undisclosed developer has broken ground on RB Vista, the first new speculative industrial building in Rancho Bernardo area of San Diego in 10 years, according to JLL. Situated on 10.1 acres on Via Del Campo, RB Vista will feature a 141,027-square-foot industrial building that can accommodate a variety of requirements ranging from 70,000 square feet to 141,027 square feet. The facility will include 32-foot minimum warehouse clear height, 36 dock-high loading doors, manufacturing power, 135-foot court, ESFR sprinklers and a highly secure site. Completion is slated for first-quarter 2020. JLL’s Andy Irwin and Jay Alexander are overseeing leasing of the property.

May 3, 2019

California Development Multifamily Seniors Housing Western

Oakmont Prepares to Open 86,839 SF Seniors Housing Community Near Los Angeles

by Amy Works May 2, 2019

CAMARILLO, CALIF. — Oakmont Senior Living has opened a welcome center at Oakmont of Camarillo, its upcoming seniors housing community in Camarillo, approximately 60 miles northwest of Los Angeles. The 86,839-square-foot property is scheduled to open around the end of the year. When completed, the three-acre community will offer 60 assisted living and 25 memory care apartments. Ted Burgess is executive director of Oakmont of Camarillo.

May 2, 2019

California Industrial Leasing Activity Western

Valencia Pipe Co. Leases 170,990 SF Industrial Space at Vista Business Park in Southern California

by Amy Works May 2, 2019

VALENCIA, CALIF. — Valencia Pipe Co., a division of VPC Global, has signed a lease for 170,990 square feet of industrial space at Vista Business Park in Valencia. The lease is valued at $10.1 million. Located at 28305 Livingston Ave., the Class A property features heavy power, 22 ground-level loading doors, two dock-high doors, 30-foot clear heights and 344 parking spaces. The landlord, Valencia LLC, is currently adding 7,000 square feet of corporate office space on the site. Once completed, Valencia Pipe Co., a manufacturer of steel tubing and pipes used in retail and wholesale, will vacate its current facilities in the Valencia Commerce Center on Industry Drive in Valencia and relocate to the new property. Matt Dierchman, David Harding, Greg Geraci and Billy Walk of CBRE represented the tenant, while Nigel Stout of JLL and Rob Fuelling and Brady Thomson of IDS represented the landlord in the transaction.

May 2, 2019

Acquisitions California Retail Western

Marcus & Millichap Directs $2.1M Acquisition of Retail Center in Indio, California

by Amy Works May 2, 2019

INDIO, CALIF. — Marcus & Millichap has arranged the sale of a retail property, located at 82360 U.S. Highway 111 in Indio. An individual/personal trust acquired the 9,888-square-foot property for $2.1 million at a 6.7 percent capitalization rate. Edwin Mariscal of Marcus & Millichap’s Ontario, Calif., office represented the buyer in the deal.

May 2, 2019

Acquisitions California Office Top Stories Western

TA Realty Buys 340,000 SF Office Tower in Metro Los Angeles for $138.5M

by Amy Works May 2, 2019

EL SEGUNDO, CALIF. — TA Realty has acquired 101 Continental, a soon-to-be-vacant office tower in El Segundo, for $138.5 million or $400 per-square-foot. VEREIT Inc. (NYSE: VER) sold the property. Developed by Continental Airlines in 1972, the 340,000-square-foot property was upgraded in 2008. The building is fully leased to Northrop Grumman and features floor-to-ceiling glass on every floor and unobstructed ocean views. TA Realty plans to begin a comprehensive building renovation at the end of May when Northrop Grumman’s lease expires. A timeline for the completion of the renovation was not disclosed. The property is located at 101 Continental Blvd., 18 miles southwest of downtown Los Angles and two miles south of Los Angeles International Airport. Selling 101 Continental decreases VEREIT’s office exposure and strengthens its overall portfolio, according to Thomas Roberts, chief investment officer of the company. As of Dec. 31, 2018, VEREIT managed and owned a 4,000-property, 95 million-square-foot portfolio that spanned across retail, office, restaurant and industrial space in 49 states. When Phoenix-based VEREIT purchased the property in 2014 for $98 million, it was fully leased to Northrop Grumman. VEREIT engaged Newmark Knight Frank (NKF) to market the property as a redevelopment opportunity. “The opportunity to acquire …

May 2, 2019

Acquisitions California Development Office Western

Harvest Properties, Invesco Real Estate Buy Three-Building Office Development Site in Silicon Valley

by Amy Works May 1, 2019

SUNNYVALE, CALIF. — A joint venture between Harvest Properties and Invesco Real Estate has acquired a three-building, Class A office development site in Silicon Valley’s Sunnyvale submarket. Terms of the transaction were not released. The acquisition marks the eighth joint venture that Harvest and Invesco have completed together. The fully entitled, shovel-ready development site is situated in Peery Park, minutes from downtown Sunnyvale. The project totals approximately 540,000 square feet across three buildings and can be delivered in phases. The partnership plans to break ground immediately and deliver the first building, a 190,000-square-foot asset at 684 W. Maude Ave., in the third quarter of 2020.

May 1, 2019

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