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 …
SAN JOSE, CALIF. — Adobe Systems Inc. has broken ground on the Adobe North Tower, which will become the fourth tower at the company’s downtown San Jose headquarters. The all-electric tower will house 4,000 employees for Adobe, which was founded in 1982 and has been headquartered in San Jose since 1994. When completed in 2022, the North Tower will connect to Adobe’s existing campus via a pedestrian bridge extending over San Fernando Street, and will also include retail space.
HAYWARD, CALIF. — Faris Lee Investments has arranged the purchase of Casa Sandoval, a 187,926-square-foot seniors housing community in Hayward, located along San Francisco Bay. Kayne Anderson Real Estate, a Florida-based private equity firm, acquired the property for $39 million in an off-market sale. The purchase was made through a recently closed $1.85 billion private equity fund focused on seniors housing, medical office and student housing. Gene Ventura with Faris Lee Investments represented the buyer in the transaction. The name of the seller was not released. Constructed in 1990, the Casa Sandoval community offers a total of 235 licensed beds for independent living, assisted living and memory care, with expansion opportunities available.
REDDING, CALIF. — The Loeffler Self-Storage Group has facilitated the sale of Best Value Storage, a self-storage facility located along Lake Boulevard in Redding. California-based CP Partners sold the property to a local owner-operator for $6.9 million. Situated on 5.3 acres, Best Value Storage features 64,797 net rentable square feet and 521 self-storage units. The property consists of 15 single-story buildings, a manager’s office and two living quarters. At the time of sale, the property was 100 percent leased. Bobby Loeffler and Tyler Skelly of Loeffler Self-Storage Group represented the seller in the deal.
RAMONA, CALIF. — Flocke & Avoyer Commercial Real Estate has arranged the sale of three retail parcels, totaling 22,527 square feet, at Stonegate Plaza Shopping Center in Ramona. Trevor Associates acquired the assets from Lesser-Moore South Coast for $4.8 million. Goodwill, The UPS Store, T-Mobile, Sally’s Beauty Supply and Itan occupy the parcels, located at 1668, 1672 and 1676 Main St. Stater Bros and Rite Aid serve as shadow anchors. Bryan Cunningham of Flocke & Avoyer represented the seller, while Steve Hollenbeck represented the buyer in the deal.
SAN DIEGO — Location Matters has brokered a lease for the relocation of McFadden’s Restaurant & Saloon in San Diego. The restaurant recently shuttered its original location to make way for the development of an AC Hotels by Marriott property and signed a 10-year lease, valued at $3.8 million, for a corner restaurant location in downtown San Diego. McFadden’s Restaurant & Saloon will occupy a 7,932-square-foot property, including approximately 4,500 square feet of basement space, at 672 Fifth Ave. The space was formerly occupied by Jimmy Loves and Florent. Mike Spilky of Location Matters represented the tenant in the deal.
SAN DIEGO — American Assets Trust has closed on the acquisition of La Jolla Commons, an office complex located in San Diego’s University Town Center submarket, for $525 million. The asset consists of two office towers, an entitled development parcel and two parking structures. Totaling 724,000 square feet, the LEED Platinum-certified office towers were built in 2008 and 2014. The 421,000-square-foot building is fully leased to LPL Financial. The second building, consisting of 303,000 square feet, is 72 percent leased to a variety of tenants, including U.S. Bank National Association, Paul Hastings LLP and Finch, Thornton & Baird LLP. The purchase price of $525 million, less a seller credit of approximately $11.5 million, was paid with a combination of cash on hand and funds drawn against the company’s existing credit facility. Loryn Arkow and Ankush Israni of Los Angeles-based Stroock & Stroock & Lavan represented the undisclosed seller, while James Mann and Jeffrey Gonzalez of Latham & Watkins represented the buyer in the transaction.
EL SEGUNDO, CALIF. — A joint venture between OceanWest and Lionstone Partners has purchased 777 Aviation, an office campus located in El Segundo, approximately 15 miles southwest of downtown Los Angeles. Westbrook & Embarcadero Partners sold the asset for $170 million, or $535 per square foot. Designed and constructed in 1968, the property features 318,182 square feet of office space, a three-story atrium with stadium seating and multiple gathering areas, on-site fitness center, indoor/outdoor conference rooms, flexible open floor plans, on-site café and outdoor areas. Bob Safai, Matt Care and Brad Schlaak of Madison Partners represented both parties in the deal. The team also procured $114.1 million in financing for the buyer.
