California

Hanley Investment Group Brokers $23M Sale of Retail Building in Pasadena

by Amy Works September 14, 2018

PASADENA, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the $23 million sale of a 39,290-square-foot retail building in Pasadena. Carlos Lopez and Lee Csenar of Hanley Investment Group arranged the transaction on behalf of the seller, AEGON USA Realty Advisors. John Repstad of Realty Advisory Group Inc. represented the buyer, a private investor based in Beverly Hills. The first and second floor of the freestanding building — totaling 27,025 square feet — are triple-net-leased to Walgreens until 2027. Walgreens subleased the 14,057-square-foot second floor to Sit ‘n Sleep. The building’s 12,265-square-foot basement space is leased to Premier Dental Care Group. The sale also included a portion of the parking lot behind the property and the use of the adjacent reciprocal parking managed by the City of Pasadena.

September 14, 2018

California Development Retail Western

Ross Dress for Less to Open Three New Stores in Greater Los Angeles

by Amy Works September 14, 2018

GLENDALE, SOUTH LOS ANGELES AND SANTA FE SPRINGS, CALIF. — Ross Dress for Less will open three stores in downtown Glendale, South Los Angeles and Santa Fe Springs on Oct. 13. The 27,000-square-foot Glendale store is located in the Glendale Marketplace at the corner of North Brand Boulevard and East Broadway; the 30,000-square-foot South Los Angeles location is in the Vermont-Slauson shopping center at the corner of South Vermont Avenue and West Slauson Avenue; and the 23,000-square-foot Santa Fe Springs store is located in Gateway Plaza at the corner of Telegraph Road and Carmenita Road. With these new openings, Ross will operate 300 stores in California for a total of 1,459 locations. Together, Ross Dress for Less and dd’s Discounts currently operate nearly 1,700 off-price apparel and home fashion stores is 38 states, the District of Columbia and Guam. In late August, Ross Stores, the parent company of Ross Dress for Less, signed a lease for 1 million square feet of industrial space at 4100 Express Ave. in Shafter, Calif., within Wonderful Industrial Park, which is owned by Wonderful Real Estate Development. Additionally, the company owns a 1.7 million-square-foot distribution center located near the newly leased facility in Shafter.

September 14, 2018

McClellan-Distribution-Center-Sacramento-CA

California Development Industrial Western

McClellan Park Breaks Ground on 417,000 SF Distribution Warehouse in Sacramento

by Amy Works September 13, 2018

SACRAMENTO — McClellan Business Park LLC has broken ground on McClellan Distribution Center, a speculative warehouse facility located at 2400 McClellan Park Drive in Sacramento. Slated for completion in mid-2019, the 417,214-square-foot Class A property will be divisible and able to accommodate up to 22,000 square feet of customizable office space. Additionally, the property will feature cross-dock loading with 135-foot truck courts, 95 dock doors, four grade-level doors, 36-foot clear heights, 50-foot by 54-foot column spacing, rail spur potential (Union Pacific Railroad and BNSF Railway) and ESFR sprinklers. The property is being constructed on 22.9 acres on McClellan Park’s west side industrial district. McClellan Park LLC has more than 500 acres of developable land in this specific district and is entitled to construct more than 5 million square feet of industrial space. Since the official closure of McClellan Air Force Base in 2001, the privatized McClellan Park has grown to include a mix of companies that span its 8.5 million square feet of leasable space and 500 acres of developable land. A total of $580 million has been invested across the project in infrastructure and building improvements. The project includes a mix of residential, office, warehouse, event venue, retail and …

September 13, 2018

Acquisitions California Retail Western

DealPoint Merrill Negotiates Sale of 109,098 SF Shopping Center in Northern California

by Amy Works September 12, 2018

SACRAMENTO, CALIF. — DealPoint Merrill has arranged the sale of Elverta Crossing I, a shopping center located adjacent to Antelope Greens Golf Course in Sacramento’s Antelope submarket. Situated on 9.8 acres, the property features 109,098 square feet of retail space. David Frank of DealPoint negotiated the transaction, while Sterling McGregor, also of DealPoint, handled the due diligence for the sale. The acquisition was completed by DealPoint’s Jason Limbert. The buyer and seller were not disclosed.

September 12, 2018

Acquisitions California Office Western

Hines Sells 345,775 SF Office Portfolio in Sacramento

by Amy Works September 12, 2018

SACRAMENTO, CALIF. — Hines has completed the sale of Point West, a three-building office portfolio located in Sacramento. Basin Street Properties acquired the asset for an undisclosed price. Totaling 345,775 square feet, the properties are located at 1545 River Park Drive, 1601 Response Road and 1610 Arden Way. At the time of sale, the portfolio was 78 percent occupied by a diverse tenant base, including UBS, GSA, WestAmerica Bank and Covered CA. Grant Lammersen, Steve Golubchik, Edmund Najera and Tyler Meyerdirk of NKF Capital Markets represented the seller in the deal.

September 12, 2018

Acquisitions California Retail Western

Chelsea Pacific Group Acquires Marin Square Mixed-Use Property in San Rafael, California

by Amy Works September 12, 2018

SAN RAFAEL, CALIF. — Chelsea Pacific Group has purchased Marin Square, a retail, office and commercial property located at 75 Bellam Blvd. in San Rafael. Tiburon, Calif.-based Sutter Health sold the property for an undisclosed price. Situated on 11.3 acres, Marin Square was developed in 1984 as a neighborhood shopping center. The property was later expanded to include an office and multi-tenant commercial component. Dan Wald, Don LeBuhn and Trevor Buck of Cushman & Wakefield represented the seller, while the buyer was self-represented in the transaction.

September 12, 2018

Acquisitions California Office Western

Kelemen Co. Purchases The Atrium Office Property in Southern California for $106.7M

by Amy Works September 11, 2018

IRVINE, CALIF. — Kelemen Co. has purchased The Atrium, an office property located at 19100 and 19200 Von Karman Ave. in Irvine. Barings Real Estate, part of Barings LLC and acting on behalf of institutional investors, sold the building for $106.7 million. Kevin Shannon, Paul Jones, Ken White, Brunson Howard and Blake Bokosky of NKF Capital Markets represented the seller, while the buyer was self-represented in the transaction. Situated on 6.1 acres, the 10-story building was constructed in 1986 and underwent an extensive renovation in 2015. The $5.3 million capital improvement program included upgrades to the atrium lobby, common areas, exterior courtyards, restrooms, elevator cabs and lobbies. At the time of sale, the 302,877-square-foot property was 90 percent leased to a variety of tenants, including Premier Business Centers and Severson & Werson. The building features a 10-story atrium with interior and exterior balconies, 24/7 security and access, a café and ample surface and structured parking. Additionally, Bistango, a well-known restaurant, has occupied the ground-floor space since 1988.

September 11, 2018

California Industrial Leasing Activity Western

Voit Real Estate Secures $33M Lease for 750,000 SF Industrial Property in Inland Empire

by Amy Works September 11, 2018

ONTARIO, CALIF. — Voit Real Estate Services has arranged the lease of an industrial warehouse located within Shea Center Ontario, a five-building business park located at 5400 Shea Center Drive in Ontario. The lease is valued at $33 million. Canada-based Dorel Home Furnishings, a global manufacturer and distributor of products in the juvenile, sports and home furnishings sectors, will occupy the 750,000-square-foot space and utilize it as a distribution center for the company’s home furnishings division. Aliso Viejo, Calif.-based Shea Properties owns the business park, which is fully occupied. Other tenants include Emser Tile, Trek Bicycle, Restoration Hardware and Neovia Logistics. Frank Geraci, Juan Gutierrez and Adam Geiger of Voit’s Inland Empire office represented the landlord, while Chuck Belden and Kyle Kehner of Cushman & Wakefield represented the tenant in the transaction.

September 11, 2018

Acquisitions California Industrial Office Western

Majestic Asset Management Buys 124,754 SF Flex Asset Near Santa Barbara for $16.5M

by Amy Works September 11, 2018

GOLETA, CALIF. — Majestic Asset Management has acquired a flex industrial/office park, located at 839-879 Ward Drive in Goleta, for $16.5 million. The buyer plans to improve and reposition the 124,754-square-foot asset to improve the warehouse, R&D and office space. Consisting of three buildings situated on 5.6 acres, the property was vacated in 2016 by Channel Industries, which had occupied the site since its original construction in the 1960s. Recent leases by Gavial Holdings, Sonatech and Reaction35 have backfilled a portion of the property, with approximately half of the rentable space remaining vacant. Francois DeJohn, Steve Hayes and Liam Murphy of Hayes Commercial represented the undisclosed seller and buyer in the deal.

September 11, 2018

Acquisitions California Restaurant Retail Western

Faris Lee Brokers $3.9M Sale of IHOP-Occupied Property in Palm Springs, California

by Amy Works September 11, 2018

PALM SPRINGS, CALIF. — Faris Lee Investments has arranged the sale of a restaurant property located in Palm Springs. An undisclosed buyer acquired the asset for $3.9 million. IHOP occupies the 4,600-square-foot freestanding building on a triple-net lease. The restaurant has occupied the building for more than 26 years, with a recent 10-year lease extension. Nick Coo, Matt Brooks, Tom Chichester and Joe Chichester of Faris Lee represented the undisclosed seller in the deal.

September 11, 2018

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