California

Brixmor Property Sells San Bernardino Target Center to International Properties Holdings

by Amy Works January 8, 2019

SAN BERNARDINO, CALIF. — Brixmor Property Group has completed the sale of San Bernardino Target Center, a shopping center located at 499 W. Orange Show Road in San Bernardino. International Properties Holdings Group acquired the 143,082-square-foot asset for an undisclosed price. A 105,565-square-foot Target and a 37,367-square-foot Big Lots anchor the property, which was fully occupied at the time of sale. Dixie Walker and Charley Simpson of Cushman & Wakefield represented the seller in the transaction.

January 8, 2019

California Market Reports Retail Western Western Market Reports

Orange County’s Retail Market Remains Scrappy

by Taylor Williams January 8, 2019

The Orange County retail real estate market remains resilient despite continued pressure from growing ecommerce sales and a new tranche of retailer bankruptcies. Sears is the latest retailer to file for bankruptcy in the Amazon era. Toys“R”Us, Fallas Paredes and Mattress Firm have all declared bankruptcy, while Lowe’s announced it would close all Orchard Supply Hardware stores. In comparison, ecommerce sales continue to experience double-digit increases year-over-year and analysts are quick to conclude the so-called “retail apocalypse” is imminent. Does this mean it’s time to panic if you are in the retail real estate business? Definitely not, but it does mean the edge belongs to those who are proactive and adaptable in their decision making. We are also seeing many retailers and developers step up their game in the wake of ecommerce popularity. Retailers like Walmart and Ralph’s/Kroger are offering free same-day delivery and, in the case of groceries, food delivery in as little as one hour. Retailers like Best Buy are not only price matching but offering better product education and experience via what the company calls a “stickier” relationship. Developers are getting better at placemaking, the multi-faceted approach to planning, design and management of space, giving people more …

January 8, 2019

Acquisitions California Office Western

Kilroy Realty Sells 225,340 SF Calabasas Park Centre Office Campus in California for $78.2M

by Amy Works January 7, 2019

CALABASAS, CALIF. — Kilroy Realty Corp. has completed the disposition of Calabasas Park Centre, a three-building, Class A office campus in Calabasas. A joint venture between Related Fund Management and Cruzan acquired the asset for $78.2 million. Calabasas Park Centre was developed by Kilroy Realty in phases between 2000 and 2001. It consists of two four-story buildings and one two-story building located at 23925, 23975 and 24025 Park Sorrento. At the time of sale, the 225,340-square-foot property was 96 percent leased to 38 tenants. Kevin Shannon, Rob Hannan, Brunson Howard, Michael Moll and Laura Stumm of Newmark Knight Frank represented the seller in the transaction.

January 7, 2019

California Development Hospitality Mixed-Use Multifamily Office Restaurant Retail Western

Joint Venture to Develop 131-Acre Mixed-Use Project in San Luis Obispo, California

by Amy Works January 4, 2019

SAN LUIS OBISPO, CALIF. — A joint venture between San Diego-based Presidio Residential Capital and Coastal Community Builders has received approval from the San Luis Obispo City Council to develop San Luis Ranch, a 131-acre mixed-use farm-to-table community. Slated to break ground the first quarter of 2019, the development will features 580 residential homes, 150,000 square feet of commercial space, 100,000 square feet of office space and a 200-room hotel. Delivery of a 10-acre multifamily site and all commercial and hotel pads is scheduled for the second and third quarters of 2019. Additionally, 281 single-family lots will be delivered for home construction commencement starting in the third quarter of 2019. The residential portion of the development will include single-family detached and multifamily housing, including a significant number of affordable housing units. The residential homes will offer a variety of energy-efficient and environmentally friendly features, including solar panels, Energy Star-certified appliances and lighting, tankless water heaters, low-flow plumbing and natural, edible landscaping. More than 50 percent of the pedestrian-oriented community will be park land, open space and agricultural land with a working organic farm and learning center, community gardens, a recreation and fitness loop, and several parks and picnic areas. Additionally, …

January 4, 2019

Prologis-Vernon-Business-Center-Los-Angeles-CA

California Development Industrial Western

Prologis Starts Construction of Two-Building Vernon Business Center in Los Angeles

by Amy Works January 4, 2019

LOS ANGELES — Prologis is developing a two-building industrial park located at 5215 S. Boyle Ave. in Los Angeles. Dubbed Prologis Vernon Business Center 1 and 2, the asset will include a 113,952-square-foot building and a 232,229-square-foot building. Slated for completion this fall, the facilities will each feature more than 10,000 square feet of corporate office build-out space, 36-foot clearance, ESFR sprinkler system, concrete truck courts and 2.5 percent skylights. Business Center 1 will include 20 dock-high positions, 13 trailer stalls and 111 car parking spaces, while Business Center 2 will include 38 dock-high positions, 54 truck stalls and 184 car parking spaces. John McMillan, Jeff Sanita, Danny Williams and Greg Stumm of Newmark Knight Frank are handling the leasing for industrial center.

January 4, 2019

Acquisitions California Multifamily Western

IPA Negotiates $56.2M Sale of Newly Built Multifamily Property in Santa Barbara, California

by Amy Works January 3, 2019

SANTA BARBARA, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of The Marc, a newly constructed multifamily asset located on State Street in Santa Barbara. Realty Center Management acquired the property for $56.2 million. The sellers are a partnership between Los Angeles-based The Kor Group, REthink Development of Santa Barbara and several affiliates of Westport Capital Partners. Built in 2017, the property features 89 multifamily apartments and 2,500 square feet of ground-floor retail space for a total of 78,166 net rentable square feet. Additionally, the property features dual-pane windows, tankless water heaters, drought-resistant gardens and landscaping, and a reflective low-heat roof. Greg Harris, Ron Harris, Kevin Green and Joseph Grabiec of IPA represented the sellers in the transaction.

January 3, 2019

Acquisitions California Retail Western

Sunflower Metro Buys Sunflower Plaza in Santa Ana for $9.5M

by Amy Works January 3, 2019

SANTA ANA, CALIF. — Sunflower Plaza Co. has completed the sale of Sunflower Plaza, a shopping center located at 3929-3941 S. Bristol St. in Santa Ana. Sunflower Metro LLC, a company owned by former NBA player Josh Childress, acquired the asset for $9.5 million. Built in 1979 and renovated in 2014, the 27,000-square-foot property is subject to a 30-year ground lease. Situated on 2.66 acres, the two-building property is anchored by Bank of the West, The Vitamin Shoppe, Panera Bread, Jersey Mike’s Subs and zpizza. Fouy Ly of Kidder Mathews represented the seller in the deal. Sunflower Plaza Co. is the original developer and this is first time the asset has sold in the last 40 years. Eyzenberg & Co., as financial advisor to Childress Ventures, secured a $7.4 million CMBS loan with a 20-year amortization through Morgan Stanley to fund the acquisition. Jeff Conti and Mila Babenko of Eyzenberg & Co. arranged the financing.

January 3, 2019

Acquisitions California Hospitality Western

Andy Investment Co. Sells 102-Room Good Nite Inn Near Los Angeles for $8M

by Amy Works January 3, 2019

WHITTIER, CALIF. — Andy Investment Co. has completed the disposition of Good Nite Inn, a hotel located at 10317 Whittier Blvd. in Whittier. Y&C Pacific acquired the property for $8 million. Situated on a 72,869-square-foot land parcel, the hotel features 102 rooms, a swimming pool and monument signage. Nearby amenities include Starbucks Coffee, Carl’s Jr., Dollar Tree and Wingstop Restaurant. Warren Berzack of Lee & Associates represented the buyer and seller in the transaction.

January 3, 2019

Acquisitions California Office Western

Seagate Properties Purchases The Senator Office Building in Sacramento

by Amy Works January 2, 2019

SACRAMENTO, CALIF. — Seagate Properties has acquired The Senator, a landmark office building located at 1121 L Street in Sacramento. Swift Real Estate Partners sold the property for an undisclosed price. Opened in 1924 as a hotel, the property was converted into a 180,123-square-foot office building in 1982. The seller acquired the property in 2015 and implemented a renovation program to transform the building’s traditional office space into modern, creative workspace. Situated across from the California State Capitol, the 10-story building is currently 88 percent leased. Rob Hielscher, Michel Seifer and Erik Hanson of JLL Capital Markets team represented the seller in the deal. Additionally, Alex Witt, John Manning and Tom Gilliland of JLL Capital Markets worked with the buyer to arrange acquisition financing.

January 2, 2019

Acquisitions California Industrial Western

Rexford Buys Industrial Property for $19.5M, Sells Three-Building Asset for $10.4M

by Amy Works January 2, 2019

CITY OF INDUSTRY AND GARDENA, CALIF. — Rexford Industrial has completed two transactions in Southern California markets. In the first deal, the company acquired an industrial property located at 14421-14441 Bonelli St. in City of Industry for $19.5 million, or $131 per square foot. Situated on 6.2 acres, the 148,740-square-foot property features 16 dock positions, 22-foot to 24-foot clearances, heavy power and a fenced yard. At the time of sale, the building was fully leased. In the second transaction, Rexford completed the sale of a three-building asset located at 311, 319 and 329 E. 157th St. in Gardena. Owner-occupants acquired the properties for a total of $10.4 million, or approximately $207 per square foot. The buildings contain 48,000 square feet on 3.2 acres of land. Rexford used proceeds from the disposition in a tax-deferred 1031 exchange to fund a portion of the Bonelli Street acquisition.

January 2, 2019

Newer Posts

Older Posts