TORRANCE, CALIF. — CalBay Development has acquired a freeway-oriented land site located at the northwest corner of 190th and Western avenues in Torrance. Irvine, Calif.-based Sares-Regis sold the 5.3-acre development site for $12 million. CalBay plans to develop the site into hotel, health club, retail and/or restaurant uses. The site was part of a 110-acre Toyota Headquarters, which was recently vacated. The campus comprises 18 buildings with more than 2 million square feet of office and industrial space. The campus served as Toyota’s North American headquarters since 1967 until it was sold to a partnership led by Sares-Regis. Jeff Adkison and Geoff Tranchina of JLL arranged the transaction.
CULVER CITY, CALIF. — Boston-based Intercontinental Real Estate Corp. and San Francisco-based The Swing Co. have completed the disposition of Bristol 61, a creative campus in Culver City, for an undisclosed price. The name of the buyer was not released. Formerly known as Fox Hills Business Park, Bristol 61 is a four-building, 75,941-square-foot creative office campus located at 6100-6160 Bristol Parkway within the Corporate Pointe submarket of Culver City. Situated on four separate legal parcels, totaling 4.88 acres, the asset also features surface parking for 265 cars. Kevin Shannon, Rob Hannon and Laura Stumm of NKF Capital Markets brokered the sale and Andrea Salvi of Bradley & Associates P.C. represented the sellers in the transaction.
SAN DIEGO — C.W. Driver Cos. has completed the development of Mission Hills-Hillcrest Harley & Bessie Knox Public Library, located at 925 W. Washington St. in San Diego. Four times the size of the former library, the one-story, 15,000-square-foot facility will serve the Mission Hills and Hillcrest neighborhoods. Situated at the corner of West Washington and Front streets, the project includes a two-story, 30,000-square-foot underground parking structure with 85 parking spaces and the formation of an adjacent cul-de-sac at the end of Front Street. Manuel Oncina Architects and Ferguson Pape Baldwin Architects collaborated with C.W. Driver Cos. to design the library. The facility features a mission-style entry; a lobby with 25-foot ceilings featuring trusses, trellises and a skylight; and a traditional reading room. Additional offerings include a community room, 1,400-square-foot outdoor patio, 1,600-square-foot children’s area, 384-square-foot teen area, 400-square-foot garden, meeting room, four study rooms, adult computer area and an idea lab that offers 3D printing and other technologies.
ORANGEVALE, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Almond Heights Senior Living, an assisted living and memory care facility in Orangevale. A family company sold the asset to an owner-operator for an undisclosed price. Located approximately 17 miles northeast of Sacramento, the 117-unit property features 85 assisted living units and 32 memory care units. Mark Myers and Joshua Jandris of IPA represented the seller and procured the buyer in the deal. Adam Christofferson of Marcus & Millichap’s broker of record in California.
RED BLUFF, CALIF. — SRS Real Estate Partners’ National Let Lease Group has directed the sale of a single-tenant retail property in Red Bluff. A Southern California-based family trust acquired the property from a Northern California-based private investor for $2.5 million. Dollar General occupies the 9,026-square-foot property, which is located at 755 Walnut St. The tenant has approximately 10 years remaining on its initial 15-year lease term. Jim Schuchert and Joe Schuchert of SRS’ National Let Lease Group represented the seller, while Bryan Miller of Lee & Associates represented the buyer.
SAN DIEGO — Despite a strong U.S. job market, GDP growth will slow now that the tailwind from the Tax Cuts and Jobs Act has largely dissipated, predicts Michael Fratantoni, chief economist with the Mortgage Bankers Association (MBA). More specifically, Fratantoni is forecasting the nation’s economy to grow 2 percent in 2019, down from 3.1 percent in 2018. Passage of the sweeping tax bill in late 2017 and signed into law by President Donald Trump “led to some front-loading of some additional spending and benefits, particularly on the corporate tax side that showed up as this faster growth rate in 2018,” explains Fratantoni. “We also know that the budget agreement that was reached [early last year] really concentrated about $300 billion of spending particularly in 2018, maybe a little bit into 2019.” The comments from the veteran economist came during a special session Sunday on the opening day of the 2019 Commercial Real Estate Finance/Multifamily Housing Convention & Expo at the Manchester Grand Hyatt San Diego. Jaime Woodwell, vice president of commercial/multifamily research for MBA, also provided an update on the state of the commercial/multifamily market during the session. The-four day conference has attracted mortgage bankers from across the country. One …
SAN FRANCISCO — PCCP has purchased a four-story office property, located at 350 Rhode Island St. in San Francisco’s Potreto Hill neighborhood and Showplace Square office submarket, for $120 million. The name of the seller was not released. Built in 2001, the asset includes two interconnected buildings offering a total of 138,393 square feet of Class A office space over three levels of subterranean parking. The buildings are now under separate ownership, and the parking structure component of PCCP’s acquisition provides added cash flow for the investment. The property features 35,000-square-foot floor plates and a modern, distinctive architectural design.
SAN DIEGO — CBRE has arranged the sale of a creative office building, located at 2870 Fifth Ave. in San Diego’s Bankers Hill neighborhood. A private 1031-exchange buyer acquired the approximately 7,300-square-foot property for $3 million, or $411 per square foot. Matt Pourcho, Anthony DeLorenzo, Gary Stache, Doug Mack and Marc Frederick of CBRE represented the seller, HG Fenton Co., in the deal. Originally constructed as a fire station in 1900, the two-story building was recently repositioned and renovated into a modern creative office building. At the time of sale, the property was 100 percent leased. Tenants include Fox & Jane salon, Sojourn Healing Collective, KD Skin beauty salon and Explore That Store digital marketing agency.
LOS ANGELES — Hankey Investment Co. LP and Jamison Properties LP have broken ground on a $300 million residential tower in Koreatown, a submarket adjacent to downtown Los Angeles. Located at 2900 Wilshire Blvd., the unnamed development will rise 25 stories. The project will include 644 apartment units and a 1,000-space parking podium. Floor plans will range from studios to three-bedroom units, as well as two-story penthouses. Monthly rents will range from $2,000 to $10,000. A one-acre amenity deck will house a gym, clubhouse, pool, spa, business center, dog park and zen garden. The project will also include 15,000 square feet of ground-floor retail space. The building’s design features a unique floor shape as to avoid casting shade on two nearby parks, as well as providing unobstructed views of downtown Los Angeles and the Hollywood Hills. “As the Los Angeles housing market continues to be impacted, additional rental units will help provide much-needed homes in a very desirable location,” says W. Scott Dobbins, president of Hankey. The project team also includes Large Architecture, Dianna Wong Architecture + Interior Design, AECOM and Wilshire Construction. Completion is slated for early 2021. — Kristin Hiller
SAN JOSE, CALIF. — A joint venture between CIGNA Investment Management and The Muller Co. has acquired Century Plaza, a six-story office building located at 550 S. Winchester Blvd. near Santana Row in San Jose. New York Life Real Estate Investors sold the property for $63.4 million. The new ownership plans to rebrand the 103,622-square-foot property and invest approximately $4.1 million to upgrade the façade, landscaping, lobby, restrooms and corridors. At the time of sale, the property was 82 percent leased. Eric Fox and Nick Lazzarina of Cushman & Wakefield’s San Jose office, along with Steven Hermann, Seth Siegel and Adam Lasoff of Cushman & Wakefield’s San Francisco office, represented the buyer and seller in the deal.