California

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

California Development Retail Top Stories Western

Macerich, Simon to Build 566,000 SF Outlet Mall in Los Angeles County

by John Nelson September 11, 2018

CARSON, CALIF. — Macerich (NYSE: MAC) and Simon Property Group (NYSE: SPG) have formed a 50/50 joint venture to develop Los Angeles Premium Outlets, a new outlet mall in Carson, about 13 miles south of downtown Los Angeles. The first phase will span 400,000 square feet, and the second phase will include 166,000 square feet. “Our city is thrilled that this exciting project is moving forward,” said Carson Mayor Albert Robles in a prepared statement. “We see this high-quality outlet project as one that will add value to our community for many years to come, attracting locals and tourists from all over the world.” The outlet mall will feature 2,500 linear feet of frontage along the Interstate 405 Freeway. Roughly 515,000 cars pass the site each day along I-405 and the Interstate 110 Freeway. The site has roughly 2.5 million residents within a 10-mile radius and is situated about 11 miles south of Los Angeles International Airport (LAX). As currently planned, the project’s shops and restaurants will be elevated above street level and sit atop a ground-level parking deck. Site work is expected to begin immediately. Macerich and Simon plan to open the Los Angeles County property in fall 2021. …

September 11, 2018

California Loans Multifamily Western

Buchanan Street Partners Provides $4.1M Acquisition Loan for Apartment Complex in Los Angeles

by Amy Works September 10, 2018

LOS ANGELES — Newport Beach, Calif.-based Buchanan Street Partners has provided $4.1 million in short-term bridge financing for the acquisition and repositioning of Pacific Apartments, a multifamily property located in the Mar Vista neighborhood of Los Angeles. The borrower plans to renovate and reposition the 13-unit property, which was vacant at the time of sale and financing. Renovations will include all new kitchens, plank flooring, modern lighting, energy-efficient air conditioning, landscaping, paint and façade improvements. Additionally, the borrower plans to add more rental units to the property.

September 10, 2018

California Development Mixed-Use Multifamily Office Retail Western

San Francisco Giants Selects Partner for 28-Acre Waterfront Mixed-Use Development

by Amy Works September 7, 2018

SAN FRANCISCO — The San Francisco Giants has selected Tishman Speyer as its joint venture partner to develop Mission Rock, a waterfront mixed-use neighborhood near AT&T Park in San Francisco. The development is a public-private partnership with the Port of San Francisco and the City and County of San Francisco. Serving as the centerpiece of the emerging Central Waterfront neighborhood, Mission Rock will span 28 acres and feature approximately 1,400 residential rental units, with 40 percent affordable to low- and moderate-income families; eight acres of parks and open space, including a waterfront park; up to 1.4 million square feet of office space; 250,000 square feet of retail and local manufacturing space; a parking structure to serve ballpark and neighborhood needs; rehabilitation of the historic Pier 48; and public waterfront access and improvements, including a segment of the Blue Greenway trail connection from Embarcadero to Hunters Point.

September 7, 2018

California Development Multifamily Western

CIM Group Delivers 525-Unit Apartment Tower in Downtown Los Angeles

by Amy Works September 7, 2018

LOS ANGELES — CIM Group has completed the construction of 888 at Grand Hope Park, a 34-story apartment tower located at 888 S. Hope St. in downtown Los Angeles. The property features 525 apartment units, 6,000 square feet of ground-floor retail space and a public park. Additionally, the apartment tower features a 30,000-square-foot rooftop deck with thousands of plants and more than 132 trees; an indoor lounge; and a large outdoor terrace. The tower is adjacent to a seven-story, 650-stall parking structure and a 5,000-square-foot Petco.

September 7, 2018

California Development Office Western

Amazon Opens 85,000 SF Office Expansion in San Diego

by Amy Works September 7, 2018

SAN DIEGO — Amazon has opened an 85,000-square-foot office within Alexandria Real Estate Equities’ Campus Pointe, located in the University Town Center neighborhood of San Diego. The new space will house the company’s expanded San Diego Tech Hub, which will include 300 new high-tech jobs in fields in the software development, machine learning, cloud computing and digital entertainment. Amazon’s San Diego Tech Hub is one of 17 Tech Hubs outside of Seattle that employ more than 17,500 people across North America who invent and build new products and services for Amazon customers. Employees at the San Diego Tech Hub develop software systems for AmazonFresh, Prime Now, Amazon Web Services, supply chain tech, and preventing fraud and abuse on Amazon. Additionally, San Diego-based engineers and scientists recently played a key role in the launch of Whole Foods Market pickup and delivery via Prime Now, Alexa features for grocery shopping, and data-drive and machine-learning innovations. This expansion more than doubles Amazon’s tech workforce in the San Diego area.

September 7, 2018

Newer Posts

Older Posts