California

Guthrie Development Sells Industrial Building in California for $12.5M

by Amy Works March 12, 2018

FULLERTON, CALIF. — Guthrie Development has completed the disposition of an industrial property located at 4200 Bonita Place in Fullerton. An undisclosed owner-user purchased the single-tenant property for $12.5 million. Guthrie originally acquired the 67,950-square-foot building in 2016 and renovated it into a high-end multipurpose industrial building positioned for an owner-user. Zach Niles, Louis Tomaselli and Steve Wagner of JLL represented the seller, while Steve Schloemer of Colliers International and Gordon Henry of HOM Sotheby’s International represented the buyer in the deal.

March 12, 2018

California Office Top Stories Western

NKF Brokers $147.2M Sale of 20-Story Office Building in Orange, California

by Taylor Williams March 12, 2018

ORANGE, CALIF. — NKF Capital Markets has brokered the sale of City Tower, a 20-story office building located at 333 City Blvd. West in Orange, about 35 miles southeast of Los Angeles. KSB Capital Advisors purchased the property from Torchlight Investors for $147.2 million. Built in 1988, the building features 435,177 square feet of Class A office space. Situated on 4.9 acres, the building offers an on-site cafe and an adjacent, six-level parking structure. The building is also located within walking distance of Outlets at Orange, an 806,000-square-foot shopping and dining destination. At the time of sale, the property was 78 percent leased to a roster of tenants including UC Irvine Medical Center, Enterprise Rent-A-Car, Travelers Insurance and York Risk Services Group. In addition, the property recently underwent a $3 million renovation that included upgrading the lobby, corridors, restrooms and elevator cab interiors. Kevin Shannon, Paul Jones, Sean Fulp and Blake Bokosky of NKF Capital Markets represented the seller. The buyer in the transaction was self-represented. “Central Orange County has been seeing an increase in tenant demand, yet no new office construction, which bodes well for rent growth and asset appreciation,” said Jones. “Our NKF Capital Markets team secured a strong …

March 12, 2018

California Industrial Western

Industrial Building in Los Angeles Trades for $44M

by Nellie Day March 9, 2018

LOS ANGELES — Penwood Real Estate Investment Management has acquired a 347,119-square-foot industrial building in the Los Angeles submarket of Thousand Oaks for $44 million. The building is located at 1461 to 1475 Lawrence Drive in the master-planned Conejo Spectrum Business Park. The asset was built in 1962 and renovated in 2000. It is fully occupied by four tenants, including Sensata Technologies, LAC Group, Kanner Corp. and MB2 Raceway. NKF represented the seller, while Penwood represented itself in this transaction.

March 9, 2018

California Hospitality Western

Kairos Ventures Sells Lake Tahoe Resort for $42M

by Nellie Day March 9, 2018

SOUTH LAKE TAHOE, CALIF. — DiamondRock Hospitality Company has purchased the 77-room Landing Tahoe Resort & Spa in South Lake Tahoe for $42 million. The hotel is located at 4101 Lakeshore Blvd. just steps from the lake. The luxury hotel underwent a multi-million-dollar redevelopment and rebranding by the seller and reopened as The Landing Resort & Spa in December 2013. The hotel features 10,300 square feet of indoor and outdoor function space; Jimmy’s Restaurant; a wine cellar and lounge; full-service spa; heated outdoor pool and hot tub; lakeview patio with fire pits; rooftop deck with fireplace; and fitness center with sauna. HFF’s represented the seller, an affiliate of Kairos Ventures, in this transaction.

March 9, 2018

California Office Western

MBRE Healthcare Purchases Medical Office Building in San Diego for $37.1M

by Nellie Day March 9, 2018

SAN DIEGO — MBRE Healthcare has acquired Excel Centre, an 83,213-square-foot medical office building in San Diego, for $37.1 million. The building is located at 17140 Bernardo Center. Kaiser Permanente anchors the property. MBRE plans to convert the remaining third-floor balance of the building, which is currently vacant, to medical office use. Excel Centre is part of the larger Park Terrace, a walkable mixed-use development featuring offices, hotels, restaurants and fitness, in addition to Interstate 15 access. Rick Reeder, Brad Tecca and Travis Ives of Cushman & Wakefield represented the seller, an institutional investor, in this transaction.

March 9, 2018

California Industrial Western

BKM Buys 160,943 SF Industrial Asset in San Diego for $28.1M

by Nellie Day March 9, 2018

SAN DIEGO — BKM Capital Partners has purchased Activity Business Center, a 160,943-square-foot light industrial asset in the Miramar submarket of San Diego for $28.1 million. The five-building property is located at 9235-9265 Activity Road and 9520-9530 Padgett St. Activity Business Center is currently 92.6 percent occupied by 38 different tenants. Average unit sizes are about 3,743 square feet. BKM Capital Partners plans to rebrand the complex and implement a series of renovations including upgrades to the parking lot, exterior paint, landscaping, monument signage, lobby and the addition of a new outdoor common area. Cushman and Wakefield represented the seller, Lincoln Property Co., in this transaction. BKM represented itself.

March 9, 2018

California Office Western

Chesnut Properties to Develop 1.4 MSF Millenia Office Campus in Chula Vista

by Nellie Day March 8, 2018

CHULA VISTA, CALIF. — Chesnut Properties plans to build Millenia Office, a 1.4-million-square-foot, three-property office campus in the San Diego submarket of Chula Vista. The three campuses include Think Campus, which includes two buildings encompassing 324,000 square feet; Discover Campus, which includes one building encompassing 400,000 square feet; and Invent campus, a four-building, 700,000-square foot project. Each property will be expandable to accommodate a Google-style, mega-scale campus. Millenia Office has the potential to grow up to 3 million square feet to accommodate one or several large-scale office, tech, medical and/or educational tenants. The Think Campus will feature large 37,000-square-foot floorplates, prominent Highway 125 access, an above-standard parking ratio of 4.3/1,000, outdoor connectivity from every floor and tenant space, an amenity patio space connecting the two buildings, a 6,000-square-foot amenity building with a restaurant and fitness center and a large outdoor lawn area for employees. Millenia Office will be the only available mega-scale campus in San Diego, residing just 20 minutes south of the city’s downtown region. The campus is situated within the Millenia Master Plan in Eastern Chula Vista, which has major construction in multiple districts underway. The Millenia Master Plan includes up to 3,000 multifamily residences; 1.5 million square …

March 8, 2018

California Retail Western

Pacific Coast Commercial Arranges 2,459 SF Fitness Center Lease in San Diego

by Nellie Day March 8, 2018

SAN DIEGO — Pacific Coast Commercial has arranged a 2,459-square-foot lease for retail space located at 2155 Kettner Blvd. in San Diego. F45 Training plans to open a Kloiber Fit, a high-end fitness center, at the space, which is located at AV8, a 129-unit apartment complex. Erik Anderson of Pacific Coast Commercial represented the tenant, while Alex Drecksel and Pasquale Loele of Flocke & Avoyer represented the landlord, CVCM Kettner 106 LLC, in the transaction. The lease is valued at $1.3 million.

March 8, 2018

California Retail Western

Retail California Brokers Sale of 8,320 SF Retail Building Near Bakersfield

by Nellie Day March 8, 2018

PIXLEY, CALIF. — Retail California has negotiated the sale of a retail building located at 339 N. Park Drive in Pixley. FD Partners sold the property to Dr. Donald Studt for an undisclosed price. The property features 8,320 square feet of retail space. Lewis Smith and John Lee of Retail California and Calvin Short of Matthews Retail Advisors arranged the transaction.

March 8, 2018

California Retail Western

Soft Surroundings to Enter California Market with Four New Retail Stores

by Nellie Day March 8, 2018

WALNUT CREEK, CALIF. — Soft Surroundings, a lifestyle brand committed to providing clothing, accessories, beauty and home goods to women, has plans to open 16 locations in 2018, including entering the California market. The St. Louis-based company is opening locations in Santa Rosa, Mission Viejo, Rancho Cucamonga and Walnut Creek, Calif., as well as Marlton, N.J., Columbia, Md., Orlando and Harrisburg, Pa. Additional markets will be announced in the near future. The new locations will feature the merchandise found in Soft Surroundings’ catalogs and website, in addition to some store-exclusive items.

March 8, 2018

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