California

Construction Begins on 510-Unit CCRC in San Diego

by Nellie Day January 22, 2018

SAN DIEGO — Construction has begun on The Glen at Scripps Ranch, a 510-unit continuing care retirement community (CCRC) in San Diego. KTGY Architects designed the property, located in the Scripps Ranch neighborhood of the city. The community will feature 62 freestanding independent living villas, 48 garden terrace-style independent living apartments, 290 standard independent living apartments, 58 assisted living units (including memory care) and 52 skilled nursing beds. Continuing Life, based in nearby Carlsbad, will provide business and advisory services for the 53-acre property. The community has been in the planning and approvals phase since 2010, and is slated for completion in late 2019.

January 22, 2018

California Hospitality Western

Montage Hotels & Resorts Announces Plans for 130-Room Hotel in Sonoma County

by Nellie Day January 22, 2018

HEALDSBURG, CALIF. — Montage Hotels & Resorts has unveiled plans for Montage Healdsburg, a 130-room hotel in the Sonoma County city of Healdsburg.Construction is scheduled to start in spring 2018. The 258-acre resort will feature bungalow-style accommodations, Spa Montage, an infinity pool overlooking the resort’s vineyards and Montage’s children’s program called Paintbox. The new hotel will open in 2020. The Robert Green Company is developing the property. Ohana Real Estate Investors will be the owner, and Montage Hotels & Resorts will operate the asset.

January 22, 2018

California Retail Western

Faris Lee Arranges $15M Sale of CVS/Pharmacy-Anchored Center in Huntington Beach

by Nellie Day January 22, 2018

HUNTINGTON BEACH, CALIF. — Faris Lee Investments has arranged the $15 million sale of CVS Beach Garfield Center, a 31,140-square-foot retail property anchored by a freestanding CVS/Pharmacy in Huntington Beach. Shaun Riley of Faris Lee arranged the transaction on behalf of the buyer, 209 N. Brand Blvd. LP. Triwell Properties represented the seller, Sampont Properties LLC. In addition to CVS/Pharmacy, the center is home to tenants including Starbucks Coffee, O’Reilly Auto Parts, Verizon Wireless and Bank of America. The property was fully leased at the time of sale.

January 22, 2018

California Retail Western

CBRE Brokers $5.2M Sale of Shopping Center in San Diego’s Point Loma

by Nellie Day January 19, 2018

SAN DIEGO — CBRE has arranged the sale of Midway Square, a multi-tenant shopping center located at 3112 Midway Drive in San Diego’s Point Loma district. Winston Square LLC sold the property to Midway Square LLC for $5.2 million. Reg Kobzi, Sam Alison, Mike Philbin and Amar Goli of CBRE represented the seller, while Andrew Slade of CIRE Partners represented the buyer in the deal. At the time of sale, the property was 100 percent leased. Express Time, Auto Serve Center, Suspension Plus and Smog Creek occupy the 15,271-square-foot, single-level retail center.

January 19, 2018

California Restaurant Retail Western

Big Al’s Leases 46,000 SF of Retail Space at McCarthy Ranch Marketplace in Silicon Valley

by Nellie Day January 19, 2018

MILPITAS, CALIF. — Big Al’s, a sports bar and entertainment chain, has signed a lease for 46,000 square feet of retail space at McCarthy Ranch Marketplace in Milpitas in Silicon Valley. TMS McCarthy LP is the landlord. Located at 15 Ranch Drive, Big Al’s Silicon Valley will be the company’s fifth center and second in California. The store is slated to open for business in late 2018.

January 19, 2018

California Multifamily Western

Jamison Purchases Multifamily Development Site in Koreatown for $14M

by Nellie Day January 18, 2018

LOS ANGELES — Jamison has purchased a grouping of parcels at the corner of 8th Street and Harvard Boulevard in Los Angeles’ Koreatown neighborhood for $14 million. The local privately held real estate investment and operating company plans to demolish the vacant apartment and commercial buildings on the site to make way for a new multifamily development. The plot is fully entitled for 131 residential units and 4,150 square feet of retail. CBRE’s Laurie Lustig-Bower and Kamran Paydar represented the seller, Harvard 826 Property LLC, a private investor owned by Hersel Neman and Robert Neman.

January 18, 2018

California Industrial Western

Sunshine Metals Leases 68,394 SF Industrial Warehouse in Corona, California

by Nellie Day January 18, 2018

CORONA, CALIF. — Sunshine Metals has signed an eight-year lease for a 68,394-square-foot freestanding industrial warehouse in Corona. The property is located at 1228 Sherborn St. The lease is valued at $4 million. Sunshine Metals is relocating from a previous Fullerton outpost. The company chose the building based upon its upgraded amenities and ease of access throughout Southern California, as well as to the ports of Los Angeles and Long Beach that the Inland Empire provides. Chris Migliori of DAUM Commercial Real Estate Services represented the landlord, Excel Business Park, in this transaction. JLL’s Cameron Driscoll and Luke McDaniel represented Sunshine Metals.

January 18, 2018

California Industrial Western

Western Realco Sells 181,069 SF Industrial Building for $32.5M in Fullerton, California

by Nellie Day January 17, 2018

FULLERTON, CALIF. — Western Realco has sold a 181,069-square-foot industrial building in Fullerton. Brad Rambo and Associates purchased the Class A property for $32.5 million. The building is located at 4150 W. Palm St. Western Realco developed the property on a speculative basis after purchasing the site from LBA in 2017 and razing a vacant 88,000-square-foot office building. CBRE’s Sean Ward, Ben Seybold and Keith Greer represented Realco, while Casey Mungo of Daum Commercial represented the buyer.

January 17, 2018

California Industrial Western

Westcore Buys Cold Storage Facility in California for $12.7M

by Nellie Day January 17, 2018

PLEASANTON, CALIF. — Westcore Properties has purchased a 98,000-square-foot cold storage facility in Pleasanton for $12.7 million. The facility is located at 5675 Sunol Blvd. Westcore will invest in upgrades throughout the Pleasanton property, including refurbishing the office space interiors and improving buildings systems, prior to leasing efforts. The firm acquired another East Bay property in Antioch in late 2017. Mike Quint of Jackson & Cooksey and Mark Pleis of Lee & Associates represented the seller, JDS Properties, while Westcore represented itself in this transaction.

January 17, 2018

California Retail Western

Faris Lee Arranges $3.2M Sale of Starbucks Property in Fontana, California

by Nellie Day January 16, 2018

FONTANA, CALIF. — Faris Lee Investments has arranged the $3.2 million sale of a newly developed, 2,500-square-foot property triple-net-leased to Starbucks Coffee in Fontana. Christopher DePierro and Jeff Conover of Faris Lee arranged the transaction on behalf of the seller, Puente Hills Power Center LLC. Matt Brooks of Faris Lee represented the buyer, Fata Organization LLC. The single-tenant property is an outparcel of Palm Court Center, a 630,000-square-foot power center anchored by Super Target, Ross Dress for Less, T.J. Maxx and 24 Hour Fitness.

January 16, 2018

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