California

MedImpact Begins Construction of Second San Diego Headquarters Building

by Nellie Day January 24, 2018

SAN DIEGO — MedImpact has announced plans to expand in San Diego. The pharmacy benefit manager has started construction of its second corporate headquarters campus building in the Scripps Ranch submarket. The 158,000-square-foot building will be located at 10159 Scripps Gateway Court. It is an extension of MedImpact’s existing corporate headquarters building. Watermark Building 2 will include a large outdoor courtyard for casual meetings, social gatherings and exercise. A pedestrian bridge will connect the two buildings in the outdoor courtyard. Completion is scheduled for December 2018. Sudberry Properties is the development and construction manager for MedImpact.

January 24, 2018

California Hospitality Loans Western

Mogul Capital Receives $60M Construction Loan for Marriott Courtyard, TownePlace Suites in California

by Nellie Day January 23, 2018

HAWTHORNE, CALIF. — Mogul Capital has received $60 million in construction financing to build the dual-branded Marriott Courtyard and TownePlace Suites hotel in Hawthorne. The five-story property will contain 354 guest rooms, a restaurant, swimming pool, and meeting space for corporate and community functions. The hotel will be located near aerospace-related businesses like SpaceX and Northrup Gruman, as well as Tesla’s design headquarters, Boeing, Aerospace Corp, Raytheon, LA Airforce Base and Mattel. Lusardi Construction Co. will build the project. Avana Capital provided the capital.

January 23, 2018

California Office Western

CBRE Global Investors Fund Buys Two Office Buildings in Los Angeles

by Nellie Day January 23, 2018

LOS ANGELES — The CBRE Strategic Partners U.S. Value 8 has purchased two office buildings in the Los Angeles submarket of Glendale for an undisclosed sum. The acquisition includes the 290,847-square-foot building at 801 N. Brand Blvd. and 136,016-square-foot building at 700 N. Central Ave. The transaction also includes a 50 percent ownership interest in an adjacent parking structure. Both buildings have been recently renovated and feature efficient floorplates. CBRE will implement a planned capital improvement program. The assets are currently 89.9 percent leased to a base of institutional-quality tenants.

January 23, 2018

California Industrial Western

Skechers Leases 366,698 SF Warehouse in Moreno Valley, California

by Nellie Day January 23, 2018

MORENO VALLEY, CALIF. — Skechers has leased a 366,698 square foot warehouse/distribution building in Moreno Valley. The facility is located at 22705 Newhope St. The athletic shoe manufacturer now leases a total of 1.8 million square feet in Moreno Valley, making it the largest single-company occupancy under one roof in Southern California, according to Westcore Properties, the building’s landlord. Dave Burback of Kidder Mathews and CBRE’s Gerry Harvey represented Westcore.

January 23, 2018

California Multifamily Seniors Housing Western

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

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