California

Wonderful Real Estate Starts Construction of 1 MSF Industrial Park Near Bakersfield

by Nellie Day September 20, 2017

BAKERSFIELD, CALIF. — Wonderful Real Estate has commenced construction on Wonderful Industrial Park, a 1 million-square-foot industrial building northwest of Bakersfield. The 1.6-acre spec asset is located at 4100 Express Ave. in Shafter. The building will feature 300-foot truck courts, 700 trailer parking stalls, 183 dock-high doors, eight-inch slab designed to meet multi-level e-commerce uses, and a high-speed fiber optics network. Notable tenants in the area include Target, Ross Stores, American Tire Distributors, DMSI, MRC Global and FedEx. JLL’s Mike McCrary, Peter McWilliams and Mac Hewett are leading the leasing efforts at Wonderful Industrial Park.

September 20, 2017

California Office Western

Irvine Co. Purchases 127,000 SF Office Project in Del Mar Heights

by Nellie Day September 20, 2017

SAN DIEGO — The Irvine Company has purchased Township 14, a 127,000-square-foot office project in the San Diego submarket of Del Mar Heights, for an undisclosed sum. The two-building asset is situated near Del Mar Highlands Town Center, Highway 56 and Interstates 5 and 805. Township 14 opened on six acres in the 1980s as Del Mar Corporate Plaza. It underwent significant redevelopment in 2014. It was renamed after the plot of land first established in the 1880s that later became known as Del Mar. Amenities include a fitness center, café, regular food trucks and floor-to-ceiling glass for maximum daylight and energy efficiencies that lower costs. Eastdil Secured represented both the buyer and the seller, TH Real Estate, in this transaction.

September 20, 2017

California Office Western

The Luzzatto Co. Breaks Ground on Creative Office Development in West LA

by Nellie Day September 20, 2017

LOS ANGELES — The Luzzatto Company has broken ground on Expo Station, an 80,000-square-foot creative office development in West Los Angeles. The transit-oriented development is located at 12414 Exposition Blvd. near the Metro Expo line’s Expo/Bundy station in Silicon Beach. Expo Station will have three levels of creative office space above a two-level parking structure. The building’s contemporary design will feature a concrete, wood and glass façade, angled roof line and more than 16,000 square feet of outdoor patio areas with seating, bar, barbecue grills and unobstructed ocean and city views. The interior space will offer 16- to 25-foot ceiling heights, operable windows, polished concrete floors and exposed wood trusses. Construction on Expo Station is scheduled for completion in the first quarter of 2019. The project was designed by HLW International. The general contractor is Essey Construction Co. Rick Buckley of LA Realty Partners will lead leasing efforts.

September 20, 2017

California Industrial Western

Joint Venture Acquires Centerpointe La Palma Business Park Near Cerritos for $106.1M

by Nellie Day September 19, 2017

CERRITOS, CALIF. — A joint venture between Greenlaw Partners and Westbrook Partners has acquired Centerpointe La Palma, a 525,560-square-foot business park in the Cerritos submarket of La Palma for $106.1 million. The 10-building business park is located on Centerpointe Drive. Centerpointe La Palma is situated near the 91, 5 and 605 freeways in north Orange County. It was 89 percent leased at the time of sale. Notable tenants include the State of California, Tesoro, Honeywell, United Healthcare, University of Phoenix and St. Joseph Health. The JV represented itself in the transaction. NKF’s Kevin Shannon, Paul Jones and Blake Bokosky represented the seller, an East Coast-based pension fund advisor.

September 19, 2017

California Industrial Western

Rockefeller Group Starts Construction of 2 MSF of Inland Empire Industrial Developments

by Nellie Day September 19, 2017

SAN BERNARDINO AND PERRIS, CALIF. — Rockefeller Group has commenced construction on two industrial projects totaling 2 million square feet in the Inland Empire. The projects include Tri-City Industrial Complex, a 19-acre site at 1333 S. Tippecanoe Ave. in San Bernardino, and Optimus Logistics Center, a 68-acre site along the I-215 corridor in Perris. Tri-City will include two speculative industrial distribution buildings totaling 425,535 square feet, while Optimus will feature two speculative buildings totaling approximately 1.4 million square feet. The projects are slated for completion in the third and fourth quarters of 2018. HPA Architects is designing both developments. JLL’s Mike McCrary and Peter McWilliams are the exclusive leasing agents for Optimus. Fullmer Construction is building the project. Chuck Belden, Kyle Kehner, Milo Lipson, Tim Pimentel and Ryan Velasquez of Cushman & Wakefield are the exclusive leasing agents for Tri-City. Millie & Severson is building the project.

September 19, 2017

California Multifamily Student Housing Western

UC Davis Opens Three Residence Halls, Community Building

by Nellie Day September 19, 2017

DAVIS, CALIF. — The University of California, Davis has opened Tercero 4, an on-campus development consisting of three residence halls and a community building. The residence halls — Cottonwood Hall, Redwood Hall and Madrone Hall — will be home to about 200 students each and offer single-, double- and triple-occupancy rooms. Cottonwood Hall features a music room with sound attenuation and a piano for practicing music; a wellness and meditation room; and a large recreation room with a television, game tables and three video-gaming stations for use by all Tercero residents. Olive Hall, the new community building, includes a large main lounge with a community demonstration kitchen. The $59.1 million project is part of a long-term development plan that aims to increase student beds on campus from about 9,400 in 2015 to 15,600. In the next two years, the university plans to open a new 500-seat dining hall and a 400-bed residence hall, replacing the existing Webster Hall.

September 19, 2017

California Multifamily Seniors Housing Western

Clearwater Living to Open 136-Unit Independent Living Community in Oxnard

by Nellie Day September 18, 2017

OXNARD, CALIF. — Clearwater Living is preparing to open Clearwater at RiverPark, a 136-unit independent living community in Oxnard. Presales are currently underway, with a planned opening of January 2018. Residents who pre-select an apartment and move in within 30 days of the grand opening will pay less in “community fees” and also receive a discount on the first month’s rent. Apartments range in size from 610 to 1,040 square feet. The property is located near malls, art museums and beaches.

September 18, 2017

California Retail Western

CBRE Brokers $24.5M Sale of Grocery-Anchored Retail Property in Oxnard

by Nellie Day September 15, 2017

OXNARD, CALIF. — CBRE has arranged the sale of Oxnard Vineyards, an outdoor shopping center located at 2580-2698 E. Vineyard Ave. in Oxnard. An undisclosed private investor acquired the property from Loja Real Estate Group for $24.5 million. Vallarta Supermarkets anchors the 102,139-square-foot property, which is situated on 11.5 acres. The grocer occupies 64 percent of the center with more than 10 years of the initial term left on its lease. Orbell Ovaness, Brad Baskin and Artin Sepanian of CBRE represented the seller in the deal.

September 15, 2017

California Retail Western

Faris Lee Facilitates $4M Sale of 5,231 SF Retail Property in Riverside

by Nellie Day September 15, 2017

RIVERSIDE, CALIF. — Faris Lee Investments has brokered the sale of a retail property at 3739-3747 Central Ave. in Riverside. A Los Angeles-based private investor acquired the 5,231-square-foot property from Red Mountain Retail Group for $4 million. The 5,231-square-foot property is leased to three tenants: Jamba Juice, Jimmy John’s Gourmet Subs and Tokyo Joe’s. Donald MacLellan and Joseph Chichester of Faris Lee represented the seller, while NAI Capital represented the buyer in the deal.

September 15, 2017

California Retail Western

Nordstrom Launches New Retail Concept in LA

by Nellie Day September 15, 2017

LOS ANGELES — Fashion specialty retailer Nordstrom Inc. has launched Nordstrom Local, the company’s latest retail concept where customers can shop and access Nordstrom services in a central location. The new concept will launch in West Hollywood on Oct. 3, the same day as the company’s Westside Pavilion store relocation to Century City. Nordstrom Local will have a 3,000-square-foot footprint, much smaller than an average 140,000-square-foot Nordstrom store. This service-focused concept store has no dedicated inventory. Customers will have access to personal stylists who can transfer merchandise in for customers, as well as services like buying online but picking up in the store, alterations and tailoring, and manicure appointments. Customers will also be able to make returns at Nordstrom Local from Nordstrom stores, Nordstrom.com and Trunk Club. Nordstrom Local will have one styling suite and eight dressing rooms surrounding a central meeting space where customers can sit, enjoy a glass of wine or beer, and chat with personal stylists. Nordstrom operates 356 stores in 40 states. The company also owns Trunk Club, a personalized clothing service.

September 15, 2017

Newer Posts

Older Posts