LATHROP, CALIF. — Carpenter Co. has sold a 417,600-square-foot industrial building south of Stockton to an undisclosed buyer for $21.5 million. The facility is located at 17100 S. Harlan Road in Lathrop. The property is situated on nearly 35 acres about 60 miles east of the Port of Oakland. Jim Martin of Lee & Associates Stockton represented Carpenter Co. in this transaction.
VISALIA, CALIF. — G4 Enterprises Ltd. has acquired Midstate 99 Distribution Center, a 790,000-square-foot industrial complex in Visalia, for $33.4 million. The facility is situated in a major agricultural hub in California’s Central Valley, about 40 miles south of Fresno. G4 Enterprises made an unsolicited offer to purchase the property from Alexander & Baldwin (A&B). The seller plans to use the funds to invest in Hawaii and enhance its current communities.
ANAHEIM, CALIF. — Kisco Senior Living has completed expansion and renovations at Emerald Court, an independent living and assisted living community in Anaheim. The $22.5 million project includes a new two-story building with 58 assisted living residences, a demonstration kitchen and dining venue, and a wellness center. The expansion physically connects with the existing building and adds additional space to the courtyard. As part of the project, renovations were made to the main dining room, as well as corridors, lighting, the activity room and the salon of the existing building. A total of 58,000 square feet was added to the community overall. Following the expansion, Emerald Court now features 146 independent living and 104 assisted living apartments.
MURRIETA, CALIF. — Lee & Associates – North San Diego County has arranged the sale of seven acres of land in Murrieta, located between Los Angeles and San Diego, for $1.3 million. The buyer plans to construct a 137-unit memory care community on the site. The plot is an infill development opportunity located near retail, schools, parks and new residential developments in the expanding region. Murrieta’s population more than doubled between 2000 and 2010, according to Lee & Associates. Al Apuzzo and Matt Weaver of Lee & Associates – North San Diego County and Brian Bielatowicz of Lee & Associates – Temecula represented both the seller, The United Church of the Valley, and the buyer, Riverside Care Group LLC of Seattle.
LOS ANGELES — LA Hana OW LLC has acquired DreamWorks Animation’s headquarters and studio campus, a 460,000-square-foot creative office campus in the Los Angeles submarket of Glendale, for $290 million. The five-building campus is located at 1000 Flower St. The property is fully leased on a triple-net basis to DreamWorks Animation SKG, a wholly owned subsidiary of Comcast Corp., through 2035. The Mediterranean-style campus features landscaped courtyards, a manmade river, library, fitness center and screening room, among other amenities. The campus was built on 15 acres in 1997. LA Hana OW, an entity of Hana Asset Management and OceanWest, plans to hold the property long-term. The buyer represented itself in the transaction, while NKF’s Kevin Shannon, Ken White and Laura Stumm represented the seller, The GC Net Lease Investors LLC. GC Net Lease is an entity of Griffin Capital Co., which acquired the property in July 2015 for $215 million. Comcast acquired DreamWorks in August 2016. DreamWorks Animation SKG is an animation studio that has released such children’s films as the Shrek, Kung Fu Panda and Madagascar series. The studio is a subsidiary of Universal Studios, which is itself a division of NBCUniversal. The studio’s feature films have grossed $14.5 billion …
WALNUT CREEK, CALIF. — Lane Partners has purchased Station Plaza, a 49,542-square-foot office building in Walnut Creek, for an undisclosed sum. The building is located at 3100 Oak Road. It is part of the 2.4 million-square-foot Contra Costa Transit Village. Station Plaza is 94.2 percent leased to 16 tenants that span financial, healthcare, legal, consulting and government sectors. Contra Costa Transit Village encompasses office, residential and commercial space with 6,000 employees, 2,700 residential units and two hotels. NKF’s Forrest Gherlone, Mike Zylstra, Grant Lammersen, Tim Walling and Steve Golubchik represented the seller, Thomas Properties, in this transaction.
LOS ANGELES — CBRE has arranged the $8.2 million sale of a 12,715-square-foot retail property leased to CVS/pharmacy in Los Angeles. Alex Kozakov and Patrick Wade of CBRE arranged the transaction on behalf of the seller, Paragon Commercial Group. Millenium Investment LLC acquired the asset. The property is located three miles from downtown Los Angeles.
LOS ANGELES — Office rents across the United States and Canada are getting a big lift from the influence of tech job creation, according to CBRE. All of the submarkets tracked in the brokerage giant’s annual Tech-30 report have experienced rental growth over the past two years. In 13 of those submarkets, asking rental rates have grown by more than 10 percent in the two years tracked between second-quarter 2015 and second-quarter 2017. On the list of 30 submarkets, office rent growth was led by Orange County, Calif. (23.3 percent), Nashville (21.2 percent), Atlanta (17.6 percent), Charlotte (16.9 percent) and Silicon Valley (16.8 percent). According to CBRE’s Tech-30 report, the willingness of tech companies to pay a premium for office space in the hottest tech submarkets is starting to spill over into neighboring submarkets, as available space in tech “hotspots” is dwindling. Adjacent submarkets and traditional downtowns with skylines — rather than the brick-and-beam buildings tech companies have demonstrated a preference for — are primed to benefit, according to the report. “If tech companies that are used to paying a premium for space in the top tech submarkets are forced to move to adjacent submarkets in order to expand, we …
LOS ANGELES — George Smith Partners has arranged $50 million in construction and renovation financing for a redevelopment project near Los Angeles International Airport. The 258,000-square-foot, 13-story office tower will be converted into a 129-key Hyatt House and a 272-key Hyatt Place Hotel in Los Angeles. The asset is situated on West Century Boulevard, one block away from LAX. The redeveloped Hyatt House and Hyatt Place Hotel will feature a mid-century-inspired urban design and rooms with 11.5-foot ceiling heights. Amenities include a rooftop bar, pool, and restaurant with unobstructed views from downtown Los Angeles to the Pacific Ocean, a variety of dining options and a fitness center. The project is scheduled for completion in 2019. Financing was arranged on behalf of 5959 LLC, an affiliate of California Real Estate Regional Center LLC.
CARLSBAD, CALIF. — Berdan Holdings has purchased a 109,807-square-foot FedEx shipping facility in Carlsbad for $24.5 million. The facility is located at 2495 Faraday Ave. The property was built in 1999. It is fully leased to FedEx on a net lease basis. Property features include 32-foot clear height, 10,900 square feet of office space, nine dock and nine grade-level doors. Ron Jacobson of SD Realty Partners represented Berdan Holdings, while Aric Starck of Cushman & Wakefield’s San Diego office represented the seller, Leonard Living Trust, in this transaction.
