SAN JOSE, CALIF. — InfiniPower Hospitality Group has received $19 million in financing to develop a 261-room hotel in San Jose. The project will include a 147-room Residence Inn and a 114-room Fairfield Inn & Suites by Marriott. The 166,340-square-foot, four-story building will include an outdoor pool and patio area with a fire pit, enhanced fitness center, bar, complimentary breakfast area, guest laundry facilities and a 24/7 sundry shop, as well as 1,200 square feet of meeting space and a business center. The project is located in America Center, a 30-acre mixed use development located along the South Bay Freeway (Highway 237) in northern San Jose. Canyon Partners Real Estate provided the loan.
SIMI VALLEY, CALIF. — A 1031 exchange buyer has acquired Rand Medical Building, a 19,833-square foot office property in Simi Valley, for $3 million in an all-cash transaction. The property is located at 1633 Erringer Road. It was 75 percent leased at the time of closing. The buyer plans to occupy a portion of the building. Gregory Mills of Marcus & Millichap represented the seller, an individual/personal trust, in this transaction.
IRVINE, CALIF. — SendGrid has leased 22,000 square feet of office space at 400 Spectrum Drive in the Irvine Spectrum. The customer communications platform designer will occupy the entire fourth floor of the new, 21-story campus in the heart of Irvine Spectrum early next year. The lease brings the new tower to 36 percent pre-leased. It comes just weeks after Irvine Company announced that 200 Spectrum Center, its year-old sister building, is 93 percent leased.
RANCHO CUCAMONGA, CALIF. — Rexford Industrial Realty has purchased a 201,035-square-foot industrial property in the Inland Empire West submarket of Rancho Cucamonga for $19.8 million. The property is located at 11190 White Birch Drive. The asset is fully leased to a single tenant in the logistics industry on a triple-net basis at below-market rent. The building was originally constructed for two tenants, but, upon lease expiration, the property has the potential for efficient re-tenanting to two tenants at higher rents. The acquisition was funded utilizing the company’s line of credit. The seller was not disclosed.
MORGAN HILL, CALIF. — Nazareth Enterprises has purchased the 180,000-square-foot Madrone Business Park in Morgan Hill, just south of San Jose, for $15.6 million. The two-building asset is located at 18705 and 18715 Madrone Parkway. Nazareth Enterprises also purchased the Paramit Building late last year, making the company one of the single-largest landlords in Morgan Hill. Sterling Bank & Trust provided financing for the project. Abe Matar with Landmark Real Estate Services represented Nazareth. Stan Johnson Co. represented the seller, a private equity firm, in this transaction.
STOCKTON, CALIF. — Westcore Properties has purchased a 158,400-square-foot industrial building in Stockton for $9.1 million. The building is located at 3834 Duck Creek Drive. It is a freestanding, cross-load building. Mike Goldstein and Ryan McShane of Colliers International represented the undisclosed seller in this transaction.
LOS ANGELES — UCLA Extension is relocating its administrative headquarters in Los Angeles. The school has leased a 51,452-square-foot space at 10960 Wilshire Blvd. The new facilities are just four blocks from its current location at 10955 Le Conte Ave. in Westwood Village. The extension signed a long-term lease for floors 16 and 17, which are joined by an interconnecting staircase. Craig Jablin of Savills Studley represented UCLA.
LOS ANGELES — Rexford Industrial Realty has purchased a 1.2 million-square-foot industrial facility in the South Bay submarket of Los Angeles for an undisclosed sum. The facility is located at 20001-20021 Rancho Way and 2301-2399 E. Pacifica Place in Rancho Dominguez. The master-planned park was built between 1987 and 1989. It includes five industrial buildings and one flex building, each residing on its own parcel. Known as Rancho Pacifica Park, the facility was 99 percent leased at the time of sale. Jeff Chiate, Jeffrey Cole, Ed Hernandez, Mike Adey and Nico Napolitano of Cushman & Wakefield represented the seller in this transaction.
SAN FRANCISCO — Bridgeton Holdings has sold The Pioneer Building, a 37,104-square-foot office building in San Francisco’s Mission District, to American Realty Advisors for $34 million. The building is fully leased to Musk Industries, a venture backed by Elon Musk. The new lease with Musk Industries is for a 10-year term with space delivered in “as-is” condition. NKF’s Kyle Kovac, Michael Taquino and Daniel Cressman represented Bridgeton Holdings in this transaction.
LA MESA, CALIF. — Anchor Health Properties has purchased Fletcher Parkway Medical Center, an 82,024-square-foot medical office building in the San Diego suburb of La Mesa, for an undisclosed sum. The building is situated adjacent to Sharp Grossmont Hospital, just north of the Interstate 8/California 125 interchange. Sharp HealthCare anchors the center. The asset features services like Surgical Care Affiliates (SCA) surgery center, radiology, laboratory, diagnostics, cardiology, pediatrics, ophthalmology, rehabilitation and hospice. HFF’s Evan Kovac, Andrew Milne and Trent Jemmett represented the seller, The Abbey Company, in this transaction.