MANTECA, CALIF. — CenterPoint Properties plans to develop a 404,600-square-foot industrial facility at CenterPoint Intermodal Center in Manteca, just south of Stockton. The build-to-suit project will be situated on 25 acres adjacent to the domestic Union Pacific Intermodal. CenterPoint is building the facility for 5.11 Tactical, a brand of tactical apparel and gear.
SANTA MONICA, CALIF. — DivcoWest has acquired The Telephone Building in Santa Monica for $52.5 million. The six-story creative office building is located at 1314 7th St. As part of the deal, DivcoWest also acquired 58,538 square feet of office condominiums in the building. The remaining 33,254 square feet of office condominiums houses a telephone switching hub owned by Frontier Communications and was not included in the sale. The building is 86 percent leased. HFF’s Doug Bond and Andrew Harper represented the seller, a joint venture between Alcion Ventures and Pacshore Partners, in this transaction.
REDWOOD CITY, CALIF. — An undisclosed nonprofit corporation has acquired the 55-unit Atherton Court Apartments in Redwood City for $17.1 million. The community is located at 3762-3770 and 3752 Rolison Road. Atherton was built in 1961. It is situated near U.S. Highway 101 and Interstate 280. Taylor Flynn and Philip Batlin of Marcus & Millichap represented both the buyer and seller, a private investor, in this transaction.
SANTA BARBARA, CALIF. — Senior Living Investment Brokerage has arranged the sale of Oak Cottage of Santa Barbara, a 44-bed memory care facility in Santa Barbara. Although the sales price was not disclosed, the $465,000-per-unit price for the facility’s 40 units translates to $18.6 million. The 27,217-square-foot community was built in 2015 on 0.65 acres. The community was still in lease-up at the time of sale, and had an occupancy of 82 percent. A California-based operator purchased the facility. Jason Punzel and Brad Goodsell of Senior Living Investment Brokerage negotiated the transaction on behalf of the undisclosed seller.
CLAREMONT, CALIF. — GPI Cos. and LStar Communities have begun construction on a 365 by Whole Foods Market located at Sycamore Hills Plaza, an 80,000-square-foot shopping center located within the master planned community of Sycamore Hills in Claremont. The Sycamore Hills store will be the first 365 location in Southern California’s Inland Empire. Tenants set to open at Sycamore Hills Plaza include CVS/pharmacy, Starbucks Coffee, MOD Pizza, Orangetheory Fitness, Arby’s, Supercuts and Lee Spa Nails. The property is scheduled for completion in late 2017. JLL’s Scott Kaplan, Erik Westedt and Blake Kaplan, along with Dan Samulski and Ryan Gast of CBRE, are handling leasing at the center.
SACRAMENTO, CALIF. — Harborview Capital Partners, a commercial real estate finance, equity and advisory firm, has arranged $14.5 million in financing for the construction of a 40-bed skilled nursing facility in Sacramento. A combination of three banks funded the loan, which features 24 months of interest-only payments and 25-year amortization. The borrower was not disclosed. Harborview’s Avi Begun and Mordechai Moseson negotiated the financing.
BRAWLEY, CALIF. — Duhs Commercial has arranged the $7.3 million sale of Rio Vista Plaza, a 68,000-square-foot shopping center located in Brawley. Vons supermarket shadow-anchors the center, which is home to tenants including Rite Aid, Imperial Hardware, Snap Fitness and Subway. Craig Duhs and Rob Bloom of Duhs Commercial represented both the buyer, Grand Host Inc., and seller, Rio Vista Partners, in the transaction.
SAN FRANCISCO — WeWork has leased 60,576 square feet of office space at 650 California St. The 33-story building in the Financial District underwent a major renovation in 2013. WeWork will occupy the fourth floor through the seventh floor. The landlord, Columbia Property Trust, has now completed four leases totaling 91,562 square feet at the 477,000-square-foot property over the past nine months.
PLEASANTON, CALIF. — Cornerstone Affiliates, the parent company of major West Coast nonprofit seniors housing operators ABHOW and be.group, will merge all its brands under one new name, HumanGood. The announcement was made at the company’s 2017 annual meeting in Santa Clara. Other brands under Cornerstone’s umbrella include Beacon Communities and Seniority Inc., though Senior Quality Lifestyles Corp. announced in November 2016 that it plans to purchase the Seniority Inc. brand. ABHOW and be.group merged in May 2016, forming Cornerstone Affiliates as a result, but continued to operate under independent brands. The merged company created the largest nonprofit seniors housing operator in California. At the time of the merger announcement, the companies totaled a combined 9,800 residents in 83 communities across California, Arizona, Nevada, Washington and Oklahoma. The name change will occur on June 1.
After a decade of scarce industrial development in San Diego County, 2016 marked its strong return. About 1.3 million square feet of industrial/R&D space was completed, which is more than what was delivered between 2013 and 2015 combined. This year is expected to be an even more active year for industrial/R&D speculative and build-to-suit development with an additional 1.4 million square feet currently under construction. North County San Diego has become the concentrated hotspot for both speculative and build-to-suit industrial development. Nearly two-thirds of all new industrial/R&D development completed in 2016 was in North County, including about 233,227 square feet of speculative construction. This new wave of development was triggered by 16 consecutive quarters of rental rate increases and last year’s record-low vacancy rate of 4.7 percent for combined industrial/R&D properties countywide. Average asking rental rates are increasing quicker in North County than anywhere else in San Diego. North County’s average asking rental rates have increased by 5.9 percent since the end of 2015, whereas the countywide rate increased by only 3 percent in the same period. Vacancy will likely fluctuate between 4 percent and 5 percent throughout 2017 as net absorption keeps pace with new construction. Many organizations are …