LONG BEACH, CALIF. — CNR International has signed a five-year lease for 163,499 square feet of industrial space in the Long Beach submarket of Rancho Dominguez. The space is located at 2626 Vista Industria. The lease is valued at $6.8 million. Dylan Espley-Jones and Say Jeon of Lee & Associates represented the integrated logistics solutions provider. CBRE’s Brian Held and NGKF’s Jim Biondi and Terry Reitz represented the landlord, Prologis, in this transaction.
ALISO VIEJO, CALIF. — A joint venture between Stillwater Investment Group and CrossHarbor Capital Partners has purchased a three-building office campus in Aliso Viejo for $36 million. The campus is located at 26600, 26650 and 26700 Aliso Viejo Parkway. It was built in 1999. The campus totals 161,000 square feet of office space with 2.5 acres of excess land. The site has been the corporate headquarters for QLogic, which Cavium acquired in August 2016. The JV will demolish the campus’ older interior finishes while upgrading all of the common areas. NGKF’s Byron Foss and Greg Tippin represented the seller in this transaction.
LOS ANGELES — Surgery Partners has opened a 12,000-square-foot surgical facility in Beverly Hills. The new facility is known as Specialty Surgical Center of Beverly Hills. It will specialize in ophthalmology. This is the company’s second surgical center within the Beverly Hills market. Specialty Surgical Center will occupy the ground floor at a multi-tenant medical office that sits adjacent to the Beverly Hills Triangle. Jon Gorczyca and Yarden Drimmer of Cushman & Wakefield represented Surgery Partners.
ELK GROVE, CALIF. — PDM Steel Service Centers has relocated its office from Stockton to nearby Elk Grove. The steel supplier has leased 10,000 square feet at Laguna Gateway. Its new corporate headquarters is located at 9245 Laguna Springs Drive. The new lease brings the 72,000-square-foot building to full occupancy. The landlord is Jackson Properties Incorporated.
CAMPBELL, CALIF. — Ellis Partners has broken ground on the multi-phased renovation of The Pruneyard, a 27-acre mixed-use shopping center in the Silicon Valley city of Campbell. The Pruneyard contains 365,000 square feet of Class A office space, 253,000 square feet of retail and restaurants, and a 170-room Doubletree Hotel. The infill project has not been updated for nearly 20 years. It is located at 1875. S. Bascom Road in the West Valley community. Ellis Partners purchased The Pruneyard from Equity Office Properties for $280 million in 2014. “The Pruneyard has been a premier West Valley office location for businesses large and small for over four decades,” Jason Morehouse, partner and director of acquisitions at Ellis Partners, said at the time of acquisition. “With strategic investments in the site and the adjacent retail center, we believe we can further bolster the value proposition for our nearly 85 office tenants by creating an even more robust and dynamic retail and entertainment amenity package.” At the time of acquisition, the three-building office component had average in-place office rents that were about 30 percent below market value with substantial near-term rollover in a rising market. The hotel component previously operated as an independent …
SAN MATEO, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in institutional and major private investors, has negotiated the sale of The Villa at San Mateo for $46.5 million. The mixed-use property includes a 135-unit age-restricted community with six ground floor retail spaces in the Bay Area city of San Mateo. Originally constructed in 1957 as the Villa Hotel, the 4.5-acre property was converted to apartments in 2006. The community is nearby a shopping center currently undergoing a 290,000-square-foot expansion, and is walking distance from the Hillsdale Caltrain Station, which offers express service to both San Francisco and San Jose. The IPA team of Stan Jones, Phil Saglimbeni, Sal Saglimbeni, Mark Myers and Joshua Jandris represented the seller, Acacia Capital. The buyer was Elder Care Alliance. CBRE Capital Markets’ Debt & Structured Finance team arranged $30.4 million in acquisition financing for Elder Care in the transaction. Fannie Mae will provide the 10-year, fixed-rate financing. Elder Care Alliance is a California-based nonprofit seniors housing operator.
LOS ANGELES — California Realty Group has arranged the $23 million sale of an eight-acre shopping center located in the Los Angeles neighborhood of Granada Hills. Gelb Enterprises sold the property, located at 16225 San Fernando Mission Blvd. The buyer, Harridge Development Group, plans to redevelop the property into a mixed-use project consisting of 440 residential units and 60,000 square feet of retail. Mark Esses of California Realty Group represented the buyer and seller in the off-market transaction.
LONG BEACH, CALIF. — Crow Holdings Industrial has purchased a 120,000-square-foot industrial building in the Long Beach submarket of Rancho Dominguez. The purchase price was not disclosed. The facility is located at 3025 E. Victoria St., approximately seven miles from the ports of Long Beach and Los Angeles. Frank Schulz, Todd Taugner and David Prior of Klabin Co. and Rick Putnam and Bret Hardy of Colliers International represented both the buyer and seller, TA Associates Realty, in this transaction.
BURBANK, CALIF. — IKEA’s relocated Los Angeles-area store within Burbank will open on Feb. 8, replacing the existing IKEA Burbank that will close permanently on Feb. 4. The 456,000-square-foot new store will include 1,700 parking spaces on 22 acres west of San Fernando Boulevard and south of Providencia Avenue. The closing store was 242,000 square feet and opened on 6.4 acres in 1990, the first IKEA store in California. IKEA will install a solar array atop the new store, as well as six electric vehicle charging stations. IKEA was founded in Sweden in 1943. There are currently more than 390 IKEA stores in 48 countries, including 43 in the U.S.
LOS ANGELES — The Los Angeles County Metropolitan Transportation Authority has announced plans to construct a second, 2.6-mile extension of the city’s Purple Line subway through Beverly Hills and Century City. The contract value of the recently announced extension, titled Westside Purple Line Extension Section 2, is anticipated to be approximately $1.4 billion. The project will include two new underground stations at the intersections of Wilshire Boulevard and Rodeo Drive, and Constellation Boulevard and Avenue of the Stars, a hub of office buildings frequented by an estimated 358,000 workers, according to reports by the Los Angeles Daily News. Construction is currently underway on Section 1 of the Purple Line extension, which will add stations at the intersections of Wilshire Boulevard and La Brea Avenue, and Fairfax Avenue and La Cienega Boulevard. At completion, the Purple Line is expected to extend nine miles west of the current terminus at Wilshire Boulevard and Western Avenue, adding a total of seven new stations. The total development is expected to cost $6.3 billion. A full map of the development can be found here. A contract for the second phase of the development will be awarded by the end of the month. Civil and building construction …
