California

Industrial, R&D Development Returns to San Diego In Full Force

by Camren Skelton March 7, 2017

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 …

March 7, 2017

California Office Western

V.C.I. Corp. Sells El Segundo Office Property for $52M

by Nellie Day March 6, 2017

LOS ANGELES — V.C.I. Corp. has sold a 157,225-square-foot office property in the Los Angeles submarket of El Segundo for $52 million. The buyer was not named. The Class A asset is located at 2300 E. Imperial Ave. The property was vacant at the time of sale. The building was originally constructed in 1964 and renovated in 2000 with new common areas and parking structure. Chris Sinfield and Tom Sheets of Cushman & Wakefield represented the seller in the transaction.

March 6, 2017

California Industrial Western

Ring Power Corp. to Occupy Industrial Space in Rancho Dominguez

by Nellie Day March 6, 2017

RANCHO DOMINGUEZ, CALIF. — Ring Power Corp. has leased a 70,640-square-foot industrial building in Rancho Dominguez. The facility is located at 18700 Laurel Park. The five-year lease is valued at $3.1 million. The new facility will allow the company to expand its California regional center. Ring is one of the largest Caterpillar dealers in the Southeast. Todd Taugner, Frank Schulz and David Prior of Klabin Co. represented the landlord, TA Associates, in this transaction.

March 6, 2017

California Office Western

BroadSoft Leases Office Space at Santana Row in San Jose

by Nellie Day March 6, 2017

SAN JOSE, CALIF. — BroadSoft has leased 33,000 square feet of office space at the Santana Row mixed-use development in San Jose. The space is located at 3055 Olin Ave. BroadSoft hopes to occupy the new space in mid-2017. The developer, Federal Realty, already commenced construction on 700 Santana Row, an additional 284,000-square-foot office building. It will be ready for tenant build-out in the third quarter of 2018. Todd Shaffer and Tracey Solari of Newmark Cornish & Carey serve as the property’s office leasing agents.

March 6, 2017

California Retail Western

Hanley Investment Arranges $62M Sale of 156,000 SF Arcadia Gateway Center

by Nellie Day March 3, 2017

ARCADIA, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the sale of Arcadia Gateway Center, a retail, medical and office property located at 300-450 E. Huntington Drive in Arcadia. JLJ (USA) Investment acquired the property for $62 million. Situated on 7.9 acres, the five-building complex features 156,046 square feet of retail, office and medical space. At the time of sale, the 43,587-square-foot retail portion was 91 percent leased, the 48,455-square-foot medical office building and the 64,013-square-foot office building were 100 percent. The complex also features two freestanding restaurant pads leased to BJ’S Restaurant and Brewhouse and Olive Garden. Ed Hanley, Pat Kent and Corey Olson of Hanley represented the sellers, Arcadia Gateway Centre Delaware Partners and Post Exchange, while Henry Hong of Lee & Associates represented the buyer in the deal.

March 3, 2017

California Loans Retail Western

NorthMarq Secures $38M Refinancing for 374,645 SF Retail Property in Chula Vista

by Nellie Day March 3, 2017

CHULA VISTA, CALIF. — NorthMarq Capital has arranged a $38 million refinancing for a 374,645-square-foot retail property in Chula Vista. Mike Dobbins of NorthMarq secured the 15-year loan, which features a 25-year amortization schedule, for the undisclosed borrower.

March 3, 2017

California Retail Western

Marcus & Millichap Facilitates $3.3M Sale of Vacant Retail Building in Concord

by Nellie Day March 3, 2017

CONCORD, CALIF. — Marcus & Millichap has arranged the sale of a formerly net-leased Sizzler restaurant property located at 1353 Willow Pass Road in Concord. A private investor sold the property to an undisclosed buyer for $3.3 million. Constructed in 1977, the 5,901-square-foot building was vacant at the close of escrow. The site’s corner lot also features 70 parking space. David Ching of Marcus & Millichap represented the seller in the transaction.

March 3, 2017

California Retail Western

Location Matters Negotiates $1.3M Acquisition of Retail Building in San Diego

by Nellie Day March 3, 2017

SAN DIEGO — Location Matters has arranged the acquisition of an urban retail building located at 4081-4087 30th St. in San Diego’s North Park neighborhood. George McKeever purchased the property from Cheryl Keller, for $1.3 million. The 2,516-square-foot building features four retail units. Limor Spilky and Marc Karren of Location Matters represented the buyer, while Jac Sachs of Ascent Commercial represented the seller in the deal.

March 3, 2017

California Retail Western

Raley’s Supermarket to Open New Location in Sacramento in April

by Nellie Day March 3, 2017

SACRAMENTO, CALIF. — Armstrong Development Properties has announced the opening of Raley’s Supermarket at Fair Oaks Plaza, located at the northwest corner of Fair Oaks Boulevard and Howe Avenue in Sacramento. Slated to open in April, Raley’s Supermarket and Starbucks will join the retailers at the new center, which commenced construction in 2015. Upon completion, the property will be home to a variety of tenants, including Grub Burger Bar, KB Nails and CVS/pharmacy.

March 3, 2017

California Office Western

PGIM Real Estate Sells Glendale Plaza in Los Angeles

by Nellie Day March 2, 2017

LOS ANGELES — PGIM Real Estate has sold Glendale Plaza, a 547,301-square-foot office property, for an undisclosed sum. The property is located at 531 N. Glendale Ave. in the Los Angeles submarket of Glendale. The plaza is 95 percent leased to tenants mostly within the entertainment, insurance, legal and financial services industries. PGIM acquired the 24-floor office property in August 2006. The company is the global investment management businesses of Prudential Financial. The buyer and price were not disclosed.

March 2, 2017

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