California

Cavium Leases Office Space at NextGen Campus in Irvine Spectrum

by Nellie Day December 6, 2016

IRVINE, CALIF. — Cavium has leased a four-story building within Irvine Co.’s new NextGen campus at Sand Canyon Business Center in Irvine Spectrum. The semiconductor product provider recently acquired networking and storage provider QLogic Corp., which will occupy the new space next summer. QLogic will join AutoGravity, an automotive financing firm that has leased 40,000 square feet in the project’s other four-story building. With these two leases, the NextGen campus is now 70 percent pre-leased. Jeff Hoffman and Tracey Solari of Newmark Cornish & Carey and Greg Tippin, Stacy Garcia and Byron Foss of Newmark Grubb Knight Frank represented Cavium in the transaction.

December 6, 2016

California Office Top Stories Western

Equinix to Acquire Portfolio of 24 Data Center Sites from Verizon for $3.6B

by Katie Sloan December 6, 2016

REDWOOD CITY, CALIF. — Equinix Inc. (NASDAQ: EQIX) has agreed to acquire a portfolio of 24 data center sites and their operations from Verizon Communications Inc. (NYSE, NASDAQ: VZ) for $3.6 billion. The portfolio consists of 29 buildings across 24 sites in North and South America, including Atlanta and Norcross, Ga.; Bogotá, Columbia; Boston; Chicago; Culpeper, Va.; Dallas, Houston and Richardson, Texas; Denver; Los Angeles, Santa Clara and San Jose, Calif.; Miami and Doral, Fla.; New York City; São Paulo, Brazil; Seattle; and Washington, D.C. The NAP of the Americas facility in Miami was formerly a flagship facility for Verizon, and will become a strategic hub and gateway for Equinix customer deployments servicing Latin America. Approximately 250 Verizon employees, primarily in the operations functions of the acquired data centers, will become Equinix employees. The all-cash transaction is expected to close by mid-2017. Evercore, J.P. Morgan Securities LLC and Davis Polk & Wardwell LLP advised Equinix in the acquisition. At the close of the transaction, Redwood City, Calif.-based Equinix’s total global footprint will be 175 data centers in 43 markets with approximately 17 million gross square feet across the Americas, Europe and Asia. Equinix’s stock price closed at $332.08 per share …

December 6, 2016

California Retail Western

Pacific Castle Sells Santee Town Center in San Diego for $27M

by Nellie Day December 5, 2016

SAN DIEGO — Pacific Castle has completed the disposition of Santee Town Center, a 120,000-square-foot retail center in the San Diego submarket of Santee. An undisclosed buyer acquired the property for $27 million. Ross Dress for Less, Michael’s and Office Depot occupy the center. REZA Investment Group represented Pacific Castle in the deal.

December 5, 2016

California Mixed-Use Western

Planning Commission Approves Mixed-Use Development in Morgan Hill

by Nellie Day December 5, 2016

MORGAN HILL, CALIF. — The city planning commission of Morgan Hill has approved plans for a three-story, mixed-use building located at 17395 Monterey Road in downtown Morgan Hill. Designed by KTGY Architecture + Planning, the 10,000-square-foot building will be used as a dining destination owned and operated by local restauranteur Dan McCranie. Construction is slated to begin in early 2017, with completion scheduled by the end of the year.

December 5, 2016

California Industrial Western

Valencia Studios in Los Angeles Sells for $19.3M

by Nellie Day December 5, 2016

LOS ANGELES — A private partnership has acquired Valencia Studios, a 120,878-square-foot production studio in the Los Angeles submarket of Valencia, for $19.3 million. The four-building studio is located at 26030 Avenue Hall and 28343 Avenue Croker. The space has been used to produce such television shows as NCIS, Jag and the Power Rangers. The new buyer plans to continue operating the space as a production studio. Jeffrey Andrew of Cushman & Wakefield Pacific represented the buyers. CBRE’s Craig Peters and Robert Valenziano represented the sellers, Capital Foresight Limited Partnership and Valencia Studios NKG.

December 5, 2016

California Retail Western

HFF Closes $84.5M Sale of 468,000 SF Portion of Retail Center in Orange

by Nellie Day December 2, 2016

ORANGE, CALIF. — HFF has arranged the sale of a 468,000-square-foot retail portion of The Village at Orange, an 850,000-square-foot retail center located at 1500 E. Village Way in Orange. An undisclosed institutional investor acquired the property, excluding Sears and JCPenney, from an institutional seller for $84.5 million. The property was 92 percent occupied at the time to sale to a variety of tenants, including Walmart, Trader Joe’s, Sprouts Farmers Market, Ross Dress for Less, Ulta, Home Goods, Party City and PetSmart. The property is currently undergoing renovations that will convert portions of the indoor regional mall into an open-air retail space. Bryan Ley, Gleb Lvovich and CJ Osbrink of HFF represented the seller in the transaction.

December 2, 2016

California Retail Western

Pacific Castle Buys Retail Property in Salinas for $20M

by Nellie Day December 2, 2016

SALINAS, CALIF. — Pacific Castle has acquired Prune Tree Shopping Center in Salinas from JG Management for $20 million. Located at 17601 Vierra Canyon Road, the 131,000-square-foot property is occupied by Safeway, CVS/pharmacy, McDonald’s, Taco Bell, Starbucks Coffee and AutoZone. Pacific Castle financed the acquisition through a 1031 exchange with existing capital partners. Bryan Ley of HFF represented the undisclosed seller in transaction.

December 2, 2016

California Loans Multifamily Retail Western

Meridian Capital Group Arranges $98M in Financing for Two Properties in Los Angeles

by Nellie Day December 2, 2016

LOS ANGELES — Meridian Capital Group, on behalf of Decron Properties, has arranged a $10 million loan for Playa Lincoln, a shopping center located at 8701 Lincoln Blvd. in Los Angeles. The grocery-anchored center features 73,000 square feet of retail space. Additionally, Meridian secured an $88 million loan for Playa Del Oro II, a multifamily property located at 7280 W. Manchester Ave. in Los Angeles. The asset features 260 apartment units and 5,000 square feet of retail space. The 10-year loans, provided by a life insurance company, feature five years of interest-only payments. Seth Grossman and Sarah Kuebler of Meridian Capital Group arranged the financing for the borrower.

December 2, 2016

California Office Western

Merck Unveils Plans for West Coast Research Facility in San Francisco

by Nellie Day December 1, 2016

SAN FRANCISCO — Merck has announced its new 294,000-square-foot West Coast research facility will be built in South San Francisco’s innovation cluster. The nine-story laboratory/office campus will be located at 213 E. Grand Ave. The site is fully entitled, with construction expected to commence in early 2017. Merck is scheduled to occupy the building in early 2019. The facility is targeting LEED-Platinum certification. Merck signed a long-term, full-building lease at the facility, which Alexandria Real Estate Equities will develop, construct and operate. The biopharmaceutical company is a current tenant of Alexandria. The campus will feature open green outdoor spaces, a 300-seat auditorium, fitness center, and café and terrace with waterfront views.

December 1, 2016

California Retail Western

Lincoln Property, Long Wharf to Build Village 605 Shopping Center in Los Alamitos

by Nellie Day December 1, 2016

LOS ALAMITOS, CALIF. — A joint venture between Lincoln Property Co. and Long Wharf Real Estate Partners LLC is set to begin construction of Village 605, a 113,880-square-foot shopping center located roughly 23 miles outside Los Angeles in Los Alamitos. The open-air center will consist of seven one-story buildings. 365 by Whole Foods Market will anchor the property. The development will also feature a large community gathering area, outdoor seating and landscaped walkways. Construction is expected to begin in early 2017 with an anticipated opening set for early 2018. The project architect is KTGY Group Inc., and Strategic Retail Advisors is handling leasing.

December 1, 2016

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