EASTVALE, CALIF. — Amazon has leased a 1 million-square-foot logistics center in Eastvale. Located within a 205-acre, mixed-use development, the new space will offer a variety of space options, including distribution, business park, retail and medical. It will be situated directly off the Cantu-Galleano Ranch Road Exit on the I-15. Amazon is scheduled to occupy the new facility in 2018. Goodman Group will build Goodman Commerce Center Eastvale.
SAN DIEGO — Renovate America has leased 160,000 square feet of office space at the Rancho Vista Corporate Center in the San Diego submarket of Rancho Bernardo. The center is located at 16409 W. Bernardo Drive. The seven-year lease was one of the largest signed in San Diego in 2016, according to CBRE. CBRE represented both the landlord, Swift Real Estate Partners, and Renovate America in the transaction.
JURUPA VALLEY, CALIF. — Star Holdings LLC has acquired a 32,898-square-foot manufacturing/distribution facility in Jurupa Valley for $4.1 million. The facility is located at 4758 Troy Court. The building was completed in January as part of the Galena Business Park. It sits on 68,389 square feet of land.
POMONA, CALIF. — A joint venture between Clear Capital and Bascom Group has acquired the 349-unit Monterey Station apartment community in Pomona for $85 million. The community is located at 120-180 E. Monterey Ave. It sits across from Pomona Metro Station and adjacent to the Western University of Health Sciences. The seller was Realm Real Estate. Dean Zander, Joe Leon and Jeff Rowerdink of Berkadia executed the sale.
UPLAND, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the $17.2 million sale of Upland Village, a 60,857-square-foot shopping center located in Upland. Grocery Outlet and Dollar Tree anchor the fully occupied shopping center. Ed Hanley and Bill Asher of Hanley Investment Group, and Joe Miller of Voit Real Estate Services represented the seller, Outpost Village LLC. Peter Loh and Paul Yang of RE/MAX represented the buyer, a Southern California-based private investor.
BANNING, CALIF. — Marinita Development Co. has broken ground on Phase II of Sun Lakes Village Shopping Center, a 95,000-square-foot shopping center located in Banning. Phase II of development will include an 8,000-square-foot building leased to Chipotle Mexican Grill, Mattress Firm and T-Mobile. Completion is scheduled for August.
IRVINE, CALIF. — Savills Studley has acquired Cresa Orange County. Savills Studley’s existing Irvine office and the former Cresa Newport Beach office will consolidate into a single workplace by mid-year. The group will continue to provide tenant representation, transaction management, project administration and workplace solutions. There will be an enhanced focus on industrial services and the Inland Empire. Savills Studley has recently acquired a number of other firms specializing in tenant representation. This includes offices in Seattle in 2016, and in San Jose and Palo Alto, Calif., in 2015. The firm also hired several teams in Phoenix and Denver earlier this year.
The Los Angeles office market continues to experience steady demand and accelerated rent growth as we enter 2017. The market is heading into its sixth consecutive year of expansion, after seeing a sharp contraction between 2008 and 2011. The Los Angeles office market has witnessed vacancy rates steadily decline from 16.3 percent to 13.7 percent since 2011, all the while absorbing more than 10.5 million square feet of occupied space. The market only added 4.5 million square feet of new construction during that same period, allowing vacancy to steadily decline back into the low teens, while average full-service gross asking rents have increased from $29.28 per square foot to $35.76 per square foot, up 22.1 percent. More importantly is the accelerated rent growth during this period. Rents increased 1.6 percent in 2012; 2.8 percent in 2013; 3.9 percent in 2014; 5.3 percent in 2015; and 6.8-percent to date in 2016. On the demand side, net absorption growth rates have been trending higher since 2012, averaging 0.8 percent during the past five years. They will finish above 1 percent for the second consecutive year. This remains below the growth rates experienced from 2003 to 2007, which averaged an annual growth of …
ANAHEIM, Calif. — Kisco Senior Living has started the $22.5 million expansion and renovation of Emerald Court, a 194-unit independent living and assisted living community in Anaheim. The project was originally announced in March 2016, but the company added more plans and committed more money. The project is currently underway, with a scheduled completion of fall 2017. Plans call for a two-story building adding 58 new assisted living units to the property, as well as a demonstration kitchen, dining venue and wellness center. Kisco will also renovate the existing dining room, corridors, lighting, activity room and salon. The project will add a total of 58,000 square feet to the property. Emerald Court’s assisted living units are currently full with a waiting list. The expansion will more than double the number of assisted living units. Based in Carlsbad, Kisco Senior Living owns and operates 22 seniors housing communities in seven states, with a heavy concentration in California.
LOS ANGELES — Worldwide Facilities has renewed its headquarters space in downtown Los Angeles. The firm leases 23,389 square feet at Ernst & Young Plaza. The space is located at 725 S. Figueroa St. Worldwide Facilities will remodel and modernize the space. JLL’s Darren Eades, Tony Morales and Maureen Hawley represented Worldwide Facilities, while the landlord, Brookfield Office Properties, was represented in-house by James Malone.