California

Kennedy Wilson Closes Three Retail Leases at South Park by Windsor in LA

by Nellie Day July 28, 2017

LOS ANGELES — Kennedy Wilson has closed three 10-year leases with major national retailers at South Park by Windsor, a mixed-use property located at 201 W. Olympic Blvd. in downtown Los Angeles. The leases bring the property’s retail space to 100 percent occupancy. The new retailers — Chipotle, Loit and Aveda Lifestyle Salon & Spa — will occupy more than 12,500 square feet at the development. Chipotle and Loit have already opened and Aveda is slated to open this fall. Lee Shapiro and Justin Weiss of Kennedy Wilson negotiated the leases.

July 28, 2017

California Industrial Western

Summit Ridge Business Park in San Diego Changes Hands

by Nellie Day July 27, 2017

SAN DIEGO — A private partnership managed by Jewell Capital LLC has acquired Summit Ridge Business Park, a 133,841-square-foot flex/R&D business park in San Diego. The purchase price was not disclosed. The park is located at 6769 Mesa Ridge Road. It was built in 2000. The three buildings feature high-image exterior architecture, unobstructed canyon views, 22-foot clear heights and an extensive window line. Summit Ridge is fully leased to four four tenants, including Inovio Pharmaceuticals, Nexus DX, Acea Biosciences and General Atomics. HFF’s Nick Frasco represented the seller in this transaction.

July 27, 2017

California Hospitality Western

InfiniPower Hospitality Group Receives $19M Loan to Develop San Jose Hotel

by Nellie Day July 27, 2017

SAN JOSE, CALIF. — InfiniPower Hospitality Group has received $19 million in financing to develop a 261-room hotel in San Jose. The project will include a 147-room Residence Inn and a 114-room Fairfield Inn & Suites by Marriott. The 166,340-square-foot, four-story building will include an outdoor pool and patio area with a fire pit, enhanced fitness center, bar, complimentary breakfast area, guest laundry facilities and a 24/7 sundry shop, as well as 1,200 square feet of meeting space and a business center. The project is located in America Center, a 30-acre mixed use development located along the South Bay Freeway (Highway 237) in northern San Jose. Canyon Partners Real Estate provided the loan.

July 27, 2017

California Office Western

Rand Medical Building in Simi Valley Sells for $3M

by Nellie Day July 27, 2017

SIMI VALLEY, CALIF. — A 1031 exchange buyer has acquired Rand Medical Building, a 19,833-square foot office property in Simi Valley, for $3 million in an all-cash transaction. The property is located at 1633 Erringer Road. It was 75 percent leased at the time of closing. The buyer plans to occupy a portion of the building. Gregory Mills of Marcus & Millichap represented the seller, an individual/personal trust, in this transaction.

July 27, 2017

California Office Western

SendGrid Leases Office Space at Irvine Spectrum

by Nellie Day July 27, 2017

IRVINE, CALIF. — SendGrid has leased 22,000 square feet of office space at 400 Spectrum Drive in the Irvine Spectrum. The customer communications platform designer will occupy the entire fourth floor of the new, 21-story campus in the heart of Irvine Spectrum early next year. The lease brings the new tower to 36 percent pre-leased. It comes just weeks after Irvine Company announced that 200 Spectrum Center, its year-old sister building, is 93 percent leased.

July 27, 2017

California Industrial Western

Rexford Industrial Realty Buys Industrial Property in Rancho Cucamonga for $19.8M

by Nellie Day July 26, 2017

RANCHO CUCAMONGA, CALIF. — Rexford Industrial Realty has purchased a 201,035-square-foot industrial property in the Inland Empire West submarket of Rancho Cucamonga for $19.8 million. The property is located at 11190 White Birch Drive. The asset is fully leased to a single tenant in the logistics industry on a triple-net basis at below-market rent. The building was originally constructed for two tenants, but, upon lease expiration, the property has the potential for efficient re-tenanting to two tenants at higher rents. The acquisition was funded utilizing the company’s line of credit. The seller was not disclosed.

July 26, 2017

California Industrial Western

Nazareth Enterprises Acquires Madrone Business Park Near San Jose for $15.6M

by Nellie Day July 26, 2017

MORGAN HILL, CALIF. — Nazareth Enterprises has purchased the 180,000-square-foot Madrone Business Park in Morgan Hill, just south of San Jose, for $15.6 million. The two-building asset is located at 18705 and 18715 Madrone Parkway. Nazareth Enterprises also purchased the Paramit Building late last year, making the company one of the single-largest landlords in Morgan Hill. Sterling Bank & Trust provided financing for the project. Abe Matar with Landmark Real Estate Services represented Nazareth. Stan Johnson Co. represented the seller, a private equity firm, in this transaction.

July 26, 2017

California Industrial Western

Westcore Properties Buys Industrial Building in Stockton for $9.1M

by Nellie Day July 26, 2017

STOCKTON, CALIF. — Westcore Properties has purchased a 158,400-square-foot industrial building in Stockton for $9.1 million. The building is located at 3834 Duck Creek Drive. It is a freestanding, cross-load building. Mike Goldstein and Ryan McShane of Colliers International represented the undisclosed seller in this transaction.

July 26, 2017

California Office Western

UCLA Extension Relocates Westwood Administrative Headquarters

by Nellie Day July 26, 2017

LOS ANGELES — UCLA Extension is relocating its administrative headquarters in Los Angeles. The school has leased a 51,452-square-foot space at 10960 Wilshire Blvd. The new facilities are just four blocks from its current location at 10955 Le Conte Ave. in Westwood Village. The extension signed a long-term lease for floors 16 and 17, which are joined by an interconnecting staircase. Craig Jablin of Savills Studley represented UCLA.

July 26, 2017

California Industrial Western

Rexford Industrial Buys 1.2 MSF Industrial Facility in Los Angeles

by Nellie Day July 25, 2017

LOS ANGELES — Rexford Industrial Realty has purchased a 1.2 million-square-foot industrial facility in the South Bay submarket of Los Angeles for an undisclosed sum. The facility is located at 20001-20021 Rancho Way and 2301-2399 E. Pacifica Place in Rancho Dominguez. The master-planned park was built between 1987 and 1989. It includes five industrial buildings and one flex building, each residing on its own parcel. Known as Rancho Pacifica Park, the facility was 99 percent leased at the time of sale. Jeff Chiate, Jeffrey Cole, Ed Hernandez, Mike Adey and Nico Napolitano of Cushman & Wakefield represented the seller in this transaction.

July 25, 2017

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