California

Dunbar Real Estate Purchases Eight Medical Office Properties at Tustin Corporate Center

by Nellie Day November 21, 2016

TUSTIN, CALIF. — Dunbar Real Estate Investment Management has purchased eight medical office properties at Tustin Corporate Center for an undisclosed price. The center is located at 2492 Walnut Ave. in Tustin. The building is zoned for wet lab medical space. Tustin Corporate Center was built in 1986 and later converted into a mixed-use medical building with individual office condos. The eight office/medical condo units total 31,388 square feet. There are three additional units in the building that are under separate ownership and were not included in this sale. The buyer intends to refurbish and update the building before selling the individual condos.

November 21, 2016

California Industrial Western

Westcore Properties Buys Stockton Industrial Property for $6M

by Nellie Day November 21, 2016

STOCKTON, CALIF. — Westcore Properties has purhcsed a 172,500-square-foot industrial property in Stockton for $6 million. The facility is located at 4545 Qantas Lane. The building is fully leased to PacTiv for three years. JLL’s Robert Taylor and Tim Mustin represented the seller, the Friedman Family, in this transaction.

November 21, 2016

California Office Western

M+D Properties to Open 400,000 SF Retail and Entertainment Complex in The Source Mixed-Use Development in Buena Park

by Nellie Day November 18, 2016

BUENA PARK, CALIF. — M+D Properties will open the 400,000-square-foot retail and entertainment component of The Source, a 600,000-square-foot mixed-use development located in Buena Park, early next year. CGV Cinemas anchors the retail component of the development, which will feature tenants including OOAK Kitchen, Samgeori Butchers Pork Charcuterie, Olympus Screen Golf & Bar, Copley and HoneyMee. Upon completion, the property will also feature a 60,000-square-foot, Class A office building and a four-star Hilton Hotel. JLL’s Jay Nugent and Naomi Rizkowsky have been retained to handle leasing for the office component.

November 18, 2016

California Multifamily Seniors Housing Western

Ray Stone Acquires 102-Unit Independent Living Community in Redding

by Nellie Day November 18, 2016

REDDING, CALIF. — Ray Stone Inc. has acquired River Oaks Retirement Community, a 102-unit independent living community in Redding, approximately 160 miles north of Sacramento. The price was not disclosed. Ray Stone will rebrand the community as River Commons and add it to the Ray Stone Senior Living Portfolio. River Commons was built in 1986 by the Rogers family, which operated the community until the sale. The community featured a stabilized occupancy over 94 percent. The bulk of the apartments have been renovated within two years. Ray Stone, a Sacramento-based investment and management firm, plans to implement $400,000 in aesthetic upgrades during the first two years of ownership. Jason Punzell of Senior Living Investment Brokerage represented the seller, Hartnell Associates, in the transaction.

November 18, 2016

California Retail Western

CBRE Negotiates $8M Sale of Restaurant Property in Hollywood

by Nellie Day November 18, 2016

HOLLYWOOD, CALIF. — CBRE has arranged the sale a restaurant property located at 7001 Santa Monica Blvd. in Hollywood. A private real estate investor and developer acquired the asset from a private family trust for $8 million. The half-acre site features a 5,410-square-foot restaurant occupied by Shakey’s Pizza Parlor. Alex Kozakov, Patrick Wade and Fred Aframian of CBRE represented the seller and the buyers in the deal.

November 18, 2016

California Retail Western

Cushman & Wakefield Negotiates Sale-Leaseback of Chuze Fitness Property in Metro San Diego

by Nellie Day November 18, 2016

SANTEE, CALIF. — Cushman & Wakefield has negotiated the sale-leaseback of a 21,500-square-foot property occupied by Chuze Fitness in the San Diego suburb of Santee. The price was not disclosed. Paragon Properties acquired the property, located within Santee Town Center, from Chuze Fitness. Chad Lafrate and Kevin Held of Cushman & Wakefield represented Chuze Fitness in both the sale and lease transactions.

November 18, 2016

California Retail Western

GLL Completes Repositioning of Retail Center in Del Mar

by Nellie Day November 18, 2016

DEL MAR, CALIF. — GLL Real Estate Partners’ Del Mar Plaza has reached 90 percent occupancy following a joint repositioning effort with JLL. The 74,631-square-foot open-air center is located at 1555 Camino Del Mar in Del Mar. New tenants include Salon Republic, Union Bank, Del Mar Rendezvous, Momma’s Medi Spa, Del Mar Nails, PS Platinum, Kitchell Development and Fine Magazine. Each new tenant is slated to open by summer 2017. Craig Killman and Corinna Gattasso of JLL are handling leasing at the center.

November 18, 2016

California Office Western

Lincoln Property, Alcion Ventures Move Forward with 870,000 SF Office Campus in Tustin

by Nellie Day November 17, 2016

TUSTIN, CALIF. — Lincoln Property Co. and Alcion Ventures have gained approval from the City of Tustin to move forward on Flight, an 870,000-square-foot creative office campus within the 1,600-acre master-planned community of Tustin Legacy. Flight will contain a mix of four-story buildings with outdoor platform decking and roll-up doors. The Rios Clementi Hale Studios-designed buildings will feature perforated metal building skins that shade the indoor/outdoor office space and large glass curtain walls on the ends to allow light penetration. Flight will be constructed in two phases, with Phase I anticipated to begin in early 2017 and finish within 14 to 18 months. Phase I will include more than 470,000 square feet of office space, a mess hall and conference center.

November 17, 2016

California Multifamily Western

JRK Property Holdings Purchases 168-Unit Apartment Complex in Oxnard for $30.7M

by Nellie Day November 17, 2016

OXNARD, CALIF. — JRK Property Holdings has purchased the 168-unit Rancho Solana apartments in Oxnard for $30.7 million. The community is located at 2444 Alvarado St. Rancho Solana borders RiverPark, a 704-acre master planned community, that includes a mix of housing, schools and 14 community parks. The community was 99 percent leased at closing. Amenities include controlled access, swimming pool and spa, barbecue area, sports court, children’s playground and covered parking. Gregory Harris, Kevin Green and Joseph Grabiec of IPA represented both parties in the transaction. The seller was a private investor.

November 17, 2016

California Multifamily Western

Century West Partners Completes Chelsea Luxury Apartments in Santa Monica

by Nellie Day November 17, 2016

SANTA MONICA, CALIF. — Century West Partners has completed construction of the 56-unit Chelsea luxury apartment building in Santa Monica. The community is located at 1320 2nd St. in the downtown area. Chelsea’s units are set within a four-story building atop two restaurants, occupying 3,150 square feet and 2,850 square feet, respectively.

November 17, 2016

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