California

Bentall Kennedy Buys Anaheim Concourse Industrial Property for $188.2M

by Nellie Day October 27, 2016

ANAHEIM, CALIF. — Bentall Kennedy has purchased Anaheim Concourse, a 965,255-square-foot industrial property, for $188.2 million. The facility is situated on North Miller Street in Anaheim. The seven-building, Class A project was completed last year. The space is currently 86 percent leased. The lease rollover is staggered, with the first lease expiring in January 2021. CBRE’s Val Achtemeier arranged acquisition financing. The firm’s Darla Longo, Barbara Emmons, Michael Kendall, Rebecca Perlmutter, Brad Bierbaum and Ryan Peterson represented the sellers, Panattoni and Clarion Partners, on behalf of a separate account managed by the firm.

October 27, 2016

California Multifamily Western

Amerige Pointe Apartments in Fullerton Trades for $115M

by Nellie Day October 27, 2016

FULLERTON, CALIF. — A global fund has purchased the 292-unit Amerige Pointe apartments in Fullerton for $115 million. The Class A community is located at 1001 Starbuck St. within the master-planned community of Amerige Heights. The property also contains 10,300 square feet of retail space. The buyer plans to upgrade the unit interiors, as well as some common area spaces. Joe Leon, Jeff Rowerdink and Dean Zander of Berkadia represented both the buyer and original owner and developer in this transaction.

October 27, 2016

California Retail Western

Colliers Brokers $19.8M Sale of Town Center Plaza in Palm Desert

by Nellie Day October 27, 2016

PALM DESERT, CALIF. — Colliers International has arranged the $19.8 million sale of Town Center Plaza, an 82,000-square-foot shopping center located in Palm Desert. Tenants at the center include Trader Joe’s, Michaels, Banner Mattress, Tuesday Morning, Fisherman’s Market and Grill, The Palms Café and Uncle Don’s Hobbies. Bill Barnett and Doug Hogan of Colliers represented the buyer, Citivest Commercial Investments LLC, in the acquisition of the property from Town Center Plaza LP.

October 27, 2016

California Multifamily Retail Western

CBRE Arranges $13.4M Sale of Shops on Hill in Pasadena

by Nellie Day October 27, 2016

PASADENA, CALIF. — CBRE has arranged the $13.4 million sale of Shops on Hill, a 32,685-square-foot mixed-use center in Pasadena. The two buildings are located on opposite corners of the intersection of East Washington Boulevard and North Hill Avenue, and feature 12 apartments with ground-floor retail. Shops on Hill LLC, an entity controlled by Engine Real Estate, acquired the property.

October 27, 2016

California Industrial Western

Principal Real Estate Investors Acquires March Business Center in Moreno Valley for $93M

by Nellie Day October 26, 2016

MORENO VALLEY, CALIF. — Principal Real Estate Investors has purchased March Business Center, a 1.3-million-square-foot industrial portfolio in Moreno Valley, for $93 million. The portfolio includes a recently developed 1.1-million-square-foot industrial distribution facility at 24101 Iris Ave. that is leased to Floor and Décor. The portfolio also includes a newly constructed 277,243-square-foot industrial distribution building at 16415 Cosmos Ave. that is currently available for lease. Both buildings provide easy access to Interstate 215 and neighbor many major industrial corporate users. Chuck Belden, Kyle Kehner and Tim Pimentel of Cushman & Wakefield’s Inland Empire office represented the seller, a joint venture between Penwood Real Estate Capital Management and Western Realco. The team also represented Principal Real Estate Investors in the subsequent lease transaction. CBRE’s Tres Reid and Jay Dick represented Floor and Décor.

October 26, 2016

California Multifamily Western

Bridge Partners Buys Sonoma Ridge Apartments in Santa Rosa for $44.6M

by Nellie Day October 26, 2016

SANTA ROSA, CALIF. — Bridge Partners has purchased the 180-unit Sonoma Ridge Apartments in Santa Rosa for $44.6 million. The community is located at 2900 St. Paul Drive. Sonoma Ridge was built in 1974. The property is adjacent to the Bennett Valley Golf Course and Annadel State Park. Stan Jones, Philip Saglimbeni and Salvatore Saglimbeni of Institutional Property Advisors represented both the buyer and the seller, CORE Realty Holdings Management, in this transaction.

October 26, 2016

California Industrial Western

Distribution and Marking Services Inc. Leases 350,000 SF at Wonderful Industrial Park Near Bakersfield

by Nellie Day October 26, 2016

SHAFTER, CALIF. — Distribution and Marking Services Inc. has leased 350,000 square feet of industrial space at Wonderful Industrial Park, a 1,625-acre, rail-served industrial development in Shafter. The park is located at 5000 Capital Road, just north of Bakersfield. The outsourced supply chain management solutions provider will use this facility to provide warehouse and distribution services. JLL’s Mike McCrary, Peter McWilliams, Mac Hewett and Nicole Welch represented the landlord, Wonderful Real Estate, in this transaction.

October 26, 2016

California Multifamily Western

ROEM Development Opens $64M Evelyn Family Apartments in Mountain View

by Nellie Day October 26, 2016

MOUNTAIN VIEW, CALIF. — ROEM Development Corp. has opened the 116-unit Evelyn Family Apartments in Mountain View. The $64 million affordable housing community is located at the southwest intersection of East Evelyn and South Bernardo avenues. The property was built using 4 percent low-income housing tax credits. Citi Community Capital provided $32 million in tax-exempt construction financing. AEGON provided investment support, with the City of Mountain View providing an additional $22.3 million. The architect is Withee Malcolm Architects. The nonprofit partner is Pacific Housing. The general contractor is ROEM Builders.

October 26, 2016

California Retail Western

Paragon Commercial Acquires Airport Plaza in Burbank for $37M

by Nellie Day October 25, 2016

BURBANK, CALIF. — Paragon Commercial Group has acquired the leasehold and fee interests in Airport Plaza, a 135,039-square-foot shopping center located in Burbank, for $37 million. Tenants at the center include Hobby Lobby, Toys ‘R’ Us, O’Reilly Auto Parts and Burger King. Bill Bauman and Kyle Miller of Savills Studley represented the sellers, Airport Plaza Inc. and Alton Jennings Trust, in the transaction. Savills Studley also represented the buyer, which plans to redevelop and reposition the shopping center.

October 25, 2016

California Retail Western

SG Blocks Installs Shipping Container-Based Taco Bell in California

by Nellie Day October 25, 2016

LOS ANGELES — SG Blocks and Alvarado Restaurant Group will move a former popup Taco Bell location to its permanent location in the South Gate submarket of Los Angeles. The five-module, 1,080-square-foot restaurant was previously used at the 2016 South by Southwest (SXSW) Conference & Festivals in Austin, Texas. Alvarado Restaurant Group, part of Alvarado Cos., is the franchise owner for the Taco Bell in South Gate. SG Blocks partnered with Alvarado Construction Inc. to install the Taco Bell at its new, permanent location. The companies are currently completing all final utility work, paving and landscaping. Alvarado Cos. currently owns 110 other Taco Bells in Colorado, New Mexico, Texas, Wisconsin and California. The Taco Bell will be open at its permanent home in South Gate by the end of 2016.

October 25, 2016

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