California

Progressive Real Estate Partners Brokers $2.2M Sale of Retail/Office Building in Chino

by Nellie Day September 30, 2016

CHINO, CALIF. — Progressive Real Estate Partners has arranged the sale of a mixed-use building located at 4774 Riverside Drive in Chino. A private investor based in Orange County, Calif., sold the 8,000-square-foot property for $2.2 million, or $278 per square foot. A private Chino Hills-based investor acquired the retail/office property, which is fully occupied by Mother’s Nutritional Center, WIC, T-Mobile Cell Tower and two medical office tenants. Frank Vora of Progressive Real Estate Partners represented the seller, while Leo Gao of Reno Business Investment Group represented the buyer in the deal.

September 30, 2016

California Retail Western

Colliers Negotiates 3,750 SF Restaurant Lease in San Fernando Valley

by Nellie Day September 30, 2016

SAN FERNANDO VALLEY, CALIF. — Colliers Retail Foresight has arranged a lease for restaurant space at North Hills Vallarta Center in San Fernando Valley. Stinkin Crawfish will occupy 3,750 square feet of space at the 61,000-square-foot neighborhood shopping center. James Rodriguez, Michael Bohorquez and Bradley Pagnone of Colliers Retail Foresight represented the undisclosed landlord in the lease.

September 30, 2016

California Office Western

Sepulveda Center Office Tower in Los Angeles Trades for $68.2M

by Nellie Day September 29, 2016

LOS ANGELES — An affiliate of Swig Co. has acquired Sepulveda Center, a 178,157-square-foot office tower in West Los Angeles, for $68.2 million. The Class A tower is located at 3415 S. Sepulveda Blvd. The 12-story property is 83 percent leased to a mix of media, technology and financial tenants. The new owner will implement a capital improvement plan that will update the lobbies, bathrooms and outdoor facilities. The plan will also expand the common building amenities. The seller was KBS Capital Advisors. HFF’s Ryan Gallagher, Andrew Harper and Michael Leggett executed the sale. The firm also worked on behalf of the new owner to secure a three-year, floating-rate loan through MetLife Real Estate.

September 29, 2016

California Industrial Western

Cornerstone Centre Industrial Facility in Rancho Bernardo Sells for $7.4M

by Nellie Day September 29, 2016

SAN DIEGO — McEwen-Otay LLC and MP McEwen I LLC have acquired Cornerstone Centre, a 43,423-square-foot multi-tenant flex industrial property in the San Diego submarket of Rancho Bernardo, for $7.4 million. The facility is located at 10840 Thornmint Road. Cornerstone Centre was built in 1990. The building was fully occupied by six tenants at the time of sale. Mark McEwen of Colliers International represented the buyers. Randy LaChance, Brian Mulvaney and Josh West of Voit Real Estate Services represented the seller, CRP – 2 San Diego, in this transaction.

September 29, 2016

California Industrial Western

ALDI Earns LEED Gold Certification for Moreno Valley Distribution Center

by Nellie Day September 29, 2016

MORENO VALLEY, CALIF. — Leading grocery retailer ALDI has earned LEED (Leadership in Energy and Environmental Design) Gold certification from the U.S. Green Building Council (USGBC) for its environmentally sustainable distribution center and regional headquarters in Moreno Valley. According to USGBC, LEED projects are responsible for diverting more than 80 million tons of waste from landfills. Compared to the average commercial building, LEED Gold buildings consume a quarter less energy and generate 34 percent lower greenhouse gas emissions. To meet LEED Gold standards, ALDI worked with Graycor Construction Co. as a design-build partner along with architects and engineers to improve the design and materials used in the development of its distribution center and regional headquarters. The sustainable building features include: • Renewable energy from onsite solar panels that provide 60 percent of the electricity. • Ammonia refrigeration system, which is a naturally occurring element and highly energy-efficient. • Electric vehicle charging stations and bicycle racks that promote the use of greener methods of transportation. • Water-efficient landscaping and plumbing. Partners in the project include Graycor, HPA Architecture, Webber/Smith Associates, Inc., Gregg Electric, Inc., Air Control Systems, HSA Engineering Inc., Huitt-Zollars, Ridge Landscape Architects and KDI. Throughout the construction of its Moreno Valley warehouse, …

September 29, 2016

California Industrial Western

Los Angeles Industrial Portfolio Sells for $38.4M

by Nellie Day September 28, 2016

LOS ANGELES — An unnamed buyer has purchased an eight-property industrial portfolio in Los Angeles for $38.4 million. The transaction includes two land parcels known as the Los Angeles Downtown Industrial District. The portfolio contains a total of 4.6 developable acres adjacent to the Fashion District, near the Arts, Flower and Produce districts. Quantum Associates represented the buyer. Mike Malick and Carol Song of Marcus & Millichap represented the seller.

September 28, 2016

California Industrial Western

UPS Leases 521,816 SF of Industrial Space at the Brickyard in Compton

by Nellie Day September 28, 2016

COMPTON, CALIF. — United Parcel Service (UPS) has signed a 10-year lease for 521,816 square feet at the Brickyard in Compton. The Brickyard is a 1 million-square-foot industrial development on the site of a former brick manufacturing facility. JLL’s Mike Fowler and Tim O’Rourke represented UPS. CBRE’s Bret Quinlan is acting as the leasing agent for the landlord, Trammell Crow.

September 28, 2016

California Loans Office Western

Parallel Capital Partners Receives $48.5M to Refinance Office Complex in Seal Beach

by Nellie Day September 27, 2016

SEAL BEACH, CALIF. — Parallel Capital Partners has received $48.5 million to refinance The Ranch at Seal Beach, a 297,410-square-foot office complex. The complex is located at 3001-3005, 3010, 3020 and 3030 Old Ranch Parkway in Seal Beach. The Ranch at Seal Beach is 93 percent leased to tenants like Leidos, Olson Urban Housing and Merrill Lynch. KPMG, UBS and Keller Williams recently signed new leases at the complex, while Wells Fargo renewed its lease and Finance of America Mortgage expanded its space. Parallel purchased the property in 2013 for $85 million. The complex, formerly known as Bixby Office Park, underwent a rebranding and $1.5 million repositioning. Pacific Western Bank secured the refinancing. JLL’s George Thomson and James Estrada represented Parallel in the lease transactions.

September 27, 2016

California Multifamily Student Housing Western

EdR Completes $45M Restoration of Bowles Hall at University of California, Berkeley

by Nellie Day September 26, 2016

BERKELEY, CALIF. — EdR has completed the $45 million renovation and modernization of Bowles Hall at the University of California, Berkeley. The residence hall features renovated residential suites, each with an attached bathroom; in-house dining facilities; library; individual and dedicated study and seminar rooms; main lounge; game room; and in-residence faculty and graduate student advisors.

September 26, 2016

California Retail Western

Lee & Associates Arranges $4.7M Sale of Grovemont Square in Santa Ana

by Nellie Day September 26, 2016

SANTA ANA, CALIF. — Lee & Associates has arranged the $4.7 million sale of Grovemont Square, a 29,030-square-foot shopping center located in Santa Ana. Jon Selznick and Brant Dorman of Lee & Associates represented the seller, an undisclosed private investor based out of Encino. Selznick and Dorman also represented the buyer, an undisclosed private investor out of Commerce. The property was 85 percent occupied at the time of sale.

September 26, 2016

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