LOS ANGELES — Waterton has purchased the 189-unit Candlewood North Apartments in the Los Angeles submarket of Northridge for a reported $43.5 million. The community is located at 9830 Reseda Blvd. Candlewood North contains three three-story buildings with apartments ranging from studios to two bedrooms. The community is within walking distance of the Cal State Northridge campus. Waterton plans to renovate the property, including the unit interiors and amenities.
CARLSBAD, CALIF. — Badiee Development has broken ground on Carlsbad Victory Industrial Park in the San Diego submarket of Carlsbad. The park will be located at 3248 Lionshead Ave. The first phase is a 55,573-square-foot industrial building is slated for completion early next summer. Carlsbad Victory Industrial Park has been designed with a mix of office and warehouse space for two tenants with suites measuring 25,148 square feet and 30,425 square feet. The project will feature two upgraded tenant entries, dock-high and grade-level loading, 26-foot clear height, automatic fire suppression system, mezzanine space, skylights and a large outdoor patio area. Badiee has begun pre-leasing for Carlsbad Victory Industrial Park. Tucker Hohenstein and Mike Erwin of Colliers International is acting as the project’s leasing agents. The team also represented Badiee in the purchase of the land parcel for Carlsbad Victory Industrial Park in December 2015. Smith Consulting Architects is the architect and TFW Construction is the general contractor for Carlsbad Victory Industrial Park.
SANTA MONICA, CALIF. — Hersha Hospitality Trust has purchased the 77-room Ambrose Hotel in Santa Monica for $47.5 million. The hotel is located at 1255 20th St. The Ambrose Hotel is situated within Santa Monica’s 7.9 million-square-foot office market. It is also near Silicon Beach, which includes notable employers like Google, Facebook, Apple, IMAX, Hulu and Riot Games. Hersha utilized 1031 exchange proceeds from the recent sale of two suburban Boston hotels to fund the Ambrose acquisition.
IRVINE, CALIF. — Cavium has leased a four-story building within Irvine Co.’s new NextGen campus at Sand Canyon Business Center in Irvine Spectrum. The semiconductor product provider recently acquired networking and storage provider QLogic Corp., which will occupy the new space next summer. QLogic will join AutoGravity, an automotive financing firm that has leased 40,000 square feet in the project’s other four-story building. With these two leases, the NextGen campus is now 70 percent pre-leased. Jeff Hoffman and Tracey Solari of Newmark Cornish & Carey and Greg Tippin, Stacy Garcia and Byron Foss of Newmark Grubb Knight Frank represented Cavium in the transaction.
REDWOOD CITY, CALIF. — Equinix Inc. (NASDAQ: EQIX) has agreed to acquire a portfolio of 24 data center sites and their operations from Verizon Communications Inc. (NYSE, NASDAQ: VZ) for $3.6 billion. The portfolio consists of 29 buildings across 24 sites in North and South America, including Atlanta and Norcross, Ga.; Bogotá, Columbia; Boston; Chicago; Culpeper, Va.; Dallas, Houston and Richardson, Texas; Denver; Los Angeles, Santa Clara and San Jose, Calif.; Miami and Doral, Fla.; New York City; São Paulo, Brazil; Seattle; and Washington, D.C. The NAP of the Americas facility in Miami was formerly a flagship facility for Verizon, and will become a strategic hub and gateway for Equinix customer deployments servicing Latin America. Approximately 250 Verizon employees, primarily in the operations functions of the acquired data centers, will become Equinix employees. The all-cash transaction is expected to close by mid-2017. Evercore, J.P. Morgan Securities LLC and Davis Polk & Wardwell LLP advised Equinix in the acquisition. At the close of the transaction, Redwood City, Calif.-based Equinix’s total global footprint will be 175 data centers in 43 markets with approximately 17 million gross square feet across the Americas, Europe and Asia. Equinix’s stock price closed at $332.08 per share …
SAN DIEGO — Pacific Castle has completed the disposition of Santee Town Center, a 120,000-square-foot retail center in the San Diego submarket of Santee. An undisclosed buyer acquired the property for $27 million. Ross Dress for Less, Michael’s and Office Depot occupy the center. REZA Investment Group represented Pacific Castle in the deal.
MORGAN HILL, CALIF. — The city planning commission of Morgan Hill has approved plans for a three-story, mixed-use building located at 17395 Monterey Road in downtown Morgan Hill. Designed by KTGY Architecture + Planning, the 10,000-square-foot building will be used as a dining destination owned and operated by local restauranteur Dan McCranie. Construction is slated to begin in early 2017, with completion scheduled by the end of the year.
LOS ANGELES — A private partnership has acquired Valencia Studios, a 120,878-square-foot production studio in the Los Angeles submarket of Valencia, for $19.3 million. The four-building studio is located at 26030 Avenue Hall and 28343 Avenue Croker. The space has been used to produce such television shows as NCIS, Jag and the Power Rangers. The new buyer plans to continue operating the space as a production studio. Jeffrey Andrew of Cushman & Wakefield Pacific represented the buyers. CBRE’s Craig Peters and Robert Valenziano represented the sellers, Capital Foresight Limited Partnership and Valencia Studios NKG.
ORANGE, CALIF. — HFF has arranged the sale of a 468,000-square-foot retail portion of The Village at Orange, an 850,000-square-foot retail center located at 1500 E. Village Way in Orange. An undisclosed institutional investor acquired the property, excluding Sears and JCPenney, from an institutional seller for $84.5 million. The property was 92 percent occupied at the time to sale to a variety of tenants, including Walmart, Trader Joe’s, Sprouts Farmers Market, Ross Dress for Less, Ulta, Home Goods, Party City and PetSmart. The property is currently undergoing renovations that will convert portions of the indoor regional mall into an open-air retail space. Bryan Ley, Gleb Lvovich and CJ Osbrink of HFF represented the seller in the transaction.
SALINAS, CALIF. — Pacific Castle has acquired Prune Tree Shopping Center in Salinas from JG Management for $20 million. Located at 17601 Vierra Canyon Road, the 131,000-square-foot property is occupied by Safeway, CVS/pharmacy, McDonald’s, Taco Bell, Starbucks Coffee and AutoZone. Pacific Castle financed the acquisition through a 1031 exchange with existing capital partners. Bryan Ley of HFF represented the undisclosed seller in transaction.
