California

Progressive Real Estate Partners Negotiates $3.5M Sale of Shopping Center in Yucaipa

by Nellie Day February 17, 2017

YUCAIPA, CALIF. — Progressive Real Estate Partners has arranged the sale of Yucaipa Plaza, a retail and office property located at 34469-79 Yucaipa Blvd. in Yucaipa. An Orange County, Calif.-based private investor sold the property to a Los Angeles-based private investor for $3.5 million. Built in 1970, the 37,453-square-foot building features ground-floor retail space and office space on the second floor. Current tenants include Papa John’s Pizza, Boost Mobile and Allstate. Greg Bedell and Pablo Velasco of Progressive Real Estate Partners represented the seller and buyer in the deal.

February 17, 2017

California Office Western

Lowe, Family Office Buy Four-Building Office Portfolio in Sacramento

by Nellie Day February 16, 2017

SACRAMENTO, CALIF. — A joint venture between Lowe Enterprises Investors (LEI) and The Family Office (TFO) has acquired Gateway Center, a four-building office portfolio in the South Natomas area of Sacramento, for an undisclosed sum. Gateway Center is located along Interstate 5 near the Interstate 80 interchange. The JV plans to update the properties, including lobby renovations, landscape and lighting improvements, and upgrades to conference rooms, common areas and outdoor gathering spaces. Peter Morgan led the LEI acquisition team. Los Angeles law firm Eisner Jaffe represented the joint venture. This is the first acquisition by the LEI/TFO joint venture, which plans to acquire several additional West Coast office properties in 2017.

February 16, 2017

California Office Western

PSI Services Leases 23,589 SF of Office Space in Glendale

by Nellie Day February 16, 2017

GLENDALE, CALIF. — PSI Services has leased 23,589 square feet of office space in Glendale. The Class A space is located at 611 N. Brand Blvd. PSI committed to an 11-year lease. The company is relocating its corporate headquarters from 17,308 square feet at 2950 N. Hollywood Way in Burbank. Jacob Bobek of Avison Young represented PSI in the deal. Jones Lang LaSalle represented the landlord, LNR Partners.

February 16, 2017

California Industrial Western

Amazon to Lease 1 MSF Logistics Center in Eastvale

by Nellie Day February 15, 2017

EASTVALE, CALIF. — Amazon has leased a 1 million-square-foot logistics center in Eastvale. Located within a 205-acre, mixed-use development, the new space will offer a variety of space options, including distribution, business park, retail and medical. It will be situated directly off the Cantu-Galleano Ranch Road Exit on the I-15. Amazon is scheduled to occupy the new facility in 2018. Goodman Group will build Goodman Commerce Center Eastvale.

February 15, 2017

California Office Western

Renovate America Leases 160,000 SF at Rancho Vista Corporate Center in San Diego

by Nellie Day February 15, 2017

SAN DIEGO — Renovate America has leased 160,000 square feet of office space at the Rancho Vista Corporate Center in the San Diego submarket of Rancho Bernardo. The center is located at 16409 W. Bernardo Drive. The seven-year lease was one of the largest signed in San Diego in 2016, according to CBRE. CBRE represented both the landlord, Swift Real Estate Partners, and Renovate America in the transaction.

February 15, 2017

California Industrial Western

Jurupa Valley Industrial Facility Sells for $4.1M

by Nellie Day February 15, 2017

JURUPA VALLEY, CALIF. — Star Holdings LLC has acquired a 32,898-square-foot manufacturing/distribution facility in Jurupa Valley for $4.1 million. The facility is located at 4758 Troy Court. The building was completed in January as part of the Galena Business Park. It sits on 68,389 square feet of land.

February 15, 2017

California Multifamily Western

Clear Capital, Bascom Buy Monterey Station Apartment Community in Pomona for $85M

by Nellie Day February 14, 2017

POMONA, CALIF. — A joint venture between Clear Capital and Bascom Group has acquired the 349-unit Monterey Station apartment community in Pomona for $85 million. The community is located at 120-180 E. Monterey Ave. It sits across from Pomona Metro Station and adjacent to the Western University of Health Sciences. The seller was Realm Real Estate. Dean Zander, Joe Leon and Jeff Rowerdink of Berkadia executed the sale.

February 14, 2017

California Retail Western

Hanley Investment Group Arranges $17.2M Sale of Upland Village Shopping Center

by Nellie Day February 14, 2017

UPLAND, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the $17.2 million sale of Upland Village, a 60,857-square-foot shopping center located in Upland. Grocery Outlet and Dollar Tree anchor the fully occupied shopping center. Ed Hanley and Bill Asher of Hanley Investment Group, and Joe Miller of Voit Real Estate Services represented the seller, Outpost Village LLC. Peter Loh and Paul Yang of RE/MAX represented the buyer, a Southern California-based private investor.

February 14, 2017

California Retail Western

Marinita Development Breaks Ground on Phase II of Sun Lakes Village Shopping Center in Banning

by Nellie Day February 14, 2017

BANNING, CALIF. — Marinita Development Co. has broken ground on Phase II of Sun Lakes Village Shopping Center, a 95,000-square-foot shopping center located in Banning. Phase II of development will include an 8,000-square-foot building leased to Chipotle Mexican Grill, Mattress Firm and T-Mobile. Completion is scheduled for August.

February 14, 2017

California Office Western

Savills Studley Acquires Cresa Orange County

by Nellie Day February 14, 2017

IRVINE, CALIF. — Savills Studley has acquired Cresa Orange County. Savills Studley’s existing Irvine office and the former Cresa Newport Beach office will consolidate into a single workplace by mid-year. The group will continue to provide tenant representation, transaction management, project administration and workplace solutions. There will be an enhanced focus on industrial services and the Inland Empire. Savills Studley has recently acquired a number of other firms specializing in tenant representation. This includes offices in Seattle in 2016, and in San Jose and Palo Alto, Calif., in 2015. The firm also hired several teams in Phoenix and Denver earlier this year.

February 14, 2017

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