California

Gelt Buys Monterra Ridge Apartments in Santa Clarita for $45.5M

by Nellie Day June 23, 2016

SANTA CLARITA, CALIF. — Gelt has purchased the 232-unit Monterra Ridge apartment complex in Santa Clarita for $45.5 million. The community is located at 28085 Whites Canyon Road. Gelt plans to renovate the majority of the unit interiors as they become available. The units will receive vinyl plank flooring, new cabinets, stainless steel appliances, and new countertop surfaces in the kitchen and bathrooms. The leasing office and fitness center will also undergo an extensive remodel. The seller was FPA Multifamily.

June 23, 2016

California Office Western

The Johnston Group Acquires Office Complex in Oxnard

by Nellie Day June 23, 2016

OXNARD, CALIF. — The Johnston Group has purchased a 115,000-square-foot office building in Oxnard for an undisclosed sum. The building is located at 1000 Town Center, within the RiverPark community. The space is adjacent to the Collection, a new 700,000-square-foot, open-air retail center. The office building was 97 percent leased at the time of sale. The seller was Equity Office Properties. The Johnston Group owns five other office properties in Westlake Village, Thousand Oaks and Simi Valley.

June 23, 2016

California Office Western

Greenwave Systems Leases Office Space at Irvine Spectrum

by Nellie Day June 23, 2016

IRVINE, CALIF. — Greenwave Systems has signed a full-floor lease for 22,150 square feet of office space at the new 200 Spectrum Center Drive in Irvine. The space is situated within the Irvine Spectrum submarket. The global software and services company will move into the 15th floor space this fall. It will allow the company to more than double its current space at the nearby Corporate Business Center. The new lease will bring the campus to 60 percent occupancy. Other notable tenants include Mazda North America Operations, Curse Inc. and WeWork. Irvine Co. owns the building.

June 23, 2016

California Industrial Western

Strategic Storage Trust II Buys Sonoma Storage Facility

by Nellie Day June 23, 2016

SONOMA, CALIF. — Strategic Storage Trust II has purchased a 340-unit self-storage facility in Sonoma for an undisclosed sum. The facility is located at 19240 Highway 12. The property contains a total of 37,800 square feet on 1.97 acres. It is about 95 percent occupied. The space was built in 1984. Strategic Storage Trust II is sponsored by SmartStop Asset Management LLC.

June 23, 2016

California Hospitality Western

Arbor Lodging Partners Buys Hilton Garden Inn Oakland/San Leandro

by Nellie Day June 22, 2016

SAN LEANDRO, CALIF. — Arbor Lodging Partners has purchased a 119-room Hilton Garden Inn Oakland/San Leandro for an undisclosed sum. The hotel is located at 510 Lewelling Blvd. The hotel features one food and beverage outlet, 1,100 square feet of flexible meeting space, a fitness center and an indoor pool. Arbor Lodging plans to invest more than $4 million to update the property. NVN Hotels will manage the asset. JLL’s Mark Fraioli and Melvin Chu represented the seller, a consortium between Cypress Hospitality, KYD and Cornerstone Hotel Group, in this transaction.

June 22, 2016

California Office Western

Align Real Estate Buys Comcast Office Center in Livermore for $59M

by Nellie Day June 21, 2016

LIVERMORE, CALIF. — Align Real Estate has acquired Comcast Office Center, 219,631-square-foot office campus in Livermore, for $59 million. The three-building campus serves as the regional headquarters for Comcast. The space is located at 3011, 3055 and 3077 Comcast Place in the Tri-Valley region of the greater San Francisco Bay Area. Comcast Office Center features outdoor seating, and volleyball and basketball courts. HFF’s Michael Leggett, Scott Pertel and Gerry Rohm represented the buyer and seller, Gramercy Property Trust, in this transaction.

June 21, 2016

California Multifamily Western

Patio Gardens Apartment Complex in Long Beach Sells for $35.3M

by Nellie Day June 21, 2016

LONG BEACH, CALIF. — Jaison Robinson has purchased the 127-unit Patio Gardens in Long Beach for $35.3 million. The community is located at 4874 E. Los Coyotes Diagonal in the Traffic Circle neighborhood. Patio Gardens is situated on nearly six acres that front Los Coyotes Diagonal. It is also less than two miles from California State University of Long Beach, and three miles from the Belmont Shore neighborhood. The property was built in 1958. It contains 19 two-story buildings. The purchase allowed Robinson to complete a 1031 exchange. Robert Stepp of Stepp Commercial represented Robinson in both transactions. Gregory Harris of Marcus & Millichap represented the seller, Patio Gardens LLC, in this transaction.

June 21, 2016

California Industrial Western

Goodman Birtcher Buys Logistics Portfolio in Los Angeles for $240M

by Nellie Day June 20, 2016

LOS ANGELES — Goodman Birtcher has purchased a 130-acre logistics portfolio that spans two infill sites in the Los Angeles submarkets of Santa Fe Springs and El Monte. The sites were purchased for a reported $240 million. The Santa Fe Springs site contains a six-building logistics campus that totals about 1 million square feet of space over 75 acres. The facility includes 18 acres of trailer parking and ambient refrigerated and freezer facilities suitable for food users, last-mile logistics and ecommerce companies. The transaction also includes a 55-acre site in El Monte that will be developed into a 1.2 million-square-foot, Class A logistics facility. It will be constructed with a flexible and sustainable design for logistics and ecommerce customers. The redevelopment efforts will commence once the sites’ current leases expire. JLL’s Louis Tomaselli, Zach Niles and Mark Detmer executed the transaction.

June 20, 2016

California Industrial Western

Bridge Development Partners to Build Warehouse, Office Complex in LA

by Nellie Day June 20, 2016

LOS ANGELES — Bridge Development Partners has announced plans to build a 429,840-square-foot warehouse and office facility in the City of Industry, a submarket of Los Angeles. The facility will be located near the 60 Freeway. The Class A property is scheduled for completion on Dec. 1. A 260,000-square-foot warehouse on the site will be demolished to make way for the new facility. Bridge Development is targeting high-tech tenants. Premier Design + Build will build the facility. HSA & Associates will provide engineering services, while HPA will deliver architectural services. Stuart Milligan of Cushman & Wakefield and Tony Phu of Colliers International will act as the building’s leasing agents. JP Morgan Chase Bank provided financing.

June 20, 2016

California Retail Western

Marcus & Millichap Brokers $10.1M Sale of 22,812 SF Retail Center in Simi Valley

by Nellie Day June 20, 2016

SIMI VALLEY, CALIF. — Marcus & Millichap has arranged the sale of the Shops at Target Center, a retail center in Simi Valley. A 1031 exchange investor acquired the 22,812-square-foot property for $10.1 million, or $445 per square foot. Located at 2931-2941 Cochran St., the retail center features a mix of 12 tenants, including restaurants, a private gym and service-oriented shops. Aria Pournazarian, Mike Malick and Carol Song of Marcus & Millichap represented the seller, a development firm based in Los Angeles, and procured the buyer.

June 20, 2016

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