California

CBRE Negotiates $31.8M Sale of 110,620 SF McCalla Centre in Santa Ana

by Nellie Day December 14, 2015

SANTA ANA, CALIF. — CBRE has negotiated the sale of McCalla Centre, a 110,620-square-foot neighborhood shopping center in Santa Ana. A San Diego-based private real estate investment fund manager acquired the property from an Orange County, Calif.-based private investor for $31.8 million, representing a 3.76 percent cap rate on high occupancy. Situated on 8.7 acres at 230 N. Harbor Blvd., the center was 97 percent occupied at the time of closing. Anchor tenants include Northgate Market and CVS/pharmacy. Philip Voorhees, James Slusher, Megan Wood, Brad Rable, Matt Burson and John Read of CRBE represented the seller and the buyer in the transaction.

December 14, 2015

California Industrial Western

Chai LP Buys Industrial Building in San Francisco for $14.2M

by Nellie Day December 14, 2015

SAN FRANCISCO — Chai LP has purchased a 34,400-square-foot industrial building in San Francisco for $14.2 million. The building is located at 2650 18th St. in the city’s Mission District. Weston Wear previously occupied the space, though Zesty just signed a new lease. Zesty is a catering company that delivers, sets up and serves restaurant-made meals to businesses throughout San Francisco. Weston Wear has relocated to 389 Oyster Point where it now occupies approximately 12,000 square feet. Jason James of TRI Commercial/CORFAC International represented Weston Wear, Zesty and the building’s seller in all transactions.

December 14, 2015

California Retail Western

Harridge Development Acquires Wilshire Galleria in LA’s Koreatown

by Nellie Day December 14, 2015

LOS ANGELES — Harridge Development Group has acquired Wilshire Galleria, a 138,000-square-foot retail building located at 3240 Wilshire Blvd. in Los Angeles’ Koreatown district. NEWKOA LLC sold the property for an undisclosed price. Situated on 2.1 acres, the five-story former I-Magnin & Co. building is located on the southeast corner of Wilshire Boulevard and New Hampshire Avenue. Johnny Choi of CBRE, along with Curtis Palmer and Anthony Muhlstein of ARA Newmark, represented the buyer in the transaction.

December 14, 2015

California Retail Western

Marcus & Millichap Arranges $10.9M Sale of Retail Property in Fullerton

by Nellie Day December 14, 2015

FULLERTON, CALIF. — Marcus & Millichap has brokered the sale of a retail property located at 101 N. Harbor Blvd. in Fullerton for $10.9 million, or $858 per square foot. Bolü Bakery & Café, Salon Technique and Fuoco Pizzeria Napoletana occupy the 12,765-square-foot, absolute-net leased property. It was built in 1956 and refurbished with an extensive rebuild and retrofit in 2010. Paul Bitoni of Marcus & Millichap’s Newport Beach, Calif., office represented the seller, a local developer, in the transaction. The name of the buyer was not released.

December 14, 2015

California Retail Western

Lucky Supermarkets and EVgo Open Nation’s Largest Public EV Fast Charging Site

by Nellie Day December 11, 2015

FREMONT, CALIF. — The 100th EVgo Freedom Station in California is now open and is the nation’s largest publicly available, multi-standard fast charging site. Located in the strongest electric vehicle (EV) adoption area of the country, the Lucky Fremont location features four 50kW DC Fast Chargers equipped with CHAdeMO and DC Fast Combo; the station is also pre-wired for as many as four more chargers, which can be added in just days as demand requires. DC Fast Charging allows most EVs to get a nearly full charge in less than 30 minutes. EVgo has now completed 103 charging locations in California and has another 28 in the construction and permitting process. Nationwide, EVgo operates 500 Freedom Stations with more DC Fast Chargers than all other public providers combined.

December 11, 2015

California Office Western

Xchange Solutions Buys Office Building in California for $3.3M

by Nellie Day December 11, 2015

ORANGE, CALIF. — Xchange Solutions has purchased a 25,900-square-foot office building in Orange for $3.3 million. The building is located at 2230 W Chapman Ave. It is situated on 1.1 acres. Chris Migliori of DAUM’s Orange County office represented both the buyer and seller, Wells Fargo Bank, N.A. in this transaction.

December 11, 2015

California Multifamily Student Housing Western

UCSF, UC Hastings to Build Student Housing in San Francisco

by Nellie Day December 11, 2015

SAN FRANCISCO — University of California, San Francisco, and University of California, Hastings College of the Law, have signed a letter of intent to build and rehabilitate approximately 1,200 student housing units near the Hastings campus. Under the deal, detailed by the San Francisco Chronicle, the schools would build a new housing complex at 198 McAllister St., the current site of Snodgrass Hall, which would be demolished. Preliminary plans call for the new building to wrap around the corner onto a 1950s-era annex to Snodgrass Hall. This could yield nearly 1,000 units of housing for students. The schools are also considering a renovation of a 252-unit building on McAllister Street known as McAllister Tower. UCSF recently purchased parcels on Minnesota Street in the Dogpatch neighborhood to potentially build approximately 1,000 additional units.

December 11, 2015

California Loans Retail Western

Continental Funding Arranges $9.4M Acquisition Loan for Shopping Center in California

by Nellie Day December 11, 2015

PALMDALE, CALIF. — Continental Funding Group has arranged $9.4 million in acquisition financing for the purchase of 10 West Plaza, an unanchored shopping center in Palmdale. The 10-year, fixed-rate non-recourse loan, which was 75 percent of the purchase price, was provided by a conduit lender and includes two years of interest-only payments. Built in 2008, the 54,988-square-foot property was fully occupied at the time of sale. J.M. Grimaldi and Zalmi Klyne of Continental Funding Group represented the undisclosed borrower in the financing transaction.

December 11, 2015

California Retail Western

Hanley Investment Completes $2.4M Ground Lease Sale in Palm Desert

by Nellie Day December 11, 2015

PALM DESERT, CALIF. — Hanley Investment Group has arranged the sale of a single-tenant Bank of America corporate ground lease in Palm Desert. Los Angeles-based Sariel Investments LLC purchased the asset from Irvine, Calif.-based Passco Washington Square for $2.4 million. Built in 2015, Bank of America occupies a 3,515-square-foot building located at 39355 Washington St. Bill Asher and Ed Hanley of Hanley Investment Group represented the seller and buyer in the transaction.

December 11, 2015

California Office Western

Investcorp Acquires Tower Plaza in San Mateo as Part of $400M Portfolio Buy

by Nellie Day December 10, 2015

SAN MATEO, CALIF. — Investcorp has purchased Tower Plaza, a multi-tenant office complex in the San Francisco submarket of San Mateo. The Class B property was purchased as part of a nationwide office and industrial portfolio acquisition that was valued at $400 million. Tower Plaza contains a 12-story office tower; three, two-story plaza buildings; one single-story plaza building; and a five-story parking garage. The property is located at 2121 S. El Camino Real. It is situated between San Francisco and Silicon Valley. The other assets are located in Atlanta and Wilmington, Mass. The properties were purchased in four separate transactions. The portfolio contains a total of more than 5.5 million square feet, with an average occupancy rate of about 85 percent. Investcorp plans to add value to the properties through upgrades, renovations and capital investment.

December 10, 2015

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