VAN NUYS, CALIF. — REX Investment has purchased a 54,597-square-foot industrial facility in the Los Angeles submarket of Van Nuys for $8.7 million. The four-building facility is located at 7730-7750 Gloria Ave. and 7739-7751 Densmore Ave. It is situated two blocks from Van Nuys Airport. Yair Haimoff of NAI Capital represented REX Investment. The seller was Camillus and Phyllis Decinces.
SACRAMENTO, CALIF. — Sacramento-based Armstrong Development Properties Inc. is developing a retail center at the former Hubacher Cadillac dealership, located at 1 Cadillac Drive in Sacramento. Situated on 6.4 acres at the corner of Howe Avenue and Fair Oaks Boulevard, the site will be redeveloped into a multi-tenant retail center, including a 16,900-square-foot CVS/pharmacy, 8,900 square feet of restaurant and shop space, and a 36,144-square-foot Raley’s grocery store. Demolition on the existing car dealership began in 2015, and the new center is slated for completion in spring 2017.
COSTA MESA, CALIF. — Room & Board has signed an eight-year, 12,000-square-foot lease for retail space within South Coast Collection (SOCO), located at 3303-3323 Hyland Ave. in Costa Mesa. The Minneapolis-based modern furniture and home furnishings retailer is relocating to SOCO from South Coast Plaza where it had occupied 36,000 square feet for 15 years. SOCO features more than 300,000 square feet of showrooms, restaurants, artisan food purveyors, boutiques and creative studios. Myron Sokolsky of NAI Capital represented the tenant in the lease transaction. Terms of the transaction were not released.
SAN DIEGO — Union Cowork has signed a 10-year lease for the Unicorn Building in downtown San Diego. The historic space is located at 704 J St. This will be the cowork space’s fifth location in Southern California, which includes two additional outposts in the San Diego submarket of North Park. David Maxwell and Bill Shrader of Colliers International represented both Union Cowork and the landlord, PREF Unicorn, an affiliate of Paragon Real Estate Investments, in this transaction.
SAN FRANCISCO — NorthMarq Capital has arranged a total of $268 million in refinancing for a pair of San Francisco-based industrial portfolios. The first portfolio received $141 million and contained 18 properties with a total of 3.3 million square feet. Major tenants include Ashley Furniture, Anixter and US Foods. The second portfolio received $127 million and contained 12 properties. Major tenants include Amazon, LG Electronics and FedEx. Dennis Williams of NorthMarq Capital’s San Francisco office finalized the refinancings for both institutional borrowers through the firm’s correspondent relationship with a life insurance company.
LOS ANGELES — A private investor has purchased the 21-unit Verona Villas condominium complex in the Los Angeles submarket of Toluca Lake for $14.7 million. The community is located at 10640 Woodbridge St. It was built in 2008. Matt Ziegler of Marcus & Millichap represented the buyer. The same firm’s Jeff Louks and Daniel Hirth represented the seller, the property’s developer.
CALEXICO, CALIF. — CBRE Group has brokered the sale of Calexico Commons, a shopping center located at 2300 Imperial Ave. in Calexico. B.H. Properties LLC sold the 145,378-square-foot property to an affiliate of Pacific Properties Group Inc. for $5.3 million. Built in 1982 and situated on 10.7 acres, Dollar Tree and Fallas Paredes anchor the center. Reg Kobzi, Brad Jones and Joel Wilson of CBRE represented the seller in the transaction.
DAVIS, CALIF. — HighBridge Properties has acquired a five-acre infill site in Davis for an undisclosed price. HighBridge intends to develop the site as rental housing for students at the nearby University of California, Davis. The site consists of 11 contiguous parcels along Olive Drive near the intersection of Richards Boulevard. Preliminary plans call for the construction of a mix of three- and five-story residential buildings with 120 to 140 student purpose-built rental units. The property is located within walking distance of both the UC Davis campus and the downtown business district. Sunny Gill of Habitat Investment Advisors brokered the transaction.
RANCHO SANTA FE, CALIF. — Grand Restaurant Group has signed a seven-year lease for 5,808 square feet of restaurant space at 6106 Paseo Delicias within Rancho Santa Fe Village in Rancho Santa Fe. The company plans to open Ponsaty’s, a restaurant led by Chef Patrick Ponsaty, in June at the space, which was the former Delicias site. Bill Shrader and David Maxwell of Colliers International represented the landlord, Millar Properties, while Michelle Bothof of Brush Real Estate and Financial Services represented the tenant in the transaction.
SAN DIEGO — Teledyne Instruments has signed a 10-year lease for two industrial buildings in the San Diego submarket of Scripps Ranch. The lease is for two buildings that total 124,828 square feet. The new lease allowed the measurement device provider to renew its lease at 9855 Carroll Canyon Road, while expanding into the neighboring 9970 Carroll Canyon Road. Craig Estey of Cushman and Wakefield represented Teledyne. CBRE’s Bill Dolan and Chris Pascale represented the landlord, Gateway Colorado Properties, in this transaction.