California

Westcore Properties Buys MetLife’s SoCal Industrial Portfolio for $69.4M

by Nellie Day September 30, 2015

SAN DIEGO — Westcore Properties has acquired an eight-building industrial portfolio from MetLife for $69.4 million. The properties contain a total of 634,289 square feet throughout four projects in Southern California. The acquisition includes a 300,896-square-foot business park in Buena Park that is leased to tenants like Isuzu Motors and Hochiki America Corp.; a 165,070-square-foot, single-tenant warehouse/distribution building in San Dimas that’s leased to Western Pacific Storage; an 88,323-square-foot, multi-tenant industrial building in Ontario leased to NGOC Hoang Gia LLC and Kelleher Corporation; and an 80,000-square-foot, single-tenant industrial building leased to Spartech Polycom. CBRE’s Darla Longo and Barbara Emmons represented MetLife in the transaction. San Diego-based Westcore Properties now owns more than 2.5 million square feet of commercial space throughout Southern California.

September 30, 2015

California Office Western

WealthCap Acquires Two Silicon Valley Office Campuses

by Nellie Day September 30, 2015

LOS GATOS, CALIF. — WealthCap has purchased two newly built office campuses in the Silicon Valley submarket of Los Gatos for an undisclosed sum. The Class A properties are located at 121 and 131 Albright Way. Both buildings are leased to Netflix. They will serve as the global headquarters for the on-demand digital movie and television show streaming company. The acquisition also includes an interest in the surrounding 15-acre campus, including 664 surface parking spaces and shared use of a 930-space structured parking garage. CBRE Global Investors represented WealthCap in the transaction. This is the German-based company’s second acquisition in Silicon Valley over the past 12 months.

September 30, 2015

California Retail Western

Dollar Tree Leases Space at Vineyards Marketplace in Rancho Cucamonga

by Nellie Day September 29, 2015

RANCHO CUCAMONGA, CALIF. — Progressive Real Estate Partners has inked a new Dollar Tree lease in Rancho Cucamonga. The discount store has leased 8,700 square feet at 11398 Kenyon Way. The store will join Alberstons and CVS in early 2016 at the freeway-adjacent Vineyards Marketplace. Janine Peltier of Progressive Real Estate Partners represented the lessor in this transaction.

September 29, 2015

California Retail Western

Colliers Brokers $9.6M Sale of 24 Hour Fitness Site in Rancho Santa Margarita

by Nellie Day September 28, 2015

RANCHO SANTA MARGARITA, CALIF. — Colliers International has brokered the $9.6 million sale of a single-tenant retail site in the master-planned community of Rancho Santa Margarita in southern Orange County. Located at 22331 El Paseo, the single-tenant pad totals 74,000 square feet. The all-cash transaction closed with a cap rate of 5.5 percent. A 22,000-square-foot 24 Hour Fitness facility has occupied the site since 1997. The fitness facility also includes a sub-tenant chiropractic service. Mehran Foroughi and John Wadsworth of Colliers represented the seller, an Orange County-based private investor, in the transaction. The buyer was also a private investor.

September 28, 2015

California Retail Western

Marcus & Millichap Arranges $2.25M Sale of Metropolitan Plaza

by Nellie Day September 28, 2015

VICTORVILLE, CALIF. — Marcus & Millichap has arranged the $2.25 million sale of Metropolitan Plaza, a 21,208-square-foot multi-tenant retail center in Victorville. Pablo Rodriquez and Richard Vincent of Marcus & Millichap worked on behalf of the seller in the transaction. The center was fully occupied at the time of sale.

September 28, 2015

California Retail Western

Victoria Brodsky Joins Colliers Retail Services Group

by Nellie Day September 28, 2015

SAN FRANCISCO — Colliers International has hired Victoria Brodsky to its retail services group. Brodsky, who has participated in the closings of more than $500 million in transactions, will become a member of Julie Taylor’s retail team. Brodsky most recently served as a retail specialist at Cushman & Wakefield in San Francisco.

September 28, 2015

California Loans Multifamily Western

Landmark Arranges $100M Financing for Multifamily Community in California

by Nellie Day September 25, 2015

LAKE FOREST, CALIF. — Landmark Capital Advisors has arranged $100 million in financing for Portola Center South, a 626-building multifamily community in Lake Forest. The owner, SunRanch Capital Partners, began improving the land this past June. It plans to begin selling the lots to builders by early 2016. The site contains five planning areas. The improvements will commence in one phase, which will take seven to nine months to complete. Portola Center South will eventually include 569 for-sale units and 57 affordable units. Adam Deermount and Terry Ruckle of Landmark Capital Advisors structured the financing.

September 25, 2015

California Multifamily Seniors Housing Western

City of Hayward Breaks Ground on Three New Multifamily Communities

by Nellie Day September 25, 2015

HAYWARD, CALIF. — The City of Hayward recently broke ground on three new multifamily communities. The properties are situated on the site of the former South Hayward BART overflow parking lots. Eden Housing is developing two affordable communities off Mission Boulevard that will provide a total of 151 affordable apartments near the South Hayward BART station. AMCAL Equities is developing a market-rate community of 206 luxury apartments off Dixon Street, adjacent to the BART station. Both developments received transit-oriented development grants from the California Department of Housing and Community Development. The Eden Housing development is known as the South Hayward BART Family & Seniors Communities. The two affordable rental communities will be composed of adjacent five-story, standalone buildings that share a common courtyard. They will provide 87 affordable rental apartments for families and 64 affordable rental apartments for seniors, aged 62 or older. AMCAL’s development is known as Cadence. The community will feature one- and two-bedroom, market-rate apartments. Amenities will include a state-of-the-art fitness center with separate yoga room, a resident lounge, pool and spa deck, clubhouse, business center, pet spa, self-service bike parking and repair, and package concierge service.

September 25, 2015

California Retail Western

Grocery Outlet Bargain Market to Open 14 Locations in Los Angeles

by Nellie Day September 25, 2015

LOS ANGELES — Grocery Outlet Bargain Market plans to open 14 stores throughout the Los Angeles area beginning in December and continuing through 2016. According to the company, shoppers have saved more than $1 billion on products purchased at Grocery Outlet as compared to traditional grocery stores this year alone. The company’s buyers negotiate directly with manufacturers to buy overstock and surplus products at discounts.

September 25, 2015

California Multifamily Western

The Capri Apartments in Redwood City Sells for $25.7M

by Nellie Day September 24, 2015

REDWOOD CITY, CALIF. — The Capri Apartments, an 85-unit apartment building in Redwood City, has sold to an unnamed buyer for $25.7 million. The community is located at 1491 Hess Road, 441 Poplar Ave. and 403 Poplar Ave. Don Sung of Colliers and Larry Aikins of Terrace Associates executed the transaction.

September 24, 2015

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