California

RLJ Lodging Trust Buys Residence Inn by Marriott in Los Altos for $70M

by Nellie Day October 7, 2015

LOS ALTOS, CALIF. — RLJ Lodging Trust has purchased Los Altos Hotel Associates LLC’s interest in the 156-room Residence Inn by Marriott in the Silicon Valley submarket of Los Altos for $70 million. The hotel is located at 4460 El Camino Real. The Residence Inn opened in 2000. It recently underwent a renovation that included upgrades to the public areas and guestrooms. The hotel caters to extended-stay travelers visiting nearby Palo Alto and Stanford University. Major corporate employers in the area include Hewlett Packard, VMware, SAP, Google, Intuit, Stanford University and Hospital and LinkedIn. Scott Griemsmann of Paramount Lodging Advisors represented the seller in this transaction.

October 7, 2015

California Office Western

Creative Office Campus in Costa Mesa Sells for $48M

by Nellie Day October 7, 2015

COSTA MESA, CALIF. — Steelwave & Goldman Sachs has purchased a 180,000-square-foot office campus in Costa Mesa for $48 million. The property is located at 3333 South Susan St. The seller, Emulex Corp., occupies the largest of the three buildings. The remaining two vacant buildings contain a total of 84,000 square feet that will be repositioned as creative office space. The site features 14.2 acres with 3.2 acres that can be used for future development. CBRE’s Paul Jones, Kevin Shannon, Gary Stache, Anthony Delorenzo and Blake Bokosky represented Emulex in the deal.

October 7, 2015

California Industrial Western

Lagunitas Brewing Leases Industrial Facility in Azusa

by Nellie Day October 7, 2015

AZUSA, CALIF. — Lagunitas Brewing Company has leased 254,840 square feet of industrial space in Azusa. The new space will be situated inside a speculative, three-building industrial business park located at 1207 – 1223 10th Street. The site offers easy access to Interstates 210, 605 and 5. The facility will serve as the company’s third production brewery, with an initial capacity of about 420,000 barrels per year. JLL’s Paul Sablock, Nicole Welch and Peter McWilliams represented both the landlord, Xebec, and Lagunitas in this lease transaction.

October 7, 2015

California Multifamily Western

Lincoln Gardens Apartments in Napa Sells for $9M

by Nellie Day October 6, 2015

NAPA, CALIF. — A limited liability company has acquired the 30-unit Lincoln Gardens Apartments in Napa for $9 million. The community is located at 1802 F St. It was built in 2004. Brad Pennington and John Garrett of Marcus & Millichap’s San Francisco office represented both the buyer and seller, another LLC.

October 6, 2015

California Industrial Western

Dedeaux Properties Buys Eight Industrial Properties in Los Angeles

by Nellie Day October 6, 2015

LOS ANGELES — Dedeaux Properties has purchased an eight-property industrial portfolio totaling 121,162 square feet in the Los Angeles submarket of Santa Fe Springs for an undisclosed price. The properties are located near the Milroy Place cul-de-sac. CBRE’s Tom Dorman and Steve Young represented the seller, Adaya Family Trust.

October 6, 2015

California Office Western

Molina Healthcare Leases Space at One World Trade Center in Long Beach

by Nellie Day October 6, 2015

LONG BEACH, CALIF. — Molina Healthcare has leased 73,486 square feet of office space at One World Trade Center in Downtown Long Beach. The facility will serve as an expansion for the company’s corporate headquarters, which is located across the street. Damion McKinney and Jamie Keller of McKinney Advisory Group represented Molina in the lease. JLL’s Steve Solomon, Jason Fine and Kristen Bowman, along with CBRE’s Dave Smith represented the landlords, Greenlaw Partners, Walton St. Capital and Stillwater Investment Group.

October 6, 2015

California Industrial Western

Calame Development Buys San Diego R&D Facility for $2.5M

by Nellie Day October 5, 2015

SAN DIEGO — Calame Development has purchased an 18,472-square-foot R&D/biotech property in the Miramar submarket of San Diego for $2.5 million. The property is located at 6605 Nancy Ridge Drive. It was built in 1990. Capital Growth Properties represented Calame in the sale. NGKF’s Brent Bohlken and Paul Britvar represented the seller, Torrey Pines ANA LLC.

October 5, 2015

California Multifamily Western

Decron Properties Buys Eaves Carlsbad Apartments for $112M

by Nellie Day October 2, 2015

CARLSBAD, CALIF. — Decron Properties has purchased the 450-unit eaves Carlsbad apartment community for $112 million. The community is located at 2262 Avenida Magnifica in the San Diego submarket of Carlsbad. Decron plans to execute an $18.2 million capital improvement program at the property that will include significant interior upgrades, exterior enhancements and site improvements. The property will also be rebranded as the Reserve at Carlsbad. This is the real estate investment, development and management firm’s first acquisition in San Diego. Decron has acquired nearly $300 million worth of properties so far this year.

October 2, 2015

California Office Western

Trio Purchases Land in San Jose for Multi-Phase Development

by Nellie Day October 2, 2015

SAN JOSE, CALIF. — Multi-Employer Property Trust (MEPT), Bentall Kennedy and Trammell Crow Company have purchased an 8.2-acre land parcel in San Jose for $58.5 million. The land is located at 374-384 West Santa Clara St. The land sits adjacent to the Diridon Station master plan, which is zoned for two 10-story office buildings and a nine-story multifamily building. Diridon Station links Caltrain to San Francisco, the ACE train service to the Central Valley and the Amtrak Capital Corridor train to the north. It will also house the future extension of BART, and will serve as the first Northern California stop for the potential high-speed rail service that would connect Los Angeles to the Bay Area. Diridon Station’s master plan will eventually create a transit hub similar to San Francisco’s Transbay District, according to Bentall Kennedy. The new development may include up to 960,000 square feet of tech-oriented office space, more than 30,000 square feet of retail and 325 multifamily residential units.

October 2, 2015

California Industrial Western

Sares Regis Buys 150 Acres of Land in Ontario for Industrial Development

by Nellie Day October 2, 2015

ONTARIO, CALIF. — Sares Regis Group (SRG) has purchased 150 acres of land in Ontario for an undisclosed sum. The land is part of the undeveloped, 243-acre Meredith International Centre, which extends nearly a mile along the north side of Interstate 10, between Archibald and Vineyard avenues. SRG plans to develop a 3-million-square-foot industrial distribution campus on the site. Following the initial acquisition, the largest of the site’s seven planned buildings was recently pre-leased to QVC. It will act as the video and e-commerce retailer’s first West Coast distribution hub. QVC’s lease will include 1.5 million square feet. The building will be completed by next July. It will include 30,000 square feet of office and employee cafeteria space. Joe McKay of Lee & Associates represented SRG in the land acquisition and lease. CBRE’s Erik Wanland and Mike Barker represented QVC. Chuck Noble, John Hatzis and Dave Hunsaker of Lee & Associates represented the seller, the Meredith family.

October 2, 2015

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