California

San Diego Apartment Community Sells for $2M

by Nellie Day June 4, 2015

SAN DIEGO – An eight-bedroom apartment community in the San Diego submarket of Normal Heights has sold to Wang’s Growth LLC for $1.9 million. The community is located at 4640 Bancroft Street. The seller, Vaerus Utah LLC, upgraded the complex with all new interiors, including new kitchens, hardwood floors, bathrooms, heating, paint, lighting and appliances. The property also received new exterior paint, drought-tolerant landscaping, hardscape, exterior modern treatments, doors and new modern fencing. Vaerus was represented by Mark Morgan of ACI Apartments.

June 4, 2015

California Industrial Western

Magellan Breaks Ground on Industrial Park in Los Angeles

by Nellie Day June 3, 2015

LOS ANGELES – The Magellan Group has broken ground on a 501,270-square-foot industrial park in the Los Angeles submarket of El Monte. The $55 million Magellan Gateway will be located at 4127-4213 Temple City Blvd. Magellan purchased the 26.8-acre site one year ago. It was one of the largest infill industrial parcels left in Greater Los Angeles at the time, according to the firm. The company also notes Magellan Gateway is the first new large-scale industrial development in El Monte since 2008. The project will offer 14 units ranging in size from 10,905 square feet to 164,284 square feet. It is scheduled for completion during the fourth quarter of this year. Magellan Gateway will be designed by HPA Architecture. Robin Dodson, John Minervini, Erik Larson and Chris Tolles of Cushman & Wakefield will serve as the project’s leasing agents.

June 3, 2015

California Multifamily Western

Redwood City Apartment Building Sells for $13.1M

by Nellie Day June 3, 2015

REDWOOD CITY, CALIF. – A 48-unit apartment building in the San Francisco Peninsula submarket of Redwood City has sold to an unnamed buyer for $13.1 million. The community is located at 180 Buckingham Ave. It was built in 1964. Adam Levin and Robert Johnston of Marcus & Millichap’s Palo Alto office represented both the buyer and seller in this transaction.

June 3, 2015

California Industrial Western

Rudolph Foods Co. Buys Beaumont Logistics Center for $6.3M

by Nellie Day June 2, 2015

BEAUTMONT, CALIF. – Rudolph Foods Co. has purchased Beaumont Logistics Center, a 572,143-square-foot logistics center just east of Riverside, for $6.3 million. The two-building industrial warehouse center is located at 920 Fourth Street. It sits adjacent to Lowe’s Distribution Center. The pork rinds manufacturer and private snack supplier will be relocating its warehouse distribution operations to this facility from nearby San Bernardino. Rudolph Foods was represented by CBRE’s David Consani. The seller, CT Realty, was represented by Milo Lipson, Kyle Kehner, Ryan Velasquez and Tim Pimentel of Cushman and Wakefield.

June 2, 2015

California Industrial Western

Nordic Naturals Buys Industrial Corporate Headquarters Facility in Vista

by Nellie Day June 2, 2015

VISTA, CALIF. – Nordic Naturals has purchased a 39,672-square-foot industrial corporate headquarters property in Vista for $2.8 million. The property is located at 2390 Oak Ridge Way. The building is fully occupied by Select Supplements. Isaac Little and Marko Dragovic of Lee & Associates represented both the buyer and seller, SR Commercial, in this transaction.

June 2, 2015

California Multifamily Western

Jefferson Apartments on the San Francisco Peninsula Sells for $10M

by Nellie Day June 1, 2015

REDWOOD CITY, CALIF. – The 30-unit Jefferson Apartments in the San Francisco Peninsula submarket of Redwood City has sold to an unnamed buyer for $10 million. The community is located at 1331 Jefferson Ave. It was built in 1963. Adam Levin and Robert Johnston of Marcus & Millichap’s Palo Alto office represented both the buyer and seller in this transaction.

June 1, 2015

California Retail Western

Westfield MainPlace Adds 24 Hour Fitness, Round 1 Entertainment as Anchors

by Nellie Day June 1, 2015

SANTA ANA, CALIF. — Westfield MainPlace has added two new retailer to the its ongoing revitalization program. Round 1 Bowling & Amusement and 24 Hour Fitness Santa Ana Super Sport are slated to join the center as anchors and open this week, May 29 and 30, respectively. The 40,000-square-foot Round 1 Bowling & Amusement facility will feature bowling, billiards, arcade games and private karaoke rooms. The 50,000-square-foot 24 Hour Fitness Super Sport Club will feature cardio, strength and functional training equipment, Cycle and Group X classes, a rooftop basketball court, an outdoor pool and balcony, an indoor whirlpool, steam room and sauna, personal and group training services, Kids’ Club and towel service. Additionally, two new restaurants are scheduled to open at the center. Lucille’s Smokehouse Bar-B-Que will open in this summer and Wokcano is slated to open this fall.

June 1, 2015

California Retail Western

Jersey Mike’s Subs Signs Three Leases in Los Angeles

by Nellie Day June 1, 2015

LOS ANGELES – Jersey Mike’s Subs has signed three leases in the Los Angeles area. The fast-casual sandwich chain will open a 1,200-square-foot location at 801 Hope Street in Downtown Los Angeles; a 1,200-square-foot space at 1603 Wilshire Blvd. in MacArthur Park; and a 1,700-square-foot restaurant at 1197 E. Los Angeles Ave. in Simi Valley. The leases were executed by Michael Pakravan of Kennedy Wilson’s Brokerage Group. The firm has been hired to represent Jersey Mike’s Subs in its expansion efforts throughout Greater Los Angeles. The chain is specifically targeting Sherman Oaks, Studio City, Granada Hills, Los Feliz – Silver Lake, Echo Park, Burbank, Toluca Lake and Glendale.

June 1, 2015

California Office Western

SR Commercial Buys R&D, Flex Complex in San Diego

by Nellie Day June 1, 2015

SAN DIEGO – SR Commercial has purchased a 35,335-square-foot R&D/flex office complex in the Sorrento Valley submarket of San Diego for an undisclosed sum. The two-building complex is located at 10505 Roselle Street and 3770 Tansy Street. SR Commercial plans to make significant improvements to the buildings, which are currently vacant. They will then be marketed for lease, both together and separately.

June 1, 2015

California Retail Western

NoHo Commons Retail Portion in Los Angeles Sells for $43M

by Nellie Day May 29, 2015

LOS ANGELES — JH Real Estate Partners has acquired the 60,930-square-foot retail portion of NoHo Commons in the Los Angeles submarket of North Hollywood for $43 million. The center is located at 5300 Lankershim Blvd. The retail space is almost fully leased. Notable tenants include 24 Hour Fitness, Coffee Bean & Tea Leaf, Daphne’s California Greek, Panera Bread, Panda Express, Wells Fargo, Fish Dish and Big Wangs. NoHo Commons also includes apartment units and lofts that were developed by JH Snyder Co. in 2004. How’s Grocery was the anchor at this time. It was later replaced with 24 Hour Fitness. The property is situated across the street from the Magnolia/Lankershim Red Line Metro Station. JH Real Estate Partners was represented by Jim Fisher, Mike Smith and Cory Stehr of Lee & Associates. The seller, Redrock Noho Retail LLC, was represented by CBRE’s Curtis Palmer. Fisher and Smith also recently assisted the buyer with the $481.2 million disposition of a 14-building Southern California multifamily portfolio. The Noho Commons acquisition is part of JH Real Estate’s ongoing portfolio repositioning that has the firm transitioning into retail holdings.

May 29, 2015

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