California

Victoria Gardens in Rancho Cucamonga to Undergo Complete Renovation

by Nellie Day April 15, 2015

RANCHO CUCAMONGA, CALIF. — Victoria Gardens in Rancho Cucamonga will undergo a complete renovation throughout the 1.1-acre shopping center. The full streetscape renovation will take place along Monet Avenue. It will include the refurbishment of exterior building facades, the widening of sidewalk areas to accommodate new outdoor patio dining, the introduction of parklets and a newly designed plaza area that will include a street art program. The redevelopment will introduce new, modern landscaping, linear concrete pavers, updated lighting and new streetscape furniture. The center will install LED lighting and drought-resistant landscaping, offer several hot spots along Monet Avenue with free Wi-Fi, and focus on new fast-casual restaurants and cafes that will be incorporated into the active outdoor patio areas. Ferraez adds this renovation project will serve as the prototype for the rest of the center as it grows and matures. The redevelopment will commence this month. It is scheduled for completion in November.

April 15, 2015

California Industrial Western

Gelson’s Markets Leases Space at Freeway Springs Logistics Center in Los Angeles

by Nellie Day April 15, 2015

LOS ANGELES — Gelson’s Markets has leased 248,304 square feet of space at Freeway Springs Logistics Center in the Los Angeles submarket of Santa Fe Springs. The space will serve as the market’s warehouse and distribution center. Freeway Springs is located at 13833 Freeway Drive. Gelson’s will also occupy 30,000 square feet of office space at the facility. The lease is valued at more than $20 million. The Encino, Calif.-based market will assume more than half of the center’s 463,060 square feet. Gelson’s was represented by Stephen Calhoun, Craig Stevens and Tyler Stevens of Colliers. The landlord, Freeway Springs LLC, a division of Golden Springs Development Co., was represented by Calhoun, along with Clyde Stauff and Christopher Sheehan.

April 15, 2015

California Office Western

PCCP Buys Stoneview Plaza in Roseville

by Nellie Day April 15, 2015

ROSEVILLE, CALIF. – PCCP LLC has acquired Stoneview Plaza, a 108,354-square-foot office building in Roseville, for an undisclosed sum. The building is located at 3001 Lava Ridge Court. It is currently 72.5 percent occupied. The property will be managed by Basin Street Properties, while leasing efforts will be handled by Newmark Cornish and Carey.

April 15, 2015

California Retail Western

Liberty Station Office, Retail Building Sells in San Diego

by Nellie Day April 14, 2015

SAN DIEGO – A 37,333-square-foot office and retail building in San Diego has sold to Tower Investments for $5.2 million. The property is located at 2751 Roosevelt Road. It has six tenant spaces and is anchored by the Point Loma Sports Club and San Diego Gymnastics. The seller, Liberty Station 210 Investors, was represented by Tracy C. Clark and Kimberly Clark of Voit Real Estate Services’ San Diego office.

April 14, 2015

California Office Western

Old Mission Center in Santa Clara Sells for $7M

by Nellie Day April 14, 2015

SANTA CLARA, CALIF. – Old Mission Center, a 30,000-square-foot office property in Santa Clara, has sold to an unnamed buyer for $7 million. The center is located at 1601 Civic Center Drive. It is situated in Silicon Valley, near the newly built Santa Clara Town Centre. The sale was executed by J.J. Taughinbaugh and Yuri Sergunin of Marcus & Millichap’s Palo Alto office.

April 14, 2015

California Multifamily Western

Pacific Reach Properties Buys Blu Beverly Hills Apartment Building

by Nellie Day April 13, 2015

LOS ANGELES – Pacific Reach Properties has acquired the 37-unit Blu Beverly Hills apartment building for an undisclosed sum. The luxury high-rise apartment building is located at 8601 Wilshire Blvd. in Los Angeles. It includes a fitness center, rooftop lounge, media room, business center and 24-hour concierge and valet. The building also includes 650 square feet of ground-floor retail space. Andrew Kirsh, Mark Nicoletti and Michael Floryan of Sklar Kirsh LLP advised Pacific Reach on the purchase, financing and reverse 1031 Exchange associated with this acquisition.

April 13, 2015

California Industrial Western

Intercontinental Real Estate Buys PennySaver Building in Brea

by Nellie Day April 13, 2015

BREA, CALIF. – Intercontinental Real Estate has acquired the 101,420-square-foot corporate headquarters of PennySaver USA Publishing in Brea for an undisclosed sum. The space is located at 2830 Orbiter Street. The facility is adjacent to Imperial Highway, less than 30 miles from Downtown Los Angeles. It contains 52,069 square feet of office space throughout two floors, as well as 49,351 square feet of industrial manufacturing, assembly and distribution space. The facility houses the operations for the weekly PennySaver pamphlet, web-based advertising systems and salesforce. The seller, a joint venture between Cohen Asset Management and American National Insurance Company, was represented by HFF’s Anthony Brent and Ryan Martin.

April 13, 2015

California Industrial Western

Chino Industrial Building Sells for $9.7M

by Nellie Day April 13, 2015

CHINO, CALIF. – An 86,204-square-foot industrial building in Chino has sold to Emare for $9.7 million. The building is located at 4850 Eucalyptus Ave. Emare is a local company that distributes cell phone cases and accessories. It was represented by Stephen Shatafian of Lee & Associates. The unnamed seller was represented by Henry Hong of the same firm.

April 13, 2015

California Office Western

KTLA-TV Renews Studio Space at Sunset Bronson Studios in Hollywood

by Nellie Day April 13, 2015

LOS ANGELES – Independent television station KTLA-TV has renewed its lease for 94,205 square feet at Sunset Bronson Studios in Hollywood. The studio is located on the southeast corner of the Sunset Bronson, with frontage along Sunset Boulevard. The station has been headquartered at this location for nearly 60 years. KTLA plans to renovate its space. The lease renewal will go through 2030. The station is owned by Tribune Media, which was represented by CBRE’s Todd Doney, Paul Stockerll and Adam Seltzer. The landlord, Hudson Pacific Properties, was represented by Blake Mirkin of the same firm.

April 13, 2015

California Retail Western

Legendary Restaurant Brands Franchisee Agrees to Develop 100 New Restaurants in California

by Nellie Day April 10, 2015

SANTA CLARA, CALIF. — Legendary Restaurant Brands has signed an exclusive master development agreement that will allow it to bring up to 100 new Bennigan’s and Steak and Ale restaurants to California. Narender Taneja, franchise owner of the recently remodeled Bennigan’s in Santa Clara, secured the exclusive master and sub-franchising rights for the state. Taneja recently finalized agreements to bring two new Bennigan’s to Fremont and San Jose, Calif. They are scheduled to open in the third and fourth quarters, respectively. Taneja also secured the rights to sub-franchise the brands to approved operators within California.

April 10, 2015

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