APPLE VALLEY, CALIF. – Rancherias Plaza, a 40,079-square-foot retail center in Apple Valley, has sold to Pacwest Management for $3.1 million. The four-building plaza is located at 20226 US Hwy 18. It sits across the street from Walmart, and adjacent to Apple Valley Commons. It was 40 percent occupied at the time of closing. Notable tenants include Domino’s, GNC, Boost Mobile and H&R Block. Pacwest was represented by David Wick of Marcus & Millichap. The seller, Huntington Beach Partnership, was represented by Brad Freeman of Freeman & Associates.
PALO ALTO, CALIF. —TIBCO Software has sold a 292,000-square-foot office/R&D campus in Palo Alto to Morgan Stanley’s Prime Property Fund for a reported $330 million. The campus is located at 3301-3307 Hillview Ave. within the Stanford Research Park. The acquisition was the largest sales transaction in Palo Alto history, according to Cushman & Wakefield, which marketed the property. The infrastructure and business intelligence software provider signed a long-term leaseback agreement with the new owner. The sale transaction was led by Adam Lasoff and Grant Lammersen of the firm’s Northern California Capital Markets team. They were assisted by Michael McMillan.
SANTA MONICA, CALIF. — Phase I of the Water Garden office complex in Santa Monica has received a $260-million refinancing. The complex is located at 2425 Olympic Blvd. and 1620 26th Street. Phase I includes 673,660 square feet situated in two, six-story office buildings. Tenants in this phase include Amazon, Edmonds, Group M Worldwide, Sony Computer Entertainment and AMC Networking Entertainment. Phase I is part of the larger 1.27-million-square-foot Water Garden office complex. It sits catty-corner to a light rail station that will be completed next year. The 12-year, fixed-rate loan was arranged by HFF’s Mike Tepedino, Paul Brindley and Jennifer Keller through New York Life Real Estate Investors. The borrower is composed of institutional investors advised by J.P. Morgan Asset Management.
LOS ANGELES — Fred Sands, the man behind California’s second largest real estate and financial services company, has partnered with Pepperdine University in Malibu to establish the Fred Sands Institute of Real Estate within the Graziadio School of Business and Management. The Sands Institute will include Master’s degree and certification programs, the Fred Sands Chair in real estate, the Fred Sands Fellows Program and Sands real estate conferences. According to a release issued by the school, the “Sands Institute will engage students and real estate professionals at both practical and policy levels. Conferences will explore real estate development trends and best practices, acquisitions, the brokerage business, financing opportunities, and other timely industry topics.” Sands is the former chairman of Fred Sands Realtors, which, along with its franchised operations, employed 4,000 people and generated $9.4 billion in annual volume. The debt-free company was sold to Coldwell Banker in 2000. Today, Sands is the chair and sole owner of Vintage Real Estate LLC, which acquires and revitalizes regional malls across the nation. He also chairs Vintage Fund Management LLC, which invests in growth companies and has historically generated returns that would place it in the top quartile of comparable private equity firms. …
CHATSWORTH, CALIF. – The California Resources Corporation (CRC) has relocated its headquarters to Chatsworth. The independent oil and gas exploration and production company will occupy 42,051 square feet at 9200 Oakdale Ave. The 10-story, Class A office building is situated within the West Valley Corporate Center, just west of Burbank. CRC will be relocating part of its Los Angeles office to the new facility in the earlier part of this year. Its other office is located at the Occidental Center in Westwood. CRC was represented by Steve Walbridge, David Gordon, Ian Zilla, and Jesse Danzig of Savills Studley in this seven-year lease transaction. The landlord, Omninet West Valley LP, was represented by JLL’s Michael Danielpour, Jim Lindvall and Dan Sanchez.
SANTA MARIA, CALIF. – The 128-unit Carmen Apartments in Santa Maria has sold to an unnamed buyer for $15.6 million. The community is located at 201 Carmen Lane. It was built in 1976. Santa Maria is about 30 miles south of San Luis Obispo and about 70 miles north of Santa Barbara. The buyer was represented by Jeff Louks and Matt Ziegler of Marcus & Millichap’s Encino office. Ziegler also represented the unnamed seller.
SAN DIEGO – Poway Valley Center, a 25,754-square-foot retail shopping center in the San Diego submarket of Poway, has sold to Capstone Advisors for $6.2 million. The center is located at the corner of Poway and Community roads. Capstone plans to make capital improvements to the storefronts, landscaping and parking lot, among other things. John Jennings and Rob Ippolito of Cushman and Wakefield represented both Capstone and the unnamed seller in this transaction.
LOS ANGELES – Business management and accounting firm Wasserman Grossman & Sloan LLP has renewed at One Westwood in the Los Angeles submarket of Westwood. The building is located at 10990 Wilshire Blvd. The firm initially subleased the building’s entire eighth floor in 2010. Its new five-year lease will take Wasserman through 2020. The lease is valued at $2.8 million. The firm was represented by Mitchell Stokes of Madison Partners. The landlord, Douglas Emmett, was represented in-house by Rob Zaas.
EL SEGUNDO, CALIF. – Cherryman Industries has leased 17,223 square feet at Campus 2100 in El Segundo. The three-building campus is the former home of Rhythm & Hues Studios. The furniture manufacturing company signed a 10-year lease at the property. It will serve as the firm’s corporate headquarters. Cherryman was represented by Wes Honeycutt and Matt Moore of Newmark Grubb Knight Frank. Tom Sheets and Chris Sinfield of Cushman & Wakefield represented the landlords, Rockwood Capital, LLC (Rockwood) and Marshall Property & Development, in this transaction.
VISALIA, CALIF. – Stihl Inc. has acquired a 139,655-square-foot industrial building in Visalia for nearly $6 million. The building is located at 9810 Ferguson Ave. It was built in 2008. Stihl, a chainsaw manufacturing company, will occupy 67 percent of the building. It will share the space with Sorma USA LLC, a produce packaging company that occupies 45,967 square feet. Stihl was represented by Craig “Cap” Caprioffi of Fortune Associates. Westcore Properties was represented by Doug Burr of Burr Commercial.