LOS ANGELES – Shoe Palace has leased 3,500 square feet of space at Azalea Regional Shopping Center in the Los Angeles submarket of South Gate. The center is located at 4827 Firestone Blvd. It is owned by Primestor Development. Shoe Palace is a Northern California-based casual and athletic shoe retailer.
NEWPORT BEACH, CALIF. — PIMCO has announced Dr. Ben Bernanke, former Chairman of the Federal Reserve, as a senior advisor to the firm. Bernanke will utilize his economic expertise to advise the firm throughout the investment process. He will also engage with PIMCO’s clients from time to time. Bernanke served a 14-year term as a member of the Federal Reserve Board of Governors. He spent eight of those years as Chairman of the Board. Bernanke maintained a seat on the Financial Stability Oversight Board, which oversaw the Troubled Asset Relief Program, throughout his two terms as Chairman. Bernanke was succeeded as Chairman of the Federal Reserve by Janet Yellen, the first woman to hold the position. She overtook the role on Jan. 6 of last year.
SAN JOSE, CALIF. — Drawbridge Realty has purchased a two-building office and R&D campus in San Jose for $37.5 million. The 60,000-square-foot campus is located at 5300-5350 Hellyer Ave. in the Silicon Valley region. The space is triple-net leased to Cobham Electronic Systems through May 2022. The firm develops and manufactures microwave and millimeter wave products, among other things. The property has served as Cobham’s Western U.S. headquarters since it was first built in 2000. The seller, Hellyer Avenue LP, was represented by CBRE’s Joe Moriarty.
NEWPORT BEACH, CALIF. — Waypoint Property Group has purchased the Waterfront, a 64-unit apartment community in Newport Beach, for $25.5 million. The community is located at 919 Bayside Drive. The Waterfront is situated across from Balboa Island. The property, which was built in 1964, overlooks Newport Harbor. Common-area amenities at the property include private single-car garages, a salt-water pool, a poolside lounge and a clubhouse. Select units feature stainless-steel appliances, fireplaces, new wood-style floors, quartz countertops and recessed lighting. The seller, BT Real Estate Group, was represented by Stewart I. Weston of Institutional Property Advisors.
SAN JOSE, CALIF. – A 160,000-square-foot office and R&D campus in Silicon Valley has sold to Drawbridge Realty for an undisclosed sum. The campus contains two office and R&D buildings that were fully leased to Cobham Electronic Solutions. The buildings are located at 5300 and 5350 Hellyer Ave. in San Jose. It was constructed in 2000. The seller, Hellyer Avenue Limited Partnership, is a partnership lead by affiliates of Berg & Berg and Republic Properties Corporation. It was represented by CBRE’s Joseph Moriarty, Russell Ingrum, Sean Sullivan, Brad Zampa, Tyler Meyerdirk and Bob Steinbock.
LOS ANGELES – A 16-unit apartment complex in the Los Angeles submarket of Glendale has sold to a private family trust for $4.1 million. The community is located at 1323 N. Columbus Ave. It was built in 1927. The trust was represented by Salleh Beitollahi and Rick Raymundo of Marcus & Millichap Real Estate Investment Services.
LOS ANGELES – A 12,453-square-foot office building in Los Angeles has sold to 3211 Cahuenga LLC for $3.8 million. The building is located at 3211 Cahuenga Blvd. West. It is fully occupied. The LLC was represented by Roger L. Beck of Charles Dunn Company. The seller, a local private investor, was represented by Stacy Vierheilig-Fraser of the same firm.
OAKLAND, CALIF. — Vertical Ventures has acquired the 525,864-square-foot office portion of Eastmont Town Center in Oakland for a reported $54.5 million. The Class B space is located at 7200 Bancroft Ave. Eastmont Town Center is currently 80 percent occupied by 31 tenants, including agencies from Alameda County and the City of Oakland. Less than 20 percent of the leased space is scheduled to expire within the next five years. There are also multiple long-term leases that will run through 2028. The center originally operated as a mall until it was converted into a government services center in the ‘90s. A second building containing retail space is still on the market. Argosy Real Estate Partners III L.P. and its parallel funds partnered with Vertical Ventures on the transaction. Cushman & Wakefield represented both the buyer and the seller on this transaction. The firm will also provide on-site property management services, while CBRE will handle leasing.
SANTA MONICA, CALIF. – JOSS Realty Partners has purchased a 23,531-square-foot boutique office property in downtown Santa Monica for $23.7 million. The Class A property is located at 1315 Lincoln Blvd. in an area known as Silicon Beach. The space is fully occupied by five tenants, including City National Bank, Chandler Chicco Agency, Centro Media, O’Gara Coach Company and Dethrone Basecamp. JOSS paid $1,004 per square foot for the building – one of the highest prices paid for a Los Angeles-area property.
REDONDO BEACH, CALIF. – DHL has signed a six-year lease extension for 234,858 square feet of industrial space in Redondo Beach. The facility is located at 4000 Redondo Beach Ave. The logistics company uses the space as an air freight hub. The lease is valued at $11.9 million. DHL was represented by Todd Taugner, Frank Schulz and David Prior of the Klabin Company in this transaction.
