California

AWH Partners, Starr Cos. Buys Los Angeles Marriott Burbank Airport

by Nellie Day January 14, 2015

LOS ANGELES — A joint venture between AWH Partners and Starr Companies has acquired the 488-room Los Angeles Marriott Burbank Airport for reported purchase price north of $100 million. The full-service hotel is located at 2500 North Hollywood Way, adjacent to Bob Hope Airport and Amtrak-Burbank Airport train terminal, in the Los Angeles submarket of Burbank. The Marriott-branded hotel recently underwent a $10-million renovation. It includes two towers, along with an adjacent conference center that features nearly 46,000 square feet of indoor/outdoor function space. Amenities include a fully equipped fitness center, business center, two heated outdoor pools, spa, a concierge lounge, and a restaurant with dine-in and in-room dining options. The seller, Westbrook Partners, was represented by HFF’s Scott Hall.

January 14, 2015

California Multifamily Western

Decron Properties Buys Highland Gardens Apartments in Silicon Valley for $86M

by Nellie Day January 14, 2015

MOUNTAIN VIEW, CALIF. — Decron Properties Corp. has purchased the 187-unit Highland Gardens apartment community in the Silicon Valley submarket of Mountain View for $86 million. The community is located at 222 and 234 Escuela. Highland Gardens was built in 1964 and recently underwent a renovation. Common-area amenities include a resort-style swimming pool, fitness center, recreation areas and covered parking. Decron plans to further upgrade the community. They will include a relocation and expansion of the fitness center, the creation of a Wi-Fi lounge, a new Jacuzzi/spa and enhanced landscaping with outdoor fire pits. This acquisition is Decron’s first in the Bay Area. The firm has an additional $63-million worth of assets under contract that are set to close by the end of the month. Decron is the development arm of the Nagel Family Trust, which owns and manages more than 5,000 multifamily units, primarily in Southern California. The firm plans to invest up to $350 million in the San Francisco Bay Area and Silicon Valley submarkets this year, according to David Nagel, Decron’s president and CEO. The seller was a joint venture between Maximus Real Estate Partners and Rockpoint Group LLC. The transaction was executed by Stan Jones, Phil …

January 14, 2015

California Office Western

Jamestown Buys Market Street Office Building in San Francisco

by Nellie Day January 14, 2015

SAN FRANCISCO — Jamestown has acquired a 92,023-square-foot office building in San Francisco for a reported $65.2 million. The historic creative office property is located at 731 Market Street. The building is situated on the south side of Market Street, between Third and Fourth streets, near the convergence of the SOMA, Mid-Market, Union Square and Financial District neighborhoods. The six-story property is fully leased to eight tenants, including Stitch Fix, ConnectSolutions and Liftopia. It also contains 12,067 square feet of ground-floor retail that is occupied by CVS. The building was constructed in 1908, when it was known as the Bancroft Building. It recently received an extensive renovation that included upgrades to the building systems and lobby. The asset was acquired by the Jamestown Premier Property Fund, the firm’s flagship core and core-plus investment vehicle for institutional investors. The fund also owns 799 Market Street, a neighboring creative office and retail asset that is fully occupied by technology tenants, in addition to Ghirardelli Square, Waterfront Plaza and Alameda South Shore Center. The seller, Harvest Properties, was represented by JLL.

January 14, 2015

California Multifamily Western

The South Orange Grove Apartments in Pasadena Sell for $9.5M

by Nellie Day January 14, 2015

PASADENA, CALIF. – The South Orange Grove Apartments have sold to a Unison Investment Co. for $9.5 million. The 20-unit community is located at 164, 168, 172, 176 and 180 S. Orange Grove Blvd. It was the first multifamily structure to be built on South Orange Grove Boulevard, following a zoning change in 1948. The seller, an entity of City Ventures, was represented by Jim Fisher and Mike Smith of Lee & Associates-LA North/Ventura.

January 14, 2015

California Office Western

Rescare Workforce Leases Space in Garden Grove

by Nellie Day January 13, 2015

GARDEN GROVE, CALIF. – Rescare Workforce Services has leased 19,718 square feet of office space in Garden Grove. The space is located at 7077 Orangewood Ave. Rescare was represented by CBRE. The landlord, Burke Investment Grove LP, was represented by Shaun McCullough and Say Jeon of Lee & Associates.

January 13, 2015

California Industrial Market Reports Western Western Market Reports

OC’s Industrial Market is About to Get Tighter

by Nellie Day January 13, 2015

The Southern California Leading Economic Indicator is continuing its upward trend. It has been on the incline for more than four years, since the last decrease in 2009. This suggests a rise in economic activity over the next six months that will continue the solid fundamentals for the Orange County industrial market well into 2015. A near record low industrial vacancy rate of 3.5 percent, along with an unemployment rate of less than 6 percent, has caused an aggressive search for viable land amongst developers. Numerous cities in Orange County have modified their industrial zoning regulations this year to permit a variety of additional uses that encourage new development. As a result, residential and retail property developers have been removing existing industrial buildings from current inventory. Growing companies in Orange County are starting to feel the inventory squeeze. The lack of available space is making it difficult to meet a client’s needs. This is causing landlords, buyers and tenants to make extensive renovations to the few buildings left available to them. The limited supply has been a major factor in the increase in value for larger assets, as clients are willing to pay more for properties. Sale prices are up …

January 13, 2015

California Retail Western

Shelter Island Village in San Diego Sells for $7.3M

by Nellie Day January 12, 2015

SAN DIEGO – Shelter Island Village, a 16,013-square-foot retail center in San Diego’s Point Loma submarket, has sold to Investcal Realty Corporation for $7.3 million. The center is located at 2904 Shelter Island Drive. Notable tenants include Supannee House of Thai, the Wine Pub, Stars and Stripes, Edward Jones, Haute Spa, Marvelous Muffins, Postal Annex and Subway. The center was built in 1990 by Union Bank of California (UBOC), which also operates an adjacent UBOC branch. Shelter Island is known for its distinctive Cape Cod-style architecture. Investcal represented itself, while the seller, Shelter Island Village LLC, was represented by Brian Quinn, Steve Avoyer and Matt Peckham of Flocke & Avoyer Commercial Real Estate, as well as by Jack Naliboff and Craig Carlson of Stepstone Realty.

January 12, 2015

California Industrial Western

Placentia Industrial Building Sells for $2.6M

by Nellie Day January 12, 2015

LOS ANGELES – A 20,087-square-foot industrial building in Placentia has sold to the Dayton Family Trust for $2.6 million. The space is located at 580 S. Melrose Street in the Los Angeles submarket. The trust will use the property for a food-flavoring business. It was represented by Scott Read of Newmark Grubb Knight Frank. The seller, Nan-Hsing Cheng, was represented by Morgan Hill, Mike Vernick and Mike Hefner of Voit Real Estate Services’ Anaheim office.

January 12, 2015

California Retail Western

Kneaders Bakery and Café Building in Parker Sells for $2.5M

by Nellie Day January 12, 2015

DENVER – A 3,798-square-foot building near Denver that is leased to Kneaders Bakery and Café has sold to an unnamed buyer for $2.5 million. The space is located at 19190 East Main Street in Parker, just southeast of Denver. It also contains a 1,400-square-foot patio. The bakery holds a 15-year lease at the newly constructed property. The transaction was executed by Tom Ethington and Rob Edwards of Pinnacle Real Estate Advisors.

January 12, 2015

California Industrial Western

Townsgate Business Center in Thousand Oaks Sells for $13M

by Nellie Day January 9, 2015

LOS ANGELES – Townsgate Business Center, a 73,888-square-foot business park in the Los Angeles submarket of Thousand Oaks, has sold to Townsgate Business Park LLC for $13 million. The four-building complex is located at 2637-2649 Townsgate Road. It is fully leased and offers a mix of warehouse, flex and office applications. The seller, DMC Investment Group, was represented by Dan Spell, Timothy P. Foutz and Mickey Belt of NAI Capital. Delphi Business Properties also assisted with this transaction.

January 9, 2015

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