MANHATTAN BEACH, CALIF. – True Religion Apparel has leased a 72,246-square-foot office building in Manhattan Beach. The new space is located at 1888 Rosecrans Ave. The jeans and apparel company will be relocating its corporate headquarters from nearby Vernon. The landlord is Continental Development Corporation. The transaction was executed by John Minervini, Erik Larson, Robin Dodson, Chris Tolles, Michael DeSantis and John Doyle of Cushman & Wakefield.
SAN FRANCISCO – A 600,000-square-foot office building in San Francisco has received a $150-million loan. The 48-story property is located at 345 California Center in the city’s Financial District. The loan was secured by JLL’s Keith Largay, John Manning, Alex Witt and Fiorentina Malko. It was provided to an affiliated entity of Metropolis Investment Holdings by Cornerstone Advisers, which acted on behalf of MassMutual.
BEVERLY HILLS, CALIF. – Jenel Management Corp. has acquired a 26,500-square-foot office building in Beverly Hills for $47.2 million. The building is located at 461-469 N. Beverly Drive, within the Beverly Hills Triangle. The former Bank of America building was fully redesigned in 1995 by Richard Meir and the Paley Center for Media, which previously was known as the Museum of Television and Radio. It is situated on the southwest corner of North Beverly Drive and Little Santa Monica. Jenel Management was represented by John Bertram of Savills Studley. The seller in this all-cash transaction was composed of several trusts representing several generations of the original business partners who had initially purchased this property in the 1920s from Burton Green. At the time, the space served as the buyers’ lumber company headquarters. The seller was represented by Chris Holland and Patrick Sheekey of Coldwell Banker Commercial WESTMAC.
LOS ANGELES – The University of Southern California (USC) has completed its new Wallis Annenberg Hall at Annenberg School for Communication and Journalism. The $40-million project features 88,000 square feet situated over five levels. The new building is near the USC Central Campus in Los Angeles. It will house broadcast network equipment, media classrooms and laboratories. The project was constructed by Bernards and designed by Dan Benjamin of Harley Ellis Devereaux. This is Bernards’ third major project with USC. The building was named for the benefactor, Wallis Annenberg, president of the Annenberg Foundation and the longest-serving USC trustee.
SAN DIEGO – Northrop Grumman Systems Corporation has renewed its lease for 182,870 square feet of office space at the Kearny Mesa Spectrum Center. The three-building office campus is located at 9326 and 9356 Spectrum Center Blvd. and 4830 Ruffin Road in San Diego. Northrop Grumman is the property’s original tenant. It has occupied this space for nearly 10 years. The campus was built in 2005. It features a large data center, 608 surface parking spaces, electric vehicle charging stations and a cafeteria with multiple outdoor eating areas, among other things. Northrop Grumman was represented by CBRE’s Tom Martinez and Evan Knutsen. The landlord, American Fund US Investments, LP, was represented by Tom Wilcox and Jay Arnett of Colliers International.
PERRIS, CALIF. – Duke Realty has announced plans to build a new 783,407-square-foot spec bulk warehouse building in the Inland Empire East submarket of Perris. The new building will be located near the Ramona Expressway and I-215. The building will be called Perris Logistics Center II. It is currently pre-leasing. The building is scheduled for completion in August 2015. Steve Bellitti and Thomas Taylor of Colliers serve as the leasing agents.
SAN RAFAEL, CALIF. – Ellis Partners LLC has acquired a 130,237-square-foot office building in San Rafael for an undisclosed sum. The building is located at 4040 Civic Center Drive. The seller was an institutional investor. Cushman & Wakefield will handle the leasing of the property and CBRE will take on the property management assignment for the new ownership. This acquisition represents the fourth purchase by Ellis Partners with capital partner Artemis Real Estate Partners.
LOS ANGELES – ThinkFactory Media has leased 33,444 square feet of office space in Los Angeles. The space is located at 1640 S. Sepulveda Blvd. ThinkFactory will use this space for its corporate headquarters and production services. The landlord, Ocean West Capital Partners and Westbrook Partners, was represented by JLL’s Carl Muhlstein, Hayley Blockley and Jaclyn Ward.
VALENCIA, CALIF. – IAC has broken ground on a new 1.3-million-square-foot industrial development in Valencia. The new project will be called IAC Commerce Center. It will be the largest industrial center to break ground in North Los Angeles County in 25 years, according to CBRE, which has been retained to market and lease the property. The center will be situated on 70 acres along Witherspoon Parkway, adjacent to the Valencia Commerce Center. It will be completed in three phases. The first phase will include 400,000 square feet. It is scheduled for completion in the third quarter of 2016. Land development is anticipated to take about 12 months.
HAYWARD, CALIF. – A 10,000-square-foot retail property in Hayward that is net leased to Kelly-Moore Paints has sold to a private investor for $2.2 million. The property is located at 28722-28724 Mission Blvd. The paint retailer subleases a small portion of the building to a local flooring retailer. The building was constructed in 1970. Kelly-Moore has occupied this space for about 44 years. In 2006, it signed a new lease for an additional 15-year term. The seller, a private investor, was represented by Bryan Webb and Bill Allen of Marcus & Millichap.