SAN FRANCISCO – A two-story mixed-use property in a San Francisco Bay submarket has sold to an East Bay developer in a 1031 exchange for $9.5 million. The property is located at 329 Primrose Road in Burlingame. It is currently occupied by the U.S. Post Office and One Medical. The mixed-use asset’s interiors were fully renovated in 2012 and 2015. It is known around town as the Postcard Building. The buyer was represented by Eduardo Vergara of Marcus & Millichap. The seller was represented by Thomas Doglio and Richard Reisman of Marcus & Millichap’s National Land Group.
LOS ANGELES – A pair of multifamily properties in Los Angeles has sold to local investors for a total of $13 million. The acquisition includes the 44-unit Parc Regency Apartments in the Canoga Park submarket and the 23-unit VUE Apartments in Koreatown. The properties are located at 7500 Mason Ave. and 700 S. Berendo Street, respectively. The seller, Mason & Berendo Parc Regency Apartments Associates LLC, was represented by Darin Beebower of Madison Partners.
LOS ANGELES – A 19-unit apartment building in West Hollywood has sold to an unnamed buyer for $8.2 million. The community is located at 526 North Orlando Ave., just east of La Cienega Boulevard and south of Melrose Avenue. It was built in 1964 and renovated in 2012. The buyer was represented by represented by Michael Hanassab and Elliot Hassan of Marcus & Millichap. The seller was represented by Richard Ringer of the same firm.
CITY OF INDUSTRY, CALIF. – GELS Logistics has leased 250,000 square feet of industrial space in the City of Industry. The space is located at 20275 Business Parkway. The global logistics company will be relocating from its nearby facility in Baldwin Park. GELS was represented by Kevin Ching, Jeff Bethel and Henry Hong of Lee & Associates Industry. The landlord, Majestic, was represented by Terry Baker.
RIVERSIDE, CALIF. – A 7,508-square-foot building in Riverside that is triple-net leased to Citibank has sold to a local family trust for $4.8 million. The building is located at 3580 Tyler Street. It sits across the street from the Galleria at Tyler mall. The trust was represented by Shaun Riley of Faris Lee Investments. The seller, CP Sunshine, was represented by Equity Investment Advisors.
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.