TUSTIN, CALIF. – A 16,986-square-foot industrial building in Tustin has sold to Subaru Research and Development for $3.3 million. The building is located at 14282 Chambers Road. Subaru was represented by CBRE. The seller, Shabani Investments LLC, was represented by Matt Durkin of Lee & Associates – Newport Beach.
PORTLAND, ORE. – Gaw Capital Partners has acquired the Yeon Building, a 126,885-square-foot creative office building in Portland, for an undisclosed sum. The historic building is located at 522 SW Fifth Ave. It was originally built in 1911 and renovated in 2011. The Yeon Building contains 114,113 square feet of office, 11,332 square feet of retail space and 1,440 square feet of amenity space. It is 85.6 percent leased to tenants in the technology, entertainment/gaming, legal, nonprofit, engineering, counseling, music, financial and real estate industries. The seller, an affiliate of Jonathan Rose Companies, was represented by HFF’s Nick Kucha and Michael Leggett.
WEST COVINA, CALIF. – South Hills Plaza, a 120,589-square-foot community shopping center in West Covina, has sold to LT Global for $20.6 million. The center is located at the corner of Azusa Avenue and East Aroma Drive. Notable tenants include Marukai Market, 24 Hour Fitness, Taco Bell, Subway, USPS and Charter Communication. CBRE’s Philip D. Voorhees, Jimmy Slusher, Megan Read, Matt Burson, Brad Rable and John Read represented both the buyer and seller, a Los Angeles-based partnership, in this transaction.
FOLSOM, CALIF. – The 260-unit Fairmont at Willow Creek in Folsom has received $28.5 million in refinancing. The community is located at 200 S. Lexington Drive. The loan includes a 10-year interest-only term. Financing was arranged by Michael T. Elmore of NorthMarq Capital’s Los Angeles office through the firm’s Fannie Mae DUS lender. The borrower was CWS Capital Partners.
PASADENA, CALIF. – The Commons, an 85,743-square-foot office and retail complex in Pasadena, has sold to a global investment management firm for an undisclosed sum. The complex is located at 140-146 South Lake Ave. It is occupied by tenants like Drybar, Soul Cycle, Lemonade, Green Street Café, The Counter, 18/8 and Seco New American. The buyer plans to further enhance value and hold the property long term. Bob Safai, Matt Case and Brad Schlaak of Madison Partners represented the seller, a joint venture between Arenda Capital Management and Arenda Capital Management, in this transaction.
It’s no secret that with the abundance of developable land, affordable housing, and close proximity to the ports and major freeways, the Inland Empire has a tremendous advantage in relation to other Western markets. The Inland Empire industrial market has experienced a transactional volume of 120 deals for 100,000 square feet or more, as of this past November. There are also more than 30 buildings under construction, which total more than 15 million square feet. Developers have been quick to respond to demand, with about 15.5 million square feet of construction completed in the Inland Empire to date, thanks to Fortune 500 retailers and third-party logistics (3PL) firms nabbing large space within the market due to an improving economy. With another 15 million square feet currently under construction, the Inland Empire’s industrial base will foreseeably increase by 10 percent by the end of 2016. Assuming the current state of economic growth continues, the Inland Empire industrial market is expected to finish 2014 strong, with positive market activity poised to continue well into 2015 and 2016. The industrial demand in the Inland Empire is closely associated to international trade and continues to attract large distributors, warehouses, e-commerce companies and logistics firms …
MISSION VIEJO, CALIF. – C3 Properties LLC has purchased three outparcel retail pads at the Trabuco Hills Shopping Center in Mission Viejo for $15 million. The pads total 24,250 square feet. They are located at 27785, 27845 and 27865 Santa Margarita Parkway. The pads are fully leased to Walgreens, Claim Jumper and Ramona Tire & Service. C3 Properties was represented by HFF’s Trevor Harris, Matt Crawford and Jim Wellbaum of Triwell Properties. The seller, Trabuco Hills Pads LLC, was represented by CJ Osbrink and Nick Foster of the same firm.
FREMONT, CALIF. – Pacific Commons, a 1.1-million-square-foot power center in Fremont, has received 12 new tenants. The newest residents include Dick’s Sporting Goods, the Kebab Shop, Buffalo Wild Wings, Dish ‘N Dash, Carter’s/Osh Kosh, Bennigan’s, Cream, Bowl of Heaven, Pancheros Mexican Grill, Boneheads, Technology Credit Union and Ono Hawaiian BBQ. The majority of retailers will open next spring, while Dick’s Sporting Goods, the Kebab Shop and Buffalo Wild Wings all premiered recently. Vestar serves as Pacific Common’s property manager. The landlord is a large institutional owner.
SAN FRANCISCO — A three-property apartment portfolio in the Bay Area has received $56.2 million in refinancing. The portfolio includes a total of 427 units throughout Fremont, Daly City and Hayward. The borrower has purchased and renovated more than 3,000 apartment units in 23 communities over the past 10 years. All three properties were built between 1965 and 1987. Amenities at the properties include full kitchens, private patios/balconies and walk-in closets. The portfolio boasts an average occupancy rate of 98 percent. The fixed-rate, Fannie Mae loans have 10-year terms, 9.5 years of yield maintenance and 30-year amortization schedules. They were provided by Greg Reed and Kristen Croxton in Capital One Multifamily’s Newport Beach office. The loans closed just 34 days after application. The interest rates on the loans were in the mid-3 percent range. Capital One was also able to structure the transactions to produce cash out.
TORRANCE, CALIF. — Costco has acquired a 23-acre parcel in Torrance where it plans to expand one of its local stores. The sales price was not disclosed. The land is located at 2740 Lomita Blvd., between Crenshaw and Hawthorne boulevards. Costco plans to break ground on a new 164,000-square-foot store in the first quarter of 2015. It is slated for completion by the end of the year. The wholesale warehouse first opened its 148,000-square-foot Torrance location in 1998. Costco was represented by Steve McArthur of Northwest Atlantic Partners. The seller, the Rockefeller Group, was represented by Todd Taugner, David Prior and Frank Schulz of the Klabin Company.