SAN DIEGO – Girard Plaza and the Ralph Lauren building in La Jolla have sold to RCB Ranch for a total of $26.5 million. The buildings are located at 7833-7851 Girard Ave. and 7830 Girard Ave., respectively. Girard Plaza was originally built in 1950. Tenants include Banana Republic, Lululemon Athletica, Gap, Girard Gourmet and Kore Pilates. The Ralph Lauren building was also built in 1950. It has been continuously occupied by Ralph Lauren since the early 1990s. RCB was represented by Sean Doyle of Mexico Retail Advisors. The seller, Pogapana, was represented by Brian Quinn of Flocke & Avoyer Commercial Real Estate.
SAN DIEGO – Breeze Hill Commercial Center, a 17,855-square-foot retail center in Vista, has sold to Gershman Properties for $10.2 million. The center is located at 620 Hacienda Drive and 251 S. Melrose Drive. It is fully occupied by eight tenants, including Starbucks, FedEx, Jersey Mike’s, Rubio’s, Pick Up Stix, Nutrition Zone and Ohana Hawaiian BBQ. The 1031 exchange buyer was represented by David Lachoff of Newmark Knight Grubb Frank. The seller, Breeze Hill Commercial Center, was represented by Rick Chichester and Nicholas Coo of Faris Lee Investments.
SAN LEANDRO, CALIF. – 21st Amendment Brewery has leased 58,648 square feet of space at the Williams Street Industrial Park in San Leandro. The space is located at 2010-2020 Williams Street. The brewery now occupies the entire space. Future plans may include a 5,000-square-foot brewery café/pub. The landlord, Broadreach Capital Partners, was represented by DTZ’s Jeff Starkovich and Michael Karp.
There are many opportunities for Orange County tenants and landlords in this ever-evolving region of more than 3 million residents. The county’s unemployment rate was 6.2 percent in 2013, compared to the nationwide rate of 7.3 percent. Homeowners have also prospered over the past two years as Orange County home values rose a whopping 25.8 percent on average in 2013. The median home price is a stout $560,000 and climbing. What does this spell? Opportunity – for businesses, jobs and investors. Tenants are back full throttle with expansion plans for the Southern California basin. The big issue tenants and developers will have to face is a lack of available entitled land where they can construct and occupy a retail strip center or single-tenant restaurant. Tight governmental regulation and healthy city development fee structures can drive the costs of development too high, thereby stunting development growth. Conversely, if you currently own property, the prospects for continued yield growth are promising due to the lack of supply and a global “uber appetite” to own California commercial real estate. We will see a tremendous transition of generational wealth over the next five years, the magnitude of which we have not seen before. This …
LA QUINTA, CALIF. – Komar Desert Center, a 77,466-square-foot neighborhood retail center in La Quinta, has sold to an affiliate of Capital Square Realty Advisors for an undisclosed sum. The center is located at 79705-79845 Highway 111. It is 95 percent leased to tenants like Starbucks, BevMo!, Burgers and Beer, Toda Moda, Souplantation, Panda Express and Mimi’s Café. It is shadow anchored by Costco. The seller, AEW Capital Management, was represented by HFF’s Ryan Gallagher and CJ Osbrink.
SANTA MONICA, CALIF. – A 16-unit apartment building in Santa Monica has sold to Unison Investment Company for $6 million. The community is located at 1901 6th Street. It was built in 1969. Unison was represented by John Chu of New Life Properties. The seller, 1626 North Fuller LLC, was represented by Kimberly Roberts Stepp of Charles Dunn Company.
SACRAMENTO, CALIF. – Updike Distribution Logistics has leased 96,100 square feet of warehouse/distribution space in the Sacramento Valley. The space is located at 2160 Hanson Way in the submarket of Woodland. The third-party logistics provider will utilize the facility for the supply and distribution of Arizona Iced Tea products. The landlord is Sycamore Hanson & Northland Hanson. It was represented by DTZ’s Ken Reiff and Michael Harris.
SAN JOSE, CALIF. – ASML US has leased 92,842 square feet of creative office space at THE Campus in San Jose. The property is located at 399 Trimble Road. This building is also occupied by Verizon Corporate Services. ASML US was represented by Jeff Ramirez of Newmark Cornish & Carey. Bixby Land Company was represented by CBRE’s Christian Marent, Rob Shannon and Vincent Scott.
GLENDALE, CALIF. – LA Fitness and Buffalo Wild Wings have announced plans to open at Glendale Marketplace this year. The retail center is located at 106 South Brand Blvd. in the Los Angeles Tri-City submarket of Glendale. LA Fitness and Buffalo Wild Wings are both in expansion mode. They will be joined by AT&T, which also plans to open at the 153,000-square-foot marketplace this year. The center is owned by Cypress Equities.
LONG BEACH, CALIF. — Sares Regis has acquired the 158-unit Pine@Sixth apartment community in Long Beach for an undisclosed sum. The community is located at 595 Pine Ave. As its name suggests, Pine@Sixth is situated at the corner of Sixth Street and Pine Avenue in the North Pine district. It was built in 1986. The community also includes 8,661 square feet of ground-floor retail space. The property’s previous owner, UDR, originally acquired the asset with the intention of converting it into condos before the recession hit. Pine@Sixth will undergo a significant capital improvement program to improve its mechanical systems, as well as update the exterior and façades. The courtyard space will also be converted into an “entertainment and social space [that] will include a fire pit, water feature, landscaping improvements and expanded outdoor kitchen space,” according to Sares Regis. The leasing center will also be relocated, the fitness facility will be refurbished and one of the community’s laundry facilities will be converted into a dog-wash station. This is the ninth apartment community purchased by Sares Regis Multifamily Fund I. The fund deployed $114 million for a total capitalization of more than $329 million. The fund acquired properties in Seattle, Denver, …