Friday, June 28, 2024
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4060-30th-St-San-Diego-CA
AcquisitionsCaliforniaOfficeWestern

F&F Properties Sells North Park Creative Office Building in San Diego for $2.7M

by Amy Works

SAN DIEGO — Dan Feder of F&F Properties has completed the sale of North Park Creative Office in San Diego to Mike Weston with Weston Legal PLLC for $2.7 million. Located at 4060 30th St., the 3,818-square-foot property was fully renovated in 2019. Renovations included high-end finishes, secured access, exposed beams, HVAC, eight private offices, a kitchen, conference room, game room, outdoor turf patios and a barbecue/fire pit. Nick Totah and Ross Sanchez of The Totah Group of Marcus & Millichap’s San Diego downtown office represented the seller and procured the buyer in the transaction.

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Alpine-Food-Distributing-Vernon-CA
CaliforniaDevelopmentIndustrialWestern

Alpine Food Distributing Plans 116,766 SF Cold Storage Facility in Vernon, California

by Amy Works

VERNON, CALIF. — ARCO National Construction’s Pacific Coast division is providing design-build services for a 116,766-square-foot cold storage facility renovation project for Alpine Food Distributing. The site is located in Vernon, a first-ring suburb of Los Angeles. The project includes more than 40,000 square feet of freezer/cooler space, including nearly 10,000 square feet of convertible space capable of accommodating temperatures ranging from negative 10 degrees Fahrenheit to 40 degrees Fahrenheit. There are also 2,455 square feet of production cooler available for produce processing, as well as more than 50,000 square feet of ambient storage. Additional construction details will include a carbon-dioxide refrigeration system, 15 dock positions, 26.5-foot clear heights and nearly 10,000 square feet of office space and break rooms. Alpine Foods plans to begin operations within the facility before the end of this year.

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105-E-Dorset-Dr-Dixon-CA
AcquisitionsCaliforniaRetailWestern

Marcus & Millichap Arranges Sale of 12,132 SF Retail Property in Dixon, California

by Amy Works

DIXON, CALIF. — Marcus & Millichap has negotiated the sale of a retail building located at 105 E. Dorset Drive in Dixon, approximately 25 miles southwest of Sacramento. A private investor sold the asset another private investor for $3.6 million. The multi-tenant property features 13,132 square feet of retail space. Michael Grandstaff and Christopher Hund of Marcus & Millichap represented the seller and procured the buyer in the deal.

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CaliforniaIndustrialLoansWestern

MMCC Arranges $7.1M Loan for Refinancing of Bay Area Industrial Facility

by Amy Works

SAN LORENZO, CALIF. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $7.1 million loan for the refinancing of a 63,245-square-foot industrial building in the Bay Area community of San Lorenzo. Bradley Buzil and Connie Duong of MMCC secured the financing through a local credit union on behalf of the undisclosed borrower. Feng Transportation, a wholesaler and third-party logistics company, occupies the property, which is located at 2225 Grant Ave.

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CaliforniaMarket ReportsOfficeWesternWestern Market Reports

Silicon Valley/South Bay Office Market Shows Resilience, Signs of Rebound

by Jeff Shaw

— By Kirsten Grado, Toss Vallentine and Wing Lee of JLL — The resilience of the South Bay/Silicon Valley economy has been tested with the dramatic change in hybrid work formats that enabled employees to work from anywhere. While office vacancy has hit near record levels over the past year, signs of strengthening fundamentals are pointing to a bottoming of the market and a period of opportunity for companies and investors with long-term views. So, what is marking the signs of optimism? Leasing activity has continued to improve as companies in technology, professional services, financial services/consulting and other sectors leased 865,000 square feet across 61 transactions in the first quarter of 2024.  The largest leases were PwC agreeing to move from downtown San Jose into 141,000 square feet within the top three floors of One Santana West, as well as a confidential tech firm leasing 162,000 square feet at Coleman Highline, also in San Jose. Other notable leases were TDK InvenSense renewing its 82,000-square-foot space in San Jose, as well as KMPG and the 49ers organization each taking about 50,000 square feet of space in new leases in Santa Clara. Premier space remains in high demand as companies look to …

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Puesta-de-Sol-Apts-San-Diego-CA
CaliforniaDevelopmentMultifamilySeniors HousingWestern

Community HousingWorks Completes 59-Unit Affordable Seniors Housing Project in San Diego

by Amy Works

SAN DIEGO — Community HousingWorks (CHW) has completed Puesta del Sol Apartments, a 59-unit affordable seniors housing project in the Linda Vista neighborhood of San Diego. Residences are reserved for households earning 30 to 60 percent of the area median income, and the community has been awarded 59 project-based vouchers to ensure access for the most income-vulnerable residents. Additionally, six of the 59 vouchers will serve chronically homeless.The community only offers one-bedroom apartments, plus a two-bedroom manager unit. The San Diego Housing Commission provided a below-market-rate loan and project-based vouchers for the development. Additional funding was provided by construction and permanent lender Chase Bank (as a successor to First Republic Bank). Red Stone Equity Partners is an equity investor in the project. The California Tax Credit Allocation Committee provided 9 percent tax credits, and the city of San Diego waived $144,000 in permit fees. The locally based development team included general contractor Sun Country Builders, architectural firm Studio E Architects, civil engineering firm Project Design Consultants and landscape architect Schmidt Design Group Inc. Onsite services for residents are provided by CHW services partner, LifeSTEPS.

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Time-Square-Center-Long-Beach-CA
AcquisitionsCaliforniaRetailWestern

Faris Lee Investments Negotiates $5.4M Sale of Retail Strip Center in Long Beach, California

by Amy Works

LONG BEACH, CALIF. — Faris Lee Investments has negotiated the $5.4 million sale of Time Square Center, an 11,790-square-foot retail strip center in Long Beach. Located at the intersection of Clark Avenue and Spring Street, the property was fully leased at the time of sale, primarily to restaurant tenants on triple-net leases. Nick Miller of Faris Lee represented the buyer, an Orange County, Calif.-based investor, in the transaction. The seller was not disclosed. The Faris Lee team also secured acquisition financing through a local credit union.

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Encino-Country-Club-Apts-Encino-CA
AcquisitionsCaliforniaMultifamilyWestern

CBRE Negotiates $10M Sale of Encino Country Club Apartments in California

by Amy Works

ENCINO, CALIF. — CBRE has negotiated the $10 million sale of Encino Country Club Apartments, a 43-unit multifamily property located at 17000 Burbank Blvd. in Encino. Built in 1966, the three-story, 37,000-square-foot property features 36 one-bedroom units and seven two-bedroom units. Priscilla Nee and Dan Blackwell of CBRE represented the undisclosed seller and the buyer, a private investor that plans to implement a value-add program, in the deal. Gianna Novo, also with CBRE, arranged an acquisition loan for the buyer that covered 83 percent of the cost.

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728-W-Vernon-Ave-Los-Angeles-CA
AcquisitionsCaliforniaRetailWestern

Progressive Real Estate Brokers $3.5M Sale of 7-Eleven-Anchored Retail Center in Los Angeles

by Amy Works

LOS ANGELES — Progressive Real Estate Partners has brokered the $3.5 million sale of a 6,300-square-foot retail strip center located at 728 E. Vernon Ave. in Los Angeles. The center is anchored by 7-Eleven, with Boost Mobile and a laundromat serving as the other tenants at the property, which was built in 2000. The buyer and seller were both Los Angeles County-based private investors that requested anonymity. Brad Umansky and Lance Mordachini of Progressive Real Estate represented both parties in the deal.

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Rancho-Las-Palmas-Rancho-Mirage-CA
AcquisitionsCaliforniaRetailWestern

DRA Advisors, Paragon Commercial Sell 162,380 SF Shopping Center in Rancho Mirage, California

by Amy Works

RANCHO MIRAGE, CALIF. — A partnership between DRA Advisors and Paragon Commercial Group has sold Rancho Las Palmas, a 162,380-square-foot shopping center in Rancho Mirage, about 120 miles east of Los Angeles. The center sits on 15 acres and was 96.5 percent leased at the time of sale to tenants such as CVS, Hobby Lobby, Starbucks, In-N-Out Burger and a soon-to-be-open Amazon Fresh grocery store. Bryan Ley, Gleb Lvovich, Geoff Tranchina, Tim Kuruzar and Tess Berghoff of JLL represented the partnership in the transaction. Albanese Cormier acquired the asset for an undisclosed price.

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