California

7975-7977-8001-Melrose-Ave-Los-Angeles-CA

Quiet Lion Divests of Two Retail Properties in Los Angeles for $6.8M

by Amy Works January 25, 2024

LOS ANGELES — Kennedy Wilson Brokerage, a division of Kennedy-Wilson Properties, has arranged the sale of two retail properties on the northwest and northeast corners of Melrose and Edinburgh avenues in Los Angeles. Quiet Lion LP sold the two assets, which represent three buildings on two parcels, in two separate transactions totaling $6.8 million. Oh Polly, a fashion brand, acquired a vacant, 3,355-square-foot, single-tenant building at 8001 Melrose Ave. with plans to occupy the asset. A local investor acquired the 2,442-square-foot asset at 7975-7977 Melrose Ave., which also included a 625-square-foot building at 710 N. Edinburgh Ave., with plans to operate the properties as a leased investment. MOSCOT and Vettese Studios, a clothier, occupies the property at 7975-7977 Melrose Ave., and Community Goods, a neighborhood coffee shop, occupies the building at 710 N. Edinburgh Ave. Ed Sachse, Jaysen Chiaramonte and Jack Nathan of Kennedy Wilson Brokerage represented the seller in both transactions.

January 25, 2024

Acquisitions California Multifamily Western

CBRE Arranges $2.2M Acquisition of Multifamily Building in Palm Desert, California

by Amy Works January 25, 2024

PALM DESERT, CALIF. — CBRE has brokered the purchase of an apartment property located at 73435 San Gorgonio Way in the Coachella Valley city of Palm Desert. A Los Angeles-based private investor acquired the asset from an undisclosed seller for $2.2 million, or $264 per square foot, in an off-market transaction. Dan Blackwell and Andrew Boukather of CBRE represented the buyer in the deal. Built in 1988, the two-story, 8,360-square-foot building offers 10 two-bedroom apartments with a patios or balconies, a community pool and garage parking.

January 25, 2024

Acquisitions California Multifamily Western

HGIT Acquires 249-Unit Hanover Diridon Apartments in San Jose, California

by Amy Works January 24, 2024

SAN JOSE, CALIF. — Hines Global Income Trust (HCIT) has purchased Hanover Diridon, a Class A multifamily property in San Jose. The buyer plans to rebrand the asset at Diridon West. Located at 715 W. Julian St., the seven-story property features 249 apartments in a mix of studios, one-bedroom and two-bedroom layouts with luxury finishes. Community amenities include a pool with cabanas, rooftop sky deck with cityscape views, fitness center, dog spa, an indoor/outdoor clubhouse and below-grade parking. Developed in 2021, the property is currently 95 percent leased. Terms of the transaction were not released.

January 24, 2024

Acquisitions California Retail Western

Unilev Capital Sells 151,709 SF Tri-City Retail Center in San Bernardino, California for $24.3M

by Amy Works January 24, 2024

SAN BERNARDINO, CALIF. — Unilev Capital has completed the sale of Tri-City Center, a shopping center in San Bernardino, to DPI Retail for $24.3 million. Built in 1987, the 151,709-square-foot property was fully occupied at the time of sale. Current tenants include 24 Hour Fitness, Curacao, Pollo Campero, Poke Bar, Barber, Cantos Jewelers and Pet World. Bryan Ley and Tim Kuruzar of JLL Retail Capital Markets represented the seller in the transaction.

January 24, 2024

California Development Industrial Western

Tejon Ranch Co. Breaks Ground on 700,000 SF Nestlé USA Distribution Center in California

by Amy Works January 24, 2024

TEJON RANCH, CALIF. — Tejon Ranch Co. has begun construction on a distribution center for Nestlé USA Inc., the world’s largest food and beverage company. The development is located on 58 acres of Tejon Ranch Commerce Center (TRCC) in Tejon Ranch, approximately 100 miles northwest of Los Angeles. The multi-story, 700,000-square-foot building will be fully automated to serve Nestlé’s portfolio and designed to support future growth and expansion plans. No official opening date has been announced, but Nestlé is targeting 2025 for initial completion of construction and 2026 for commencement of operations. TRCC represents more than 2.5 million square feet of industrial space either under construction or completed. Mac Hewett, Mike McCrary and Brent Weirick of JLL represented Tejon Ranch Co. in the 58-acre land sale transaction.

January 24, 2024

Acquisitions California Industrial Western

BLP Acquires 57,671 SF Logistics Facility in Compton, California

by Amy Works January 24, 2024

COMPTON, CALIF. — Bridge Logistics Properties (BLP) has purchased an infill, last-mile logistics facility in Compton, just south of Los Angeles. Terms of the transaction were not released. Located at 1215 W. Walnut St., the 57,671-square-foot, rear-load warehouse features 25-foot clear heights, eight dock-high positions, a secured truck court and 83 parking spaces. The property is fully leased through June 2025. The asset is located adjacent to the 91 Freeway in Compton, with connectivity to the ports of Los Angeles and Long Beach, Los Angeles International Airport and downtown Los Angeles. Rob Flores and Brian Held of CBRE represented BLP in the deal.

January 24, 2024

Acquisitions California Florida Retail Western

CBRE Arranges Sales of Nine Big Lots Retail Locations in California, Florida for $50.7M

by Amy Works January 23, 2024

LOS ANGELES — CBRE has brokered the sales of nine individual Big Lots-occupied retail properties to two buyer. Alex Kozakov and Patrick Wade of CBRE represented the seller, a large institutional investor, in the transactions. Robhana Group acquired four properties, totaling 117,494 square feet, for $23.6 million. The assets are: Reliable Properties purchased five locations, totaling 125,439 square feet, for $27.1 million. The properties are: The retail locations were part of a 25-property sale-leaseback portfolio acquired by a large institutional investor in 2023 with Kozakov and Wade representing the seller, Big Lots, in that transaction.

January 23, 2024

California Market Reports Retail Western Western Market Reports

San Diego’s Retail Investment Market Outlook

by Jeff Shaw January 23, 2024

— By Jeff Lefko, Executive Vice President, Hanley Investment Group Real Estate Advisors — Hanley Investment Group is expanding and opening its newest office in San Diego in early 2024. San Diego, the eighth most populous city and the fifth largest county in the United States, ranks second only to Los Angeles County in California, boasting a population nearing 3.28 million. With a substantial GDP of $206 billion, San Diego holds the 17th largest metropolitan area position in the U.S. and the fourth largest in California. The city’s economy thrives on defense, tourism, international trade and research/manufacturing sectors. Notably, in 2022, San Diego experienced an 8 percent growth in life science employment, reinforcing its position as a premier life science research destination. Attracting 28.8 million annual visitors, it stands as a prominent U.S. travel destination, generating approximately $13.6 billion in yearly spending and employing 214,000 San Diegans directly and indirectly. San Diego’s robust economy, diverse population, quality education, and prime location render it a desirable hub for commercial retail investment. The business-friendly climate further enhances its allure, while the limited supply of new retail construction helps maintain stable real estate fundamentals. The changing economy and rising interest rates have caused …

January 23, 2024

Acquisitions California Industrial Western

JLL Brokers $11.2M Sale of Distribution Facility in Santa Fe Springs, California

by Amy Works January 22, 2024

SANTA FE SPRINGS, CALIF. — JLL Capital Markets has arranged the sale of a warehouse and distribution facility, located at 10329 Painter Ave. in Santa Fe Springs, a suburb southeast of Los Angeles. An affiliate of Zurich Alternative Asset Management sold the asset to Sterling Investors LP for $11.2 million. The 42,725-square-foot property features 30-foot clear heights, six dock-high doors, one grade-level door and an 82-foot truck court. At the time of sale, the building was fully leased to a single tenant. Mark Detmer, Chad Solomon, Makenna Peter, Cameron Driscoll and Luke McDaniel of JLL Capital Markets represented the seller and procured the buyer in the deal.

January 22, 2024

Acquisitions California Office Western

CBRE Brokers $8M Sale of Office Building in San Diego Tech Park

by Amy Works January 19, 2024

SAN DIEGO — CBRE has arranged the sale of an office building located at 17075 Camino San Bernardo within Rancho Bernardo’s Tech Park in San Diego. Dominguez Channel LLC, an overseas private buyer undergoing a 1031 exchange, acquired the asset for $8 million, or $314 per square foot. Matt Pourcho, Anthony DeLorenzo, Matt Harris and Chris Williams of CBRE Investment Properties represented the San Diego-based private seller, while George Rehab represented the buyer in the transaction. The remodeled modern office building features 115 parking spaces and an outdoor patio on the corner of Rancho Bernardo Road and Camino San Bernardo. The building is fully gross leased with no pass-throughs. Situated on two acres, the two-story building offers 25,475 square feet of office space.

January 19, 2024

Newer Posts

Older Posts