SAN DIEGO — Sorrento Seven LLC has completed the disposition of Sorrento View Business Park, a multi-tenant, mixed-use flex business park in San Diego’s Sorrento Mesa neighborhood. A private buyer acquired the asset for $45 million. Totaling 139,340 square feet, the seven-building park is located at 5945-5965 Pacific Center Blvd., 10151-10211 Pacific Mesa Blvd. and 5940 Pacific Mesa Court. Evan McDonald of Colliers represented the seller, while the buyer was self-represented in the deal.
IRVINE, CALIF. — Bassman-Blaine Holdings LLC has completed the disposition of an office building located at 2485 McCabe Way in Irvine. DTMM Properties acquired the asset for $11.2 million, or $539 per square foot. The two-story, 20,772-square-foot building features a state-of-the-art gym, spa-like restrooms with lockers and showers, kitchens and high-end finishes. The buyer intends to occupy the building for its business. Allen Basso, Eric Darnell and Kylee King of Lee & Associates Irvine represented the seller, while Kacey Taormina and Aspen Labrador of Compass represented the buyer in transaction.
CITY OF INDUSTRY, CALIF. — West Harbor Capital has acquired a distribution facility, located at 14313-14351 E. Bonelli St. in the Los Angeles suburb of City of Industry. Earl M. Hill Limited Partnership sold the asset for $16.5 million. The property features 69,498 square feet of multi-tenant distribution space. The property was acquired with a 28,240-square-foot vacant and 41,258 square feet leased to two logistics tenants. Steffan Morris and Eric Parkhurst of Lee & Associates represented West Harbor Capital, while Kent Stalwick of CBRE represented the seller in the transaction.
SAN JOSE, CALIF. — JLL Capital Markets has arranged $20.5 million in refinancing for Almaden Safeway Center, a retail property in San Jose. Bruce Ganong, Lillian Roos and Matthew Mingrone of JLL Capital Markets secured the 10-year, fixed-rate loan through RGA Reinsurance Co. for the borrower, Brothers International Holding Corp. Situated on 11.6 acres, the three-building Almaden Safeway Center features 143,452 square feet of retail space. The property is fully occupied by 10 tenants, including Safeway, JoAnn Fabrics, McDonald’s, T-Mobile and Savers.
INGLEWOOD, CALIF. — JPI has broken ground on Jefferson Inglewood, a market-rate and affordable housing apartment project in Inglewood, just southwest of Los Angeles. Move-ins are scheduled to begin in early 2026. The eight-story, transit-oriented property will feature 222 studio, one- and two-bedroom apartments. Units will offer stainless steel appliances and full-size washers and dryers. Community amenities will include a pool, cabana, clubroom, fitness center and rooftop deck. Jefferson Inglewood is located three metro stops from El Segundo and one stop from Los Angeles’ The Automated People Mover, including an electric train system on a 2.25-mile elevated guideway with six stations. The project recently received $1 billion in federal funding and construction is scheduled to begin this year. The Jefferson Inglewood project team includes TCA Architects, Englekirk Engineering and Kimley Horn Associates Engineering.
WOODLAND HILLS, CALIF. — California Commercial Investment Group has acquired a 19-acre site adjacent to the iconic Motion Picture & Television Fund campus in Woodland Hills for $30 million. The buyer plans to develop a luxury senior living community encompassing approximately 300 units on the site. Construction is scheduled to begin in 2026 with completion planned for 2028. The property is located in the Santa Monica Foothills approximately 30 miles west of Los Angeles. It is just steps from the Calabasas farmers’ market adjacent to the Motion Picture & Television Fund campus. JLL’s Bryan Lewitt represented the seller, Motion Picture & Television Fund. Michael Slater of CBRE represented the buyer.
SANTA CLARA, CALIF. — Maven Commercial has arranged the sale of University Shopping Center, a 2.9-acre retail center in the Bay Area city of Santa Clara. An entity controlled by the Bushnell family sold the asset to Bay Properties for $15.9 million, or $409 per square foot. Located at 2555 The Alameda, University Shopping Center features approximately 38,875 square feet of retail space. Tenants at the fully occupied property include Safeway, Taco Bell, Round Table Pizza and Wicked Chicken. Matthew Sheridan, Dominic Morbidelli and Santino DeRose of Maven Commercial handled the transaction.
RIDGECREST, CALIF. — Marcus & Millichap has arranged the sale of a self-storage facility, located 909 S. China Lake Blvd. in Ridgecrest, approximately 110 miles east of Bakersfield. Terms of the transaction were not released. Dean Trammell and Adam Schlosser of Marcus & Millichap represented the seller, an Alabama-based developer. Jim Markel of Marcus & Millichap’s Encino, Bakersfield, Fresno and Ventura branch served as the broker of record. Converted from a former Walmart in 2022, the 48,450-square-foot property features 457 first-floor, climate-controlled units. CubeSmart manages the asset.
DILLON BEACH, CALIF. — PACE Loan Group has arranged a $4.4 million commercial property assessed clean energy (C-PACE) loan secured by a special assessment for Lawson’s Landing, a RV resort and campground in Dillon Beach, approximately 60 miles northwest of San Francisco. The loan will support the nearly 70-year-old campground’s new wastewater treatment, solar energy and efficiency improvements. The improvements will facilitate and enhance new restrooms and rental cottages at the 608-acre property. C-PACE is a tool that can finance energy efficiency and renewable energy improvements on commercial property. The family-owned and -operated campground features 311 RV and tent sites and a general store. The planned upgrades include installation of a wastewater management system, which will support 20 new cottages and additional restrooms with hot showers. The addition of the wastewater project will eliminate emission-intensive septic waste removal by truck and create operational cost savings of approximately $1.1 million per year. Slated for completion by December, the project received approval from the California Coastal Commission in April 2020. The campground has already completed a new 5,000-square-foot barn, which used part of the C-PACE financing to add a 76.7 kW Photovoltaic system to partially offset the property’s operating energy requirements.
— By Robert Ritschel and Andrew Herron, Senior Vice Presidents, The Saywitz Company — The industrial sector for Orange County commercial real estate continues to be one of the strongest in the country. Vacancy rates in Orange County for industrial space remain at approximately 2 percent. What this means for tenants out in the marketplace is a continued struggle to find viable space. When combining limited availability with the fact that some of the buildings are older or obsolete, or may have lower ceiling height or reduced power, this makes the challenge even more difficult. With that said, we have seen the sales prices for industrial space level off and we have also now, for the first time in the past several years, begun to see landlords offer free rent and move-in concessions, and come off of their asking prices. The days of five or 10 different tenants looking at one available space in the marketplace seem to be over, and those with good credit looking to sign long-term leases clearly stand out from the mom-and-pop operator that may be looking to sign a short-term lease. Landlords on the industrial side appear to be much more conscious of the changing …
