ONTARIO, CALIF. — Rexford Industrial Realty has acquired Dupont Business Center, a 110,890-square-foot industrial complex in Ontario, for $10.2 million. The two-building facility is situated on 5.7 acres within a Foreign Trade Zone near Ontario Airport in the Inland Empire West submarket. This region boasts 250.8 million square feet of industrial space. Dupont is fully occupied by five tenants. Rexford plans to divide the larger space over time to accommodate more tenants. The transaction was executed by JLL’s Bo Mills, Mark Detmer, Peter McWilliams, Mike McCrary, Ruben Goodsell, Jeff Bellitti and Nicole Welch.
Western
SANTA ANA, CALIF. — Cabrillo Park Shopping Center, a 72,500-square-foot, grocery-anchored center in Santa Ana, has sold to Palmdale Avenue S LLC for $12.2 million. The center is located at 1710-1730 E. 17th Street. It is 95 percent occupied and anchored by Superior Grocers. Other tenants include T-Mobile, Sally Beauty Supply, United Dental Care, Little Caesar’s and 4G Wireless. The buyerwas represented by Randy Ibara of Southern Pacific Investments. The seller, Hector Regner Properties – Cabrillo Park I, LLC, was represented by Randy Dalby of Lee & Associates San Diego North.
NEWPORT BEACH, CALIF. – A joint venture between AEW and Kearny Real Estate Company has acquired five fee title buildings and 12 land parcels within Newport Corporate Plaza in Newport Beach for $41.5 million. The 24-building Newport Corporate Plaza is situated on 20 acres of land on Corporate Plaza Drive. The acquired properties are subject to ground leases at the office campus. The joint venture was represented by CBRE’s Gary Stache. The unnamed seller was represented by Don Nourse and Jim Nourse of Lee & Associates – Newport Beach.
LOS ANGELES – A Los Angeles-based healthcare operator has received $9 million to refinance two local skilled nursing facilities. The facilities include a 99-bed nursing facility on Pico Boulevard near Koreatown and an 81-bed nursing facility on North Fairfax Avenue. The short-term financing retired the existing senior secured term loan. It also funded about $300,000 worth of planned capital improvements at both properties. The sponsor currently owns, operates or manages 20 healthcare centers throughout California. The loan was provided by Felix Gutnikov of Thorofare Capital.
SAN DIEGO — Solana Enterprises has acquired an 83,335-square-foot industrial building in San Diego for $7.9 million. The building is located at 7455-7465 Carroll Road. It is fully leased to Rhino Linings and Westside Building Supplies. Bryce Aberg, Brant Aberg and Ryan Spradling of Cassidy Turley’s San Diego office represented both the buyer and seller, Drake West LLC, in this transaction.
LOS ANGELES – The 25-unit G6 Apartments in Los Angeles has sold to a private investor for $3.9 million. The student housing facility is located at 1188 W. 36th Place, just one block from the University of Southern California’s (USC) main campus. It was built in 2009. The seller, G6 Apartments LLC, was represented by Ron Harris, Paul Darrow and Michael DiSimone of Marcus & Millichap’s Los Angeles office.
SAN FRANCISCO — JP Morgan Chase & Co. has acquired Pacific Place, a 430,000-square-foot office, retail and hotel property in Downtown San Francisco, for an undisclosed sum. The property is located at the intersection of 4th and Market streets at the nexus of the Union Square, South of Market and Financial District neighborhoods. Pacific Place contains three adjacent properties. They include 16 floors of office space, about 200 feet of Market Street retail storefront and the Palomar Hotel, a five-floor, 198-room luxury boutique hotel. The 202,000-square-foot office portion was leased to Intuit last year after the building was repositioned. It is currently home to Demandforce, which is a part of Intuit’s Small Business Division. The renovation included enhancements to the lobby, in addition to a new coffee bar and cafe concept by Small Foods. The retail portion contains flagship stores for Levi’s and Old Navy, as well as space for The Container Store. The asset was held by the Jamestown Premier Property Fund, the firm's flagship core and core-plus investment vehicle for institutional investors. Jamestown was represented by Eastdil Secured.
HUNTINGTON BEACH, CALIF. — Pacific City, a 191,000-square-foot retail center project in Huntington Beach, has received $93 million in construction financing. The shopping center will be located along Pacific Coast Highway, just three blocks south of Main Street. It will be bound by Pacific View Avenue, as well as by 1st and Huntington streets. The new development is situated on a site that overlooks the Huntington Beach Pier and Pacific Ocean. Its two-story open design will grant most of the tenants ocean views. The tenant roster will include a mix of national retailers that represent “iconic California lifestyle brands,” in addition to several well-known restaurants and an Equinox fitness center. The adjacent Lot 579 marketplace will feature local and regional food artisans in a farmer’s market-style setting. Pacific City is scheduled to open next summer. It is being developed by DJM Capital Partners. The non-recourse financing, which consisted of a $56.5-million senior loan and a $37-million mezzanine loan, was arranged by George Smith Partners. Only a minimal amount of pre-leasing was required for the funding.
COSTA MESA, CALIF. — S.B. Restaurant Co., the Costa Mesa-based parent company of the Elephant Bar casual dining chain, has filed for Chapter 11 bankruptcy. The company has also closed 16 of its 29 restaurants, which are located throughout six states. Restaurants affected by the closures include the Elephant Bar locations in Irvine, Rancho Bernardo (San Diego), Palm Desert, Valencia, Northridge, Simi Valley, Burbank and Goleta, Calif., among other locations.
SAN FRANCISCO — Patson Cos. has acquired a 140,000-square-foot office building at 1155 Market Street in San Francisco for $72.6 million. The deal represents an internal rate of return of more than 56 percent for investors. The 11-story building was virtually empty when Laurus Corporation acquired it in 2011, as the single tenant was in the process of vacating. The company implemented a tenant improvement program and re-leased more than 75 percent of the building to the City and County of San Francisco within 90 days. The building also underwent a $14-million renovation program, which included upgrades to the facade, lobby, corridors, bathrooms, elevators and common areas, among other items. The majority of the sales proceeds will be rolled into the Ethika Diversified Opportunity Real Estate Fund. Laurus formed this fund to provide investors access to a unique platform that invests in opportunistic and value-add assets in the United States.