MORENO VALLEY, CALIF. – DDI Distributions Inc. has leased the 225,450-square-foot March Inland Port, a distribution facility in Moreno Valley. The Class A distribution facility is located at 16875 Heacock Street. It is attached to the March Air Reserve Base runway. DDI has agreed to lease the facility for more than five years. The agreement is valued at $3.7 million. DDI was represented by Kent Stalwick of CBRE’s Ontario office. The landlord, CT Realty Investors, was represented by Milo Lipson, Kyle Kehner, Tim Pimentel and Ryan Velasquez of Cushman & Wakefield’s Ontario office.
Western
MOUNTAIN VIEW, CALIF. – A 59-building office/R&D portfolio that spans throughout Silicon Valley has received a $300-million loan. The portfolio contains three business parks and 38 stand-alone office buildings for a total of 2.4 million square feet. The properties are located in Mountain View, Sunnyvale, Santa Clara, San Jose and Milpitas. The portfolio is more than 80 percent leased to tenants like Apple, SanDisk, the McGraw-Hill Company, Intel and Netflix. The properties have been institutionally maintained and most are well positioned to serve as corporate headquarters. The 4 percent, floating-rate loan was arranged by HFF’s Eric Tupler, Bruce Ganong, Chris Gandy, Leon McBroom and Ed Brown who worked on behalf of a joint venture between two global investment managers. The loan was placed with Blackstone Mortgage Trust. Proceeds were used to refinance existing debt.
PHOENIX – The Corporate Campus at Norterra, a 232,600-square-foot office campus in Phoenix, has sold to Griffin Capital Essential Asset REIT for $54.5 million. The two-building, Class A campus is located at 25500 and 25600 Norterra Parkway. It is part of a 573-acre master-planned campus that is adjacent to the USAA Phoenix Campus. The buildings are fully leased to a Fortune 500, global health services company that holds a triple-net lease through July 2023. The seller, an affiliate of USAA Real Estate Company, was represented by Chris Toci, Chad Littell, Tim Whittemore of Cushman & Wakefield’s Phoenix office, as well as by Mike Beall of Cassidy Turley in Phoenix. Toci also procured the buyer.
DENVER — Winter Park Winery is opening its second location in Colorado. The newest iteration will be called Mile High Winery. It will be located at 2811 Walnut Street in the city’s Ballpark District. The grand opening is scheduled for early July. It will include a full-production winery and tasting room. Winter Park Winery was founded by John and Cassidi Brickner, whose initial operation opened in Fraser in 2004. Bob Bramble of Newmark Grubb Knight Frank Retail represented the duo in this lease transaction.
MORENO VALLEY, CALIF. – DDI Distributions Inc. has leased the 225,450-square-foot March Inland Port, a distribution facility in Moreno Valley. The Class A distribution facility is located at 16875 Heacock Street. It is attached to the March Air Reserve Base runway. DDI has agreed to lease the facility for more than five years. The agreement is valued at $3.7 million. DDI was represented by Kent Stalwick of CBRE’s Ontario office. The landlord, CT Realty Investors, was represented by Milo Lipson, Kyle Kehner, Tim Pimentel and Ryan Velasquez of Cushman & Wakefield’s Ontario office.
POMONA, CALIF. — Seventh Street Development has purchased a 22.5-acre parcel in Pomona for an undisclosed sum. The land, which is located on the western side of the 71 Corona Expressway at Mission Boulevard, will eventually house the final phase of the two-million-square-foot Mission 71 Business Park. The $40-million Mission 71 West will include four industrial buildings that will range in size from 65,000 square feet to more than 200,000 square feet for a grand total of about 500,000 square feet.The initial two phases of Mission 71 included a renovated 750,000-square-foot former General Dynamics building and 11 newly constructed buildings ranging in size from16,000 square feet to 42,000 square feet.The new buildings are all occupied by owners-users, includingfood and industrial product manufacturers, as well as a variety of importers and distributors. This final phase will round out the private development of the former General Dynamics Naval Industrial Reserve Ordinance Plant, which was shuttered in 1994.Many of its buildings were demolished, while the others sat vacant until the Mission 71 redevelopment efforts commenced.
CARLSBAD, CALIF. — Ocean Terrace Corporate Center, a 177,149-square-foot, Class A office park in Carlsbad, has sold to BBL Commercial Real Estate for an undisclosed sum. The four-building park is located at 5740-5770 Fleet Street. It is currently 77 percent leased to tenants like Invensys Systems, Island Restaurants, BVK Direct Inc. and Farmers Insurance Exchange. It also houses Jenny Craig’s corporate headquarters. Rick Reeder, Brad Tecca, Matty Sundberg and Aric Starck of Cassidy Turley San Diego represented both the buyer and the seller, Regent Properties, in this transaction. Sundberg and Stark will also handle the park’s leasing efforts, along with Dennis Visser, also of Cassidy Turley.
NEWPORT BEACH, CALIF. — Sabal Financial Group has launched Sabal Third Party Servicing, a new business division offering commercial real estate and acquisition, development and construction (ADC) loan primary servicing and special servicing. It will also offer construction loan administration. The new division will generally target large loan portfolios with a core focus on risk management while maximizing repayment and returns for lender, bank, fund and insurance company clientele nationwide.Vartan Derbedrossian, head of loan servicing, will lead Sabal Third Party Servicing out of the company’s Pasadena office.
CORONA, CALIF. – Atkinson/Walsh has signed a lease for 50,000 square feet at a Coronaoffice building. The lease is valued at about $3.2 million. The building is located at 2455 Anselmo Drive. The design-builder joint venture will occupy two-thirds of the space. The company recently secured a contract with the Riverside County Transportation Commission (RCTC) for the SR-91 Corridor Improvement Project.The contract is valued at $632 million. The RCTC also plans to occupy a portion of the building during its collaboration with Atkinson/Walsh. The tenant was represented by Randy Parkerand Steve Cardof Travers Realty. The 75,000-square-foot office building was recently purchased by Bixby Land Company for an undisclosed sum. Bixby represented itself in the lease transaction.
POMONA, CALIF. — Seventh Street Development has purchased a 22.5-acre parcel in Pomona for an undisclosed sum. The land, which is located on the western side of the 71 Corona Expressway at Mission Boulevard, will eventually house the final phase of the two-million-square-foot Mission 71 Business Park. The $40-million Mission 71 West will include four industrial buildings that will range in size from 65,000 square feet to more than 200,000 square feet for a grand total of about 500,000 square feet. The initial two phases of Mission 71 included a renovated 750,000-square-foot former General Dynamics building and 11 newly constructed buildings ranging in size from 16,000 square feet to 42,000 square feet. The new buildings are all occupied by owners-users, including food and industrial product manufacturers, as well as a variety of importers and distributors. This final phase will round out the private development of the former General Dynamics Naval Industrial Reserve Ordinance Plant, which was shuttered in 1994. Many of its buildings were demolished, while the others sat vacant until the Mission 71 redevelopment efforts commenced.