IRVINE, CALIF. — Irvine-based Hopkins Real Estate Group (HREG) is developing three retail centers in Southern California. KKE Architects Inc. has provided architectural services for all three projects. A joint venture between HREG and Arnel Capital Partners LLC has developed Imperial Promenade, a 215,000-square-foot retail center located at Imperial Highway and Idaho Street in La Habra. Target, Circuit City, Corner Bakery, Chipolte, Pinkberry, Cake House and Z Pizza tenant the center. Anaheim, Calif.-based Adorn Construction Inc. served as general contractor. In Palmdale, HREG and San Francisco-based Rockwood Capital are developing 47th Street Pavilion, a 500,000-square-foot shopping center located at the corner of 47th Street East and Avenue R. Slated for completion in November, the center will be tenanted by SuperTarget, The Home Depot, Ross Dress For Less, PetSmart and Staples. Additionally, HREG has developed Talega Village Center, which is located at the corner of Avenida Vista Hermosa and Avenida Talega in the master-planned Talega community in San Clemente. The 103,000-square-foot retail center is occupied by Ralphs Fresh Fare, Eric Hanan, V’s Barbershop, Peet’s Coffee, Little Gym, Wells Fargo, First Class Pizza, Juice It Up!, Verizon and Sundried Tomato.
LA MESA, CALIF. — Ledcor Construction Inc. has completed a five-story, 66,000-square-foot medical office building in La Mesa. Located on the Grossmont Hospital Campus, the $9.6 million project features two machineroomless elevators, five built-out lobbies, a trash enclosure and a solar crosswalk. Additionally, the property features a seven-level parking structure, which is currently under construction by Ledcor. Pacific Medical Buildings owns the property. HDR provided architectural services for the project.
PALMDALE, CALIF. — Redlands, Calif.-based Palmdale 2006 Co. has completed the disposition of an 11,646-square-foot retail property, which is located at 40008 10th St. West in Palmdale. An undisclosed Glendale, Calif.-based private investor acquired the property for $6.26 million. Current tenants of the property include Taco Del Mar, Submarina, Wingstop restaurant and Taste of Persia. Jeff Conover of Faris Lee Investments represented the seller; Steve Crockett of Lee & Associates represented the buyer in the transaction.
CARLSBAD, CALIF. — Danielson DSS LLC is developing building seven for ViaSat Inc. The 40,000-square-foot office and lab facility is located within Bressi Ranch Corporate at 2530 Campbell Pl. in Carlsbad. Smith Consulting Architects is providing full architectural services for the project, which is seeking LEED Commercial Interiors certification. Ledcor Construction is serving as general contractor. Completion is slated for March 2009.
OAKLAND AND CONCORD, CALIF. — Kevin Turner and Nolan Jones of Marcus & Millichap’s Oakland office represented both undisclosed parties in the sale and acquisition of a 39-unit multifamily community. Located at 2833 High St. in Oakland, the 31,720-square-foot property sold for $2.9 million. The community features a full-length patio, gated parking and on-site laundry facilities. In a separate transaction, Jason Snyder and Marc Guillion, also of Marcus & Millichap’s Oakland office, represented the undisclosed buyer in the acquisition of Woodstone Apartments, a 20-unit multifamily community in Concord. The 18,778-square-foot property sold for $2.3 million. The community offers a swimming pool, on-site laundry facilities, 20 carports and 10 additional open parking spaces. The property is located at 4819 Clayton Road. The seller was not disclosed.
What area is your expertise? Our team’s expertise is the industrial real estate market primarily in Western Washington along the Interstate 5 corridor. We also work nationally for clients who are expanding into other areas either for site/space acquisitions or investment opportunities. What trends do you see presently in industrial development in your area? Currently there is no speculative development occurring in our area. Sites of interest would be infill sites in mature markets and rail-served sites. Risk is being priced back into the market with a significant pricing spread being evident between Class A and Class B properties — something we did not see during the high point of this past real state cycle. What type of industrial product is doing well in your area? Business parks accommodating the smaller to medium size users are doing relatively well. In addition, properties located near or in Seattle are doing well. The Kent Valley, due to its close proximity to Seattle and being composed or primarily business parks, is experiencing a decline in vacancy rates. In addition, rail served sites are a desirable commodity. Who are the active industrial developers in your area? Active national developers include: Panattoni, First Industrial, Opus, …
REDONDO BEACH, CALIF. — Bascom Group and Rockpoint Group LLC have completed the disposition of The Waterfront, a 161-unit beachfront multifamily community in Redondo Beach. A private investor acquired the property for $49 million, which represents $304,348 per unit or $392 per square foot. Located at 211 Yacht Club Way, the 125,050-square-foot community features a swimming pool, a spa, a state-of-the-art fitness center and a clubroom, as well as a private beach for residents. Additionally, the property features a 10,000-square-foot restaurant, which is operated by The Chart House. Greg Harris and Ron Harris of Marcus & Millichap represented the seller in the transaction.
RANCHO BERNARDO, CALIF. — Kilroy Realty LP, project owner, has completed the development of a 150,677-square-foot medical office building on Lot 2 at Innovation Corporate Center in Rancho Bernardo. The five-story building features 100,000 square feet of outpatient medical clinic space and 50,677 square feet of professional office space. Additionally, the property features a six-level, 205,000-square-foot parking structure. Scripps Health is expected to occupy the building. San Diego-based Pacific Cornerstone Architects designed the $53 million project. LBL Architects was retained by Scripps Health to design the medical portion of the project. Reno Contracting served as general contractor.
CARLSBAD, CALIF. — H.G. Fenton Company has completed the development of Scripps Coastal Medical Center in Carlsbad. Located at 2176 Salk Ave., the 40,000-square-foot project will house eight family and internal medicine physicians and one nurse practitioner. The project is Scripps Health’s first medical offices in Carlsbad.
BEVERLY HILLS, CALIF. — The Guardian Life Insurance Company of America has agreed to acquire a major interest in Kennedy Wilson, a real estate and investment firm. Under the terms of the transaction, Guardian will purchase $30 million of convertible subordinated debt in the company. When converted, the assets provide Guardian a 10 percent interest in the company, while Kennedy Wilson’s management retains a 54.1 percent ownership. De Guardiola Advisors Inc. acted as financial advisor to Guardian in the transaction.