Western

R.D. Olson Breaks Ground on Bolsa Row Terrace Shopping Center in Westminster, California

by Jeff Shaw July 31, 2023

WESTMINSTER, CALIF. — R.D. Olson has announced the groundbreaking of Bolsa Row Terrace, a new shopping and dining destination in Westminster’s Little Saigon District. Spanning 26,211 square feet, the two-story retail development will feature shopping and dining options overlooking a landscaped courtyard with al fresco bistro seating. The architecture draws inspiration from Vietnam’s pre-war French colonial style, with elements like arches, ironwork, glass storefronts and a clock tower with a traditional mansard roof resembling Bến Thành Market. Completion of Bolsa Row Terrace is scheduled for early 2024. This is R.D. Olson’s second phase of the six-acre project for developer IP Westminster.

July 31, 2023

Development Nevada Office Western

Montane Building Group Begins Renovations at HDR Headquarters in Reno, Nevada

by Jeff Shaw July 31, 2023

RENO, NEV. — Montane Building Group has commenced tenant improvements at the headquarters of HDR, a company owned by NevDex Properties. The project, located at 10615 Professional Circle, Suite 201, will span 3,882 square feet and include a modern office space featuring open work areas, private offices, a conference room, a mothers’ room and a break room. HDR, known for its engineering, architecture, environmental and construction services, employs more than 11,000 people across 200 offices worldwide. The tenant improvement project is scheduled for completion in mid-August.

July 31, 2023

California Loans Mixed-Use Multifamily Retail Western

PSRS Arranges $9.6M Refinancing for Renaissance Court Mixed-Use Property in Pasadena, California

by Jeff Shaw July 31, 2023

PASADENA, CALIF. — PSRS has arranged the a $9.6 million loan to refinance debt on Renaissance Court, a mixed-use community in Pasadena, just northeast of Los Angeles. Renaissance Court offers 41 multifamily units, including one- and two-bedroom apartments and two-bedroom townhomes. The property also includes nine ground-level retail units. Kostas Kavayiotidis arranged the non-recourse loan through a life insurance company. The financing features a 10-year term and 30-year amortization.

July 31, 2023

California Leasing Activity Retail Western

Circle K Signs 3,700 SF Lease at University Square Project in Rocklin, California

by Jeff Shaw July 31, 2023

ROCKLIN, CALIF. — Circle K has signed a 3,700-square-foot lease at University Square, a 10-acre, mixed-use development currently underway in the Sacramento suburb of Rocklin. Upon completion, the convenience store and gas station will be situated on a site featuring more than 20,000 square feet of retail space and 5,000 square feet of space for quick-service restaurants. LRE & Cos. is the developer and landlord. The project is scheduled for completion in late 2025.

July 31, 2023

Acquisitions California Hospitality Western

Steve Hermann Hotels Sells The Inn at Rancho Santa Fe in California for $100M

by Jeff Shaw July 28, 2023

RANCHO SANTA FE, CALIF. — Steve Hermann Hotels has sold The Inn at Rancho Santa Fe, an 85-room luxury boutique resort in Rancho Santa Fe, a northern suburb of San Diego. An institutional investment fund purchased the asset for $100 million. The resort is currently undergoing a comprehensive renovation and should be fully operational by the end of this year. Sonnenblick-Eichner Company represented the seller.

July 28, 2023

California Civic Development Western

Driver SPG Starts Construction of $14.5M St. Callistus Chapel in Garden Grove, California

by Jeff Shaw July 28, 2023

GARDEN GROVE, CALIF. — Driver SPG, a division of C.W. Driver Companies, has started construction of the St. Callistus Chapel and Crypts, a new worship space located underneath Christ Cathedral in Garden Grove. The $14.5 million chapel, designed in a modern Byzantine architectural style, will feature sacred art from Granda of Madrid, Spain, and will accommodate 220 people with a marble altar for masses and devotional shrines on each side. The project is scheduled for completion by summer 2024. It will include hundreds of niches and burial spaces for generations of Diocese of Orange bishops.

July 28, 2023

Acquisitions California Industrial Western

CapRock Partners Purchases 92,366 SF Valley Center Business Park in City of Industry, California

by Jeff Shaw July 28, 2023

CITY OF INDUSTRY, CALIF. — CapRock Partners has acquired Valley Center Business Park, a 6.5-acre, multi-tenant industrial complex in the City of Industry. The property includes about 92,366 square feet of industrial warehouse space across six buildings. It is strategically positioned for value-add investment in the heart of San Gabriel Valley’s industrial market. CapRock plans to enhance the property’s functionality and marketability through immediate capital improvements.

July 28, 2023

Acquisitions California Industrial Western

Express Dry Acquires 14,000 SF Industrial Building in Escondido, California

by Jeff Shaw July 28, 2023

ESCONDIDO, CALIF. — Express Dry has acquired a 14,000-square-foot industrial building located at 1449 Simpson Way in Escondido for $4.4 million. The purchase was made under the entity Expressunits1449 LLC. The building will facilitate the company’s expansion plans in the Escondido submarket of North San Diego County. JLL’s Chris Baumgart represented the buyer. San Diego Commercial represented the seller, Marky Sparky Toys.

July 28, 2023

California Leasing Activity Life Sciences Western

Three Biotech Companies Sign Leases at GENESIS-Del Mar’s San Diego Life Sciences Hub

by Jeff Shaw July 28, 2023

SAN DIEGO — Phase 3 Real Estate Partners has signed three new leases with life sciences companies at GENESIS-Del Mar, an 86,000-square-foot lab building in the Del Mar Heights submarket of San Diego. The building is located at 12250 El Camino Real. The new biotech companies, Mabwell Therapeutics, Genece Health and Lygos, will occupy spaces ranging from 4,000 square feet to 12,000 square feet. JLL’s Chad Urie, Grant Schoneman and Taylor DeBerry represented Phase 3 Real Estate Partners in the three lease transactions.

July 28, 2023

California Market Reports Office Western Western Market Reports

San Diego’s Office Sector Experiences Elevated Sublease Levels

by Jeff Shaw July 28, 2023

— By Jerry Holdner, Avison Young — Southern California Region Lead, Innovation & Insight, AVANT — The San Diego office market is starting to show signs of weakness. Unemployment remains low, but it is important to highlight that job creation has been uneven. The bright spot is that high-value-added jobs in a broad range of sectors, such as scientific research, medical products and pharmaceutical development continue to grow, which bodes well for San Diego. We are still uncertain about a recession. It could be short and shallow like many are predicting, or we could be in for a period of monumental headwinds. Investment sales have retreated as interest rates increased, and office workers have been reluctant to return to the office. This has created an uncertain picture of our office market going forward. The rise and future uncertainty of the pace of inflation has caused many to take a “pencils down” approach. This has caused many to slow, pause or even halt their dealmaking, growth, capital investment and development efforts as the ability to borrow funds has become difficult. San Diego’s office vacancy currently stands at 12.3 percent, and 18.9 percent of the total office market is available (including sublease …

July 28, 2023

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