Western

The-Star

LOS ANGELES— The Star LLC has submitted revised design plans for The Star, a proposed $1 billion office campus at 6061 W. Sunset Blvd. in the Hollywood neighborhood of Los Angeles. The development firm, led by local investor and developer Maggie Miracle, first submitted a proposal for the project in 2021 with renderings designed by Chinese architecture firm MAD Architects. The initial concept held a $500 million price tag. The original design was ultimately scrapped by Miracle to incorporate garden-like outdoor spaces, which she believes have become increasingly attractive to office tenants following the COVID-19 pandemic, according to reports by the Los Angeles Times.  Updated plans for the project, which doubles down on the initial investment price, were designed by Foster + Partners and include a 22-story, cylindrical tower with a spiral of external gardens rising from the street level. The development will offer spacious floor plates and floor-to-ceiling windows offering unobstructed views of downtown Los Angeles, the Hollywood Sign and Pacific Ocean. Each floor will feature a series of external shaded and landscaped social garden terraces designed by SALT Landscape Architects.  Plans for the project — which will target WELL and LEED certifications — also include a rooftop restaurant …

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PLEASANTON, CALIF. — Ware Malcomb, serving as civil engineering, interior architecture and design-and-build measurement services, and Metcon, as general contractor, have completed a 120,000-square-foot tenant improvement project for Unchained Labs. Located at 4747 Willow Road in the Bay Area city of Pleasanton, the two-story building features 53,887 square feet of office space, 20,379 square feet of manufacturing space and 14,779 square feet of lab and warehouse space. The newly designed facility also includes an “all hands room;” a gym and locker area with specialty private shower areas; wet labs for life sciences research and development designed with a plug-and-play approach; a lab area with a clean room and humidity-controlled room facilities; electric vehicle charging stations; and loading docks. Unchained Labs develops new tools for biologics and gene therapy researchers.

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OAKLAND, CALIF. — Cityview has completed Portico, an apartment property located at 37 8th Ave. in Oakland’s Brooklyn Basin master-planned community. Portico features 378 studio, one-, two- and three-bedroom apartments, as well as townhomes. The units offer a Latch smart-home system that includes keyless entry and smart thermostats; stainless steel appliances; large closets; in-unit, full-size washers/dryers; luxury vinyl plank flooring; and kitchens with fully tiled backsplashes and quartz countertops. Community amenities include a rooftop sky lounge; resort-style pool and spa deck; and an outdoor courtyard featuring fireplaces, outdoor games and a community garden. The community’s indoor/outdoor fitness space features state-of-the-art equipment and a movement studio, while the clubhouse offers a community wine room, game room and leasing lobby lounge, as well as an outdoor pet spa and pet park. The community also offers managed Wi-Fi throughout the community, technology-enabled workspaces and 331 parking spaces for residents and guests. The project team includes James E. Roberts Obayashi, Webcor, AC Martin and Nadia Geller Designs.

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LEBEC, CALIF. — Dedeaux Properties and joint venture partner Basis Investment Group have completed the sale of a warehouse building, located at 5665 Dennis McCarthy Drive in Lebec, approximately 90 miles northwest of Los Angeles. An owner/user acquired the asset for $37.1 million, or $159 per square foot, in an off-market transaction. The buyer, a national clothing and textile distributor, will relocate its operations to the 233,217-square-foot building, which features 36-foot clear heights, 29 dock-high doors and parking for 90 trailers. The property is on 12.3 acres in Tejon Ranch Commerce Center, a 20-million-square-foot, master-planned development on Interstate 5.

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CHANDLER, ARIZ. — CapRock Partners has acquired Chandler Airport Business Park, a newly finished, Class A industrial asset in Chandler. The 318,683-square-foot property features four freestanding warehouse buildings ranging in size from 56,756 square feet to 103,639 square feet, as well as access to Phoenix’s Southeast Valley region. Chandler Airport Business Park features ESFR sprinklers; ample power; large, secured, concrete truck courts; and space for 428 auto stalls, including electric vehicle charging stations. Individual building specifications include: The 20-acre property is located at the northwest corner of Cooper Road and Queen Creek Road. Stein Koss, Tom Louer and Fenton Kelly at Lee & Associates represented CapRock Partners in the transaction. The team is also leading leasing for the property.

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MERCED, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the sales of two newly constructed, adjacent, single-tenant retail properties in the San Joaquin Valley city of Merced. Two individual private buyers purchased the assets in separate transactions totaling $8.2 million. In both transactions, Bill Asher and Jeff Lefko of Hanley represented the developer and seller, Glendale-based Chase Partners. A Los Angeles-based private investor acquired the first asset for $5.3 million. Constructed in 2023, the 4,088-square-foot convenience store and gas station is located at 1995 W. Olive Ave. 7-Eleven occupies the building under a new, corporate, 15-year, triple-net lease. Nicholas Borrelli of Coldwell Banker Commercial George Realty in Arcadia represented the buyer in the deal. A Los Angeles-based private investor purchased the second building for $2.9 million. Michael Mehdizadeh of Los Angeles represented the buyer in the deal. Located at 1993 W. Olive Ave., Starbucks occupies the 1,000-square-foot, drive-thru-only building under a new, corporate, 10-year, triple-net lease.

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ARIZONA, NEW MEXICO, OHIO AND OREGON — Intel Corp. and the U.S. Department of Commerce have signed a non-binding preliminary memorandum of terms (PMT) for up to $8.5 billion in direct funding to Intel for commercial semiconductor projects under the CHIPS and Science Act. The proposed funding would help advance Intel’s critical semiconductor manufacturing and research-and-development (R&D) projects at its sites in Arizona, New Mexico, Ohio and Oregon. CHIPS Act funding aims to increase U.S. semiconductor manufacturing and research and development (R&D) capabilities. According to a release, Intel is the only American company that both designs and manufactures leading-edge logic chips. “Today is a defining moment for the U.S. and Intel as we work to power the next great chapter of American semiconductor innovation,” says Intel CEO Pat Gelsinger. “Artificial intelligence is supercharging the digital revolution, and everything digital needs semiconductors.” Santa Clara, Calif.-based Intel is building two new fabrication plants in Chandler, Ariz. The new factories on the company’s Ocotillo campus are part of Intel’s multibillion-dollar global manufacturing build-out, which includes new or expanded facilities in Oregon, New Mexico, Ohio, Malaysia, Ireland, Poland, Israel and Germany. Construction is underway on Intel’s Fab 9 factory in Rio Rancho, N.M. Fab …

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SAN DIEGO — PGIM Real Estate has provided $51 million in floating-rate acquisition financing to BKM Capital Partners for the acquisition, renovation and leasing costs of Canyon Industrial Center in San Diego’s Kearny Mesa submarket. BKM previously announced its purchase of the multi-tenant, 198,728-square-foot, shallow-bay industrial asset, which spans 13 buildings.

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16981-Via-Tazon-11501-Rancho-Bernardo-Blvd-San-Diego-CA

SAN DIEGO — Montana Avenue Capital Partners has completed the disposition of a two-building R&D and laboratory portfolio, located at 16981 Via Tazon and 11501 Rancho Bernardo Blvd. in the Rancho Bernardo submarket of San Diego. Dollinger Properties acquired the asset for $30.8 million. The portfolio consists of two fully leased buildings offering a combined rentable area of 90,000 square feet. Bob Prendergast and Lynn LaChapelle of JLL Capital Markets, along with Tim Olson and Greg Moore of JLL, represented the seller and procured the buyer in the deal.

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LAS VEGAS — PSRS has arranged $12.5 million in construction financing for a self-storage facility in Las Vegas. The property will be a 926-unit mini-self-storage facility that consists of two three-story buildings totaling 103,803 rentable square feet. The property will also feature covered stalls for RV, boat or trailer storage. Ricky Giancola of PSRS secured the financing for the undisclosed borrower through a regional bank at a 75 percent loan-to-cost ratio.

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