Western

Speedway-Commerce-Center-Fontana-CA

FONTANA, CALIF. — A fund sponsored by CBRE Investment Management, in joint partnership with Hillwood Investment Properties, has received a $756 million financing package for the construction of Phase I of Speedway Commerce Center in the Inland Empire city of Fontana. Located at 9300 Cherry Ave., Speedway Commerce Center will be a multi-building logistics project with highly functional, larger scale buildings offering 40-foot clear heights, cross-docked loading, 185-foot concrete truck courts, employee parking, optimal circulation and more than 100 acres for excess trailer parking. Construction is underway at the site, which is entitled for up to 6.6 million square feet of logistics space. The first two buildings are slated for completion in early 2025. Eastdil Secured arranged the financing on behalf of CBRE Investment Management. Dan de la Paz, Eloy Covarrubias and Barbara Perrier of CBRE are handling leasing efforts for the development.

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El-Paseo-Shopping-Center-South-Gate-CA

SOUTH GATE, CALIF. — CBRE has secured a $43 million refinancing for El Paseo Shopping Center in South Gate, a suburb of Los Angeles. Located at 8634 Garfield Ave., the property features 300,000 square feet of retail space. Current tenants include Regal Edwards Theatres, Curacao, Planet Fitness, Starbucks Coffee, Union Bank, GNC, Panda Express, T-Mobile and Hooters. Bob Ybarra, Shaun Moothart, Bruce Francis, Doug Birrell, Nick Santangelo and Jim Korinek of CBRE secured the five-year, full-term interest-only, nonrecourse loan for the undisclosed borrower.

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COLORADO SPRINGS, COLO. — M&J Wilkow Ltd. and MetLife Investment Management, on behalf of its clients, have acquired Chapel Hills East, a core retail asset in Colorado Springs. Terms of the transaction were not released. Developed in 1995/1996, Chapel Hills East features 225,000 square feet of retail space. The property is currently 100 percent occupied by a variety of tenants, including Whole Foods Market, Nordstrom Rack, Best Buy, DSW, Old Navy, Barnes & Noble and Office Depot. Chapel Hills East is the fifth joint venture co-owned by M&J Wilkow and MetLife Investment Management.

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UTAH — CFG, a subsidiary of CFG Bank, has provided $16.3 million in bridge-to-HUD financing for the acquisition of two skilled nursing facilities.  The properies, which are in Utah, support a total of 220 beds.  The deal allowed the undisclosed borrower to expand its footprint into a new state. Further details were not disclosed. Tommy Dillon of CFG originated the transaction.

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1741-N-Cherokee-Ave-Hollywood-CA

LOS ANGELES — Big Sunday, a nonprofit committed to helping others through service projects and giving opportunities, has purchased an office building located at 1741 N. Cherokee Ave. in the Hollywood neighborhood of Los Angeles. Los Angeles Beautification Team, a nonprofit dedicated to resource conversations and community improvement, sold the asset for $5.4 million. Big Sunday plans to use the 6,743-square-foot asset as its headquarters, with move-in scheduled for April. Gruen Associates designed the property, which opened in 2021. The building offers up to 18-foot clear heights with multiple offices and a large training room, as well as 7,000 square feet of landscaped outdoor green space. Nicole Mihalka and Cal Ross of JLL, along with the Kenny Stevens team at Compass, represented the seller in the deal.

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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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Unchained-Labs-Pleasanton-CA.jpg

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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Portico-Oakland-CA

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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5665-Dennis-McCarthy-Dr-Lebec-CA

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-Airport-Business-Park-Chandler-AZ

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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