TORRANCE, CALIF. — Rexford Industrial Realty has purchased an eight-building industrial portfolio in Torrance for $66.2 million, or $247 per square foot. The acquisition was funded using cash on hand. The name of the seller was not released. Comprised of four single-tenant buildings and four two-tenant buildings, the asset offers a total of 267,503 square feet of industrial space on 14.2 acres. At the time of sale, the complex was 91 percent leased. Rexford plans to complete capital improvements at the property, including fire sprinkler upgrades, modernization of offices and other functional enhancements.
MESA, ARIZ. — Cadence Living and Ryan Cos. US have completed the development of Acoya Mesa, a seniors housing community located at 6502 E. Brown Road in Mesa. Situated on seven acres, the 183,000-square-foot property features 170 apartments in a mix of studio, one- and two-bedroom layouts with full kitchens, washers/dryers, walk-in showers and 24-hour emergency lines. Community amenities include all-day restaurant-style dining, an arts and crafts talent room, raised garden beds, movie theater, salon, game room, special event hall, fitness room and residential programming. Ryan Cos., co-owner and co-developer, served as general contractor and architect for the project, which was the first joint venture between the two companies. Ryan A+E Inc. designed the community and StudioSIX5 designed the interior spaces.
CHULA VISTA, CALIF. — The Mogharebi Group (TMG) has arranged the sale of Pacific Pointe Active Senior Living, a 111-unit active adult community in Chula Vista. A San Gabriel Valley-based private investor sold the community to a Los Angeles-based buyer for $12 million. Pacific Pointe is in downtown Chula Vista, located between San Diego and the border of Mexico. The property is within a mile of Scripps Mercy Hospital Chula Vista, Interstate 5 and over 1 million square feet of retail. “Due to the location and quality of this property, the potential buyer pool was significant in size,” says Otto Ozen, executive vice president of TMG. “To maximize the value of this community, we aggressively marketed it to our list of high-net-worth private clients who are currently looking for [1031] exchange up-legs.” Alex Mogharebi and Ozen of TMG represented both the seller and buyer.
SAN FRANCISCO — CBRE has arranged the sale of an office building located at 747 Front St. in San Francisco’s Jackson Square district. Polidev sold the asset to Bridgeton Holdings for an undisclosed price. Built in 1909, the four-story, 85,500-square-foot property has undergone substantial creative improvements in recent years, including open floor plans and expansive windows that showcase the 12- to 15-foot clear heights. The property also features a private roof deck with 360-degree views of the San Francisco Bay. At the time of sale, the property was 100 percent leased to a diverse tenant base, including Minted and Funding Circle. Kyle Kovac, Mike Taquino, Russell Ingrum, Mandy Lee and Giancarlo Sangiacomo of CBRE’s San Francisco office represented the seller. Mike Walker, Brad Zampa and Megan Woodring of CBRE’s San Francisco office arranged $54.9 million acquisition loan for the buyer. The five-year, non-recourse loan features full-term interest-only payments and a floating rate.
The San Diego industrial market is still thriving under sunny skies. The 146-million-square-foot industrial base is more than 95 percent occupied. Businesses continue to gobble up space even though rents have grown 6 percent to 8 percent annually since 2015. Though industrial markets around the country continue to do well thanks to a rapidly expanding logistics sector, San Diego’s industrial growth is broader based. Major contributions come from the defense, tech, electronics, cross-border commerce and biotech sectors. San Diego has several large submarkets, each with its own set of opportunities and challenges. South County, which includes Otay Mesa, has seen the strongest rent growth during the current economic recovery. Since the beginning of 2018, more than 591,000 square feet of state-of-the-art distribution space has been completed, with all but 45,000 square feet fully leased up. Recent transactions in Otay include a 198,000-square-foot lease to Zucarmex and the 174,000-square-foot expansion of US Joiner Trident Marine. The vacancy rate for South County stands at 4.33 percent, slightly under the countywide rate. Vacancy in North County is running somewhat higher at 6.72 percent. This is mainly due to recent deliveries in Carlsbad. A little more than 2.2 million square feet of new space …
SEATTLE — Goodman Real Estate has completed the sale of the Medical Dental Building, a historic office/medical office building located in Seattle’s central business district. Menashe Properties acquired the asset for $113 million. Constructed in two phases in 1925 and 1950, the 18-story landmark building was renovated in 2008 and recently underwent more than $25 million in building upgrades, including new lobby finishes and the creation of a winter garden common area. A diverse roster of over 130 professional tenants, including Seattle-based Bartell Drug Co., Deltek and The Polyclinic, occupy the building. Kevin Freels, Logan Greer, Michael Leggett and Gerry Rohm of JLL Capital Markets represented the seller in the deal.
TEMECULA, CALIF. — C.W. Driver Cos., as general contractor, has started construction of Mt. San Jacinto College’s (MSJC) new $43.3 million, 350,000-square-foot Temecula Valley Campus in Temecula. The project consists of a seismic retrofit and tenant improvement of an existing office building, creating a new campus and addressing current classroom shortages. The building’s twin five-story, 175,000-square-foot towers will be converted from office space into classrooms, laboratories and offices to serve MSJC students. The fifth floor will be entirely lab space. Other upgrades will include a kitchen, fitness center and lounges for students and faculty use. Located at 41888 Motor Car Parkway, the first phase of the 27-acre campus includes all seismic retrofits and full build-out of three floors. The phase is slated for completion in time for the fall 2020 semester. The second phase is scheduled for completion by summer 2021. PMSM/Nineteen Six Architects is serving as architect for the project. MSJC acquired the property from Abbot Laboratories with Measure AA facilities bond funds, which were approved to fund improvements to existing facilities and purchase new assets to accommodate increasing student enrollment.
SAN DIMAS, CALIF. — HCT Logistics Co., a Taiwan-based logistics and investment company, has purchased an office building located at 955 Overland Court in San Dimas. 955 Overland Venture LLC sold the asset for $19.9 million. Totaling 87,210 square feet, the two-story property was fully leased at the time of sale. Current tenants include the County of Los Angeles, United Nurses of California and Med-Legal. Mark Shaffer, Anthony DeLorenzo, Gary Stache, Doug Mack, Mark Perry and Carlene O’Neil of CBRE represented the seller in the all-cash transaction.
PORTLAND, ORE. — Ready Capital has provided a $13.8 million loan for the acquisition, repositioning and lease-up of a flex property located in Portland’s Central East Side submarket. The undisclosed sponsor plans to use loan proceeds to convert the current industrial buildings into modern creative office spaces. The transformation will include connecting the building via a modernized tenant entry and common area, complemented by a new elevator system. Additionally, the repositioning will include rooftop access, improved common areas, updated exteriors and additional parking. Upon completion, the asset will offer approximately 57,000 square feet of office space. Ready Capital’s National Bridge Originations Team closed the non-recourse, interest-only, floating-rate loan. The financing features a 36-month term with two extension options and flexible prepayment, while including a facility to provide future funding for capital expenditures, tenant leasing costs and an interest reserve.
CHANDLER, ARIZ. — Newmark Knight Frank has negotiated the sale of Alma Elliot Square, a shopping center in Chandler. TriGate Capital sold the asset to Orange County, Calif.-based Investment Concepts for $9.6 million. At the time of sale, the 62,164-square-foot asset was 62 percent leased to a mix of national and regional tenants, including Starbucks Coffee, O’Reilly Auto Parts, AT&T, Great Clips and Pizza Hut. Fry’s Food and Drug and IHOP also shadow-anchor the property. CJ Osbrink, David Guido, Joe Doucett, Joseph Hoye and Ryan Moroney of Newmark Knight Frank represented the seller in the deal.