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August 7, 2020
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SOUTHERN CALIFORNIA HEADLINES

 News

 Etc. Etc...
Boston Properties Buys 50% of Development Joint Venture with Continental Development Corp
8/07/20
Venture owns 6.4-acre Beach Cities Media Campus site, entitled for 275k sf of creative office space

Lawndale Res Comp Works Out to Over $400k/Unit
8/07/20
Investors trade eight-unit property



Private Investor Buys 18-Unit Res Property in Fontana
8/07/20
Deal works out to about $147k per unit

Riverside Office Building Sells for $16 Mil
8/06/20
44k sf asset sold by Dornin Investment Group

Holliday Rock Company Buys 45k sf Industrial Site in Irvine
8/06/20
Firm looking to expand its business locally

Carmichael International Service Takes 29k sf of Office Space in Monterey Park
8/06/20
$10.4 mil deal is at Los Angeles Corporate Center

Dedeaux Properties and Stockbridge Capital Group Close on $28 Mil Santa Clarita Acquisition
8/06/20
Venture purchases a vacant 214k sf industrial facility

El Centro Apartment Property Gets New Owner in $9.6 Mil Deal
8/05/20
75-unit asset goes for $128k/unit

BLT Enterprises Spends $64 Mil on Hollywood Campus Property
8/05/20
Television Center consists of 200k sf of creative office and production space

SoCal Investor Pays over $500/sf for Multi-Tenant Pad Building at Lake Elsinore Marketplace
8/05/20
7.2k sf property sold by Pacific Castle

Dunleer Sells Renovated Hollywood Apartment Building for Over $400k/Unit
8/05/20
Investor spends $2.05 mil on The Oxford Hollywood

William Warren Group Development Buys 1.2-Acre Site Adjacent to the 405 Fwy in the San Fernando Valley
8/04/20
Buyer to build seven-story Storquest facility on the property

Hermosa Beach Restaurant Property Trades for Over $800/sf
8/04/20
6k sf building was formerly occupied by Round Table Pizza

Work Started on New $48 Mil Facility at Long Beach City College
8/03/20
Three-story, 96k sf project being built by C.W. Driver Companies

Orange Courier Subleases 255k sf Warehouse Facility in La Mirada
7/31/20
Building sublessor is All-Ways Pacific LLC

Long Beach Office Building Sells for $16 Mil
7/31/20
78k sf structure acquired as part of a 1031 exchange

Local Investor Buys Carlsbad Flex/Industrial Building in $11.6 Mil Deal
7/31/20
45k sf facility sold by Diversified Properties

AJ Rental Inc Spends $2.6 Mil on Inland Empire Industrial Asset
7/30/20
Three-building, 13k sf property in Perris trades for $198/sf

Dollar Tree Opens Store in Former Pier 1 Imports Space in San Clemente
7/30/20
Deal is for 10.5k sf at Pico Pavillion

Hong Kong Development Trade Council Relocates to Class A Tower in DTLA
7/30/20
Organization signs 10-year deal at 515 S. Figueroa St

LPC West and Crow Holdings Capital Pick Up 112k sf Chula Vista Industrial facility
7/29/20
Over half the space is available for lease at the well-located building

Office Building in City of Vernon Sells for $11.6 Mil
7/29/20
Two-story property fetches $294/sf

Portfolio of Three NV and CA Res Properties Refinanced with Three Fannie Mae Loans
7/29/20
NorthMarq arranges new money on 924 units in Las Vegas and Lakeside,CA

Local Investor Spends Over $5 Mil on Two Buildings at Grocery Anchored Center in Corona
7/28/20
Multi-tenant assets are part of 56k sf Village Grove Plaza

Silver Star Real Estate Pays 49.7 Mil for 147-Unit San Gabriel Valley Res Property
7/28/20
JLL arranges $30.5 Mil Freddie Mac loan for purchase of Amber Ridge Apartments in La Verne

Commerce Square Biz Park in Riverside Gets New Owner in $14 Mil Deal
7/28/20
129k sf complex sold by Colony Capital

Sovereign Lending Group Buys Costa Mesa Office Property
7/28/20
Firm pays $5.1 mil for 23k sf building

Badiee Development’s Latest Flex/Industrial Building is 70% Leased
7/27/20
50k sf facility is in Carlsbad Oaks North Business Park

Ria Takes an Additional 60k sf of OC Office Space
7/27/20
Expansion deal gives firm 89k sf at Village Business Park in Buena Park

Office Building in San Diego’s Little Italy Neighborhood Gets New Owner in $2.275 Mil Deal
7/24/20
Two-story property goes for over $800/sf

Captiva Partners / Avalon Investment Company Venture Buys 189k sf Creative Campus in L.A.
7/24/20
Office and industrial asset is near many major entertainment industry companies

Condor Cold Storage Buys 99k sf Facility in Corona
7/24/20
Deal is financed with $8.6 mil loan arranged by CBRE

Hankey Investment Company LP and Jamison Properties LP Celebrate Topping Out of L.A. Res Tower Development
7/23/20
$300 mil Kurve on Wilshire will contain 644 units over 23 floors

San Fernando Valley Multifamily Community Undergoes Historic Renovation
7/23/20
14-acre Chase Knolls community covers four city blocks in Sherman Oaks

Invesco Real Estate and Baranof Holdings Pick Up San Diego Self-Storage Property
7/23/20
Deal is for 1,640-unit Morena Storage

Nome Ventures Buys 171k sf Office Building in Cerritos
7/23/20
Purchase of Cerritos Center Court financed with $26.7 mil loan

Westlake Storage Solutions Leases 53k sf Facility in Thousand Oaks
7/23/20
Self-storage firm inks 10-year deal

Residential Development Site in Westchester Sells for $105/sf
7/22/20
85k sf parcel zoned LAR2-1 goes for $9 mil

MaxCare Products Takes 58k sf of Distribution Space in Santa Ana
7/21/20
Firm inks deal at 116k sf facility owned by Rexford Industrial

B. Riley Financial Leases 18k sf of Office Space in Westlake Village
7/21/20
Class A building is owned by BentallGreenOak

Investor Buys Flex/Industrial Facility in Santa Fe Springs
7/21/20
28k sf property was fully leased at time of sale

DTLA’s U.S. Bank Tower to Trade in $430 Mil Deal
7/20/20
72-story high-rise to be acquired by Silverstein Properties entity

Local Investors Trade San Gabriel Multifamily Property in $14.7 Mil Deal
7/17/20
62-unit Coral Reef goes for $237k/unit

Premier Workspaces and Majestic Asset Management to Jointly Open a Flexible Workspace in Westlake Village
7/16/20
Majestic Workspaces will offer many state-of-the-art features

Omninet Capital Wraps Up $32 Mil Res Buy in L.A.’s Koreatown
7/16/20
Firm picks up The Maya Apartments from Jamison Properties

NewMark Merrill Companies’ Allen Ginsborg has Passed Away
7/15/20
Co-founder of firm’s Mountain States Division was 59

Redondo Beach Apartment Building Goes for Over $500k/Unit
7/15/20
18-unit asset trades in $9.35 mil deal

Lowe and Related Fund Management Start Work on Office Building in DTLA’s Arts District
7/15/20
New development will provide 113k sf of space over nine floors

VCA Animal Hospital in Orange County Sells for $9.2 Mil
7/15/20
Deal for Fountain Valley property closes at a cap rate of 4.75%

4S Bay Partners LLC Pays $35 Mil for 3.27 Acres of Developable Land in Los Angeles
7/10/20
The site is in a designated Opportunity Zone with a Transit Oriented Development (TOC) Tier III designation

136-Unit Multifamily Asset in Bakersfield Sells for over $11 Mil
7/09/20
Private investors trade five-acre Village at Lakeside property

BLT Enterprises in a Create-ive Mood with $40 Mil Carlsbad Acquisition
7/09/20
Firm buys new, 146k sf pharmaceutical manufacturing facility from RPG

Orbis Real Estate Partners Purchases 5.87-Acre Development Site in Perris
7/09/20
Firm planning to develop a 275k sf distribution building on the land

The Krausz Companies Spends $13.45 Mil on Single-Tenant Building in San Bernardino
7/08/20
50k sf property occupied by the County of San Bernardino

Cooley Signs Lease for 74k sf at The Boardwalk in Torrey Pines
7/08/20
Three-building, 195k sf life science project is still under construction

OC Investor Buys Corona Car Wash Property in $5.7 Mil Deal
7/08/20
Freestanding asset is on a outparcel to 270k sf Corona Hills Marketplace

LPC West and an Affiliate of Cerberus Capital Management Buy 30 Acres in Oceanside
7/07/20
Partnership to build a modern industrial campus on the land

Omninet Capital Closes $55 Mil Office Buy in the Conejo Valley
7/07/20
Firm picks up two multi-building properties in Westlake Village from Topa Equities

Trio of SoCal Retail Acquisitions Financed with $19.9 Mil in Loans
7/07/20
CBRE arranges money for purchase of Oceanside, Santa Clarita and Montebello properties totaling 76k sf

Rexford Industrial Realty Closes on Five SoCal Buys Totaling $73 Mil
7/06/20
Recent deals combine for 434k sf of space

Manifest Point LLC Buys San Fernando Valley School Campus Property
7/03/20
15.78-acre Chatsworth site trades for $9 mil

New AC Hotel by Marriott in Beverly Hills has been Completed
7/02/20
Developed by Reliable Properties and Seaview Investors, the 11-story project was built by R.D. Olson Construction

Eight-Unit Apartment Property in San Diego’s Pacific Beach Goes for $361k/Unit
6/30/20
Buyer of The Thomas Avenue Apartments looking at potential for increased rents

Law Firm Spends Over $3 Mil on Sorrento Mesa Office Building
6/30/20
14k sf property to be used for buyer’s bankruptcy legal practice

Blackstone Property Partners to Acquire 49% Stake in a 2.2 msf Portfolio Owned by Hudson Pacific
6/29/20
$1.65 bil deal is for three Hollywood studios and other Class A office assets

The Appliance Outlet Opens Second SoCal Outlet
6/29/20
Home appliance retailer takes 13k sf at Mission Promenade in Oceanside

Riverside Multifamily Property Traded at $154k/Unit
6/26/20
16-unit Bel Air Apartments purchased by a private investor

Private Investor Buys Class A Office Asset in Temecula
6/26/20
35k sf building sold by MIG Real Estate

Construction Biz Entity Buys Four Acres in Chino
6/25/20
Site currently houses two small buildings totaling 2.1k sf of space

Anaheim Res Property Trades at $300k/Unit
6/25/20
Private buyer pays $6.3 mil for 21-unit asset

William A. Millichap Passes Away at 76
6/23/20
Highly regarded industry leader was co-chairman of Marcus & Millichap

OC Medical Office Property Fetches Over $700/sf
6/23/20
Exchange investor spends $8.4 mil for 11.5k sf Tustin building

Two Assets at Inland Empire Sprouts-Anchored Shopping Center Sell for $7.6 Mil
6/23/20
Deals are for a multi-tenant retail building and a Quick Quack Car Wash at Highland Village Shopping Center in Fontana

Rexford Industrial Realty Completes Two SoCal Buys for $14.7 Mil
6/23/20
Firm acquires properties in Yorba Linda and San Diego

Multi-Tenant Retail Center with Cannabis User Financed with Loan for $13.5 Mil
6/22/20
George Smith Partners arranges cash-out loan on asset in L.A.’s Echo Park area

Summerhill Completes Pasadena Res Project
6/22/20
105-unit Theo was designed by KTGY Architecture + Planning

Two San Diego Mixed-Use Projects Trade in $45 Mil Transaction
6/22/20
The properties, Park & Polk and The Fort, were both designed and sold by architect Jonathan Segal

Multifamily Building in L.A.’s Koreatown Sells for $289k/Unit
6/18/20
14-unit asset was completely renovated since prior transfer in 2017

Alexandria Real Estate Equities Picks Up San Diego Flex/R&D Building for $17 Mil
6/18/20
Two-story, 62k sf property is in the Sorrento Mesa area

Hurtt Family Health Clinic Leases 14k sf of Space in Tustin
6/18/20
Deal is at Welltower’s Foothill Regional Medical Center

El Cajon Multifamily Property Trades in $16 Mil Deal
6/18/20
GLC Legacy Trus pays $240/unit for Tribecca on Mollison

Freestanding Building in the Heart of Village of Rancho Santa Fe Sells for $3.2 Mil
6/17/20
Two-story retail/office property goes for over $1,000/sf

SoCal Single-Tenant Retail Properties Trade in Deals Worth over $30 Mil
6/17/20
Four properties are located in Indio, Lomita, Victorville and Hawthorne

California Commercial Real Estate to Be Negatively Affected Through 2023 Due to Impact of Pandemic
7/31/20
Developers surveyed in Allen Matkins/UCLA Anderson Forecast pessimistic across all markets, with industrial and multi-family only moderately affected

Evolution of Online Retail Drives Retail-to-Industrial Conversion Projects Across the U.S.
7/29/20
CBRE report counts 15.5 msf of new industrial space converted from retail since 2017

BH Properties Launches Program to Finance and Acquire Troubled Properties
7/21/20
Firm expects owners of smaller projects to need assistance as government moratoriums from COVID 19 expire later in the year

Construction Employment Rose from May to June in 31 States; Slips in 18 States
7/20/20
Per Associated General Contractors of America, expect job losses to resume without federal funding

OC Industrial Market Remains Steady Despite Economic Headwinds
7/17/20
Second quarter market snapshot provided by CBRE

L.A. Produced More than Double the Amount of Tech Degrees than Tech Jobs Created in the Region
7/16/20
CBRE’s annual ‘Scoring Tech Talent Report’ says that Los Angeles will continue to be a hub for growth among tech tenants

Advanced Real Estate Services Spends $26 Mil on 120-Unit Res Asset in Riverside
7/16/20
Firm also refis loans on five other assets and forms a new investment fund

Portfolio of 16 Chase Bank Properties in California Listed for $63.8 Mil
7/14/20
CBRE team marketing the assets for MetLife Investment Management

30-Year Fixed-Rate Mortgage Drops to 3.03%
7/12/20
Results from Freddie Mac’s Primary Mortgage Market Survey® are the lowest in survey history

Inland Empire’s East Valley Industrial Market Saw Strong Activity and Absorption in 2nd Quarter of 2020
7/09/20
Just-released report from Lee & Associates Riverside shows region still holding up in light of the “new normal”

Annual Industrial Absorption Expected to Hit 333 msf by 2022
6/29/20
Estimate is from CBRE’s latest U.S. Industrial Marketflash Report

Latest Numbers Show Construction Activity Returning to Pre-Coronavirus Levels in Many Parts of the Country
6/19/20
New survey by the Associated General Contractors of America and data from construction technology company Procore shows firms adding workers

Draftsmen & Craftsmen
6/19/20
CBRE’s Project Management division awarded for San Ysidro Land Port of Entry Phase II project

Nation’s Hotels Expected to See Full Demand Recovery by Late 2022
6/18/20
CBRE research predicts San Diego area hotels to show signs of recovery by 2021 with modest occupancy, ADR and RevPar increases

Nathan Holthouser, James Lehigh, Tram Church, and Rebecca Canalez Launch Coastal Commercial
6/17/20
Former CBRE pros to focus on wide range of real estate services for SoCal coastal communities

See Dodger Stadium with Lots of Cars and No People
6/16/20
Great aerial pic with DTLA in the background taken by Fred Emmert

Nadel Architecture + Planning Introduces Direct-to-Retailer Design studio
6/15/20
Move spurred by expected changes and greater innovation likely in the current environment

Check Out RENTV's Inaugural Podcast!
6/08/20
In this informative and fast-paced podcast, RENTV CEO Steve Bloom takes listeners through the week's major CRE news stories, tech updates and notable events, in addition to commenting on important issues for the industry.

CapRock Partners Completes Second Closing of CapRock Partners Industrial Value-Add Fund III
6/02/20
Fund has more than $180 mil in capital commitments

NewMark Merrill Companies and Its Restaurant Partners Provide Meals to Healthcare Workers in CA, CO and IL
6/01/20
Meals for 2,620 workers was firm’s second “Wave of Kindness” following $14,000 in food give-aways to families

Review of Key Provisions in Proposed California Legislation (SB-939) Impacting Commercial Real Property Owners and Developers
5/26/20
Jonathan N. Zweig with Cox, Castle & Nicholson updates us on how this pending legislation will impact commercial developers and landlords

Brad Umansky Named President of Retail Brokers Network
5/22/20
Owner of Progressive Real Estate Partners will help grow the national organization

Most Employers in CBRE Study Favor Phased Return to Workplace
5/21/20
Many companies looking at touchless technology, employee health screenings and restricting visitors

CoStar Group to Acquire Ten-X Commercial in $190 Mil Deal
5/14/20
Ten-X has executed $24 bil in digital transactions since its launch in 2009

Los Angeles Better Buildings Challenge Names Its Annual Innovation Awards Winners
5/11/20
Six properties recognized as 2019’s Best Buildings in the private and public sectors




 


 


 


 
 





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