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June 20, 2024
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SOUTHERN CALIFORNIA NEWS
Archive
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• OC Office Building Leased to the State of California Sells for $327/sf
10/11/23
Easterly Government Properties acquired a 95.4k sf, Class A office building in Anaheim in a $31.15 mil ($326.50/sf) trade. The property, 1065 Link, is 100% leased to the State of California. 1065 Link is a four-story institu...
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• Construction Underway on New Res Project in San Diego’s Linda Vista Neighborhood
10/11/23
Construction on Citrino, a 47-unit, solar-powered multifamily community located at 6916 Fulton St in San Diego’s Linda Vista neighborhood, is nearing completion. The new community replaces 1940’s-era World War II housing, and...
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• Two Recent Long Beach Apartment Sales Total Over $7 Mil
10/11/23
Two multifamily apartment communities totaling 23 units in Long Beach sold to separate buyers in deals with a combined price of $7.09 mil ($308k/unit). In one of the transactions, a seven-unit multifamily property at 122 E....
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• Office/Flex Building in the San Gabriel Valley Trades in $25 Mil Deal
10/10/23
A 122k sf office/flex building in the San Gabriel Valley city of Monrovia traded for $25 mil, or $205/sf. Located at 222 E. Huntington Dr, the asset is the largest office building ever sold in the city and also fetched the hi...
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• Hoonie Kang Promoted to Managing Partner at Kearny Real Estate Company
10/09/23
Hoonie Kang has been promoted to Managing Partner at Kearny Real Estate Company. In his new role, Kang will oversee the day-to-day operations of the firm, allowing Kearny Founder and Chairman Jeff Dritley to focus on bigger p...
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• Carlsbad Office Building Purchased by Local Owner/User for $337/sf
10/09/23
Core Contracting paid $4.42 mil for 1530 Faraday Avenue, a 13.1k sf ($337/sf) office building in Carlsbad. The buyer, a local company, will occupy the space, which is located minutes from Interstate Five and near The Island a...
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• Mixed-Use Project in L.A.’s Los Feliz Neighborhood Lands $90 Mil Refi
10/09/23
A joint venture of LaTerra Development and Clarion Partners has secured $90 mil in refinance money for The Louise, a newly constructed, upscale multifamily mixed-use property in L.A.’s Los Feliz neighborhood. The project, fea...
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• Renovation Completed on California Community Foundation HQ in DTLA
10/06/23
The new 54k sf, California Community Foundation (CCF) HQ facility is now open. Designed by SRK Architects Inc, the renovation project entailed both an interior and exterior redesign of the four-story building, located at 717 ...
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• KFC Signs Lease for 3.3k sf Restaurant in Ontario
10/06/23
KFC inked a 15-year ground lease for a 3.3k sf drive-thru restaurant in Ontario. The property is located at 1851 East G St, at the intersection of the I-10 freeway and Vineyard Ave. The site offers visibility to over 270,000...
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• Medical Office Building in South OC Trades for $436/sf
10/06/23
A SoCal-based investor paid $12 mil for a 27.5k sf ($436/sf) medical office building in San Clemente. The deal closed at a 6.93% cap rate. The two-story building, built in 2002, is situated on 1.66 acres at 1300 Avenida Vist...
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• Two Anaheim Apartment Sales Total Up to $5.5 Mil
10/05/23
We’ve got news of two Anaheim multifamily property sales to separate buyers totaling 20 units for a combined price of about $5.5 mil. CBRE’s Dan Blackwell Andrew Boukather and Amanda Fielder represented the seller in the deal...
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• Kearny Mesa Res Project to Move Forward with $99 Mil in Construction Money
10/05/23
San Diego-based real estate development firm AAA Management has landed $99.4 mil in construction financing for Ion Aero, a planned 302-unit mid-rise multifamily community located at 8555 Aero Dr in San Diego. The community w...
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• MIG Real Estate Closes $174 Mil Apartment Buy in Vista
10/04/23
In a significant SoCal multifamily buy, MIG Real Estate LLC purchased Waterleaf, a 456-unit apartment complex in Vista, for $174 mil ($382k/unit). MIG plans to modernize the interiors, paint the exterior, and enhance the comm...
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• City of Industry Facility Finds New Tenant in Action-Packed Deal
10/04/23
Action Sales signed a 64-month, $25 mil lease with an option to extend on a 181.7k corporate office and distribution property in City of Industry. Action Sales will use the property, located at 17708 Rowland St, as its corpor...
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• City of Encinitas Acquires Two Acres of Coastal Land
10/04/23
The City of Encinitas acquired nearly two acres of land located at the northeast corner of Hwy 101 and La Costa Ave in the Encinitas community of Leucadia. The two-parcel property was purchased for $6 mil from Surfer’s Point...
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• OC Multifamily Comp Works Out to $262k/Unit
10/04/23
A 16-unit multifamily asset in Anaheim sold for $4.2 mil to Emile’s Mart Car Wash LLC. The purchase price equated to a price of $262.5k per unit with a cap rate of 5.6%. The two-building, two-story complex was 100% leased at ...
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• Mexican Restaurant Leases 3.3k sf Space in Santa Ana
10/03/23
Miguel's Jr inked a 15-year, $2.5 mil lease for 3.3k sf ($4.20/sf/mo) of restaurant space in Santa Ana. Miguel's Jr has taken occupancy of a former Burger King drive thru location situated at 1766 E McFadden Ave. The property...
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• PGM Investments LLC Buys San Diego Industrial Property for $4 Mil
10/02/23
PGM Investments LLC purchased a 93.2k sf industrial property in San Diego for $4 mil, or about $43/sf. The property is located at 9940 Marconi Dr, just north of the U.S./Mexico border. The 2.14-acre lot can be subdivided int...
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• Desirable Retail Storefront Property in L.A. Goes for $849/sf
9/29/23
A 3.2k sf retail storefront in Los Angeles traded for $2.7 mil, or $849/sf. Located at 5818 W 3rd St, just west of La Brea Ave, on trendy 3rd Street, the property enjoys a thriving location with a high traffic count of 34.4k,...
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• Wayne Ratkovich, Renowned Los Angeles Urban Developer, Passes Away at 82 Years Old
9/27/23
Wayne Ratkovich, a Los Angeles-based real estate developer who dedicated his career to improving the quality of urban life in his beloved Los Angeles, died on Sunday, September 24, 2023, at Cedars-Sinai Medical Center in Los ...
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