Alere Acquires OC Industrial
Alere Property Group has acquired North Orange Industrial Park, an industrial business park located in Orange from an undisclosed seller for $21.9 million in an off-market transaction. Mike Cargile and Loren Cargile of Voit Real Estate Services represented the buyer in the deal. The three-building asset features 138,970 square feet of industrial space in a variety of ground-level unit sizes and multi-tenant dock-high spaces. At the time of sale, the property was 100 percent occupied by a tenant mix of light industrial and distribution users.
NKF Handles Crown Capital Lease
Newmark Knight Frank (NKF) has announced the completion of a lease expansion for Crown Capital Securities at 725 Town & Country Road in Orange, CA. The property, known as Centrum South, is a five-story, 91,145-square-foot class A office building. NKF Senior Managing Director Drew Netherton represented the tenant in the 75-month, 12,533-square-foot lease valued at $3 million. CBRE’s Matt Didier represented the landlord Foster City-based Bailard.
NKF Completes Sale of Torrance Office Building
Newmark Knight Frank (NKF) is pleased to announce that Team Shannon Private Capital Group has completed the $15.75 million sale of 2325 Crenshaw Boulevard, a 60,804-square-foot office building in Torrance, CA. The property is fully occupied by a single tenant, Los Angeles County Department of Children and Family Services, which has been located at the property since 1999 and recently renewed its lease through 2024. Team Shannon Private Capital Group, led by Executive Managing Director Sean Fulp and Co-Head of U.S. Capital Markets Kevin Shannon, focuses on office and industrial properties valued between $5 million and $25 million, bringing institutional capabilities to small and mid-sized transactions. Fulp and Executive Managing Director Ken White, Managing Director Ryan Plummer and Director Mark Schuessler represented the seller, an affiliate of Transpacific Development Company. The asset was purchased by Optimus Properties, LLC, which was in a 1031 exchange.
PCCP, LLC Acquires Class A San Francisco Office Building
Los Angeles-based PCCP, LLC acquired a four-story, 138,393-square-foot, Class A office building located at 350 Rhode Island Street for $120 million in San Francisco. The 100 percent occupied multi-tenant property is within the Potrero Hill neighborhood and the Showplace Square office submarket. 350 Rhode Island presented a compelling opportunity to participate in San Francisco’s robust and technology centered office market, and do so with an attractive current yield and at a basis below today’s replacement cost.
Irvine Company Adds Tenants to UCI Research Park
UCI Applied Innovation, along with University Lab Partners, is expanding into roughly 84,000 square feet at UCI Research Park. Broadcom formerly occupied the space at 5270 California Ave. known as The Cove. Together, UCI Applied Innovation and University Lab Partners, a nonprofit program of The Beall Family Foundation, create an entrepreneurial ecosystem in Orange County that includes the UCI campus, entrepreneurs, inventors, investors and the business community. Irvine Company owns UCI Research Park, formerly called University Research Park. The company has invested $100 million to improve the 185-acre business park.
The Press – a reinvention of the former LA Times Orange County printing press warehouse and press room in Costa Mesa, CA to a reimagined creative work campus and proposed food hall – has pulled its office building permit and kicked off construction. The 420,000-square-foot campus, located at 1375 Sunflower Ave., will be ready for delivery to office tenants by Q1 2020. The more than $200-million project, being developed by SteelWave and Invesco Real Estate, will encompass 380,856 square feet of office with roughly 51,639 square feet of retail. The Market Hall food hall is being planned with renowned LAB Holding. The concept, submitted for city review, includes a curated roster of more than 50 makers and restaurants.
CBRE Completes Sale of Anaheim GardenWalk
CBRE’s National Retail Partners-West has brokered the sale of Anaheim GardenWalk, a mixed-use entertainment center located at 400 Disney Way in Anaheim. A partnership between New York City-based Arcturus and two private equity investors, sold the property to Whittier, Calif.-based STC Management, on behalf of a partnership between local and Taiwanese investors, for $80 million. Situated within walking distance of Anaheim’s Disneyland Resort and the Anaheim Convention Center, the three-story, open-air project features 430,000 square feet of leasable space.
Brixton Capital Names Kurt Kaufman as COO
Brixton Capital, a private real estate investment firm, expanded its leadership team with the appointment of Kurt Kaufman as Chief Operating Officer. His primary responsibilities include implementation of strategic business plans, oversight of asset and property management functions, leasing staff, development team, financial analysis and other corporate level operations, including systems and process improvements. Most recently, Kaufman was president of Blue Sky Basin Realty Partners, which he founded in 2014.
The board of Newport Beach, CA-based Bixby Land Company named Aaron Hill as the firm’s new Chief Executive Officer and President. Hill, who was promoted to President in January 2018, has been with the company for 13 years. During his tenure at the firm, Hill has served as EVP and COO. He’s led in-house asset management, property management, leasing, marketing, design and construction. Hill has been involved in more than $2 billion in investment transactions and the development or value-add repositioning of eight million square feet of office, R&D and industrial properties. He’s also negotiated lease transactions on more than 12 million square feet of commercial property.