Prologis, Inc. and Stirling Capital Investments Donate Building for High Desert Training Center
Prologis, Inc. and Stirling Capital Investments announced a 10-year agreement with the Victor Valley Community College (VVCC) to create a new High Desert training center at Southern California Logistics Airport (SCLA). Prologis and Stirling are donating an existing building for a 10-year term and VVCC will facilitate hands-on training programs to prepare the High Desert workforce in skills needed in business today. To help address labor shortages in the logistics sector, Prologis launched its Community Workforce Initiative (CWI) in Los Angeles.
“CWI is an extension of our commitment to deliver superior customer service while strengthening communities, enhancing local economies and helping our customers address labor needs and expand their talent pipelines,” said Kim Snyder, president of Prologis’ West Region and a key member of the team that developed the program. “Through CWI, Prologis will collaborate with local workforce programs to provide mentorship, skills training, internships and job placement services for people interested in pursuing careers in logistics, distribution and transportation—sectors currently experiencing a significant labor shortage.”
Market Leaders Merge to Create Waterford Property Company
John Drachman, founder of Stillwater Investment Group, and Sean Rawson, founder of The Waterford Group, have joined forces to create a new real estate firm under the brand Waterford Property Company. The new entity, a diversified real estate investment and development company, brings together the strengths of Rawson and Drachman, who have collectively acquired or been part of more than $1 billion in commercial and residential projects throughout California and Arizona. Drachman and Rawson will leverage their deep industry relationships and expertise to position Waterford at the forefront of the growing live/work/play environments across the western United States with a strong focus in Southern California.
PCCP, LLC provides $268.4 million in financing for Apartment Acquisition
PCCP, LLC provided $268.4 million in financing for the acquisition of two newly built, class A high rise apartment towers located in downtown Los Angeles. The two properties, known as The Grace and The Griffin, total 575 units and were delivered in late 2018 by the seller, Holland Partners. The financing was arranged by Mark Williams and Greg Stampley with Eastdil Secured.
NKF Assists in Purchase of 9.87 Acres in Perris
NKF, in cooperation with CBRE, announced the sale of an approximately 9.87-acre development site for a planned industrial development in Perris in the highly desirable Inland Empire market. The site is located off the 215 freeway and in close proximity to March Air Reserve Base at the southwest corner of Harley Knox Boulevard and Redlands Avenue in Perris, CA. NKF Executive Managing Directors Ron Washle and Mark Kegans and Managing Director Dean Washle along with CBRE’s Darla Longo and Barbara Perrier represented both the buyer, The Carson Companies, and seller, Circle Development, in the transaction. NKF will be retained by Carson to market for lease a planned industrial development.
Investor Acquires 264,847 SF Industrial Park in Orange County
JLL represented Prologis in the acquisition of a 10-building, 264,847-square-foot industrial park located on Fenwick Lane in Westminster. JLL’s team of Louis Tomaselli, Steve Wagner and Zach Niles represented Prologis in the transaction. Curt Stalder of Lee & Associates represented the seller, CMSS Ventures, LP. JLL noted that the Fenwick site is an ideal location for industrial distribution users with direct access to the I-405 Freeway and over 380 feet of direct freeway frontage.
NKF Completes $7.2 Million LA Office Sale
NKF completed the $7.2 million sale of a vacant office located at 8741 Alden Drive in Los Angeles. The unique 5,101-square-foot asset was positioned for a variety of uses including medical, office, retail, and restaurant. NKF’s Senior Managing Directors Steven Salas and Daniel Chiprut represented the seller, a local family office, to the buyer, an undisclosed owner user who will use the space for new medical office. Built in 1947, 8741 Alden is a unique stand-alone bow-truss building with great curb appeal. It is positioned in the Robertson Blvd shopping corridor and adjacent to Cedars-Sinai Medical Center.
Investor Sells Two Contiguous Free-Standing Buildings in Los Angeles for Near Record Price of $634 PSF
JLL’s Capital Markets team completed the sale of two contiguous free-standing buildings encompassing 9,101 square feet in the Highland Park area of Los Angeles. A private investor paid $5,775,000 ($634 per square foot) for the buildings located at 5532 and 5526 North Figueroa Street. This is one of the highest per square foot prices ever paid for a value-add office and retail building in Highland Park. JLL’s Dana Brody and Nicole Mihalka represented the seller. Aram Pogosian of Industry Partners represented the buyer. The premium price further solidifies Figueroa Street in Highland Park as the next Abbot Kenney and, with a comprehensive marketing program, JLL secured multiple offers from a cross-section of investors.
SRS Completes $11.8 Million Sale of Viera Colonnade Shops
SRS Real Estate Partners’ Investment Properties Group completed the record-breaking $11.8 million sale of Viera Colonnade Shops, a neighborhood center located in Viera, FL, a city 35 miles east of Orlando. Built in 2017 and 2018, the three-building shopping center is situated on 3.44 acres at 2328, 2338 and 2348 Citadel Way and totals 27,051 square feet. According to CoStar records, at $436 per square foot, the property set a sales record for the highest price per square foot ever paid for a strip center sold in excess of $10 million in the state of Florida (excluding Miami-Dade County.) SRS’ Investment Properties Group Managing Principals Patrick Luther and Matthew Mousavi represented the seller, a developer based in Florida. The buyer, a private partnership comprised of domestic and foreign investors, was self-represented. The property closed at a 6.85 percent cap rate.
RiverRock Grows San Diego Management Portfolio with Liberty Station Assignment
RiverRock Real Estate Group announced a number of new property management assignments at Liberty Station, a unique mix of neighborhood experiences developed along the coast near downtown San Diego. RiverRock has been selected to manage Liberty Station’s retail assets, encompassing more than 85 tenants in 328,000 square feet of space, on behalf of Pendulum Property Partners. RiverRock is now also the new property manager for the NTC Foundation Holdings at ARTS DISTRICT Liberty Station. ARTS DISTRICT Liberty Station is a unique destination filled with museums, artists, studios, makers and authentic dining experiences. There are a total of 17 activated buildings with 137 tenants within the ARTS DISTRICT, totaling approximately 215,000 square feet.
CBRE and NKF Handle El Segundo Sale
NKF and CBRE Group Inc. announced the sale of a 200,000-square-foot campus in El Segundo for $50.8 million. The two-building campus at 650 and 700 Pacific Coast Highway is leased to Boeing until the end of 2020. NKF’s Kevin Shannon, Ken White, Michael Moore and CBRE’s Bill Bloodgood represented the seller, a private family tenant-in-common. The buyer was New York-based Vella Group. The company was self-represented. The El Segundo office market has been booming in recent years. In the second quarter of 2019, the average asking rate for Class A office space in El Segundo was $4.34 a square foot, up from $3.89 a square foot the year prior, according to data from Jones Lang LaSalle Inc.
KBS Announces Overhaul of Union Bank Plaza
KBS Real Estate Investment Trust II is planning a major overhaul of the Union Bank Plaza building in Downtown Los Angeles. The owner plans to invest $20 million into the property to modernize and update facilities and amenities and launch a spec suit program at the property. The property is currently an icon. At 701,888 square feet, it features a two-level retail center, a two-acre landscaped outdoor plaza, and a four-level parking structure in the core of DTLA.