NKF Completes $97.15 Million Sale of 101 PCH, Creative Office Building in El Segundo
NKF has completed the $97.15 million sale ($483 per square foot) of 101 PCH, a 200,967-square-foot, low-rise, creative office building located at 101 Pacific Coast Highway in El Segundo, CA. The asset is 91 percent leased to four tenants with Infineon, a leading semiconductor manufacturer, occupying 67 percent of the property for its U.S. headquarters, and web hosting company DTI Services occupying 20 percent. NKF’s Co-Head of U.S. Capital Markets Kevin Shannon, Executive Managing Directors Ken White and Rob Hannan, and Senior Managing Directors Laura Stumm and Michael Moll represented the seller, a joint venture of AEW Capital Management and North Sea Capital Advisors. NKF Executive Managing Directors Eric Lastition and Geoff Ludwig were responsible for leasing the asset on behalf of the seller and served as local market experts in the marketing process. The buyer, a partnership of Nuveen Real Estate and Graymark Capital, was self-represented.
NKF Completes Sale of Melrose Place Portfolio
NKF has announced the sale of 8436-8452 Melrose Place, a collection of irreplaceable retail real estate, located on the exclusive and internationally sought after Melrose Place shopping corridor. NKF Vice Chairman Jay Luchs represented the buyer, Acadia Realty Trust (NYSE: AKR), and the seller, 810-VE Melrose LP, in the transaction. This transaction represents Acadia’s first acquisition in Los Angeles, and one that complements its existing portfolio of top retail assets across the nation’s leading street and urban retail corridors.
Waterford Property Group Acquires 75-Unit Multifamily Property in Ontario
Waterford Property Company has announced its first Inland Empire multifamily deal, acquiring a newly constructed class-A, 75-unit multifamily property located at 1201 W Mission Blvd. in Ontario. Waterford acquired the asset for $21.5 million. This acquisition joins three office properties that Waterford owns in the Inland Empire. Waterford plans to invest close to $1 million to further enhance the residences and amenities at the four-story property known as Hallmark at Mission.
Space Investment Partners Acquires Westport Plaza & Square for $18.4 Million
Space Investment Partners, an Irvine-based fully integrated investment, development and management company, has acquired Westport Plaza & Square, a 39,000-square-foot leasehold retail center located in the heart of the E. 17th Street retail corridor at 369 E. 17th Street in Costa Mesa, California. The purchase price was $18.4 million. Westport Plaza was built in 1975 and renovated in 2002 and 2018. The property is 100% leased to a top-tier collection of unique eateries, restaurants and high-end clothing and furnishing boutiques with many tenants who have occupied the center for more than 10 years.
Rockefeller Announces Start of Construction for Moreno Valley Industrial Facility
Irvine-based Rockefeller Group has commenced development of Centerpointe Commerce Center. Situated on a nearly nine-acre land parcel in Moreno Valley, CA, the industrial facility will total 204,000 square feet and is anticipated for completion of construction in April 2020. The cross-docked project will feature 32-foot clear height, 8,000 square feet of office space, 109 parking stalls and 27 trailer parking stalls. Centerpointe Commerce Center is well-located across the street from Moreno Valley City Hall on Cactus Avenue at the northeast corner of Brodiaea Avenue and Frederick Street.
JLL Represents Swinerton Builders in $6 Million Sale in Irvine
JLL represented Swinerton Builders in the $6 million sale of a 20,684-square-foot office building located at 17731 Mitchell North in Irvine. GF Capital acquired the building and intends to relocate its business to the building alongside with its other affiliated businesses including Far West Industries, a Southern California homebuilding company and Far West Technologies, LLC, a technology-based company which offers a host of network services to its clients both in terms of hardware, design and support.
Goodman Acquires 65 Acres in Fullerton for Purpose-Built Logistics Facility
Goodman Group acquired an additional 65 acres in Fullerton with plans to develop a 1.5-million-square-foot purpose-built facility. The existing manufacturing and distribution center will be redeveloped into a modern logistics property called Goodman Logistics Center Fullerton. The global owner, developer and manager is set to commence development on the site, strategically located in North Orange County. It encompasses a four-building campus configuration that could be offered to meet build-to-suit requirements. The new facility is expected to be available for occupancy in late 2021. Glenn Dyke, Darla Longo and Barbara Emmons from CBRE represented the seller, and Sean Ward and Ben Seybold from CBRE were instrumental in the transaction of the former distribution center.
Walker & Dunlop Bolsters Small Loans Team in Orange County
Walker & Dunlop, Inc. added vice presidents Andrea Nolan and Denise Gomez Oluwo to its small loans team. Based out of Walker & Dunlop’s Irvine, CA office, Nolan brings over 16 years of commercial real estate finance experience to the company. Oluwo brings 12 years of experience and is based in Walker Dunlop’s Bethesda, MD HQ.
Rexford Acquires Brea Industrial Asset for Nearly $28M
Los Angeles-based Rexford Industrial Realty, Inc. acquired an industrial property in Brea, CA for $27.6 million. The acquisition was funded using cash on hand and the re-investment of proceeds from a previously announced disposition through a tax-deferred 1031 exchange. The asset is located at 404-430 Berry Way within the Orange County North submarket. The low-coverage site comprises three industrial buildings with excess paved land. The fully-leased site contains 120,250 square feet on 11.79 acres of land, and is well located in a highly supply constrained submarket.
PCCP, LLC Forms Joint Venture with CRG for Development of Two Class A Industrial Buildings
PCCP, LLC formed a joint venture with CRG, a national real estate development and investment firm, for the speculative development of The Cubes at East Greenwich, two Class A rear-load industrial warehouse buildings totaling 535,790 square feet (SF) in East Greenwich Township, NJ. The fully entitled project consists of a 283,040-SF building and a 252,750-SF building which are situated on two separate but proximate sites located directly off I-295 within the Southern New Jersey market. Construction is expected to commence immediately with completion anticipated in Q3 2020.
PCCP, LLC Provides $76 Million Loan for the Refinance of a High-Rise Asset in Orlando
PCCP, LLC provided a $76 million loan to Northland Investment Corporation for the refinance of Paramount on Lake Eola, a 313-unit, 16-story multifamily building with 45,510 square feet of ground floor retail anchored by a Publix supermarket in downtown Orlando, FL. Northland Investment Corporation is a Massachusetts-based owner/operator with a current portfolio of 31 assets in Florida totaling over 8,000 units.
Avison Young Completes $28-Million Sale of Prime Industrial Property
Avison Young has completed the off-market, $28-million sale of a 100% occupied 224,350-square-foot (sf) industrial facility located on 15.1 acres at 41995 Zevo Drive in Temecula, CA, a city in south Riverside County. Avison Young Principal Stan Nowak, based in the company’s Inland Empire office located in Ontario, CA, represented the 1031 / 1033 exchange buyer, Karney Properties, who plans to hold the property long-term. Nowak also represented the seller, Zevo Drive Holdings, LLC, who was an owner-user operating in the facility as Glasswerks. Avison Young Principal Jay Maddox who is based in the company’s West Los Angeles office consulted on the financing of the deal.
Avison Young Negotiates 49,000-SF Office Headquarters Lease in Torrance, CA
Avison Young has negotiated an 11-year, approximately 49,000-square-foot (sf) office headquarters lease on behalf of Intellisense Systems, Inc. at 21041 S. Western Avenue in Torrance, CA. Avison Young Principal Ted Simpson and Erik Stiebel, an Associate, represented Intellisense Systems, a provider of innovative, timely and cost-effective solutions for all defense customers in cutting-edge sensors, wearables, optoelectronic instrumentations, augmented intelligence, deep-learning and visualization technologies. The landlord, PG-Mac Western, LLC, was represented by Geoff Ludwig with Newmark Knight Frank. PG-Mac acted quickly and aggressively to satisfy Intellisense’s unique requirements.