Western Real Estate Business

SEP 2017

Western Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in the Western United States.

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C A L I F O R N I A & H A WA I I 8 • September 2017 • Western Real Estate Business www.REBusinessOnline.com WALKER & DUNLOP CLOSES $289 MILLION IN LOANS FOR CALIFORNIA MULTIFAMILY PORTFOLIO LOS ANGELES — Walker & Dunlop has closed $289 million in loans for 21 multifamily properties across Cali- fornia. The portfolio contains a total of 2,189 units in major metropolitan areas like San Francisco, San Jose, San Diego and Los Angeles. More than half of the communities contain project-based Section 8 Hous- ing Assistance Payments Contracts. The other 10 assets qualify for Fannie Mae's Green Rewards Program, where new investments in water and electri- cal systems will reduce the properties' environmental impact. The transaction was sourced by Peggy Griffith, a Walker & Dunlop preferred correspondent. WESTCORE PROPERTIES BUYS INDUSTRIAL BUILDING FOR $9.1 MILLION STOCKTON, CALIF. — Westcore Prop- erties has purchased a 158,400-square- foot industrial building in Stockton for $9.1 million. The building is lo- cated at 3834 Duck Creek Drive. It is a freestanding, cross-load building. Mike Goldstein and Ryan McShane of Colliers International represented the undisclosed seller in this transaction. BRIDGETON HOLDINGS SELLS THE PIONEER BUILDING IN SAN FRANCISCO FOR $34 MILLION SAN FRANCISCO — Bridgeton Hold- ings has sold the Pioneer Building, a 37,104-square-foot office building in San Francisco's Mission District, to American Realty Advisors for $34 million. The building is fully leased to Musk Industries, a venture backed by Elon Musk. The new lease with Musk Industries is for a 10-year term with space delivered in "as-is" condition. Bridgeton Holdings was repre- sented by NKF's Kyle Kovac, Michael Taquino and Daniel Cressman in this transaction. UCLA EXTENSION RELOCATES WESTWOOD ADMINISTRATIVE HEADQUARTERS LOS ANGELES — UCLA Extension is relocating its administrative head- quarters in Los Angeles. The school has leased a 51,452-square-foot space at 10960 Wilshire Blvd. The new facili- ties are just four blocks from its cur- rent location at 10955 Le Conte Ave. in Westwood Village. The extension signed a long-term lease for floors 16 and 17, which are joined by an interconnecting staircase. UCLA was represented by Craig Jab- lin of Savills Studley. RAND MEDICAL BUILDING IN SIMI VALLEY SELLS FOR $3 MILLION SIMI VALLEY, CALIF. — Rand Medi- cal Building, a 19,833-square foot of- fice property in Simi Valley, has sold to an all-cash 1031 exchange buyer for $3 million. The property is located at 1633 Erringer Road. It was 75 percent leased at the time of closing. The buyer plans to occupy a portion of the building. Gregory A. Mills of Marcus & Millic- hap represented the seller, an individ- ual/personal trust, in this transaction. MADRONE BUSINESS PARK TRADES FOR $15.6 MILLION MORGAN HILL, CALIF. — Naza- reth Enterprises has purchased the 180,000-square-foot Madrone Busi- ness Park in Morgan Hill, just south of San Jose, for $15.6 million. The two- building asset is located at 18705 and 18715 Madrone Parkway. Nazareth Enterprises also pur- chased the Paramit Building late last year, making the company one of the single-largest landlords in Morgan Hill. Financing for the transaction was provided by Sterling Bank. TruStreet Nazareth was represented by Abe Matar with Landmark Real Estate Ser- vices. Stan Johnson Company repre- sented the seller, a private equity firm, in this transaction. CITY OF BELLFLOWER APPROVES THIRD STEELCRAFT DEVELOPMENT BELLFLOWER, CALIF. — SteelCraft and its development partner, Howard CDM, are developing their third ship- ping container park. The park will be situated on a 15,000-square-foot city- owned lot located on Bellflower Bou- levard and Oak Street. It will feature approximately 10 unique tenants that serve craft food and drink from repur- posed shipping containers. SteelCraft Bellflower is expected to add over 100 job opportunities to the local commu- nity. It is slated to open in late 2018. SENDGRID LEASES OFFICE SPACE AT IRVINE SPECTRUM IRVINE, CALIF. — SendGrid has leased 22,000 square feet of office space at 400 Spectrum Drive in the Ir- vine Spectrum. The customer commu- nications platform innovator signed a full-floor lease and will move to the fourth floor of the new 21-story verti- cal campus in the heart of Irvine Spec- trum early next year. The lease brings the new tower to 36 percent pre-leased. It comes just weeks after Irvine Company announced that 200 Spectrum Center, its year-old sis- ter building, is 93 percent leased. Retail - Commercial and Industrial Fuel Cells Waste Reduction Organics Pollution Controls Wind Power Barstow has room for your company as well as room to grow. Barstow can supply talented, diverse, educated and trainable, hard working employees. Incentives from the city, county and state. A strategic location on interstates 15/40, half-way between the Los Angeles Harbor and Las Vegas. Nearby the So. CA Logistics Airport, and U.S. Customs and Foreign Trade Zone. Surplus demand for furniture, sporting goods and hobbies, home furnishing, health and personal care, elec- tronics and appliances. Come see what Barstow is all about! Opportunity is Knocking for… Margaret Carter Economic Development Administrator 760/255-5109 econdev@barstowca.org Film Industry Retail Retail Retail Tourism Logistics Hydroponic Farming Warehousing/Manufacturing Green Technologies

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