Western Real Estate Business

AUG 2018

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

Issue link: https://westernrealestatebusiness.epubxp.com/i/1012778

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Page 15 of 42

C A L I F O R N I A www.REBusinessOnline.com Western Real Estate Business • August 2018 • 13 CAPROCK PARTNERS BREAKS GROUND ON 18-ACRE INDUSTRIAL PARK JURUPA VALLEY, CALIF. — Newport Beach, Calif.-based CapRock Partners has broken ground on Serrano Busi- ness Park in Jurupa Valley within the Inland Empire corridor. Situated on 18 acres, the three-building industrial development will feature units rang- ing from 31,220 to 179,030 square feet. It will deliver 327,000 square feet of modern industrial space to the mar- ket. Each building will offer 2 percent prism skylights and can provide up to 4,000-amp, 277/480-volt electrical power. Additionally, the properties will meet sustainability standards con- sistent with California Green Building Standards Code. To complement ten- ant needs, the project will incorporate 4,500 square feet of executive office space positioned between the three buildings. The facilities will also in- clude a minimum door clearance of 32 feet and ample secured parking and truck courts. Serrano Business Park is scheduled for delivery in 2019. BRIXTON CAPITAL PURCHASES FORMER POLICE STATION FOR $4.2 MILLION EL CAJON, CALIF. — Brixton Capi- tal has acquired the former El Cajon Police Station, located at 100 Fletcher Parkway in El Cajon, for $4.2 million. The seller was the City of El Cajon. The buyer plans to transform the 4.1-acre site in Fletcher Marketplace, a mixed- use project comprising approximately 16,000 square feet of retail space and a 60,000-square-foot hotel. Brixton will sell 1.4 acres of the site to Excel Hotel Group, which will handle the hotel de- velopment portion of the project. The retail center is 99 percent pre-leased to a variety of tenants, including In- and-Out, Blaze Pizza, California Fish Grill, Urbane Café and Mattress Firm. Dempsey Construction is serving as general contractor for the retail devel- opment. Don Moser and Matt Moser of Retail Insite represented the buyer and seller. HANLEY INVESTMENT GROUP NEGOTIATES $2.8 MILLION SALE OF SINGLE-TENANT RESTAURANT PROPERTY PERRIS, CALIF. — Hanley Investment Group Real Estate Advisors has bro- kered the sale of a single-tenant retail property located at 51 E. Ramona Ex- pressway in Perris. An Orange Coun- ty, Calif.-based developer sold the property to a Los Angeles-based pri- vate investor for $2.8 million. Del Taco occupies the 2,060-square-foot prop- erty, which was built in 2016, on a tri- ple-net lease with more than 18 years remaining on its 20-year initial term. Eric Vu, Bill Asher and Ed Hanley of Hanley Investment Group represented the seller, while Paul Bahk of Realtex Properties represented the buyer. Scheduled for delivery in 2019, Serrano Business Park in Jurupa Valley, Calif., will feature three buildings offering a total of 327,000 square feet of industrial space.

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