Western Real Estate Business

SEP 2018

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 20 • September 2018 • Western Real Estate Business www.REBusinessOnline.com CT SELLS TWO INDUSTRIAL BUILDINGS IN NORTHERN CALIFORNIA FOR $47 MILLION STOCKTON, CALIF. — Newport Beach-based CT has completed the sale of two newly constructed indus- trial buildings within its NorCal Lo- gistics Center in Stockton. Prologis acquired the properties for $47 mil- lion. Totaling 575,127 square feet, the assets mark the initial completion of CT's three-building Phase I develop- ment of the larger 4.4 million-square- foot NorCal Logistics Center. Prologis paid about $82 per square foot for the buildings, which were unleased and in shell condition at closing. Cush- man & Wakefield's Kevin Dal Porto, Blake Rasmussen and John McManus represented CT, while Prologis was self-represented in the deal. Situated on a 345-acre site, NorCal Logistics Center is home to General Mills, KeHE Foods, Allen Distributors and Fox Head. PROGRESSIVE ARRANGES SALE OF GAS STATION FOR $2.9 MILLION CHINO, CALIF. — Progressive Real Es- tate Partners has facilitated the sale of a retail property located at 12510 Central Ave. in Chino. An undisclosed buyer acquired the property and business for $2.9 million. A Shell-branded gas sta- tion and convenience store occupies the free-standing property. Built in the mid-1980s, the property features four 10,000-gallon tanks and an 840-square- foot, 24-hour convenience store. The full-service store offers a variety of snacks, to-go coffee, drinks, beer, wine and ATM. Victor Buendia and Mike Lin of Progressive Real Estate repre- sented the buyer and the undisclosed seller in the transaction. AVISON YOUNG BROKERS $8.7 MILLION SALE OF OFFICE BUILDING BREA, CALIF. — Avison Young has arranged the sale of an office build- ing located at 330 E. Lambert Road in Brea. Miller Brothers Eureka Road One LLC acquired the asset from Brea Metro LLC for $8.7 million in a 1031 exchange transaction. Built in 1988 as a single-tenant property, the two-story, 43,800-square-foot build- ing underwent a renovation and con- version to multi-tenant use in 1997. Situated on 2.4 acres, the property is fully occupied by five tenants, in- cluding Southland Corp. (7-Eleven), PharMedQuest, National Mortgage Services and Merchant Money Corp. Alan Pekarcik and Chris Smith of Avison Young in collaboration with Tim Walker and Steve Heimuli of Lee & Associates represented the seller, while Colliers International repre- sented the buyer in the deal. KENNEDY FUNDING ARRANGES $2.1 MILLION ACQUISITION LOAN FOR DEVELOPMENT SITE LINDA, CALIF. — Kennedy Funding has arranged $2.1 million in financ- ing for the acquisition of a 17.5-acre development site located on River- bank Drive in Linda. The borrower, Tanglewood Racquet Village LLC, used the loan proceeds to purchase the land parcel for $1.5 million from an undisclosed seller. The buyer plans to develop Tanglewood Racquet Club, a 400-unit multifamily community, on the site. The property will feature one- and two-bedroom units spread across 10 two-story buildings and 10 three-story buildings. Additionally, the property will feature a community center and a storage building. Engle- wood Cliffs, N.J.-based Kennedy Funding secured the loan, which was more than 38 percent above the acqui- sition price. BASCOM GROUP BUYS 78-UNIT APARTMENT COMMUNITY FOR $12.5 MILLION LOS ANGELES — The Bascom Group has acquired Island Apartments, a multifamily property located at 8222 Rosemead Blvd. in Southeast Los Angeles. An undisclosed seller sold the asset for $12.5 million, or about $160,000 per unit. Constructed in 1957, the property features 78 apartment units. The buyer plans to renovate the complex to modernize the look and feel of the unit interiors. Mike Krantz of Brentwood Realty Partners brokered the transaction. Erich Pryor of Talonvest arranged $9.6 million in debt financing through California Bank & Trust for the buyer. NKF CAPITAL MARKETS ARRANGES $59.3 MILLION SALE NEAR SACRAMENTO ELK GROVE, CALIF. — NKF Capital Markets has arranged the sale of Elk Grove Commons, a 241,926-square- foot shopping center in Elk Grove, a southern suburb of Sacramento. The sales price was not disclosed, but re- ports note the asset sold for $59.3 million. Nicholas Bicardo and Bran- don Rogoff of NKF Capital Markets arranged the transaction on behalf of the seller, Donahue Schriber. Aca- dia Realty Trust acquired the center, which was fully leased at the time of sale. Elk Grove Commons houses ten- ants such as Trader Joe's, HomeGoods and Kohl's. SRS REAL ESTATE NEGOTIATES $2.8 MILLION SALE OF RETAIL PROPERTY ORANGE, CALIF. — SRS Real Estate Partners has arranged the sale of retail property located at the intersection of East Katella Avenue and North Tus- tin Street in Orange. A San Francisco- based private investor acquired the property from a Los Angeles-based private investor for $2.8 million. BIG- O Tires occupies the 3,380-square-foot property on a triple-net lease basis with 5.5 years remaining on the lease at the close of escrow. Matthew Mousavi and Michael Walseth of SRS' National Net Lease Group represented the sell- er, while Eric Chin of Coldwell Banker Residential Brokerage represented the buyer in the transaction. Prologis acquired two industrial buildings, totaling 575,127 square feet, within NorCal Logistics Center in Stockton. BIG-O Tires occupies the 3,380-square- foot retail property near the intersection of East Katella Avenue and North Tustin Street in Orange.

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