Western Real Estate Business

OCT 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/1037966

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Page 14 of 56

C A L I F O R N I A 14 • October 2018 • Western Real Estate Business www.REBusinessOnline.com DERMODY PROPERTIES ACQUIRES 14-ACRE PARCEL FOR INDUSTRIAL DEVELOPMENT VACAVILLE, CALIF. — Dermody Properties has purchased a 14-acre land parcel on Icon Way in Vacaville for an undisclosed price. The com- pany plans to develop LogistiCenter at Vacaville on the site. Construction is scheduled to commence in Octo- ber and finish in June 2019. The facil- ity will include 252,160 square feet of Class A space for industrial and lo- gistics tenants. The asset will feature 36-foot clear heights, and extra trail- er and car parking to accommodate ecommerce companies. LogistiCenter at Vacaville will be located midway between the San Francisco Bay area and the Sacramento markets, offering access to interstates 550 and 80. Jason Ovadia of JLL represented Dermody in the land transaction, which was fa- cilitated by Tom Schaal of Schaal Re- alty Advisors. The name of the seller was not released. CADENCE LIVING ACQUIRES SENIORS HOUSING COMMUNITY IN BAY AREA, PLANS RENOVATIONS MILLBRAE, CALIF. — Cadence Liv- ing, a senior living development and management company based in Arizona, has acquired Marymount Greenhills Retirement Center for an undisclosed price. The independent living, assisted living and memory care community is located in Millbrae, a suburb near San Francisco Interna- tional Airport. The new owner has rebranded the property as Cadence Millbrae and plans extensive renova- tions for the next year. The project is part of the city's plans to redevelop areas into hubs for commercial and residential activity. The renovation project will include fully modernized apartments and common-area corri- dors, as well as renovation of all com- mon area spaces, such as the dining room, activity spaces and lobby. Ca- dence Living currently owns and op- erates communities in California and is expanding its footprint throughout the South and West. SBH REAL ESTATE GROUP ACQUIRES VACANT RETAIL PROPERTY FOR $5.2 MILLION BURBANK, CALIF. — SBH Real Estate Group has purchased a retail property located at 810-822 S. San Fernando Blvd. in Burbank. Pacific Group sold the property for $5.2 million in an all-cash transaction. Situated on a 29,050-square-foot site, the property includes a 21,447-square-foot build- ing, which was constructed in 1939 and updated in 1985. A market previ- ously occupied the property, but it was vacant at the time of sale. Since the acquisition, SBH has leased the site to Harbor Freight Tools. Renovations to the property will include a new roof, as well asconverting the building to a more functional structure consist- ing of about 14,500 square feet. Tony Maniscalchi and Mike Maniscalchi of Stevenson Real Estate Services rep- resented the buyer and seller in the transaction. CHARLES DUNN CO. NEGOTIATES $5.6 MILLION SALE OF RETAIL PROPERTY NORWALK, CALIF. — Charles Dunn Co. has brokered the sale of a single- tenant retail property located at 12419 Norwalk Blvd. in Norwalk. TIMSA LLC sold the property to Hope & Happy LLC for $5.6 million, or $421 per square foot. Kyle Gulock and Matt Kramer of Charles Dunn Co.'s Bank Property Group represented the seller, while Juliet Shoham of Nelson Shelton & Associates represented the buyer. Bank of America has occupied the 13,298-square-foot, single-tenant property for more than 50 years. It has four years remaining on its lease. Slated for completion in June 2019, LogistiCenter at Vacaville will feature 252,160 square feet of Class A space for industrial and logistics tenants. RETAIL Hesperia, could be the perfect fit r your business, because, Quite Simpl, Hesperia Works for Business. • Pro-business Southern California community • 17 miles of 'eeway 'ontage ripe for development • Interstate 15 daily traffic counts: 202,000 • Huge selection of prime sites C1ty Ob espe1a Rod Yahnke, EDFP econdev@cityo&esperia.us • A City Council committed to commerce • Trade area population: 269,000 • Average household income: $62,000 • Retail Potential $2.5 billion To learn more about how Hesperia can work for you, visit cityofhesperia.us/econdev

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