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 7 of 56

C A L I F O R N I A www.REBusinessOnline.com Western Real Estate Business • October 2018 • 7 MAJESTIC ASSET MANAGEMENT BUYS FLEX ASSET FOR $16.5 MILLION GOLETA, CALIF. — Majestic Asset Management has acquired a flex in- dustrial/office park, located at 839- 879 Ward Drive in Goleta, for $16.5 million. The buyer plans to improve and reposition the 124,754-square- foot asset to include the warehouse, R&D and office space. Consisting of three buildings situated on 5.6 acres, the property was vacated in 2016 by Channel Industries, which had oc- cupied the site since its original con- struction in the 1960s. Recent leases by Gavial Holdings, Sonatech and Reac- tion35 have backfilled a portion of the property, with about half of the rent- able space remaining vacant. Francois DeJohn, Steve Hayes and Liam Mur- phy of Hayes Commercial represent- ed the undisclosed seller and buyer in the deal. FARIS LEE BROKERS $3.9 MILLION SALE OF IHOP-OCCUPIED PROPERTY PALM SPRINGS, CALIF. — Faris Lee Investments has arranged the sale of a restaurant property located in Palm Springs. An undisclosed buyer acquired the asset for $3.9 million. IHOP occupies the 4,600-square-foot freestanding building on a triple-net lease. The restaurant has occupied the building for more than 26 years, with a recent 10-year lease extension. Nick Coo, Matt Brooks, Tom Chichester and Joe Chichester of Faris Lee rep- resented the undisclosed seller in the deal. ROSS DRESS FOR LESS TO OPEN THREE NEW STORES GLENDALE, SOUTH LOS ANGELES AND SANTA FE SPRINGS, CALIF. — Ross Dress for Less is slated to open three stores in downtown Glendale, South Los Angeles and Santa Fe Springs in October. The 27,000-square- foot Glendale store is located in the Glendale Marketplace at the corner of North Brand Boulevard and East Broadway; the 30,000-square-foot South Los Angeles location is in the Vermont-Slauson shopping center at the corner of South Vermont Avenue and West Slauson Avenue; and the 23,000-square-foot Santa Fe Springs store is located in Gateway Plaza at the corner of Telegraph Road and Car- menita Road. With these new open- ings, Ross will operate 300 stores in California for a total of 1,459 locations. Together, Ross Dress for Less and dd's Discounts currently operate nearly 1,700 off-price apparel and home fash- ion stores is 38 states, the District of Columbia and Guam. In late August, Ross Stores, the parent company of Ross Dress for Less, signed a lease for 1 million square feet of industrial space at 4100 Express Ave. in Shafter, Calif. HINES SELLS 345,775 SF OFFICE PORTFOLIO SACRAMENTO, CALIF. — Hines has completed the sale of Point West, a three-building office portfolio located in Sacramento. Basin Street Properties acquired the asset for an undisclosed price. Totaling 345,775 square feet, the properties are located at 1545 River Park Drive, 1601 Response Road and 1610 Arden Way. At the time of sale, the portfolio was 78 percent occupied by a diverse tenant base, including UBS, GSA, WestAmerica Bank and Covered CA. Grant Lammersen, Steve Golubchik, Edmund Najera and Tyler Meyerdirk of NKF Capital Markets represented the seller in the deal. MCCLELLAN PARK BREAKS GROUND ON 417,000 SF DISTRIBUTION WAREHOUSE SACRAMENTO, CALIF. — McClellan Business Park LLC has broken ground on McClellan Distribution Center, a speculative warehouse facility located at 2400 McClellan Park Drive in Sacra- mento. Slated for completion in mid- 2019, the 417,214-square-foot Class A property will be divisible and able to accommodate up to 22,000 square feet of customizable office space. Ad- ditionally, the property will feature cross-dock loading with 135-foot truck courts, 95 dock doors, four grade-lev- el doors, 36-foot clear heights, 50-foot by 54-foot column spacing, rail spur potential (Union Pacific Railroad and BNSF Railway) and ESFR sprinklers. The property is being constructed on 22.9 acres on McClellan Park's west side industrial district. McClellan Park LLC has more than 500 acres of devel- opable land in this specific district and is entitled to construct more than 5 million square feet of industrial space. Since the official closure of McClellan Air Force Base in 2001, the privatized McClellan Park has grown to include a mix of companies that span its 8.5 million square feet of leasable space and 500 acres of developable land. A total of $580 million has been invested across the project in infrastructure and building improvements. The project includes a mix of residential, office, warehouse, event venue, retail and restaurant space, as well as Sacramen- to McClellan Airport. CIM GROUP DELIVERS 525-UNIT APARTMENT TOWER LOS ANGELES — CIM Group has com- pleted the construction of 888 at Grand Hope Park, a 34-story apartment tower located at 888 S. Hope Street in Down- town Los Angeles. The property fea- tures 525 apartment units, 6,000 square feet of ground-floor retail space and a public park. Additionally, the apart- ment tower features a 30,000-square- foot rooftop deck with thousands of plants and more than 132 trees; an in- door lounge; and a large outdoor ter- race. The tower is adjacent to a seven- story, 650-stall parking structure and a 5,000-square-foot Petco. DEALPOINT MERRILL NEGOTIATES SALE OF 109,098 SF CENTER SACRAMENTO, CALIF. — DealPoint Merrill has arranged the sale of El- verta Crossing I, a shopping center located adjacent to Antelope Greens Golf Course in Sacramento's Antelope submarket. The property features 109,098 square feet of retail space. Da- vid Frank of DealPoint negotiated the transaction, while Sterling McGregor, also of DealPoint, handled the due diligence for the sale. The acquisition was completed by DealPoint's Jason Limbert. AMAZON OPENS 85,000 SF OFFICE EXPANSION SAN DIEGO — Amazon has opened an 85,000-square-foot office within Alexandria Real Estate Equities' Cam- pus Pointe, located in the University Town Center neighborhood of San Diego. The new space will house the company's expanded San Diego Tech Hub, which will include 300 new high-tech jobs in fields in the soft- ware development, machine learning, cloud computing and digital enter- tainment. Amazon's San Diego Tech Hub is one of 17 Tech Hubs outside of Seattle that employ more than 17,500 people across North America who invent and build new products and services for Amazon customers. Em- ployees at the San Diego Tech Hub develop software systems for Ama- zonFresh, Prime Now, Amazon Web Services and supply chain tech. The software will also help prevent fraud and abuse on Amazon. Additionally, San Diego-based engineers and sci- entists recently played a key role in the launch of Whole Foods Market pickup and delivery via Prime Now, Alexa features for grocery shopping, and data-drive and machine-learning innovations. Majestic Asset Management plans to improve and reposition the three-building flex park located at 839-879 Ward Drive in Goleta.

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