Western Real Estate Business

MAY 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/978056

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Page 12 of 66

C A L I F O R N I A 10 • May 2018 • Western Real Estate Business www.REBusinessOnline.com MURPHY DEVELOPMENT CO. SELLS 165,763 SF INDUSTRIAL BUILDING IN SAN DIEGO FOR $26.5 MILLION SAN DIEGO — Murphy Development Co. (MDC) has completed the dispo- sition of Siempre Viva Business Park Building 16, a 165,763-square-foot in- dustrial facility located at 8411 Siem- pre Viva Road in San Diego. Ajinomo- to Windsor acquired the property for $26.5 million. MDC originally devel- oped the facility as a build-to-suit for Circle Foods, a subsidiary of Stephan Bronfman's Claridge Inc. Tyson Foods acquired Circle Foods in 2013, assum- ing the long-term lease with MDC. Ajinomoto Windsor simultaneously purchased both Circle Foods from Ty- son and Building 16 from MDC. Tyson Foods is scheduled to cease operations in April 2018. After food processing renovations and new equipment in- stallation, Ajinomoto Windsor plans to expand food-processing operations at the facility. The building features a 32-foot minimum clear height, 8,000 amps of 277/480 volt power, ESFR sprinklers, manufacturing sewer and water capacity, concrete truck courts, wide column spacing and high dock door ratios. BKM ACQUIRES 122,253 SF INDUSTRIAL PARK IN SACRAMENTO FOR $10.1 MILLION SACRAMENTO, CALIF. — BKM Capi- tal Partners has acquired Expo Centre, a 122,253-square-foot, multi-tenant industrial business park in downtown Sacramento for $10.1 million. The seven-building park is located along- side the SR-160 at 1761 to 1791 Tribute Road. Expo Centre is currently 81 per- cent leased with in-place rental rates that are about 18 percent below mar- ket value. BKM plans to implement a series of capital improvements to re- position the property. BKM acquired the property from a private syndica- tion managed by Sperry Equities. Palmer Capital represented the seller in this transaction. CALBAY ACQUIRES REDEVELOPMENT SITE MONROVIA, CALIF. — CalBay Devel- opment has completed the acquisition and entitlement of a redevelopment site located on West Huntington Drive in Monrovia. McMahans Furniture sold the site for $2.1 million. The 29,000-square- foot site is comprised of two parcels and features a 21,000-square-foot retail store occupied by 3-Day-Suit Broker. CalBay plans to development a free-standing 2,200-square-foot Starbucks drive-thru. Construction is slated to begin in third- quarter 2018, with store opening sched- uled for second-quarter 2019. The City of Monrovia Planning Commission approved the company's development plans in earlier this year. Adam Fisher of JLL arranged the off-market transac- tion. TRAMMELL CROW-LED GROUP TO BUILD $500 MILLION MIXED-USE PROJECT IN BAY AREA ALAMEDA, CALIF. — A joint venture led by Trammell Crow Residential (TCR) plans to develop Alameda Point, a $500 million mixed-use project located in the Bay Area city of Alameda. Alameda Point Partners (AAP), which includes srmERNST Development Partners, Madison Marquette, Eden Housing and Cypress Equity Investments, officially closed on the transfer of approximately 30 acres for Site A of the mixed-use, transit- oriented waterfront development. The first phase of Site A will consist of 673 housing units, including 130 units for low- and very-low-income households and 310 units for middle- income households; eight acres of parks and open space; funding for the Seaplane Lagoon Ferry Terminal; and 93,000 square feet of retail space. Completion of the new infrastructure is expected over the next two to three years, with the first new residences scheduled to open in 2021. AAP negotiated the sale of several parcels to various builders and devel- opers to coincide with the sale and transfer of the first 30 acres: • Block 8 – Eden Housing will develop a 70-unit multifamily affordable community and a 60-unit affordable seniors housing community. • Block 6 – Trumark Homes will develop 123 townhomes. • Block 9 – Cypress Equity Investments will develop a 200-unit apartment community with 10,000 square feet of retail and commercial space. • Block 11 – Trammell Crow Residential/Cypress Equity Investments will jointly develop 220 multifamily units and 15,000 square feet of retail and commercial space. Upon buildout, the 68-acre, master-planned development will bring 800 residential units, including 200 affordable units; up to 600,000 square feet of commercial space; 15 acres of parks and public open space; major utility in- frastructure benefiting the entire property; and new transportation services and facilities, including a new ferry terminal. Trammel Crow Residential/Cypress Equity Investments will develop 220 multifamily units and 15,000 square feet of retail and commercial space at Block 11 of Alameda Point in Alameda. Active 2018 cA liforniA Projects RIVERSIDE 24 Hour Fitness & Grocery Outlet MENIFEE Smart & Final Extra! LAKE ELSINORE Marshalls, ULTA, Skechers, Five Below Panera Bread, and Starbucks PALMDALE Hobby Lobby, Dollar Tree, and Planet Fitness Brett Del Valle (949) 723-9500 x 204 brett@prpdevelopment.com Greg Lukosky (949) 723-9500 x 203 greg@prpdevelopment.com Alan Robertson (949) 723-9500 x 202 alan@prpdevelopment.com PLEASE CONTACT US FOR MORE INFORMATION: Located at 8411 Siempre Viva Road in San Diego, Building 16 features 165,763 square feet of industrial space.

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