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.

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C A L I F O R N I A 20 • May 2018 • Western Real Estate Business www.REBusinessOnline.com REXFORD INDUSTRIAL BUYS 115,600 SF INDUSTRIAL FACILITY FOR $17.2 MILLION CERRITOS, CALIF. — Rexford Indus- trial Realty has acquired an industrial facility located at 16010 Shoemaker Ave. in Cerritos within the Los An- geles-Mid Counties submarket. An undisclosed company sold the prop- erty for $17.2 million, or $149 per square foot. Situated on 4.4 acres, the 115,600-square-foot property features 24-foot clearance and 12 dock-high positions with a secured concrete yard and immediate access to major trans- portation arterials. At the time of sale, the property was fully leased to a sin- gle-tenant user. Rexford funded the acquisition through a combination of cash on hand and draws on the com- pany's line of credit. BLACK CREEK GROUP ACQUIRES THREE-BUILDING INDUSTRIAL PORTFOLIO COLTON, CALIF. — Black Creek Group has purchased a three-building industrial portfolio totaling 743,381 square feet in Colton for an undis- closed price. The portfolio includes a 121,196-square-foot property located at 2036 Miguel Bustamante Parkway, a 174,995-square-foot building located at 2053 Miguel Bustamante Parkway and a 447,190-square-foot property located at 2163 S. Riverside Ave. The adjacent properties feature dock-high loading, ESFR sprinkler systems, minimum clear heights ranging from 32 feet to 36 feet, and state-of-the-art office space. Ken Anderson and Rick John of DAUM Commercial Real Estate Services, along with Barbara Emmons Perrier and Darla Longo of CBRE, represented the buyer and sell- er in the deal. The seller was an undis- closed REIT. LOCATION MATTERS ARRANGES $1.9 MILLION SALE OF VACANT RESTAURANT BUILDING SAN DIEGO — Location Matters has arranged the $1.9 million sale of a res- taurant building located at 5351 Ado- be Falls Road in San Diego. Davles LLC, an affiliate of Cohn Restaurant Group, acquired the 5,485-square- foot building, which was vacant at the time of sale. Mike Spilky of Location Matters arranged the transaction on behalf of the seller, L&L Acquisitions LLC. The building was constructed in the 1950s and originally housed Nico- losi's Italian Restaurant. The former owners renovated the building and operated the Junk House Restaurant there for several years. HANLEY INVESTMENT ARRANGES SALE OF 31,980 SF SHOPPING CENTER SACRAMENTO, CALIF. — Hanley Investment Group Real Estate Advi- sors has brokered the sale of Westlake Village, a shopping center located at 3501-3511 Del Paso Road in Sacramen- to. The sale also included 4.3 acres of developable land. Donahue Schriber Realty Group sold the 31,980-square- foot property to a San Francisco-based family trust for an undisclosed price. Built in 2007, the center was 92 percent occupied at the time of sale. Tenants include Walgreens, Allstate Insur- ance, AIM Mail Center, Chase Bank, Creative Nail Spa, Donahue Schriber, Subway and Westlake Hair Studio. Bill Asher and Ed Hanley of Hanley Investment, in conjunction with Ten- X, represented the seller, while Eric Vu, also of Hanley, represented the buyer in the deal. Walgreens, Allstate Insurance, AIM Mail Center, Chase Bank, Creative Nail Spa, Donahue Schriber, Subway and Westlake Hair Studio are tenants at Westlake Village in Sacramento.

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