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

Contents of this Issue


Page 9 of 66

C A L I F O R N I A www.REBusinessOnline.com Western Real Estate Business • May 2018 • 7 TRAMMELL CROW BREAKS GROUND ON 200,000 SF MEDICAL OFFICE BUILDING MORENO VALLEY, CALIF. — Tram- mell Crow Co.'s Southern California- Newport Beach office has started construction of a 200,000-square-foot medical office building in Moreno Valley. Riverside University Health System (RUHS) will occupy the three- story facility, which will feature space for specialty physician groups, an out- patient surgery center and expanded pharmacy services. The new medical office building will occupy 17.4 acres on the southern portion of RUHS's 80- acre medical center campus and fea- ture a single-story, 7,000-square-foot lobby and café. The new outpatient building and the existing medical cen- ter will be linked to the new property by a second-floor pedestrian bridge. Completion is slated for 2019. PARTNERSHIP FORMS ARROWROOT REAL ESTATE, ACQUIRES FIRST MULTIFAMILY ASSET LOS ANGELES — A partnership be- tween D & B Capital Partners, Arrow- root Family Office and ARB Invest- ments has formed Arrowroot Real Estate, a new entity that will invest in modernizing and rebranding well- located, Class B multifamily and stu- dent housing properties. Arrowroot Real Estate is led by Brennen Degner and Adam Barzilay, former executives of MJW Investments, as well as Devin Antin, co-founder of D & B Capital Partners. The team recently closed on its first multifamily acquisition, 11415 Venice Blvd in Los Angeles. Arrow- root targets total acquisitions in excess of $200 million over the next 18 to 24 months. UN[CO]MMON LAUNCHES COWORKING LOCATION IN OAKLAND OAKLAND, CALIF. — Un[CO]mmon, a coworking space company, has launched a new location in Oakland. The flexible office solution for high- growth companies is located at 1750 Broadway. Un[CO]mmon was cre- ated by Rubicon in 2017. It is aimed at teams and companies wanting the flexibility of a coworking experience with the branding, privacy and scal- ability of a more traditional office environment. The 10,000-square-foot flexible, full-floor space has direct ac- cess to the 19th Street BART station. The office features three conference rooms, two phone booths, an open kitchen stocked with food and cof- fee, common lounge areas, and so- cial meeting spaces. The first Un[CO] mmon space launched in San Francis- co and reached capacity soon after its grand opening was announced. The company's third location will open in the mid-market neighborhood of San Francisco later this year. RETAIL CALIFORNIA BROKERS TWO LEASES IN CALIFORNIA TULARE AND HANFORD, CALIF. — Retail California has arranged leases for two retail spaces in Tulare and Han- ford, both located between Los Ange- les and the Bay Area. In the first deal, The Habit Burger Grill leased 16,837 square feet of restaurant space at 989 E. Prosperity Ave. in Tulare. Prosper- ity Equity Partners is the landlord. Nick Frechou of Retail California and Shane Anderson of Commercial Retail Associates brokered the transaction. In the second deal, Aldi Food Market signed a lease for 22,500 square feet of retail space at the southwest corner of 12th Avenue and Lacey Boulevard in Hanford. Eureka Development Co. is the landlord. Frechou and Michael Arfsten of Retail California, along with Chris Campbell of CB Commer- cial, arranged the transaction. GREYSTAR ACQUIRES 211-UNIT MULTIFAMILY PROPERTY IN LONG BEACH LONG BEACH, CALIF. — Greystar Real Estate Partners, on behalf of its real estate funds, has purchased Pa- cific Court Apartments, located at 250 Pacific Ave. in Long Beach, for an un- disclosed price. The property features 211 apartment units, 35,000 square feet of retail space and a 400-space subterranean parking garage. On-site amenities include a fitness center, dog wash, business center, poker room and clubhouse. The name of the seller was not released. INDUSTRIAL BUILDING IN CENTRAL CALIFORNIA SELLS FOR $6.1 MILLION LOMPOC, CALIF. — An institu- tional investor has acquired an 81,687-square-foot industrial build- ing in the Central California submar- ket of Lompoc for $6.1 million. The building is situated on eight acres at 1017 W. Central Ave. DenMat fully oc- cupies the space. The dental product manufacturer recently signed a five- year lease extension at the site, which serves as the company's headquar- ters. Tom Davidson of Lee & Associ- ates Los Olivos represented the seller, Fagerdala USA – Lompoc, and Den- Mat in its lease extension. SRS BROKERS $2.4 MILLION SALE OF GROUND LEASE IN ORANGE COUNTY COSTA MESA, CALIF. — SRS Real Estate Partners has arranged the $2.4 million sale of a ground lease in the Orange County community of Costa Mesa. The 0.8-acre parcel of land cur- rently houses a 13,200-square-foot property. The asset is triple-net leased to a Los Angeles-based entity that sub- leases the property to multiple tenants. Michael Walseth of SRS represented the undisclosed, Orange County-based seller in the transaction. The buyer, also based in Orange County, repre- sented itself. The ground lease had ap- proximately 14 years remaining. NORTHMARQ CAPITAL ARRANGES $134 MILLION IN FINANCING FOR TWO APARTMENT COMMUNITIES SANTA CLARA, CALIF. — NorthMarq Capital has arranged $134 million in financing for two apartment commu- nities in Santa Clara. The communi- ties consist of the 340-unit Orchard Glen located at 101 Saratoga Ave. and the 173-unit Park Central located at 1050 Benton St. The transactions were structured on 10-year interest-only terms. NorthMarq arranged the fi- nancing on behalf of Prometheus Real Estate Group through its correspon- dent relationship with a life insurance company. BJ'S RESTAURANTS RENEWS OFFICE LEASE AT HEADQUARTERS HUNTINGTON BEACH, CALIF. — BJ's Restaurants has extended the lease term on its corporate headquar- ters in Huntington Beach. The head- quarters is located at One Pacific Pla- za. Known as the "Restaurant Support Center," BJ's occupies 57,100 square feet of office space on multiple floors at the 12-story, Class A tower. PR One Pacific Plaza LLC owns the com- plex. Chon Kantikovit of Cushman & Wakefield represented BJ's. Slated for completion in 2019, the medical office building in Moreno Valley will feature 200,000 square feet of space.

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