Rexford Picks Up the Park Industrial Asset

ANAHEIM, CA-Rexford Industrial Realty Inc. has purchased the Park, an industrial business park at the intersection of 1100-1170 Gilbert St. and 2353-2373 La Palma Ave. here, from an unnamed seller for $10.6 million. The acquisition marks Rexford's second purchase so far this month and expands its presence in the North Orange County market. The property consists of six multi-tenant buildings with a total of 120,313 square feet. The buildings are situated on 6.9 acres of land and were 85% occupied at the time of acquisition.

SAN DIEGO-Drawbridge Realty Trust has acquired the Discovery Corporate Center Building A, located at 16340 West Bernardo Dr. here, from Menlo Equities for $36.5 million. The three-story, class-A office building totals 90,610 square feet on just over 4 acres, and is 100% leased to Broadcom Corp. Building A was built in 2007 in San Diego's Rancho Bernardo office market and is one of four buildings in the 318,235-square-foot campus.

WESTMINSTER, CO-San Mateo-based TNP SRT Willow Run LLC has sold Willow Run Shopping Center at 12900-12910 N. Zuni St. here for $10.8 million to Denver-based Gart Investment Co. Richard Chichester, Jeff Conover and Tom Chichester of Faris Lee Investments represented the seller; Shaun Riley of Faris Lee Investments represented the buyer. The closing cap rate on the property was 6.56%. Built in 2000 and situated on nearly 11 acres, the 91,565-square-foot property was 80% leased at the close of escrow and includes grocery store anchor tenant Safeway as well as Allstate, Subway and neighborhood retailers.

SAN DIEGO-SR Commercial has completed two acquisitions in the San Diego market: an 89,120-square-foot industrial/flex property in San Diego and a 48,208 square-foot office property in Vista. The first acquisition, a flex/R&D/industrial building located at 2727 Kurtz St. here, is currently unoccupied, and the new owner plans to implement extensive interior and exterior upgrades and market the property for lease or sale. Sean Williams of CBRE and Jeff Brown of Cushman & Wakefield represented both SR Commercial and the seller, 2727 Ltd., in the $5.2-million transaction.  The second acquisition, located at 2790 Business Park Dr. in Vista, is also currently unoccupied. SR acquired the property for $3.3 million, and after extensive upgrades, plans to aggressively market the property. Bob Willingham, David Onosko and Ron King of Cushman & Wakefield represented both SR Commercial and seller Building Properties, Inc. in the transaction.

IRVINE, CA-Bixby Land Co. has acquired a two-story, 45,576-square-foot office building at 18231 West McDurmotthere from an unnamed seller for an undisclosed amount and has engaged the architect firm LPA to help create a contemporary creative-space work environment in the building. The new project, renamed “gen2,” is Bixby's seventh value-add renovation in the past 24 months. Gen2 will feature natural and sustainable materials, dramatic entry points with horizontal wood elements and the signature Bixby Retreat, an outdoor gathering area that serves as a natural extension of the collaborative interior spaces. The building is planned to accommodate three tenants of approximately 15,000 square feet each when completed by the middle of next year. 

LEASES

NEWPORT BEACH, CA-Law firm Wright, Finlay & Zak has signed a five-year, 21,158-square-foot lease renewal at 4665 MacArthur Court here with the Irvine Co. John Gallivan, executive director in Cushman & Wakefield's Orange County office, negotiated the lease on behalf of the tenant; the landlord was represented in-house by Gary Gerson and Rick Wandrocke. The law firm has officed at MacArthur Court for more than 10 years. After considering several other viable options, the firm chose to remain at their current location.

HAYWARD, CA-FBA Holdings Inc., a subsidiary of Sears Holdings Corp., is relocating its warehouse/distribution facility at 30803 Santana St. the Hayward Business Park here. The landlord, PS Business Parks, was represented by Greig Lagomarsino and Rick Keely of Colliers International's Oakland office; FBA was represented by Steve Miller of SiteLink International. The tenant outgrew its current 27,000-square-foot warehousing space in Richmond's Pinole Point Business Park and will be taking 64,800 square feet at the Hayward property, which will serve as its new regional distribution headquarters.

COSTA MESA, CA-Argent Retail Advisors, representing the Maarse Trust, has facilitated an 11,000-square-foot, 10-year sub-anchor lease with Dollar Tree at Post Office Plaza here.

SAN DIEGO-Ballast Point Brewing and Spirits has signed the largest industrial lease in San Diego this year, for 106,584 square feet at 9045 Carroll Way. Jeff Chasan, SVP in Voit Real Estate Services' San Diego office, represented the tenant, and Todd Holley, VP, and Randy LaChance, SVP, represented landlord HG Fenton in the transaction.

DEVELOPMENT

CARLSBAD, CA-Pacific Building Group has completed new construction of a 7,000-square-foot, free-standing café pavilion, the Mega Bite Café, and amenity courtyard at the ViaSat Inc. campus, located at 6155 El Camino Real here. The project included shell and core construction and related tenant improvements for the café, as well as other courtyard improvements, including relocation of sand volleyball courts, outdoor seating, gathering areas and other hardscape and landscaping in the center of an existing occupied corporate campus. Pacific Building Group provided pre-construction services including cost analysis and scheduling, as part of the team to assist ViaSat and Gensler, the architectural firm on the project.

FINANCING

ISSAQUAH-Stuart Oswald, SVP and managing director of NorthMarq's Seattle office, has arranged acquisition financing of $13.35 million for Meadow Creek Office Park, a 93,215-square-foot, class-B office building at 22500-22619 SE 64^th Pl. here. The borrower is a locally based investor group

ALOHA, OR-Cohen Financial, a national real estate capital services firm, has secured an $11.95-million loan to refinance the Quatama Village Apartments, located at 380 NW Gina Way here. The 207-unit property was built in 1996 and is located across the street from the Quatama Max Light Rail Station. Peter C. Norrie, managing Director of Cohen Financial's Portland office, arranged the 4.35% fixed-rate10-year term loan with a 30-year amortization schedule. The loan is non-recourse and includes a 90-day forward rate lock. The lender is Freddie Mac. The borrower is a long-time multifamily investor with numerous apartment properties in Oregon.