Rexford Acquisitions Hit $142M

LOS ANGELES—Rexford Industrial has added two more Southern California infill industrial properties to its aggressively growing portfolio. The industrial REIT purchased an 18,995-square-foot property in Santa Fe Springs, CA, and an 86,904-square-foot property in Oxnard, for a combined $14.8 million. The two purchases bring the firm's year-to-date acquisition volume to $142 million.

SALES

RIVERSIDE, CA—Tyler Village, a 91,498-square-foot shopping center, has traded hands between two private and unnamed investors for $13 million at a 5% cap rate. Donald MacLellan and Chris Tramontano of Faris Lee represented the seller and the buyer in the transaction. The property was 78% leased at the time of the sale, and was marketed as a value-add opportunity for the buyer.

NATIONAL CITY, CA—National City Plaza, an 84,230-square-foot shopping center, has traded hands for $14.8 million. The center has a historic occupancy of 90%, and is occupied by a roster of credit tenants, including Dollar Tree and Wrigley's Supermarket as well as Diego Valley Public Charter. Matt LoPiccolo, a director of Marcus & Millichap's National Retail Group in San Diego, represented both the buyer and the seller in the transaction.

ONTARIO, CA—Orbis Real Estate has pre-sold two buildings at the Orbis Business Center, a 138,790-square-foot, three-building industrial development currently under construction. The two buildings sold for a combined $12.7 million to O'Green Corp., which will occupy a 90,711-square-foot building, and Paper 360 Inc., which will occupy a 25,670-square-foot building. Frank Geraci and Juan Gutierrez of Voit Real Estate Services' Ontario office represented Orbis in both the transactions. O'Green represented itself in the purchase, while John Seoane of Lee and Associates' Ontario office representing Paper 360.

LEASES

PALM DESERT, CA—ACME Moving and Storage signs a 10-year lease for a 32,250-square-foot lease at Country Club Business Park in Palm Desert. The location is the company's largest to date. The property features 24-foot clear height, 4,800 square feet of office, rail access and a 23-stall parking lot. NAI Capital SVP Lynn Coker represented the landlord in the transaction.

LOS ANGELES—The County of Los Angeles has renewed its 50,147-square-foot lease at the JM Eagle near LAX. The 10-year lease transaction is valued at $6 million. Chris Runyen, Jason Cope, and Amir Madadi of Charles Dunn Co. represented the owner in the transaction, while the tenant represented itself.

LOS ANGELES—Hyperloop Technologies has signed a 37,785-squre-foot lease transaction at a creative office campus in the Arts District in Downtown Los Angeles. The lease is valued at $4.8 million. SVP Tom Williams and VP Andrew Recko of Heger Industrial's Commerce office represented the tenant in the transaction.

FINANCING

EL SEGUNDO, CA—A joint venture between Live Oak Properties and Westport Capital Partners has secured an $11.8 million construction loan to build Trisonic El Segundo, a five-building creative office campus. A regional bank funded the 24-month non-recourse loan, while HFF senior managing director Tim Wright and director Zack Holderman secured the funding on behalf of the borrower. The project will deliver in the summer 2016. 

EMPLOYMENT

NEWPORT BEACH, CA—Timothy T. Towe joins TwinRock Partners as a senior director for asset management, where he will be responsible for the overall strategic planning and direction of all asset management activities. He joins the firm from JRK Property Holdings, where, as an asset manager, he managed several multifamily properties across the US.

LOS ANGELES—David Callahan joins tenant representation firm Hugh Marino as SVP. In this new role, Callahan will focus on the entertainment, technology and healthcare industries. Prior to join the firm, Callahan has held positions with Cresa Los Angeles, Oracle and Wyeth Pharmaceuticals.

SAN DIEGO, CA—Jeffrey Crocker has joined Kidder Mathews's San Diego office as a broker focusing on properties in the North San Diego market. He brings 12 years of experience to the firm.