This Week's LA Deal Sheet
Baltimore-based Continental Realty Corp. entered the Southern California retail real estate market with the acquisition of the South Coast Collection in Costa Mesa. Also called SoCo, the 292K SF retail center is 97% leased to 60 design, home furnishings, fashion and culinary tenants, including Room & Board and Design Within Reach. It was built in 2007.
Continental Realty announced the purchase but didn't disclose a sale price. Real Estate Alert reported the sale price was $110M and that the seller was Newport Beach-based Burnham Ward Properties.
Eastdil Secured Managing Director Christopher Hoffman and Director Mark Damiani represented the seller.
PEOPLE
Valuation and consulting firm Integra Realty Resources expanded into Southern California with new offices in West LA, at 12100 Wilshire Blvd., and 4695 MacArthur Court in Newport Beach.
IRR’s Eric Segal, who runs the Wilshire office, serves as senior managing director of IRR-Los Angeles, while Lance Jordan holds the same position for IRR-Orange County at the Newport Beach office.
SALES
Ocean West Capital Partners acquired five logistics-focused properties for nearly $100M. The properties total nearly 2M SF in the Inland Empire and Central Valley. The recent purchases include an approximately 922K SF industrial outdoor storage portfolio consisting of four properties on 21.2 acres in San Bernardino and Fontana.
The properties were constructed in 2023 and feature key improvements for industrial outdoor storage uses. All the properties are fully permitted by their respective municipalities to allow for outdoor storage uses, including trailer storage, and are available for lease.
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Cushman & Wakefield advised the sale of Las Tunas Plaza shopping center, an approximately 17K SF neighborhood retail center in San Gabriel. The property at 805-841 West Las Tunas Drive sold for $10M to a private 1031 exchange buyer. The sale price works out to $572 per SF and a 4.74% cap rate.
Cushman & Wakefield’s Joseph Lising, Mitchell Neff and Maureen Gitto of the Southern California retail and capital markets teams represented the undisclosed seller, which owned the property for 40 years.
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A partnership between Birtcher Anderson & Davis and Belay Investment Group sold the San Bernardino Industrial Center, a nine-building, roughly 53K SF industrial incubator project at 360-458 East Rialto Ave. in San Bernardino for $9.2M. At the time of the sale, the property's 41 tenants occupied 97% of the building.
CBRE’s Sammy Cemo, Anthony DeLorenzo, Bryan Johnson, Nick Williams and Austin Reuland of CBRE Investment Properties, along with CBRE’s Barbara Perrier and Eric Cox, represented the seller.
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CBRE brokered the sale of a 10-unit multifamily property in Garden Grove for approximately $2.9M. The sale works out to $287.5K per unit and $334 per SF. This was the first time the property was listed for sale in over 60 years. CBRE Executive Vice President Dan Blackwell and senior associate Andrew Boukather represented the seller and buyer, both private investors based in Orange County.
CONSTRUCTION AND DEVELOPMENT
McCarthy Building Cos. broke ground on the Triton Center at the University of California, San Diego campus. Designed by LMN Architects, the 400K SF project is at the entrance to the university and blends art, culture, entertainment and academic resources. The total projected cost is estimated at $428M.
The project includes the construction of four buildings that will house the university’s welcome and alumni center, a facility with a 500-person event space and art gallery. Also included are gathering spaces and offices for global initiatives programs, a student and mental health and well-being clinic, retail and a parking structure.
