Jeff Chiate, Jeffrey Cole, Ed Hernandez, and Mike Adey in Cushman & Wakefield’s Capital Markets team in Orange County represented both sides in the $102.5 million sale of an industrial facility in Torrance. Chicago-based Bridge Development Partners bought the 512,490-square-foot facility, formerly the Farmer Brothers Coffee headquarters, in 2016 and redeveloped it. The 20.37-acre property was bought by a global private real estate investor. (Rendering courtesy of Cushman & Wakefield)
Jeff Chiate, Jeffrey Cole, Ed Hernandez, and Mike Adey in Cushman & Wakefield’s Capital Markets team in Orange County represented the buyer and seller of a $102.5 million industrial facility in Torrance. Chicago-based Bridge Development Partners bought the 512,490-square-foot facility, formerly the Farmer Brothers Coffee headquarters, in 2016 and redeveloped it. The 20.37-acre property was bought by a global private real estate investor. Farmer Brothers Coffee relocated its base to Northlake, Texas in 2017, though it still has offices in Los Angeles. The complex at 20333 S. Normandie was designed by HPA Architects and includes 56 dock-high doors, 36-foot warehouse clearance, 374 parking stalls, 172 trailer stalls, and about 20,000 square feet of office space. The property is a 10-minute drive to the Ports of Long Beach and Los Angeles.
The Northpoint Commerce Industrial Park Portfolio in Fullerton has sold for $22.8 million. Duke Realty acquired the 119,431-square-foot complex from a private seller advised by MidPacific Asset Advisors. The properties include two buildings at 500 and 700 Burning Tree Road on nearly 7.5 acres within the 47-acre master-planned Northpoint Commerce Center in North Orange County. Jeff Chiate, Rick Ellison, Mike Adey, Jeffrey Cole, and Ed Hernandez of Cushman & Wakefield’s Capital Markets team represented the seller.
Pacific Industrial has acquired a 157,204-square-foot, two-building industrial property near John Wayne Airport in Costa Mesa for roughly $33 million. Trent Walker, an executive vice president with Voit Real Estate Services, represented Pacific Industrial as the buyer in the off-market acquisition. One of the buildings is home to the U.S. headquarters of RipCurl, the Australian retailer of surfing sportswear. The second building was vacated by the automaker Karma, which is now based in Irvine in the former Kawasaki headquarters. Pacific Industrial acquired the property from 3030 & 3080 Airway, which had owned the property for about three years. Voit said it also will act as the leasing agent for the property.
LBA Realty in Irvine has bought a fully leased, 155,109-square-foot industrial building on nearly 7 acres in Riverside for $20.2 million. The seller was AMA Plastics / Westfall Technik Inc. AMA Plastics agreed to a 10-year leaseback for the entire facility, which serves as its headquarters. Jeff Chiate, Rick Ellison and Mike Adey of Cushman & Wakefield’s Orange County office, along with David Stefancic of the firms’ Chicago office, represented the seller in the transaction. Built in 2007, the facility at 1100 E. Citrus St. has features including 32-foot clear height, a truck court, 12 dock-high loading doors, and full drive-around access.
Lee & Associates in Irvine has negotiated the $10.5 million sale and purchase of a 25,918-square-foot office building at 20377 SW Acacia St. in Newport Beach. Terms were not disclosed. Senior Vice President Brian Garbutt of Lee & Associates represented the buyer, the Wang Family Trust, and the seller, BLD Ventures. Garbutt said the seller signed a 10-year lease at the close of escrow.
Newport Beach-based design firm H. Hendy Associates has started construction of an office and fabrication facility for Southland Industries, a mechanical, electrical and plumbing systems firm. The 160,000-square-foot facility at 12131 Western Ave. in Garden Grove will include space for newer and larger equipment. Besides the typical break room, restrooms and showers, the complex also will include a “fun zone” featuring arcade games and lounge space. Southland’s new facility should be completed this summer.
CapRock’s inland moves
CapRock Partners in Newport Beach has acquired roughly 23 acres that will accommodate a 425,000-square-foot industrial business park in Norco. The property, in the Inland Empire West submarket, will serve the demand for commercial delivery to Orange County and the proximate Norco and Corona communities. The acquisition price was not disclosed by the firm.
CapRock Partners has been accelerating its “last-mile” logistics strategy and is developing three properties that include eight industrial buildings for a total of nearly 900,000 square feet. They include:
–Temescal Valley Commerce Center in Corona; 140,000 square feet; completion in Summer 2018; single building
–Serrano Business Park in Jurupa Valley, 327,000 square feet; completion in early 2019; three buildings
–Norco Business Park in Norco, 425,000 square feet; completion in second-quarter 2019; four buildings
Mackenzie Ford is the new vice president of Stream Realty Partners’ Industrial Division in Irvine. Ford will be responsible for leading and expanding her team’s platform throughout Southern California. She will focus on the overall growth of company’s leasing, tenant representation, building sales, and property management service lines of industrial product throughout Orange County and the Inland Empire.
Jacqueline Chase has joined the Irvine office of Coldwell Banker Residential Brokerage as an affiliate agent. She comes to the office with 23 years of real estate experience and previously worked as an agent in Aliso Viejo with First Team Realty. She specializes in coastal properties and is a member of RELO, a full-service relocation management company.
This week Jeff Lazerson’s radio show guests include:
— John Bell, deputy director of the U.S. Department of Veterans Affairs, will answer your VA mortgage questions.
— Nick Larson, LexisNexis Risk Solutions Business Development director, will explain the alarmingly high percentage of Americans with liens and judgments and their correlation to future mortgage defaults and foreclosures.
–Mark Palim, Fannie Mae’s deputy chief economist, will make some observations as to why housing confidence just hit an all-time high.
Lazerson is a contributing columnist for the Orange County Register and the Southern California News Group. His weekly “Mortgage Grader” radio show airs at 10 a.m. on KLAA 830AM, otherwise known as the Angels radio station.
The show is offline when the Angels are playing in that timeframe.
If you have a question for Lazerson’s radio show, keep this dial-in number handy: 714-283-0830.
The real estate briefs are compiled by contributing writer Karen Levin and edited by Business Editor Samantha Gowen. Submit items to firstname.lastname@example.org. High-resolution images also can be submitted. Allow at least one week for publication. Items are edited for length and clarity.