AEW Closes on $60.7M Sale of Walnut Tech Business Center
AEW Capital Management has sold the Walnut Tech Business Center, a shallow-bay business park in Walnut, California. The 200,000-square-foot property was acquired by CIP Real Estate II LLC for $60.7 million, according to the transaction documents.
The JLL Capital Markets team represented the seller. Agents Patrick Nally, Evan Moran, Chad Solomon, Shae Vomund and Lauren O’Neill handled the listing. Kevin Mackenzie, Peter Thompson, Kyle White and Colter Smith arranged acquisition financing through an unnamed bank on behalf of the buyer.
Industrial and Retail Assets Change Hands
In Riverside, Oxford Properties sold a four-building, 238,000-square-foot light industrial portfolio to Sierra Ridge Capital. The assets include 12000 Magnolia Ave. and Hunter Business Park. Pacific Properties Group is providing the equity for the deal. JLL’s agents arranged a $25 million acquisition loan with a correspondent life insurance company.
Nuveen Real Estate and Northwood Investors sold The Forum Carlsbad, an outdoor lifestyle and shopping center spanning 34 acres and 265,000 square feet. The property is located at 1923 Calle Barcelona. Edens acquired the site, though the purchase price was not disclosed.
Lincoln Property Co. expanded its logistics portfolio by acquiring Bellegrave Business Park in Jurupa Valley. The six-building, 327,000-square-foot park is located at 10290-10317 Birtcher Drive. The facility is 100% leased to six tenants, and financial terms of the deal remain private.
Conversant Capital partnered with Pacific Retail Capital Partners to acquire Pacific View Mall in Ventura. The 884,000-square-foot property was bought as part of a joint venture. PRCP will take over leasing and operational duties immediately.
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Lease and Financing Activity
Denim and womenswear brand Pistola is relocating its creative team to Building 2 at Row DTLA. The company signed a nearly 18,000-square-foot office lease in Los Angeles. The move comes as the brand leaves its warehouse and distribution space in Vernon.
Gantry secured a $9 million life company loan to retire a commercial mortgage-backed security on Vail Ranch Town Square. The three-story, 55,000-square-foot office building at 32605 Temecula Parkway is fully leased to health and professional services tenants.
Avatar Financial Group provided a $4.8 million bridge loan to a borrower in Santa Ana. The financing secured a fully leased, 19,000-square-foot warehouse at 4001 W. Carriage Drive. The two-year, first-lien loan replaced two previous mortgages, including a junior loan that had matured.
Senior Executive Appointments
Northmarq hired Branden McBirney as a senior vice president. McBirney will be based in the firm’s El Segundo office. He specializes in commercial real estate debt placement across multifamily, affordable housing, and retail and industrial properties, with a focus on agency financing. McBirney has completed nearly $1.5B in financing over his career.
Residential and Apartment Sales
Marcus & Millichap announced the sale of 291 Avocado St., a 24-unit apartment building in Costa Mesa. The property sold for $9.4M, or approximately $393K per unit. The property generated multiple offers and ultimately closed at approximately 98% of the list price in an all-cash transaction, according to a release from the brokerage. Marcus & Millichap’s Tyler Leeson and Matthew Kipp had the exclusive listing.
