Defense company Saronic Technologies signed a roughly 83K SF lease agreement at 2727 Kurtz St. in San Diego. The property is a two-story industrial warehouse and flex research and development space in San Diego's Sports Arena/Airport submarket.
Texas-based Saronic has signed a long-term new lease with the joint venture ownership and landlord team of Realterm and LaSalle Investment Management.
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Amazon occupied the building until earlier this year. The property is also across the street from the Naval Information Warfare Center Pacific, formerly the Space and Naval Warfare Systems Center Pacific.
Colliers San Diego’s Mark Lewkowitz, Evan McDonald and Kurtis Blanchard represented Realterm and LaSalle. Savills’ Shane Poppen and Louis Bickett represented Saronic Technologies.
Saronic is a provider of autonomous boats for naval and maritime use. In August, the Navy agreed to buy two of Saronic’s naval drones for $392M, Defense Scoop reported. On Thursday, Saronic and AI firm Nvidia announced a partnership to further Saronic’s artificial intelligence utilization and its overall technological capabilities.
SALES
Concord Capital Partners spent $52M for a Koreatown apartment building. The View is a 13-story, 168-unit property at 3460 W. Seventh St. It holds 12 studios, 120 one-bedroom units and 36 two-bedroom units, with an average rent of $2,670.
JLL represented the seller and secured the financing. The seller wasn’t disclosed.
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Hazard Construction acquired the 78K SF former Escondido Ice Plex, a 6.3-acre property at 555 N. Tulip St. in Escondido. CBRE’s Roger Carlson and Blake Wilson represented the seller, Onward Energy. Kidder Mathews’ Mickey Morera represented Hazard Construction.
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A private local investor paid $19.5M for an approximately 80K SF office property at 120 S. State College Blvd. in Brea. The building is fully leased to six tenants, including the county of Orange, CareFusion, Whittier Filtration, HdL Cos. and Yellow Box Corp. It was built in 1985 and renovated in 2015.
CBRE National Office Partners’ Anthony DeLorenzo, along with Sammy Cemo, Bryan Johnson and Harry Su of Private Capital Partners, represented the seller.
LEASES
Hank’s Organic signed a 19K SF lease at Access Culver City at 8770 Washington Blvd. The family-owned grocer and café will anchor the ground floor of the mixed-use property. Other tenants include Orangetheory, BMO and Hot 8 Yoga. Matthews Real Estate’s Michael Pakravan represented landlord Greystar, and Elan Kermani of City Street Advisors represented Hank’s Organic.
CONSTRUCTION AND DEVELOPMENT
Dermody completed construction of the 133K SF LogistiCenter at Irvine I and the 91,600 SF LogistiCenter at Irvine II. The two Class-A logistics spaces are in the Irvine Spectrum submarket off Alton Parkway and Muirlands Boulevard in Irvine.
FINANCING
CBRE secured a $28M loan to refinance Jamboree Promenade, a 57K SF retail center at 2626-2646 Dupont Drive in Irvine. Shaun Moothart, Bruce Francis, Bob Ybarra, Doug Birrell and Nick Santangelo from CBRE’s debt and structured finance team arranged the seven-year, fixed-rate loan on behalf of the borrower, an undisclosed Singapore-based investor. The property was built in 1989 and has 28 retail suites.
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Priority Capital Advisory arranged a $28M loan on behalf of CityPads, a private equity fund manager and multifamily developer with operations based in Chicago and Los Angeles. The senior debt financing is for the development of a 92-unit apartment property at 8931-8945 Helms Place in West Los Angeles. Priority Capital Advisory President Zachary Streit brokered the loan along with JLL’s Lucas Borges.
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Matthews Capital Markets secured the financing for workforce housing in Long Beach. The financing included a $10.3M Fannie Mae acquisition loan for a five-property, 90-unit workforce housing portfolio. The buyer will conduct an improvement plan that will reposition the C-plus assets to B-plus through interior renovations, exterior enhancements and security upgrades.
The transaction was arranged by Geoffrey Arrobio.
