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Foropoint has purchased 725 E. Harrison St., a 117K SF industrial facility in Corona, for $21.5M, or roughly $184 per SF.
The property features 27-foot to 29-foot clear heights, seven dock positions with the ability to expand to nine dock positions and 222 parking stalls. It is fully leased to an unnamed longtime tenant that serves the aerospace, automotive and medical industries.
JLL represented the undisclosed seller in the transaction. The JLL Capital Markets team was led by Makenna Peter.
PEOPLE
Savills hired Caleb Hodge as a managing director in its Los Angeles office. Hodge brings experience in tenant representation and advisory services across the entertainment, media, technology, life sciences, automotive and professional services sectors.
Hodge joins Savills from KWP Real Estate, where he served as vice president. Before KWP, Hodge held positions at Stream Realty Partners and NAI Capital, where he was part of the tenant consulting group.
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NewMark Merrill Cos. has hired 13-year commercial real estate veteran Tyler Winslow as vice president of leasing in its San Diego division. In his new role, Winslow will drive leasing activity, enhance the tenant mix and create long-term value across the region’s portfolio. Before NewMark Merrill, Winslow served as vice president at HP Investors.
SALES
CBRE arranged the $11.1M sale of a 34K SF office property at 5625 Ruffin Road in San Diego’s Kearny Mesa to Wheelhouse Credit Union. The sale price works out to $323 per SF. Building amenities include an on-site eatery with indoor and outdoor seating, a conference center, showers and lockers. CBRE’s Matt Pourcho represented the seller, FCAW Propco LLC, in the transaction.
LEASES
Furnishings firm Haworth has signed a 15K SF lease to relocate its Southern California showroom and workplace to California Market Center at 110 E. Ninth St. in the Fashion District. Haworth previously occupied space in the Financial District in Downtown. The transaction was negotiated by Colliers’ Matthew Heyn and Ian M. Gilbert, who oversee leasing at the 1.9M SF California Market Center.
CONSTRUCTION AND DEVELOPMENT
HHLA is investing $150M in capital improvements at the mall and work needed to prep the property for new tenants. The funds will go toward improving the parking facilities, upgraded signage throughout the property, an updated outdoor courtyard, an elevated facade, a new food court and some tenant improvement work. The 250K SF Westchester retail center will have three new experiential concepts — a calisthenics gym and two kids-focused concepts — opening in the mall in the coming year.
FINANCING
Marcus & Millichap Capital Corp. arranged $5.4M in financing for a 30K SF retail property at 5858 Warner Ave. Val Costescu in MMCC’s Orange County office secured the nonrecourse loan through a regional bank. The financing carries a five-year term at 60% loan-to-value, a 5.95% interest rate and a 30-year amortization schedule. The property is occupied by a fitness center and a flower shop.
THIS AND THAT
Shopoff Realty Investments secured approval from the Calimesa City Council for Mesa Verde, a 1,463-acre mixed-use master-planned community in Calimesa, near the 10 and 60 freeways. The firm received approval from the Calimesa Planning Commission in August. Development will take place in multiple phases, with Phase 1 construction expected to begin in late 2027.
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Trojan Storage is opening a new ground-up project in December. The self-storage facility at 14201 Paxton St. in Arleta is a three-story, 165K SF building with 1,313 total storage units, including 490 climate-controlled, 475 nonclimate-controlled, 274 first-floor interior and 74 drive-up units.
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