North Palisade Partners bought a nearly 2-acre industrial outdoor storage site at 18931 South Laurel Park Road in Rancho Dominguez for $14.1M. The infill property was purchased off-market from the Apprentice & Journeymen Training Trust Fund of the Southern California Plumbing & Piping Industry. The property is currently in use as a trade school and will remain as such for 12 months through a sale-leaseback arrangement. Demolition and redevelopment for IOS will begin after that period.
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PEOPLE
Design firm RDC promoted Sean Slater to the position of senior principal. Slater is the principal-in-charge of RDC’s San Diego office and established that office for RDC in 2019. Slater is a member of the Urban Land Institute and is a member of the ULI San Diego/Tijuana Programs Committee.
SALES
HRL Laboratories bought an industrial property at 3500 Willow Lane in Thousand Oaks. The 104K SF property sold for $39.75M. The seller was Willow Hurst LLC. Lee & Associates-LA North/Ventura President Mike Tingus and Managing Director and principal Grant Fulkerson represented the seller. The buyer was represented by Mazirow Commercial.
CONSTRUCTION AND DEVELOPMENT
High Street Residential and its JV partner Principal Asset Management began construction on a new 137-unit apartment project in San Pedro. The project at 511 South Harbor Blvd. is expected to be complete in late 2024.
FINANCING
Longfellow Real Estate Partners has secured a three-year loan through Square Mile Capital Management and Bank OZK. The $202M in financing is for the redevelopment of Bioterra, a 316K SF lab and biotech facility in the heart of San Diego’s life sciences cluster that has yet to be built. JLL arranged the financing on behalf of Longfellow. Bioterra is expected to be complete in 2024.
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Capital One provided a $60M loan to Rexford Industrial Realty to refinance a portfolio of six industrial properties in Simi Valley, Oxnard, Camarillo, Fullerton, Irwindale and City of Industry. The six properties total 900K SF and are 100% occupied.
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Sonnenblick-Eichner Co. arranged the sale of fee-simple interest in the Cannon’s Hotel Development Site in Dana Point. The amount was not disclosed. The property is the former home of Cannon’s Restaurant, but is now fully entitled and approved by the California Coastal Commission for a 100-room boutique luxury hotel.
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Plant Prefab secured $42M in Series C funding for its expansion into multifamily and single-family community development. Plant Prefab will use the money for the build-out of its factory in Tejon Ranch, expected to open mid-2023, and will expand its volume and ability to manufacture up to 800 residential units.
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