A joint venture of Center Capital Partners and Authentic Capital Group acquired an industrial property in San Diego and one in Irwindale for a total of $87.5M.

The properties are a 200K SF distribution facility at 9999 Olson Drive in San Diego and a 101K SF industrial building at 5086 Fourth St. in Irwindale.

The transaction was brokered by Eastdil Secured and is part of a strategic joint venture between the two firms that focuses on acquiring and growing a portfolio of high-quality core-plus and value-add industrial properties in high-demand urban infill markets. The JV closed more than $125M in transactions in the latter half of 2024 and aims to expand its portfolio to more than $500M in the next 12 to 24 months.

PEOPLE

Newmark hired Charles Christensen as executive managing director, based in the firm’s Irvine office. Christensen comes from Berkadia and will work with Executive Managing Directors Vince Punzi and Lowell Takahashi.

Christensen has three decades of multifamily and commercial real estate finance experience, specializing in the origination of debt products nationwide, including Fannie Mae, Freddie Mac, CMBS, life company, bank, mezzanine and bridge loans. Christensen has been involved in the origination of more than $10B of debt financing nationwide.

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CBRE has hired Matt Rifkin and Pablo Rodriguez, who will join CBRE’s Inland Empire office.

Rifkin joins as a vice president with a specialty in retail, office and industrial leasing and investment sales in the Coachella Valley. He was previously a partner at Wilson Meade Commercial Real Estate.

Rodriguez, who joins CBRE as a first vice president after five years at Newmark, will focus on retail agency leasing, tenant representation and private capital market sales across the Inland Empire.

SALES

Rialto Capital sold Campus56, a 58K SF mixed-use building in Culver City. Montana Avenue Capital Partners bought the 100% vacant campus for $14.9M. Colliers represented both groups in marketing and selling the two-story, two-building campus at 5600-5650 W. Centinela Ave.

LEASES

Affinius Capital and McDonald Property Group have signed Otto International Inc. to a more than 264K SF lease at The Hub in Ontario. The lease at 3551 E. Jurupa St. is the first lease at The Hub, a master-planned logistics park. The lease was signed six months prior to the scheduled completion of Phase 1 of the project, which will be more than 2M SF over four buildings when complete.

The Hub is owned by CanAm Ontario LLC, which consists of a Canadian pension fund, an investment affiliate of Affinius Capital and McDonald Property Group. In 2021, CanAm Ontario signed a 55-year ground lease with Ontario International Airport Authority to develop the entire 200-acre site.

FINANCING

MetroGroup Realty Finance has provided a $24M loan to refinance a 22K SF owner-occupied manufacturing facility at 2200 S. Reservoir St. in Pomona.

MetroGroup Realty Finance closed on a fixed-rate senior loan on the property with an international bank based in Europe. MetroGroup’s Ivan Kustic secured the loan on behalf of the undisclosed owner.