ILLUSTRATING THE OFFICE OF THE FUTURE
DENVER—Dekker/Perich/Sabatini was the winner of NAIOP’s National Office of the Future Competition during Development ’14 here last week, walking away with the most votes at the conference as the grand winner. NAIOP reviewed submittals from across the country and ultimately invited three design firms, including D/P/S, to present their concepts at the conference. The winning design repurposes existing office buildings—a sustainable approach to community growth—and creates modern workplaces that improve the employee experience. Rich amenities, walking paths, vegetable gardens, day care, grocery and other in-building services promote wellness and support a micro-community within a larger city, according to D/P/S.
ONTARIO, CA—Newcastle Partners Inc., a San Francisco-based real estate investment and development company, has sold West Ontario Distribution Center, a 90,250-square-foot industrial warehouse property here, for $8.3 million and has acquired 5.12 acres of land for development of a 102,440-square-foot state-of-the-art industrial facility here as well. The warehouse facility sold to owner/user Peter Lin, whose company expanded from a smaller building here, is located at 2080 S. Cucamonga Ave. and had been completed by Newcastle in June of this year. Mark Zorn and Tal Siglar of Colliers International represented Newcastle in the transaction, while Richard Schwartz of Colliers International represented the buyer. In the land acquisition, Newcastle plans to develop a speculative, free-standing, industrial building that features 5,000 square feet of two-story executive office space, 18 dock-high loading positions, one ground-level loading door, ESFR fire sprinkler system and power to suit. Construction is beginning in March 2015 with anticipated completion in the third quarter of 2015. Mike McCrary and Jeff Bellitti of Jones Lang LaSalle represented Newcastle in the transaction.
WILDOMAR, CA—The Coldwell Banker Commercial Alliance Orange County office has closed on two class-A retail properties here: the 100%-leased Shops at Clinton Keith, which sold for $4.7 million, and one of the complex’s anchor tenants, a 7-Eleven, which closed at $2.4 million. CBCA’s EVP Scott Hook represented the seller in the sale of the Shops, while its buyer was co-represented by Hook and David Girty of CBCA. The investor acquired the property at just under a 7% capitalization rate. The 7-Eleven buyer, who was also represented by Hook, purchased it at a 5% cap rate with 13 years remaining on the lease term.
HESPERIA, CA—Three Coldwell Banker Commercial professionals recently completed the sale of two apartment buildings composed of 15 units each at 15544 and 15166 Sequoia Ave. here. EVP Mehdi Mostaedi and VP Robert Basen represented the seller of the two-story complex. Mostaedi, in conjunction with broker associate Emelie Kwon, represented the buyer, a private investor.
COSTA MESA, CA—Law firm Snell & Wilmer has signed a 53,000-square-foot lease renewal at Plaza Tower here. Cushman & Wakefield’s Rick Kaplan, Robert Lambert and Matt Moore represented Plaza Tower in the transaction. Snell & Wilmer has been housed at Plaza Tower at 600 Anton Blvd., adjacent to South Coast Plaza and the Segerstrom Center for the Arts, since 2004. The tenant was represented by Kevin Bender and Steve Bay of CBRE.
IRVINE, CA—Cox Castle & Nicholson is moving its offices to 3121 Michelson Dr. at Park Place here. The design for the new office will further enhance the firm’s collaboration, recruiting, and technology capabilities. The space is designed to promote a healthy working environment, including larger kitchen and dining areas for meetings and entertaining and uniform office configurations for associates and partners. Extensive use of glass walls for conference rooms and private offices allows natural light throughout the space will promote connectivity.
LOS ANGELES—The Swig Co. has signed Los Angeles-based Ergobaby to a full floor lease of 16,378 square feet at 617 W. 7th St. here. The premium consumer baby products company is expected to make the move from its existing headquarters at 888 Figueroa early next year. CBRE’s John Zanetos, Chris Penrose and Mark O’Brien represented the landlord, while the tenant was represented by Andrew Lustgarten and Sonya Schmidt of Studley.
LOS ANGELES—ThinkFactory Media has signed a new 33,444-square-foot full-floor lease with owners Ocean West Capital Partners and Westbrook Partners at 1640 S. Sepulveda, a five-story, 150,632-square-foot creative-office campus here. The tenant will occupy the new space for its headquarters and production services. The building is undergoing a $4-million renovation under the direction of architect Shubin + Donaldson. Jones Lang LaSalle Los Angeles team members Carl Muhlstein, Hayley Blockley and Jaclyn Ward are handling leasing at the building and represented the owners in this deal.
SANTA CLARA, CA—The first Whole Foods Market is coming to town at Santa Clara Square Marketplace, a 125,000-square-foot office campus and specialty-retail center being built by the Irvine Co. at Great America Parkway and the 101 freeway here. The grocer will occupy 50,000 square feet of retail space the shopping center, where construction is underway. Whole Foods is set to open in 2016 along with other merchants.
SAN DIEGO—Voit Real Estate Services’ San Diego office has hired Kipp Gstettenbauer as SVP and Ryan King as VP, both specialists in retail and office properties with an emphasis on investment sales representing private capital in acquisitions and dispositions. Prior to joining Voit, Gstettenbauer was an investment sales and leasing director at Cushman & Wakefield of San Diego, where he represented several prominent investors. Together, he and King have represented notable clients such as Equity Office/Blackstone, Hines, LBA Realty, HP Investors, Great American Capital and numerous local private-wealth investors.
IRVINE, CA—WNC has promoted CFO Melanie Wenk to SVP. Wenk joined the firm in 2003 and was promoted to VP and CFO in 2009, overseeing the company’s accounting department. She will continue in that role, with an added focus on WNC’s ongoing growth.
IRVINE, CA—Twenty-five volunteers made up of NAIOP SoCal’s board members, NAIOP SoCal Young Professionals Group alum and significant others recently came together to support Big Brothers Big Sisters Orange County by hosting “Big for a Day” at Boomers here. The event hosted 23 kids with ages ranging from five to 14, who are on the waiting list to be matched with a “Big” through the philanthropic organization. This year’s event marks YPG and NAIOP SoCal’s fourth year hosting the event, during which “Bigs” and “Littles” enjoyed a morning of activities such as mini golf, go-cart racing, laser tag, rides, and bumper boats.
IRVINE, CA—Hanley Investment Group has kicked off its fourth annual Movember campaign to raise funds and awareness for men’s health—specifically, prostate cancer, testicular cancer and mental health problems. Each year, the “Mo Bros” of the firm shave their faces on November 1 and for 30 days become live billboards in support of the global Movember Movement, requesting donations to the cause. This year, Hanley’s team has set a goal of $25,000.