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The Walnut Tech Business Center
AEW sold the Walnut Tech Business Center, a 200K SF shallow-bay business park in Walnut, for $60.7M to CIP Real Estate II LLC.
The JLL Capital Markets team of Patrick Nally, Evan Moran, Chad Solomon, Shae Vomund and Lauren O’Neill represented seller AEW. A JLL team of Kevin Mackenzie, Peter Thompson, Kyle White and Colter Smith arranged acquisition financing through an unnamed bank on behalf of the buyer.
PEOPLE
Northmarq hired Branden McBirney as a senior vice president. McBirney will be based in the firm’s El Segundo office. He specializes in commercial real estate debt placement across multifamily, affordable housing, and retail and industrial properties, with a focus on agency financing.
McBirney has completed nearly $1.5B in financing over his career. He joins Northmarq from Berkadia, where he spent more than a decade financing properties across a broad range of asset classes. McBirney also serves on the advisory board for Urban Land Institute Los Angeles and is co-chair of Urban Marketplace.
SALES
Oxford Properties sold a four-building, 238K SF light industrial portfolio in Riverside to Sierra Ridge Capital for an undisclosed price. The portfolio includes 12000 Magnolia Ave. and Hunter Business Park.
LA-based Pacific Properties Group is providing the equity for the Sierra Ridge acquisition. JLL’s Patrick Nally, Ryan Spradling and Shae Vomund represented Oxford Properties, and JLL’s Jeff Sause, Danny Ryan and Jenny Barger arranged a $25M acquisition loan with an unnamed correspondent life insurance company.
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Northwood Investors and Nuveen Real Estate sold the Carlsbad outdoor lifestyle and shopping center, The Forum Carlsbad, to Edens, a national owner and developer of open‑air retail and mixed‑use properties. The property at 1923 Calle Barcelona spans 34 acres and 265K SF of retail space. Edens’ acquisition price was not disclosed.
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Marcus & Millichap announced the sale of 291 Avocado St., a 24-unit apartment building in Costa Mesa. The property sold for $9.4M, or approximately $393K per unit. The property generated multiple offers and ultimately closed at approximately 98% of the list price in an all-cash transaction, according to a release from the brokerage. Marcus & Millichap’s Tyler Leeson and Matthew Kipp had the exclusive listing.
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Lincoln Property Co. acquired Bellegrave Business Park, a six-building, 327K SF industrial park located at 10290-10317 Birtcher Drive in Jurupa Valley as part of a continued expansion within high-barrier U.S. logistics markets. Bellgrave Business Park was acquired on behalf of one of Lincoln’s separate account clients.
The industrial park spans 18.5 acres and features six standalone industrial buildings ranging from approximately 35K SF to 72K SF. The park is 100% leased to six tenants. Financial details of the deal were not disclosed.
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Pacific Retail Capital Partners formed a joint venture with Conversant Capital to acquire the 884K SF Pacific View Mall in Ventura. The joint venture combines PRCP’s retail operating and leasing expertise with Conversant’s flexible capital. PRCP will immediately assume leasing and operational responsibilities for Pacific View. The purchase price was undisclosed.
LEASES
Los Angeles-based denim and womenswear company Pistola has signed a nearly 18K SF office lease in Building 2 at Row DTLA. The brand is relocating its creative team from its warehouse and distribution space in Vernon to the Row. The terms of the lease were not disclosed.
FINANCING
Gantry secured a $9M life company loan to retire a CMBS loan on Vail Ranch Town Square, a low-rise suburban office building at 32605 Temecula Parkway in Temecula. The three-story, 55K SF building is fully leased to a range of health and professional services tenants.
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Bridge lender Avatar Financial Group provided an undisclosed borrower with a $4.8M bridge loan secured by a fully leased, roughly 19K SF warehouse and distribution building at 4001 W. Carriage Drive in Santa Ana.
The two-year, first-lien loan was originated at approximately 60% loan-to-value. The financing replaced two loans with one, retiring the property’s existing first mortgage along with a junior loan that had passed its maturity date.