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California Commercial Real Estate News Roundup 2023

January 29, 2024

California CRE Highlights & Headlines of Transactions, Leases, Developments & Investments

We put together an updated list of transactions, lease highlights, and development projects around California’s commercial real estate market. The list also covers financial factors that are important for property owners and investors to know.

California Commercial Real Estate News Q4 2023

Intuitive Surgical, a Medical Device Company, Inks $157M of Properties in Santa Clara

Medical device manufacturer, Intuitive Surgical, recently acquired properties in Santa Clara for a total of $157 million. It is part of a major plan to develop a 1.17-million-square-foot campus in the area. Read More

Long Beach and Los Angeles See Surge in Cargo Volumes in 2023

Long Beach saw an increase of cargo of 24% and Los Angeles an increase of 19% YOY compared to November 2022. This exemplifies the importance of the industrial real estate sector and distribution centers in the markets. Read More

Aon Tower in Downtown LA Exchanges Hands for Nearly $150M

Aon Tower, a 1.1-million-square-foot office tower in downtown Los Angeles exchanged hands for $147.8 million. It’s the largest post-pandemic office sale in downtown LA. Read More

Four Retail Real Estate Tenants Increase Chino Center Occupancy to Nearly 100%

CBRE helped ink four new retail leases in Chino Spectrum Marketplace which brought the retail center’s occupancy to 98%. Read More

Deceleration of Rental Market Foreshadows 2024 Market for Multifamily Real Estate

The multifamily real estate market is starting to cool down since the growth streak of 2021 through the beginning of 2022. Read More

LA County Inks Major Deal for 207K SF of Long Beach Office Space

Fifteen-year lease for the space in Omninet Capital’s building is valued at $167M. It’s among the biggest office real estate deals in the area this year. Read More

400-Unit Multifamily Portfolio in Thousand Oaks Changes Hands for $171M

The multifamily properties exchanged in the Thousand Oaks area represent 11% of the housing stock in the area. Read More

Decron Inks Second San Diego Acquisition for $126M

Decron Properties acquired Margo at The Society, a 240-unit, luxury apartment complex for $125.5 million. This is the company’s second acquisition in San Diego. Read More

Grocery-Anchored Retail Inks $22M Construction Loan

Gantry sealed a $21.6M construction loan to develop a grocery-anchored retail center in Los Angeles. Read More

SoCal Apartment Rental Rates Set to Rise 2-4% in the Coming Years

A study conducted by USC forecasted that rental rates in Southern California will rise 2-4% in the coming two years. Read More


California Commercial Real Estate News Q3 2023

Disney Is Set To Invest $60B in Theme Parks and Cruises

The Walt Disney Co is planning to double its capital investment in theme parks and cruises over the next decade to a total that comes close to $60 billion. Read More

PGIM Lends GLP Over $300M for Inland Empire Industrial

PGIM Real Estate provided $333 million in floating-rate financing to GLP Capital Partners, so that they may acquire three industrial real estate properties in the Inland Empire. Read More

Luxury Mixed-Use Project in Downtown Los Angeles Set to Add Creative Office and Retail Space

A 127K-square-foot multifamily, office and retail project called Forge at Alloy is set to be completed in the tail end of 2024. The development will span nearly 1 million square feet. Read More

ExchangeRight Inks Acquisition for Net-Leased Portfolio

ExchangeRight confirmed that its Essential Income REIT acquired a portfolio of 15 net-leased assets for a total of $84 million. This adds 230K square feet of net-leased space to their portfolio. Read More

Orange County’s Industrial Real Estate Market Is Stabilizing

Orange County industrial real estate has stabilized recently according to a report by Kidder Matthews. The current vacancy rate is 2.0%, which is very solid, and the market rental average increased 18% year over year. The industrial real estate properties in the area sold had a cap rate of 6.5%. Read More

Downtown San Jose Luxury Apartment Complex Exchanges Hands for $74M

The James, a six-story luxury apartment complex in downtown San Jose recently sold for $74.3 million. Read More

CalPERS Puts $1.9B Into Blackstone, Mesa West Debt Funds

CalPERS, the largest public pension fund in the country, invested nearly $2 billion into two large private equity sector real estate debt funds. Read More

Western Digital Sells Milpitas Campus for Nearly $200M

Western Digital sold and leased back its five-building campus in Milpitas, CA due to strains on cash in the company, as they posted huge annual financial losses. Read More

San Diego’s Medical Office Real Estate Market Stays Strong

The San Diego Mid-Year 2023 Medical Office Report by Cushman & Wakefield showed solid numbers, such as an increase of jobs of 42,000 in the sector. This represented a growth rate of 2.8% year-over-year. Read More

Lowe’s-Anchored Retail Center in Escondido Sold for $29M

Marcus & Millichap inked the sale of a 179K-square-foot Lowe’s-anchored retail shopping center in Escondido. The property sold for a total of $28.5 million. Read More

URW Inks Deal On 1.5M SF Shopping Center in San Diego

The sellers of Westfield Mission Valley in San Diego, URW (Unibail-Rodamco-Westfield), sold in two parcels. The buyers plan to reposition it as a mixed-use space. Read More


California Commercial Real Estate News Q2 2023

Prologis Set to Acquire 14M SF of Industrial Assets from Blackstone for $3.1B

Prologis and Blackstone have reached a deal to trade 14 million square feet of industrial properties. These two entities have completed more than a dozen transactions together over the last 11+ years. Read More

Park La Brea Inks a $947M Loan

Prime Residential, the owner of Park La Brea (a multifamily complex in LA County), inked $9476M loan to retire its existing debt on the property. Read More

Kennedy Wilson & Fairfax Close on First Set of Loans for Portfolio Acquisition

Kennedy Wilson and Fairfax Holdings Ltd closed on the initial trance of loans for an eventual $5.7 billion portfolio acquisition from Pacific Western Bank. Read More

JV Confirms $265M Loan for Life Sciences Campus in San Diego

A Sterling Bay and Harrison Street joint venture just closed on a $265 million construction loan from Bank OZK for Pacific Center, which will be a life sciences campus in San Diego. Read More

CIM Group Reveals Plan for 34-Story Tower, Set To Be Hollywood’s Tallest

CIM Group purchased a West Hollywood cement plant last summer, and they finally revealed what they plan to do with that property. Read More

Inland Empire Multifamily Property Acquired, Marketing the Largest Multifamily Transaction in LA in 2023

The Paseos at Montclair North is two full city blocks of studio, one-bedroom, two-bedroom, and three-bedroom-apartments. The community has a central park linking it all with a concert amphitheater. Read More

Newly Built Inland Empire Logistics Center Acquired for $325M

The Corona Lakeside Logistics Center, a 730K-square-foot industrial portfolio in the Inland Empire, was just sold for $325 million in a historic sale. Read More

San Diego Set To Move Forward With Civic Center Redevelopment

The city plans to solicit bids for sale or lease of five downtown, city-owned blocks. Read More

Mayor Bass Plans to Spend $1.3B To Keep People Housed in Proposed Budget

Mayor of Los Angeles, Karen Bass, revealed plans to spend big on buying motels and hotels for a $1.3B initiative to keep people housed. Read More


California Commercial Real Estate News Q1 2023

Google Plans for New Office Real Estate Projects Continuing In Spite of Recent Layoffs

Eventhough the tech sector has seen many layoffs in the headlines in the past few months, Google is going forward with two major office towers in Los Angeles and Austin, TX respectively. Read More

Recent Study Conducted of Supply Chain Companies Finds that 61% of Leaders Expect a Permanent Stay of the Hybrid Work Model

61% of supply chain leaders believe that the remote work / office hybrid work model will be permanently instilled into the work environment moving forward. This is one of the major shifts catalyzed by the pandemic. Read More

Silverstein Properties’ US Bank Tower in LA Completes $60M Renovation

Over the last two years, Silverstein Properties worked on the renovation of 35,000 square feet of common spaces in their office real estate property in Los Angeles. Read More

$90M Facility in Irvine Will Be Home to USA Water Polo

A 1,300-acre Great Park complex in Irvine, CA is set to break ground in the next couple of months. It will have a $90 million facility on the premises that will be home to USA Water Polo. Read More

Jacques Marie Mage and Motor Cars LA Open Retail Spaces in Los Angeles

Los Angeles’ Sycamore District is now home to two new retail stores for Jacques Marie Mage and Motor Cars LA. The district has recently turned into a retail and creative office area in Hollywood. Read More

Fox Corporation Plans to Upgrade Century City Studio Lot with $1.5B Renovation Project

Fox Corp. revealed plans to make massive investment of $1.5 billion in its Century City Studio Lot, which is another sign that they are confident of the future of entertainment in Los Angeles. Read More

Los Angeles Pension Fund Pumps $600M Into CBRE Fund

The Los Angeles County Employees Retirement Association (LACERA) just approved a $600 million investment into a fund run by CRE firm CBRE. The fund currently is worth $6.4B. Read More

Recent Study Finds San Diego Industrial Real Estate is Booming

The industrial real estate market in San Diego is “continuing to shine”, according to a study by Cushman & Wakefield. The vacancy rate dropped to 2.4% after 10 consecutive quarters of occupancy gains in the area. Read More

Los Angeles Times Reports That Many CRE Projects Can Be Converted to Medical, Life Science, or Multifamily Assets

A recent report conducted by NAOIP Research Foundation predicts that due to increased office vacancy rates and necessity for more medical facilities / housing, companies will convert office real estate assets to medical and multifamily properties. Read More

Downtown Los Angeles CRE Starts 2023 On the Right Foot reports on the upbeat start to Downtown Los Angeles’ year with several positive news highlights starting in 2023. Read More


Northern California Commercial Real Estate News

California Commercial Real Estate News Q4 2022

What the Road Ahead in 2023 May Look Like for LA CRE

NAI Capital put together a year-end report for the Los Angeles commercial real estate market, and predicted that industrial multifamily real estate will thrive in the region while office and retail will have a tougher time during the year. Read More 

CRE Brokerage Foresees a Positive Year for Los Angeles Retail Real Estate

In another report, the Kennedy Wilson Brokerage foresees a positive year for Los Angeles retail real estate. They predict that the “market will see an upswing”. Read More

One of the USA’s Biggest CRE Projects This Year Is In DTLA

Brookfields’ DTLA Apartment Tower is one of the country’s biggest commercial real estate projects on deck. It is in the top 5 apartment building projects this year. Read More

Amazon Opens Its First Movie Theater in Culver City

Amazon opens its first movie theater in California after already embarking on content creation for Amazon Prime streaming services. It’s planning a “$1B push to release films in cinemas”. Read More

United Rentals Inks $2B Acquisition of Ahern Rentals

United Rentals, a rental services company that focuses on industrial and construction customers, just inked a deal to acquire Ahern Rentals. Read More

Major San Diego Life Sciences Project Lands $203M Loan

Bioterra, a 316K-square-foot life sciences project in San Diego, just landed a $202.6M loan from Square Mile Capital Management LLC. Read More

Flynn Properties Acquires 80% Interest in US Hotels Company & Assets

The latest acquisition by Flynn Properties is a further move to putting capital into the hospitality business. Last year the company purchased 20 properties from Marriott-and-Hilton-branded hotels. Read More

Northland Inks Deal for Tallest Apartment Tower in LA for $504M

THEA at Metropolis, the tallest apartment tower in Los Angeles, was acquired by Northland, an MA-based company. The property was sold for quite a bit less than the original asking price of nearly $700M. Read More

J.P. Morgan Sets $1.4B Price Tag for Water Garden in Santa Monica

The Water Garden in Santa Monica is 1.4M of transit-accessible office space in the area, and J.P. Morgan is putting a price point of $1,000 / square foot for the space. Read More

Anaheim Green-Lights $4B Mixed-Use Entertainment Project

The city of Anaheim just approved one of the largest “experiential” mixed-use projects, which will be anchored by the Honda Center (home of the Anaheim Ducks). The space spans over 95 acres, and will include a concert hall, apartments, retailers, office space, and many restaurant retail spaces. Read More


California Commercial Real Estate News Q3 2022

South Coast & Santa Barbara Commercial Real Estate Report Q3 2022

Q3 CRE sales in the South Coast of California soften in 2022, but are still on track to surpass 2021’s record 109 transactions. Read More

TA Realty Acquires Two Industrial Properties for Nearly $134M

TA Realty inked a deal for two warehouse assets in The City of Industry and Corona, CA respectively. The City of Industry property was 100% occupied at the time of sale, and the Corona warehouse was 43% occupied. Read More 

Investment of $600M for Redevelopment of Television Center in Hollywood

The Television Center in Hollywood will be rebranded at Echelon Television Center, and it is being redeveloped as a means of keeping “Hollywood in Hollywood”. Read More

Ventura Mixed-Use Property Being Developed for $54M

The $54 million mixed-use development of Leap of Faith Partners is in the final stages of entitlement. Read More

Crinetics Pharmaceuticals Inks 94K SF Lease in San Diego

San Diego-based Crinetics Pharmaceuticals inked a 94,000 square foot lab space in Sorrento Mesa. Read More

Sale of 7 SoCal Office & Industrial Properties Shows Demand for the CRE Sectors in the Region

Demand for creative office and industrial spaces stays strong in Southern California as witnessed by one of the largest collective deals in the region during Q3 2022. Read More

Unibail-Rodamco-Westfield (URW) Sells Westfield Santa Anita Mall for Nearly $550M

The buyer of the 1.5M-square-foot retail property in Arcadia, CA was not disclosed publicly. The Westfield Santa Anita mall sold for $538 million. Read More

Bans on Development Are Aplenty in the Inland Empire, Where Vacancy Rates are Below 1%

The council of the Inland Empire discussed placing a 45-day moratorium on warehouse development in the area, despite the record-low vacancy rates. Read More

Three LA Apartment Buildings Go On the Market for Over $500M

Eastdill Secured listed three DTLA apartment properties with an aggregate of over 1,000 units for $520 million. Read More 

SoCal Cold Storage Industrial Asset More Than Doubles Sales Price in 7 Months

Thor Equities acquired a cold storage facility for $85M that exchanged hands for $36M in January 2022. Read More

Netflix Offloads 180K SF of Space in Burbank During Subscriber Loss, Layoffs

BisNow reports on Netflix’s recent release of 180,000 square feet of commercial real estate space in the Los Angeles region. Read More

California Commercial Real Estate News Q2 2022

Manulife Sells 2-Building San Diego Office Portfolio With Life Sciences Potential For $145M

An LLC connected to Manulife Investment Management sold two buildings near San Diego’s University Town Center area for $145M.  The Governor Park buildings were part of a portfolio that last traded hands in 2018 for $95M. Read More

$100 million-plus, two days: Prime South San Francisco sites are bought

A commercial real estate shopping spree has been widening in the biotech and tech hotbed on Peninsula Ave.  Read More

CBRE Brokers $14M Sale of West LA Industrial Site

The CBRE team brokered the $14 million sale of a 26,000-square-foot industrial property on South Sepulveda in West Los Angeles, CA. The transaction, to a local buyer in a 1031 exchange, amounted to $538 per square foot. Read More

Amazon Gobbling Up SoCal Office Space, Taking 439K SF In Santa Monica, Irvine, San Diego

The e-commerce giant recently announced plans to add more than 2,500 corporate and tech jobs in three Southern California cities, snapping up nearly 450K SF of office space in LA, Orange and San Diego counties to make room for its new staff. Read More

Irvine Office Campus Sells for $235M

JLL Capital Markets has closed the $235 million sale of Intersect, a four-building, creative office campus in Irvine, CA. JLL also procured the buyer in the transaction, MetLife Investment Management & PGGM, plus secured a $118 million acquisition loan through Allianz Real Estate. Read More

Greater Los Angeles ranks as one of the top metros for multifamily investments, rent increases

Greater Los Angeles gained momentum as one of the leading metros in the U.S. for multifamily investments and year-over-year rent increases in the first quarter of 2022. Read more

Sylmar Studios breaks ground on large $500 million production site

The project will be one of the first studio developments of its size built by a privately held company in Southern California in decades. Read More

Kennedy Wilson Acquires Three Multifamily Assets for $418M

Kennedy Wilson has purchased three multifamily communities in three off-market transactions totaling $418 million. The wholly-owned properties total 1,110 units and include the Palms at Peccole Ranch in Las Vegas, NV; La Privada in Scottsdale, AZ; and San Miguel del Bosque in Albuquerque, NM. Read More

Addressing California’s Affordable Housing Challenge

Attendees at the 2022 Housing California Conference explored housing models, inclusionary practices, government programs, energy incentives and more in an effort to address the affordable housing crisis facing California and the rest of the United States. Read More

California Commercial Real Estate News Q1 2022


Retail Plaza on Peninsula, South of San Francisco, Exchanges Hands for $72M

Charleston Plaza, a five-building retail shopping center in Palo Alto sold for $71.8 million. The shopping center has several restaurants, cafes, and shops along with a PetSmart, Starbucks, and Chipotle. Read More


Los Angeles Chargers Finalize Plans for New Facility in El Segundo

The Los Angeles Chargers inked a deal for the construction and permanent financing for a new corporate headquarters and training facility in El Segundo, California. The whole project amounts to $276 million. Read More


IDEA1 Multi-Use Project Sold for $106M in Downtown San Diego

Lowe, in tandem with LaSalle Investment Management, and I.D.E.A Partners built the 295-unit, mixed-use project in downtown San Diego originally. It has now been sold to Fairfield for $106M. Read More


CalSTRS Invests $500M into Life Sciences Development Fund

The California State Teachers’ Retirement System, one of the largest municipal pension funds in the country, is putting half of a billion dollars into life sciences real estate. Read More


Inland Empire Retail Center Sells for $71M

Inland Empire Center in Fontana, CA is almost 100% occupied by tenants (99%) currently. The retail center has a Cardenas Market, Ross Dress-for-Less, and Planet Fitness. Read More


Hollywood Media Campus Sells for $93M

The Hollywood Media Campus, a 3.5-acre site in Los Angeles changed hands for a total of $93 million to the Georgetown Company. Read More


How San Diego Became One of the Nation’s Hottest Life-Sciences Real Estate Markets

L.A. Business First (BizJournals) reports on the life-sciences real estate market in San Diego, and how it has surely but steadily become one of the most important life-sciences markets in the country. Read More


South Korean Retail Giant Purchases Napa Vineyard for $250M

Shinsagae, a South Korea-based department store conglomerate purchased Shafer Vineyards for $250.3 million. It’s the latest large-name, family-owned vineyard to hit and exit the marketplace. Read More


Disney Is Planning First “Storyliving” Master-Planned Community in SoCal

Disney is still pushing on it’s long-awaited plans to get into residential development. The company’s theme park division is leading the way with the development of master-planned home communities across SoCal. Read More



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