Lincoln Property purchased the San Diego office property at 350 Camino De La Reina.
A two-building, 350K SF office campus at 350 Camino De La Reina that was formerly the offices of The San Diego Union-Tribune has sold for $92M.
CIM Group sold the property. CBRE’s Matt Carlson and Hunter Rowe facilitated the sale, and Scott Peterson, Michael Kolcum and Colby Matzke from CBRE’s debt and structured finance arm secured financing.
The property includes a gym, showers and lockers, pedestrian sky bridges to connect tenant spaces, and an on-site café and wine bar. LPC announced the purchase but not the sale price.
PEOPLE
Colliers added Paul Sablock and Nick Sablock to its greater Los Angeles brokerage. The father-and-son team specializes in leasing and sales of industrial properties across the region. Paul previously worked with Colliers, leaving in 2007. Paul will serve as executive vice president, and Nick will serve as vice president, based out of the firm’s Downtown Los Angeles office.
SALES
Intercontinental Real Estate Corp., in a joint venture with LaTerra Development, has acquired EZ Access Self-Storage, a 784-unit self-storage facility in Santa Clarita, in an off-market transaction for $27M.
Built in 2000 by the seller, a local property investor, EZ Access Self Storage has nine one-story storage buildings, a separate office and a residential unit used for on-site management. The property has an average customer tenure of six years.
***
All for Health, Health for All Inc. has purchased a 78K SF office property at 601-607 Glenoaks Blvd. in Burbank from an LLC connected to Jamison for $15.8M.
CBRE’s Kyle Barratt, Mark Perry, Edward Matevosian and Michell Tutor, in collaboration with Lee & Associates’ Scott Romick and team, represented the seller. LA Premier Group represented the buyer.
The property is composed of two buildings: a four-story, 69K SF structure and a single-story, 9K SF building. The property also includes a multilevel, partially underground parking structure with 250 spaces.
***
Marcus & Millichap arranged the $6.2M sale of a four-tenant, triple-net-leased retail pad in Signal Hill.
The sale closed at a 4.8% cap rate, in part due to long-term leases and early tenant renewals. The buyer closed the transaction in 60 days. Marcus & Millichap’s Sheila Alimadadian in the Newport Beach office exclusively represented the seller, Khouraki Corp.
Jonathan Weir and Stefan Ignjatovic of Marcus & Millichap procured the buyer, D’Oyen Trust. Danny Abergel, executive managing director with Marcus & Millichap Capital Corp., arranged acquisition financing.
***
KLM Madison LLC has purchased the leasehold sale of Madison Park, a 97K SF mixed-use medical office and neighborhood retail center at 3445, 3511 and 3525 Pacific Coast Highway in Torrance.
Newmark’s Kevin Shannon, Ken White and Scott Schumacher represented the undisclosed seller.
The property is made up of a three-story, 51K SF medical office building and two single-story retail buildings totaling 47K SF. It was 87% leased at the time of sale. The major medical tenants include UCLA Health, Coast Surgery Center and Pacific Endo-Surgical Center, and the major retail tenants include Thrive Pet Healthcare, China Buffet Restaurant and MyGym children’s fitness.
FINANCING
BridgeInvest closed a $22.4M loan to Kahl Investments for the acquisition of Park Sierra Center, a 150K SF retail shopping center at 11060–11080 Magnolia Ave. in Riverside. The collateral also includes a 3.5-acre parcel east of the main property used for excess parking that may be a future development opportunity.
The multitenant center is 66% occupied but 100% leased. Superior Grocers will move into 45K SF in early 2026, which will bring occupancy to 100%. Existing tenants include the county of Riverside and Kaiser Permanente.
***
Concord Summit Capital arranged $16.5M in C-PACE construction financing for the Marriott Tribute Hotel, a luxury hotel project planned in Santa Barbara. The borrower is Stratus Development Partners.
The development will feature a 105-key hotel with a rooftop amenity overlooking the Pacific Ocean, located in Santa Barbara’s East Beach/Funk Zone neighborhood. Construction of the Marriott Tribute Hotel in Santa Barbara is expected to commence in September 2025 and take about two years to complete.