The Torrance industrial space that FlightWave is expanding into
The Klabin Co./Corfac International finalized a five-year lease valued at nearly $5.4M on behalf of FlightWave Aerospace Systems, a subsidiary of Red Cat Holdings, in Torrance.
The Klabin Co.’s Nick Buss and Frank Schulz represented FlightWave in the 51K SF lease at a creative industrial property at 2660 Columbia St. The company is relocating from Carson to Torrance because it needs more space to accommodate increased production demands.
The company focuses on the development and production of autonomous, long-range drones for government and commercial applications.
Jeffrey Smart and Elizabeth Capati of Colliers represented the landlord, First Industrial Realty Trust.
SALES
Real Estate Development Associated and a commingled fund managed by Clarion Partners sold a 436K SF industrial property in Fontana. Neither the price nor the buyer was disclosed.
The property at 11119 Juniper Ave. is a newly constructed, Class-A distribution center leased long-term to Cencora, formerly AmerisourceBergen Drug Corp.
JLL Capital Markets’ investment advisory team led by Patrick Nally, Makenna Peter and Evan Moran represented the sellers.
JLL’s debt advisory team, Bruce Ganong, Peter Thompson and Taylor Gimian, financed the acquisition on behalf of the undisclosed buyer.
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CBRE’s Lars Eisenhauer and Dan Henry facilitated the $31M sale of a Carlsbad office property to Sharp HealthCare.
The three-story, 85K SF office building at 1265 Laurel Tree Lane in the San Diego County beach city was originally developed for the 24 Hour Fitness corporate headquarters. Sharp HealthCare plans to convert the third floor into a Sharp Rees-Stealy outpatient clinic with immediate occupancy and grow into the balance of the building over time. 24 Hour Fitness will continue to operate out of the first and second floors until the phased conversion is complete.
CBRE’s Lars Eisenhauer and Dan Henry, along with Greg Lewis and Steven Field at JLL, represented Pacific Development Partners.
Mike Labelle with Cushman & Wakefield represented Sharp HealthCare.
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A partnership between Bridge Investment Group and Ethos Real Estate acquired Palmilla, a 203-unit garden-style apartment complex at 5474 Reservoir Drive in San Diego.
CBRE’s Rachel Parsons, Derrek Ostrzyzek, Mike Murphy and Kenji Thomas represented the seller, 29th Street Capital. Jesse Weber and Scott Peterson of CBRE debt and structured finance arranged the financing.
The six-building complex holds studio, one- and two-bedroom floor plans with amenities including two swimming pools, a tennis court, on-site laundry facilities and a picnic area.
LEASES
Sprouts Farmers Market signed a new 15-year lease for a roughly 23K SF retail anchor space at 8032 Limonite Ave. in the Jurupa Valley at the Jurupa Valley Spectrum shopping center. The new Sprouts will occupy a portion of a former movie theater that closed late last year.
Progressive Real Estate Partners Vice President of Retail Leasing and Sales Roxanne Klein represented the owner, Kite Family LP. Ryan Sullivan and Jeff Nichols of CBRE in Newport Beach represented Sprouts.
CONSTRUCTION AND DEVELOPMENT
Related California will open 700 Broadway in Santa Monica. The eight-story property offers studio to three-bedroom floor plans, a three-quarters-acre private park with 100-year-old oak trees, saunas, a rooftop pool, and a ground-floor Vons and Equinox gym. Rents start at $3,995 for studios, one-bedrooms from $5,555, two-bedrooms from $8,400 and three-bedrooms from $12,450, according to a release from Related California.
FINANCING
Priority Capital Advisory principal Zachary Streit arranged a $31.3M loan on behalf of Six Peak Capital, a Los Angeles-based developer and investment firm. The senior debt financing is for the development of a 116-unit, 100% affordable housing project at 9033 Ramsgate in Westchester. The level of affordability wasn’t disclosed. Because it secured this financing, the project has broken ground, with completion expected in late 2027.