Foothill Ridge Apartment Homes, a sprawling 29-building complex in Upland, sold for $82 million, or $353,448 per unit.
The seller was an LLC owned by Virtú Investments, an Orange County company headquartered in Laguna Niguel, according to Vizzda, a company that provides commercial real estate data. The buyer was three LLCs belonging to Clear Capital, a multi-family investment firm with offices in Irvine and Los Angeles.
The 232-unit complex formerly known as Aspire Upland Apartments was built nearly 50 years ago on an 8-acre lot.
The mix of apartments across two-storey buildings on an area of 167.512 square feet includes 152 one-bedroom units, 48 two-bedroom and one-bathroom units, and 32 two-bedroom and two-bathroom units.
The deal closed on June 14.
Parker House sells Eastvale warehouse for $137 million
4-year-old industrial warehouse in Eastvale sells for $136.5 million to KKR & Co. in New York.
The seller, according to Vizda, was Chris Lobo, CEO of Parker House, the furniture manufacturer that occupies the 286,000-square-foot building.
The building is located on approximately 12 acres at 6300 Providence Way, and is one of at least six industrial and warehouse buildings on the site.
Dunkin’ Donuts Coming to Iris Plaza in MoValley
Dunkin’ Donuts is coming to Iris Plaza Shopping Center in Moreno Valley.
The donut franchise has signed a lease for a 2,062-square-foot drive-in with a yard in the center at 16170 Perris Blvd.
Tenants at Iris Plaza Fitness 19 include Walgreens, AutoZone, IHOP, KFC, Carl’s Jr. and Del Taco.
According to Progressive Real Estate Partners, which negotiated the lease on behalf of the owner, the franchisor already operates about 25 Dunkin’ locations and will renovate the space into the chain’s latest prototype.
Juruba Valley Warehouse Sells for $100 Million
Nearly two weeks ago, we learned that CenterPoint Properties had purchased a 210,615-square-foot storage facility in the Juruba Valley on undisclosed terms.
Proprietorship documents provided by Vizzda now show us that CenterPoint paid $10,0685,000 in mid-June to the facility located at 10855 Philadelphia Ave.
The company said the purchase represented its fifth acquisition of Inland Empire in nine months for $265 million.
“Demand is unprecedented in the Inland Empire as logistics companies compete to lease functional space close to the ports of Los Angeles and Long Beach, as well as the southern California population base,” said Ashley Vanacourt, CenterPoint’s chief investment officer, in a statement. “Senior corporate facilities are a priority on corporate wish lists, so we are pleased to add this distribution facility to our SoCal portfolio,” she added.
Industrial facility coming to Peres
An industrial facility comes to Peres after purchasing a 4-acre land site for $5.96 million, according to Avison Young.
The seller is not recognized.
Dedeaux Properties LLC, a Los Angeles-based developer and investor, purchased the two-lot property at 945 and 995 W. Markham St. The company, along with its partners, plans to build an 88,000-square-foot industrial building on the site with a single tenant purpose.
“With the industry vacancy rate dropping to an all-time low in Inland Empire, we are seeing developers become more strategic in looking for smaller locations in the eastern sub-market. This was an opportunity,” said Cody Lerner, Avison Young Director, who represented Dedeaux. Excellent for Dedeaux to aggressively buy the site due to the size and location of the assets.
Construction should take place in 2023.
The SB Police Scholarship will assist in railroad-related suicides
The San Bernardino Police Department’s Railroad Enforcement Grant Program has received $120,000 from the Federal Railroad.
According to Representative Pete Aguilar’s office, the funds will help the Department of Planning, Security and Development expand railroad safety education and enforcement efforts, with a focus on reducing railroad-related injuries, deaths, and suicides in the San Bernardino area.
“The city of San Bernardino is one of Southern California’s largest major railroad hubs, and poses a greater risk to the community than railroad trespassing,” Police Chief Darren Goodman said in a statement.
According to the FRA, from 2016 to 2021, an average of 200 people died by suicide on railroads and nearly 400 people died from accidents related to infringement of railroad rights annually.
5 Judicial Appointments for SB Courts, Riverside
Three Inland Empire residents and two Orange County residents, all Democrats, were appointed by Governor Gavin Newsom to the office of judges in Riverside and San Bernardino counties.
Mona M. was appointed. Naamat, a Corona resident, to work for the Riverside County Superior Court. She has been a partner at Best Best & Krieger since 2022 and has been a shareholder in the law firm of Brissman & Nemat from 2013 to 2022. Grace fills the vacancy created when Judge Roger A. retired.
Joshlin R Pulliam, 44, a resident of Rancho Cucamonga, will preside over the Riverside County Supreme Court. She has served as the deputy attorney general for the Riverside County District Attorney’s Office since 2007. William fills the vacancy created by retired Judge David M. Chapman.
Cobillon, 59, a Lake Forest resident, will also serve as a judge on the Riverside County Superior Court. He filled the vacancy when Judge James T. latting. Kubelun has served as a commissioner in the Riverside County Superior Court since 2007 and was a deputy attorney general in the Riverside County District Attorney’s Office from 2000 to 2007.
Damian Garcia, 46, of Beaumont, has been appointed as a judge of the San Bernardino County Superior Court. Garcia has been a partner and attorney at Banks, Garcia, and Janice since 2008. Garcia also fills a vacant court position, this time with Judge Dwight W. Moore, who has also retired.
Yorba Linda resident Corey E. Mathewson, 51, has also been appointed to serve as a judge on the San Bernardino County Superior Court. He has been a sole practitioner since 2000 and is holding a vacancy left by Judge Pamela B. King who retired.
The compensation for each of these judges is $225,074 per year.
Newsom reappointed Jose Solorzano, 39, of Rialto to the state’s Independent Living Board. He has served on the Board since 2019. Solorzano has been the Community Health Representative for the Inland Empire Health Plan since 2017. Solorzano is a Democrat.
Business briefs are compiled and edited by Business Editor Samantha Gwen. Send items to [email protected] High-resolution images can also be submitted. Allow at least one week for posting. Items are edited for length and clarity.