Add Donahue Schriber Realty Group to the growing list of Orange County commercial real estate companies spending big dollars in Silicon Valley.
The Costa Mesa-based privately held real estate investment trust, which owns and develops shopping centers, last month completed the purchase of Village Oaks, a new center in San Jose that’s anchored by a Target and a Safeway.
The 320,000-square-foot center sold for $111 million, according to the Silicon Valley Business Journal, whose real estate coverage has been name-checking OC-based investors and developers—
including the Irvine Company, KBS Realty Advisors and Bixby Land Co.— on a consistent basis in the past few months.
The deal works out to a price of nearly $347 per square foot for the center, which opened last year and was sold by a venture led by Cupertino-based Hunter Properties.
The center is between Highway 101 and State Route 85 and is part of the Hitachi Transit Village master plan in San Jose, the largest infill development project in the region, according to Donahue Schriber.
“Village Oaks presented a rare opportunity to acquire a newly constructed grocery-anchored shopping center that was developed by one of the best in Northern California,” David Mossman, Donahue Schriber chief investment officer, said in a statement. “The quality of the real estate and tenants also made it an easy decision.”
It’s the second center that Donahue Schriber has bought in the San Jose region and the eighth in its Northern California portfolio. The deal further reinforces its “commitment to the Bay Area,” the company said in a statement.
Colton Construction
Irvine-based real estate investment firm CapRock Partners has added an 8.5-acre development site in the Inland Empire to its growing portfolio.
The privately held company last month completed the purchase in the city of Colton near the intersection of the 10 and 215 freeways.
CapRock plans to build a 178,000-square-foot distribution center on a build-to-suit basis. A potential user and a time frame for construction haven’t been announced.
The project is designed “to have one of the largest secured private yards in the Inland Empire—relative to this building size—as this type of amenity is in high demand,” said Jon Pharris, Caprock’s acquisitions director.
CapRock said it now has an industrial development pipeline in Southern California and the Silicon Valley of about 4.5 million square feet, with 1 million square feet of that under construction.
A good portion of its development activity is in Rialto, where the company is building a 428,000-square-foot facility. Industrial giant Prologis Inc. announced in November that it was buying the project for an undisclosed price.
CapRock has bought existing industrial properties in Anaheim and Tustin in the past few months totaling nearly 270,000 square feet.
The Tustin property, a 110,000-square-foot building on Myford Road, recently nabbed Peregrine Pharmaceuticals Inc. as a tenant for 40,000 square feet.
Peregrine, headquartered next-door to the Myford Road building, said in December that it was leasing the extra space to handle increased demand for its contract manufacturing subsidiary, Avid Bioservices Inc.
Tustin Trade
Estrella Apartments, a 165-unit complex in Tustin, has sold for an estimated $33 million, or about $200,000 per unit.
The property, previously known as Valencia Gardens, was bought by a venture that included Los Angeles-based Canyon Capital Realty Advisors and Sack Properties of San Francisco, according to property records.
An affiliate of Sherman Oaks-based Benedict Canyon Equities Inc., which paid about $25.5 million for the complex in 2011, sold the property, according to CoStar Group Inc. records.
Estrella is at 15742 Williams St., just off McFadden Avenue and a few blocks from the Costa Mesa (55) Freeway.
