A rendering of TriLink’s new space at 10770 Wateridge Circle | Courtesy Business Wire

Deal Sheet – December 2018

Carrie Rossenfeld Deal Sheet

From SoCal Real Estate’s December 2018 issue:

Office

Maravai LifeSciences, a provider of reagents to researchers, biotherapeutics manufacturers, and OEM partners, has signed a 95,000-square-foot lease on a new facility at 10770 Wateridge Circle in the Sorrento Valley area of San Diego whose landlord was not disclosed, according to Business Wire. The firm is relocating and expanding its TriLink BioTechnologies operations in the new space.

TriLink will consolidate its San Diego facilities into the space with an option to expand for future growth. The new facility will house the company’s current local staff of more than 150 and can accommodate growth to more than 350 R&D, commercial, and manufacturing employees. The company’s current Good Manufacturing Practice production capabilities will also be relocated, validated, and expanded.

TriLink will be the lead tenant in the 180,000-square-foot building. The company will begin its move in the fall of 2019, with completion by the end of the year. Maravai LifeSciences corporate headquarters will also relocate to the new building.

A rendering of the new Davio’s Northern Italian Steakhouse at Irvine Towers. | Courtesy a representative of Irvine Company

Irvine Company has signed a lease with Davio’s Northern Italian Steakhouse to open its first West Coast location at Irvine Towers in Irvine, California. The landlord recently completed a multi-million dollar reinvestment in the project.

Tom Greubel, VP of leasing for Irvine Company Office Properties, says Davio’s and Irvine Towers represent, “a perfect pairing of business and dining. We’re excited that our customers and residents from across the region will now finally be able to join their East Coast counterparts in enjoying outstanding experiences at one of the nation’s most renowned restaurants.”

Davio’s Irvine Towers location will feature a 30-seat bar and lounge area. To-go and catering options will also be available.

 

Retail

Burlington Coat Factory has come to Upland Village Center | Courtesy a representative of Wood Investments Companies

Wood Investments Companies has completed construction on a 40,000-square-foot Burlington Coat Factory in the newly revived Upland Village Center in Upland, California. Located at the northeast corner of Foothill Boulevard and Euclid Avenue, the store is the first new major tenant opening in the approximately 150,000-square-foot center.

Wood purchased the property in 2017 for $18.5 million and is renovating it. Built in 1968, Upland Village Center is in the retail corridor along Foothill Boulevard that was once occupied by a 65,000-square-foot Dick’s Sporting Goods but remained vacant for more than seven years.

Wood is in the first phase of development, with tenants Ross, Raising Cane’s, MOD Pizza and Chop Stop projected to be completed this year. The company is currently in negotiations and pre-leasing for the remainder of phase 1 and phase 2. Phase 2, which includes Blink Fitness, will start construction by November.

Burlington joins an existing 99 Cents Only store and Laser Island, which remained open in Upland Village Center through construction.

Matthew Bush of Wood Investments Companies says, “This was an underutilized space for nearly a decade. We saw immediate opportunity to transform it into a location that will benefit both the local community and the businesses that serve them.”

He adds that the grand opening is a milestone for the center. “We worked closely with the Burlington team to build this store to their exact specifications and are proud of the creative reuse of the building. We look forward to the many additions that will be rolling out on the property in the coming months.”

Multifamily

715 Cohasset Court | Courtesy a representative of Colliers International

Sandpiper Apartments San Diego, LP has purchased Sandpiper Apartments, a 16-unit multifamily development located at 715 Cohasset Court in San Diego, for $5 million. The property is one of the largest apartment buildings that is not a condominium project in the Mission Beach neighborhood of San Diego.

Peter Scepanovic and Corey McHenry of Colliers International San Diego Region’s Multi-Family Advisory Group represented the buyer in the transaction, while Adam Cairo and Seth Watje of South Coast Commercial represented the sellers, Harvey and Karen Stewart.

“Mission Beach is a vibrant area with long-term growth potential for investors,” said Peter Scepanovic, Senior Vice President at Colliers International San Diego Region. “With sixteen units located nearly adjacent to the beach, the Sandpiper Apartments are a strong investment that will yield results for years to come for the new ownership.”