Bellevue, WA-based Terreno Realty Corporation, an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, completed the redevelopment of a property in Santa Ana. Located at 1720 E. Garry Ave., the property is immediately adjacent to the Costa Mesa Freeway (CA 55) and less than two miles from the intersection of CA 55 and I-405 and John Wayne Airport.

The 4.9-acre property, which Terreno acquired in September 2023, contained three multi-tenant office buildings that were demolished. The redeveloped property contains a 92,000-square-foot rear-load industrial distribution building with 10 dock-high and two grade-level loading positions and parking for 145 cars for a total investment of $41.3 million.

The redeveloped property is LEED Silver certified and is 100% leased to a provider of temperature-controlled life sciences supply chain solutions. The estimated stabilized cap rate is 5.1%, according to Terreno.

Register Today to “Be in the Room” when Michael Brennan receives Connect CRE’s Lifetime Achievement Award and will participate in the Keynote Interview with Kevin Brennan, also of Brennan Investment Group. Join us at Connect Industrial Midwest 2025 on the afternoon of Wednesday, March 5, at Joe’s Live in Rosemont, IL, for this exclusive presentation! 

Belmont Village Senior Living and Greystar Real Estate Partners have broken ground on Belmont Village Rancho Santa Fe. This marks Belmont Village’s fourth community in the San Diego area and its 17th in California since its founding in 1997. It’s also the second partnership between Belmont Village and Greystar, following their La Jolla community launched in 2022.

“Belmont Village has always been committed to providing unparalleled living experiences for our residents, and this groundbreaking marks another step in that mission,” said Patricia Will, founder and CEO of Belmont Village. “As a resident of Rancho Santa Fe, I am personally invested in bringing this exceptional community to life.”

Located inside the gated Lakes at Rancho Santa Fe community, the new Belmont Village will provide 185 independent living, assisted living and memory care residences, including 15 private cottages. Construction is slated to begin in December, with completion expected in late 2026.

Drawbridge Realty has acquired 2220 Colorado Ave., a 225,773-square-foot headquarters building in Santa Monica’s Silicon Beach neighborhood, for a reported $185 million. The building is 100% triple-net leased to Universal Music Group (UMG) as its operational headquarters.

“This is a high-quality property with a strong, longtime tenant and a very creative build-out that establishes the building as one of the signature assets in Santa Monica,” said Jaden Rosselli, VP of investments & asset management, Drawbridge Realty. “It’s a wonderful addition to our national portfolio.”

The seller, Clarion Partners, was represented by Newmark’s Kevin Shannon, Alex Foshay, Ken White, Rob Hannan, Laura Stumm and Michael Moll. UMG recently signed a long-term lease extension at the property.

Also known as Arboretum Gateway, 2220 Colorado Ave. has two UMG-operated recording studios, several conference facilities, secure parking with direct elevator access, an onsite food commissary and coffee bar, collaboration areas and outdoor decks.

Belmont Village Senior Living and Greystar Real Estate Partners, LLC will develop Belmont Village Rancho Santa Fe, a luxury senior housing community within the gated Lakes of Rancho Santa Fe master-planned community. Groundbreaking is expected before year-end. Located at 16202 Sunny Summit Dr. in Rancho Santa Fe, the project will feature more than 185 apartments, including 15 freestanding cottages.

Jerry Brand, executive director of Greystar Development and Construction Services, and Belmont CEO Patricia Will are both long-term residents of Rancho Santa Fe. Following the success of their initial collaboration, Belmont Village La Jolla in 2022, Brand and Will are bringing their expertise to their hometown.

“Simply put, this is the project where I expect to live,” said Will. Belmont Village Rancho Santa Fe will be Belmont Village’s fourth community in the San Diego area and 17th in California since 2002. The company benefits from a relationship for program development with UCSD’s Stein Center for Research on Aging.

Pictured: Patricia Will and Jerry Brand.

Hanley Investment Group Real Estate Advisors arranged the sale of a new-construction, single-tenant Raising Cane’s Chicken Fingers Double Drive-Thru restaurant within Santa Maria’s Enos Ranch mixed-use development for $5.1 million.  

VPs Alexander Moore and Sean Cox, along with EVP Kevin Fryman, represented the seller, College West Partners, L.P. of Tustin, and the buyer, a private investor based in Los Angeles.   

“We closed escrow within 62 days from our listing date while eight other single-tenant Raising Cane’s were on the market in California,” said Moore. “We procured a direct all-cash investor with short due diligence and closing time frames who owned multiple Rasing Cane’s restaurants in California and was not in a 1031 exchange.” 

Cox added, “Single-tenant QSR drive-thrus leased to national corporate tenants continue to experience the highest demand from net lease investors in today’s market.”