SENTRE announces today that it has closed on the $40.75 million acquisition of Temecula Heights, a 229,000-square-foot industrial facility located at 42301 Zevo Drive in Temecula, California. The building is fully leased, with 84% of the asset leased to a global leading Fortune 100 medical products company.

SENTRE acquired Temecula Heights at a cost of $178 per square foot. This deal marks SENTRE’s third purchase of industrial property in the Southern California region in 2021, following SENTRE’s purchase of the 75,000+ square foot Azusa Center for $12.5 million in April, and the 140,000+ square foot Rancho Bernardo Vista for $50 million in February.

“Despite the highly competitive environment, we are thrilled to have completed three strategic Southern California industrial acquisitions in the past six months. The $100M we have invested in infill industrial year-to-date puts us ahead of pace with respect to our strategic vision of acquiring $500M+ of industrial properties over the next five years,” said Doug Arthur, President and CEO of SENTRE.

Located within a short drive of Los Angeles, Orange County and San Diego, Temecula represents a strategic logistics hub with direct access to a large labor pool and features a nominal 2.07% market vacancy rate.

Temecula Heights is an attractively designed institutional quality distribution building constructed in 1998 with a notable entry plaza and high image exterior finish. The property offers 26-foot clear heights, early suppression fast response (ESFR) sprinklers, 27 dock doors and spans across eleven acres.

The seller of Temecula Heights and its affiliates remain undisclosed.

SENTRE announces today that it has closed the $12.5 million acquisition of Azusa Center, a two-building 75,081 square foot industrial facility, fully leased to industry leader Mortech Manufacturing at its location at 301 & 411 N. Aerojet Drive in the San Gabriel Valley area of Los Angeles, California.

“Located in one of the strongest industrial submarkets in the country and fully leased through 2031 to an industry-leading tenant, Azusa Center is ideally suited to join our growing portfolio of industrial properties in infill locations throughout the Western Unites States,” said Doug Arthur, President and CEO of SENTRE.

The property was acquired from Mortech Manufacturing, an industry leader in the manufacturing and sales of mortuary equipment. The company, which has conducted its manufacturing and corporate operations at the property since 2006 (411 N. Aerojet Drive) and 2017 (301 N. Aerojet Drive), was recently acquired by a competitor in the same industry. Together, the combined entity is expected to command significant market share. Upon the closing of this real estate transaction, Mortech executed a new ten-year lease for the entire property where it will continue ongoing operations.

The 3.65-acre site is situated in one of Los Angeles’ strongest industrial submarkets, is within a 25-minute drive of Downtown Los Angeles, and is surrounded by successful companies including Northrup Grumman, HD Supply and TruGreen Lawn Care. The property supports easy ingress and egress, and features quick access to Interstate 210, a major Los Angeles transportation corridor traversed by more than 240,000 vehicles per day. As an infill location in the San Gabriel Valley submarket, the Azusa Center also enjoys among the strongest supply and demand market fundamentals in the nation, as demonstrated by the submarket’s record-low vacancy rate of 1.8% for the industrial sector.

The acquisition was sourced off-market without a broker representing either side of the transaction.

The CBRE Capital Markets Debt & Structured Finance Placement team, comprised of Executive Vice President Scott Peterson and Senior Analyst Morgon Fraser, represented SENTRE in the placement of $7.5 million fixed-rate, five-year term financing with a prominent publicly traded life insurance company.

SENTRE announces today that it has closed the $50 million acquisition of Rancho Bernardo Vista, a new 141,518-square foot, Class A industrial facility, fully leased to the largest e-commerce company in the world and located at 16915 Via Del Campo in the Rancho Bernardo area of San Diego, California.

“Rancho Bernardo Vista is newly developed to the highest institutional standards and is located in one of San Diego’s strongest submarkets with co-tenancy of many of the world’s largest technology and defense firms,” said Douglas Arthur, President and CEO of SENTRE.  “Fully leased through 2030 to an investment-grade credit tenant, the property is a trophy asset which we are excited to add to our growing portfolio of value add to core industrial properties in infill locations throughout the western Unites States.”

The seller developed Rancho Bernardo Vista in 2020 as a core industrial distribution facility, including institutional characteristics such as 32-foot clear heights, an ESFR fire protection system, deep truck court, 36 dock doors, four grade-level doors, mezzanine space and ample vehicle parking. The property was fully leased prior to completion and will serve as a mission-critical last-mile facility for the credit tenant.

The 10.12-acre secure site is located at 16915 Via Del Campo, which provides the tenant with easy access to Interstate 15 and commuter fast track lanes. Rancho Bernardo Vista is in the northern part of the San Diego MSA and within the I-15 Corridor industrial submarket, a tight cluster market with record-low vacancy of 1.8% for the manufacturing and warehouse sector.

The JLL Capital Markets Investment Sales Advisory team representing the seller was led by Bob Prendergast, Lynn LaChapelle and Sach Kirpalani.

The JLL Capital Markets Debt Placement team, made up of Senior Managing Director Aldon Cole and Analyst Bradley Vansant, represented SENTRE in the placement of $26 million fixed-rate, 7-year term financing with a prominent publicly traded life insurance company.

Jay Alexander & Andy Irwin from JLL’s Industrial Leasing team represented the developer in its lease negotiations.

The pandemic has changed office life in many ways—including how workers can enter the office in the first place. This is reflected in the growing popularity of a startup called Openpath, which offers an app-based entry system for companies and apartments.

Founded in 2016, L.A.-based Openpath initially pitched its service as a convenient alternative to fobs or swipe cards. Today, many of its customers—which include the likes of Domino’s, the Los Angeles Clippers, and large real estate companies—view Openpath, which announced a $36 million fundraising round, as a critical safety tool.

In recent months, Openpath has built APIs that integrate with temperature sensors. In practice, this means employees arriving at the office must take their temperature at a kiosk, and if they show signs of fever Openpath will deny them entry.

Companies can also use Openpath to require visitors to sign a digital attestation they are not sick. If they refuse to do so, the door won’t open.

For employees and others who are permitted to enter, they can do so in a no-touch fashion by simply by waving their hand at the doorway or in an elevator—while their phone with the Openpath app can remain in their purse or pocket.

According to cofounder James Segil, many firms made budget plans to update their access systems in 2022, but are now rushing to retrofit spaces immediately.

“It was seen as a convenient next generation of access control. Now it’s become must-have,” Segil says, adding that Openpath’s cloud-based services mean companies can implement a variety of updates without needing an on-site technician.

Openpath is also pitching its service as a way for businesses to enforce occupancy levels in a given building or room. In this case, the app will track how many people enter a space and refuse admittance to anyone else if the space is at capacity.

Some of the service’s other features might make privacy advocates squirm. These include Openpath’s ability to integrate with employer software like G-Suite and Okta so as to immediately cut off access to an employee who has been terminated. Meanwhile, the company has also developed partnerships with video providers like Cisco to track which people an employee arrives or leaves with.

The new money Openpath raised from investors came in the form of a Series C round that was led by the venture capital firm Greycroft. Other investors include Okta Ventures, LPC Ventures, Allegion, and Sentre.

The Openpath founders declined to comment on the startup’s revenue or profitability, but did cite 20% month-over-month growth.

“[Openpath’s] solution has been rapidly accepted by the market, and it’s clear to me they will be the leading access security platform for the built world,” says Mark Terbeek, a partner at Greycroft.

FORTUNE – BY JEFF JOHN ROBERTS

The San Diego-based commercial real estate investment firm SENTRE announced Monday it has completed the renovation of Mosaic, a 60,313-square-foot creative office building in Rancho Bernardo.

Mosaic offers move-in ready options for office tenants seeking modern space built for the new world, according to SENTRE.

Complementing the 24-foot ceilings, abundance of natural light, and expansive views from offices elevated above street level, the renovation included the creation of outdoor flex-spaces, new project monument and directional signage, large scale murals, wood accents added to the building façade, and modernized drought tolerant landscaping.

To ensure the health and wellness of its current and future tenants, Mosaic features large roll-up doors and open-door systems to allow for maximum fresh air flow, HVAC system updates including higher MERV rated filters, CO2 sensors that can engage the system’s fresh air when required, expansive ceiling fans for optimal air flow, multiple skylights throughout the space, and outdoor work spaces.

“Rancho Bernardo has long been a favorite of corporate users in San Diego,” SENTRE president and CEO Doug Arthur said in a statement. “As workforce dynamics continue to change, we wanted to create an environment where people feel excited and safe to come to a place that invites creativity, innovation, and communication. With the design, amenities and location, we believe that Mosaic is the perfect place for expanding and relocating businesses.”

JLL executives Tim Olson and Jay Alexander are leading the leasing efforts at Mosaic.

The property was purchased by a unit of SENTRE for $14.25 million in October 2019. CBRE Group, Inc. represented the seller and SENTRE represented itself in that transaction.

“Rancho Bernardo is one of San Diego’s premier corporate neighborhoods with executive and workforce housing, premier schools, access to labor and abundant amenities,” Olson said. “Mosaic provides the comfort of home in an open office environment.”

Mosaic is ideally located just off the Interstate 15, providing convenience access to neighboring communities, according to SENTRE in promotional materials. It features outstanding visibility on the corner of Camino del Norte and Bernardo Center Drive. Mosaic is across the street from High Country Plaza, featuring quick access to retail and restaurant amenities.

Tenants of Mosaic include Interior Logic Group and Microsemi Corp.

Founded in 1989, SENTRE is a vertically integrated real estate investment firm with extensive experience in office, multifamily, retail, and industrial properties.

The firm has acquired, developed and/or operated projects throughout the West Coast totaling more than 10 million square feet and $4 billion.

SAN DIEGO – Daily Transcript Staff Report

Openpath is a leader within the access control industry. Openpath’s access control solution makes businesses more secure with multi-factor authentication, enables a contactless entry experience and can be easily scaled and managed due to its cloud-based architecture.

“Securing businesses around the world has never been more critical,” said Greg Brown, chairman and CEO, Motorola Solutions. “This acquisition enables us to combine the power of video security and access control together, providing unprecedented situational awareness, where every physical entry and exit is authenticated and recorded with access control and video.”

 Businesses will have 24/7 visibility of their access points anywhere around the world and be able to provide a frictionless walk-through experience enabled by a mobile app. The combined leadership of Motorola Solutions and Openpath in video security and access control will allow Motorola Solutions to build on its extensive footprint in supporting enterprise customers with an unparalleled security solution.

“With Motorola Solutions, we will continue to pioneer the future of the access control industry,” said Alex Kazerani, CEO, Openpath. “We couldn’t be more excited to work together in bringing best-in-class, innovative solutions to organizations around the world to make their business a safer place to be.”

About Motorola Solutions
Motorola Solutions is a global leader in mission-critical communications and analytics. Our technologies in land mobile radio mission-critical communications, video security & analytics and command center software, bolstered by managed & support services, make communities safer and help businesses stay productive and secure. At Motorola Solutions, we are ushering in a new era in public safety and security. Learn more at www.motorolasolutions.com.

Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of applicable federal securities law. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and generally include words such as “believes,” “expects,” “intends,” “anticipates,” “estimates,” “can be” and similar expressions. Motorola Solutions can give no assurance that any actual or future results or events discussed in these statements will be achieved. Any forward-looking statements represent Motorola Solutions’ views only as of today and should not be relied upon as representing Motorola Solutions’ views as of any subsequent date. Readers are cautioned that such forward-looking statements are subject to a variety of risks and uncertainties that could cause the company’s actual results or events discussed in these statements to differ materially from the statements contained in this release. Such forward-looking statements include, but are not limited to, (1) Motorola Solutions’ ability to integrate the products and services of Openpath into its portfolio; and (2) the growth of the video security and analytics business. Motorola Solutions cautions the reader that the risk factors below, as well as those on pages 12 through 22 in Item 1A of Motorola Solutions 2020 Annual Report on Form 10-K and in its other SEC filings available for free on the SEC’s website at www.sec.gov and on Motorola Solutions’ website at www.motorolasolutions.com/investor, could cause Motorola Solutions’ actual results or events discussed in these statements to differ materially from those estimated or predicted in the forward-looking statements. Many of these risks and uncertainties cannot be controlled by Motorola Solutions and factors that may impact forward-looking statements include, but are not limited to: (1) the future results of operations of Openpath, and (2) Motorola Solutions’ ability to successfully integrate and operate Openpath. Motorola Solutions undertakes no obligation to publicly update any forward-looking statement or risk factor, whether as a result of new information, future events or otherwise.

CBRE’s Louay Alsadek and Hunter Rowe represented the seller in the transaction. SENTRE was self-represented. Scott Peterson and Mark McGovern of CBRE organized financing on behalf of the buyer. Matty Sundberg and Justin Halenza of Cushman & Wakefield were the leasing experts on the sale.

Located at 5796 Armada Drive, the three-story, 75,937 square-foot office property was approximately 86 percent leased at the time of sale. Originally built in 2006, the architecturally distinctive building was designed by renowned architect Brian Paul & Associates with a unique combination of steel, stone, and glass construction and high-quality interior finishes. The building is Energy Star certified and features subterranean parking. The well-positioned office asset is on an irreplaceable corner parcel with sweeping ocean views and is anchored by Charles Schwab, Meketa Investment Group and InvestCloud.

Ocean Ridge is strategically located in Carlsbad Ranch, an area of North County San Diego with an abundance of amenities and executive housing. The property is within one mile of I-5, a major Southern California freeway that connects Carlsbad to both San Diego and Orange Counties. The building is also less than two miles from Carlsbad Beach and the Pacific Ocean.

“The property’s coastal Carlsbad location is irreplaceable,” said Alsadek. “It is situated on a prominent bluff overlooking the Carlsbad Flower Fields and the Pacific Ocean, with expansive panoramic ocean views.” Rowe added, “There is no available coastal land to build a comparable trophy office asset with the attributes of Ocean Ridge.”

“Ocean Ridge represents the best of coastal, ocean view office space in North San Diego County. To date, the jewel box building has attracted a diversity of tenants including established finance and technology firms. We plan to further enhance the asset with an upgraded amenity package focused on engagement with Carlsbad’s outdoor lifestyle”, said Doug Arthur, President & CEO of SENTRE. 

Colonial Revival building holding Mills Act Historic Designation brings $270,000 per unit

(San Diego, Calif.) April 22, 2020 – San Diego-based commercial real estate investment firm SENTRE announces the sale of The Sterling, a 27-unit apartment building at 470 20th Street, San Diego, CA 92102 in the historic Sherman Heights neighborhood near Downtown San Diego. Sold for $7.3 million or $270,000 per unit, the property’s buyer is Highlands REIT, Inc., which represented itself. In this transaction, SENTRE as the seller was represented by Berkadia Real Estate Advisors including Ed Rosen, John Chu and Tyler Sinks.

The Sterling, a Colonial Revival mid-rise building known as Sophie’s Arms prior to being renamed after its original architect William “Sterling” Hebbard, offers 27 studio and one bedroom units. Built in 1908, The Sterling holds a Mills Act Historic Designation as part of the Historic Sherman Heights District, and from its location at the corner of 20th Street and Island Avenue offers immediate access to Downtown San Diego’s East Village and Petco Park.

The property was originally acquired by SENTRE in April 2016 for $5.3 million as part of SENTRE’s “Living” brand, which has included investments in nearly a dozen other properties throughout San Diego County.

“The Sterling embodies our investment thesis to source highly differentiated opportunities in high demand or path-of-progress locations with strong value-added upside potential. We are pleased to have executed successfully on our investment strategy,” said Doug Arthur, President and CEO of SENTRE.

We delivered Villea, a collection of modern California townhomes, last year in the heart of Lake Murray and our leasing is nearing stabilization.

A beautiful look at California living at its best. https://www.villealakemurray.com/

We punctuated our 30th anniversary as a firm with one of our most ambitious projects to date; a $40M redevelopment of our signature office project, Lakeshore, a 900,000 square foot mixed use campus located in Irvine (Orange County) in the heart of Southern California.

In collaboration with Gensler, the world’s largest architecture firm, the project as transformed includes the following elements:

• A repurposed and reimagined 7-acre common area – “The Park at Lakeshore” – featuring a covered event terrace and outdoor conference space, fire pits with community outdoor seating, gigabit speed common area wireless internet, bocce courts, an updated landscape palette with expansive esplanades and enhanced lighting, campus wide curated audio entertainment speaker system and a 7’ by 16’ monitor featuring live television as well as the first large scale digital signage installation of Bloomberg’s Tic Toc global news network;

• Approximately 12,000 square feet of additional retail space targeting food and beverage oriented users in conjunction with our existing amenity offering which includes an Il Fornaio restaurant and a 24 Hour Fitness club;

• A 325,000 square foot, 7-story, 950 stall parking garage in combination with a resort-style valet court at entry to project;

• Installation of a kinetic art piece on the north and east elevations of the parking garage expansion by renowned environmental artist Ned Kahn (www.nedkahn.com);

• A complete rebrand of the asset including new marketing materials and website, which is featured at www.lakeshoreirvine.com.

The Park at Lakeshore anchors the project and has become a key marketing tool for the property following the redevelopment. For example, we recently signed a new lease with a 75,000 square foot creative office user.

The transformation underscores our desire to create differentiated value by telling a story and curating an experience unique to each property further setting us apart from commodity product.

We encourage you to visit the property (and our new website www.lakeshoreirvine.com).