REAL ESTATE
NEWS
Radio Station Property Sold
Deer Creek Broadcasting Studios
(Chico) Commercial Brokers of California has announced the sale of the unique Deer Creek Broadcasting property in Chico. The radio station facility on Cramer Lane is home to some of the North State's favorite stations include KPAY-FM | 93.9 Newstalk, KPAY-AM |Sports 1290-AM,KHSL-FM | 103.5 The Blaze Country, KMXI-FM | Mix 95.1 and KZAP-FM | KZAP 96.7 Classic Rock Hits.
The broadcast company itself, was not sold and will remain as a tenant, continueing full operations to entertain and inform listeners throughout Northern California.
Mendocino National Forest - Seed Orchard
The property is incredibly unique, located just inside the Chico city limits close to commercial services, yet in a very rural setting on idealic Cramer Lane. One of its greatest features is that it sits across from the Mendocino National Forest Chico Seed Orchard, a scenic and beloved natural botanical area with local and exotic trees, plants, babbling brooks and wildlife.
The property itself consists of an 8.7 acre parcel with a 4,200 sq. ft. studio building and broadcast towers. The property was purchased by a group of investors who will continue to lease back to Deer Creek Broadcasting. The property was sold by Mike Donnelly and Brian Littrell of Commercial Brokers of California representing the Seller.
Commercial Brokers Lists Chico Airport Industrial Park
(Chico) Commercial Brokers of California announces it is leasing the massive and dynamic Chico Airport Industrial Park complex. The former Fleetwood Motor Home plant is now an entrpreneurial flex hub with nearly fifty thousand (50,000) square feet of available commercial, warehouse and office space. The complex can accomodate business needing as little as 2,500 sq. ft. up to 49,000 sq. ft. For more information contact Mike Donnelly at 530-828-0011 or Brian Littrell at 530-514-9035
We Are Now Commercial Brokers of California
(Chico) We are happy to announce that we are now Commercial Brokers of California. We will continue to offer and expand our extensive array of tools, resources and best practices, and leverage our vast local and national experience to deliver the results that you expect and deserve. When you entrust us with your commercial real estate project, we want you to know that we absolutely value and appreciate that trust, and will work hard to accomplish your goal.
We are well positioned to help you take advantage of the next upturn in the business cycle, and stand ready to serve and help you. Please contact us to discuss your objectives. Let’s do some business!
Airport Industrial Building Sold
(Oroville) Pacific Gas and Electric (PG&E) has purchased the 55,000-square-foot industrial building located at 250 Airport Parkway, Oroville, CA. Situated on an expansive 11-acre site across from Graphic Packaging and within the Oroville Airport property, this acquisition marks a significant milestone for the area.
The property, previously vacant, will now be transformed into a hub for PG&E’s operations. The company plans to utilize the facility for fire-related staging and warehousing, expand its existing Veatch Street Service Center, and enhance regional service and maintenance capabilities. These operations are expected to bring jobs to the City of Oroville and the Airport.
The building offers a range of features tailored for versatile industrial use, including:
Heavy Power: 2,000 amps at 208V 3P, distributed throughout the site.
Spacious Design: Clear heights ranging from 14 to 19 feet and a flexible layout allowing for demising.
Additional Capabilities: Covered storage, oversized grade-level doors, and ample land for further improvements.
This transaction was facilitated by Mike Metzger of JLL, with assistance from Mike Donnelly and Brian Littrell. The purchase price remains undisclosed.
For additional information, please contact:
Mike Donnelly
T: +1 530 828 0011
mike@cbcnorcal.com
Oroville Activity Center Sold
(Oroville) The Feather River Recreation and Parks District (FRRPD) has completed a sale of its nearly 40,000 square foot activity center to the County of Butte. The landmark sale was handled by Mike Donnelly and Brian Littrell. The transaction was accomplished after a Community Development Block Grant was awarded to Butte County. The 39,700 sq. ft. activity center will be converted to a multi-use mental health services facility providing a wide range of services.
The FRRPD decided to sell the property as part of a strategic financial restructuring plan to reduce facility maintenance costs, improve recreational facilities and provide better quality recreational services in the community. Donnelly and Littrell won the listing contract to serve the district, and provided extensive marketing including digital video tech services.
The Purchase price, which is public record, was $3,690,000 and the transaction took about two years starting with negotiations through the close of escrow.
Towne & Country Center Sold
(Chico) The sale of the Towne & Country Shopping Center marks the end of a retail era. After more than three decades of ownership, the family landlord group has sold the Towne & Country Shopping Center, successfully completing a remarkable exit strategy.
The family has operated the Save Mart and Rite Aid anchored Center along the Esplanade and East Avenue since the early 90's, a respectable and admirable investment accomplishment. Through good times and bad, Towne & Country of Chico Partnership has been steadfast in exercising best business practices and management of the center.
We are proud to have been a part of this legacy, handling leasing for the past fifteen years, even maintaining 100% occupancy in recent years.
The sale was arranged by Mike Donnelly and Brian Littrell representing the sellers, and Race Merritt and Ravjeet Basi of Ethan Conrad Properties representing the Buyer.
Commercial Development Land Sold
(Chico) We are proud to announce the sale of a nearly ten acres shopping center development site in North Chico. The development has been known as The Chico Fountains, and ambitious design project intended to attract the best of grocery anchored retail and hotel anchored commercial businesses.
The site consists of approximately 9.93 acres bordered by HW 99, Leora Ct. and Esplanade, just north of Shasta Elementary School and DeGarmo Park.
The property was sold by Mike Donnelly and Brian Littrell and was purchased by an undisclosed buyer.
Power Corner Commercial Center Sold
Corner of East & Esplanade
(Chico) We are proud to announce the sale of Esplanade East, a three parcel commercial center at the corner of East and Esplanade. The centerpiece of the portfolio is the ARCO AM/PM gas station on the corner, and the adjacent Jack in the Box drive through.
The rest of the complex is a mixed use, two story retail strip center with various tenants including a furniture store, laundromat, massage studio, modeling agency and attorney’s office. It was also the former home of the popular Hula’s Restaurant, which closed in the midst of COVID, never to reopen.
Former Hula’s Restaurant
The property was purchased by an investment buyer planning to redevelop the center. Esplanade East was sold by Mike Donnelly and Brian Littrell representing the seller. The buyer was represented by Sima Saboury of Porchlight Realty.
Iconic Airport Building Sold
Former Mach 1 Building - 1000 Fortress St.
(Chico) With great pleasure we announce that we have closed on the iconic 1000 Fortress Building across from the Terminal at the Chico Municipal Airport. The 30,915 sq. ft. office warehouse building was the original home of Mach 1, a publishing company established in the 90’s.
Over the years, the building was used by an insurance company, Facebook, FEMA, the Paradise School District in the aftermath of the Camp Fire, and even a Tiffany lamp web retailer. It was purchased by California Partnership Health for an undisclosed amount. The sale was handled by Mike Donnelly and Brian Littrell representing the seller, and Chuck Griffith of Shoemaker Commercial representing the buyer.
TasteMe Tea Coming to Skypark Plaza
TasteMe Tea Opening Soon in Skypark Plaza
(Chico) Get ready for tasty tea and treats in Skypark Plaza, Chico’s most thriving and successful shopping centers. TasteMe Tea is opening up in the food court area next to Subway and Sports Barbershop in the Raley’s anchored center on the Skyway an Notre Dame Blvd.
TasteMe Tea will take full advantage of a beautiful outdoor dining area, an amenity offered by the ownership to business tenants and customers alike.
Outdoor Food Court at Skypark Plaza
Skypark Plaza has undergone an extensive remodel, and is one of the most popular and highest sales generating shopping centers in Chico. The Skypark Plaza property management team supports the tenants with a dedicated website at www.SkyparkPlaza.com.
The TasteMe Tea lease was handled by Mike Donnelly, Ken Miller and Karin Knorr representing the Landlord and Jennifer Serna representing the Tenant.
Eaton & Floral Neighborhood Center Under Construction
(Chico) Spaces are filling up fast at the new neighborhood commercial center at the corner of Eaton & Floral in the heart of Chico’s Sycamore Creek development area. Two of the three buildings planned are under construction and will be completed soon.
Several businesses have already secured their space including a drive through coffee shop, pizza take out, brew pub, liquor store market and a financial services firm.
The leasing is being handled by Commercial Brokers of California. For information on leasing CLICK HERE.
Also contact Brian Littrell at 530-514-9035 or Mike Donnelly at 530-828-0011.
Jesus Center to Open New Ampla Health Clinic
We are happy to have assisted the Jesus Center in leasing a new clinic facility to Ampla Health to help people experiencing homelessness. Ampla Health will operate a 4,000 sq. ft. space medical clinic inside the new 27,000 sq. ft. Renewal Center Campus at 2216 Fair Street in Chico.
The 10-exam room clinic will focus on providing Primary Care Services, Substance Use Disorder (SUD) Treatment, Medically Assisted Treatment (MAT), Psychiatric, and Mental Health services. The lease was handled by Coldwell Banker Commercial broker Mike Donnelly, Brian Littrell and attorney Timothy Ferris.
A ribbon cutting ceremony will take place June 14th to celebrate the grand opening of the clinic and the entire Renewal Center.
To see the full press release, please CLICK HERE.
Coldwell Banker Commercial to Attend ICSC Conference in Las Vegas
(Las Vegas) Coldwell Banker Commercial has announced that it will be attending the ICSC Conference in Las Vegas, Nevada May 21 - 23. The ICSC conference is the largest global gathering of retail real estate professionals and industry leaders. This annual event brings together over 37,000 attendees from over 100 countries, including retailers, investors, developers, architects, and other professionals from the retail real estate industry.
Broker Associate Mike Donnelly
ICSC stands for Innovating Commerce Serving Communities (formerly the International Council of Shopping Centers) and serves as the globally recognized retail marketplace for retail sales and leasing. CBC Broker Associate Mike Donnelly will be representing clients and their retail properties, and meeting with prospective tenants, developers and shopping center buyers and sellers.
Attending the ICSC conference provides Coldwell Banker Commercial with the opportunity to network with other industry professionals and learn about the latest trends and developments in the retail real estate industry. The conference offers a diverse range of educational sessions, keynote speakers, and networking events, allowing attendees to gain valuable insights into the future of retail real estate.
At the ICSC conference, Coldwell Banker Commercial Northern California Retail Division will showcase its latest products and services, and provide attendees with the opportunity to learn about the company's expertise and capabilities in the retail real estate industry.
For more information about the ICSC Conference, visit www.icsc.com.
To Schedule an appointment with Coldwell Banker Commercial Northern California Retail Division, call Mike Donnelly at 530-828-0011 or CLICK HERE to send an email.
Hot & Healthy New Business to Open in Lassen Promenade
(Chico) Our agents broke a sweat to bring Perspire Sauna Studio to Lassen Promenade, one of Chico’s most charming and vibrant neighborhood shopping centers. Perspire Sauna Studio is a fast growing health and wellness franchise that upgrades and enhances the sauna experience through infrared technology.
The business is being developed by Rachel Bartlett and Gina Caianiello, who plan to hold a grand opening and offer discount memberships starting in July. The studio will feature up to seven private saunas and guests will be able to choose from a wide assortment of light color therapies, entertainment options and temperature settings. Holistic wellness advocates say the unique sauna experience helps invigorate and refresh the body and mind and the infrared heat cleanses the body of toxins and releases tension.
The new studio is located in the CVS anchored Lassen Promenade at 2760 Esplanade, Suite 140 at the corner of Lassen & Esplanade. The lease was handled by Mike Donnelly and Brian Littrell.
Urban Land Institute 2023 Emerging Trends in Real Estate Report
Every year for nearly two decades, we have looked forward to the annual Emerging Trends in Real Estate report by PwC and the Urban Land Institute, a comprehensive analysis of where the commercial markets are heading. The report is an economic forecast based primarily on the views of more than 1,400 industry professionals, and highlights best bets on the various real estate asset classes. We have put together our own survey to find out what commercial property investors are looking for in the coming year, and to provide a valuable communications tool to take advantage of opportunities that may be forthcoming. To take the survey, please CLICK HERE.
The ULI Emerging Trends report is an invaluable tool for planning the year ahead and providing resourceful information for colleagues and clients. Here are some of the top bullet points taken from this year’s report:
Risk of a more profound recession is growing
Cautious optimism that any downturn will be short lived.
Markets are actually “Normalizing”
Cap Rates are rising as asset prices and returns decline
Housing Market is Decelerating
Construction Starts Down
Buyers and Sellers are far apart on pricing
Sellers have not capitulated enough to recognize the new environment
Many investors have moved to the sidelines, or other assets like equities and bonds.
Fewer investors and lenders will be providing capital
Debt is getting more difficult to obtain
Cash is King
Could be a soft landing
Very little signs of distress
Balance sheets are generally strong
To see the full report and our comments click on 2023 EMERGING TRENDS
There are other elements of the ULI report that we intend to explore, such as the lack of interest in reinvigorating Central Business Districts (Downtown Main Streets), the future of office work and even the affect of climate change on commercial real estate.
As always, we believe commercial real estate should be a fundamental part of everyone’s investment portfolio, and a well thought out strategy is essential. Have a wonderful year in 2023. Let’s do some business!
Mike Donnelly
Brian Littrell
Party Time at La Fiesta!
(Chico) The party has returned to the legendary corner of Fair Street and Park Avenue across from the Silver Dollar Fairgrounds in South Chico. The family owned and operated La Fiesta Mexican Bar and Restaurant has opened at 2490 Fair Street., the gateway location to Chico’s emerging brewery and distillery district. For decades, the restaurant location has served as a popular dining hot spot.
La Fiesta offers a wide range of classic Mexican dishes and family recipes in a fun, colorful and of course festive atmosphere. La Fiesta is open for breakfast, lunch and dinner and offers delivery service. Beer, wine and spirits will be served as soon as the business receives its ABC license. The restaurant is well positioned to serve the large and hungry workforce in the Park Avenue and Hegan Lane Industrial Park areas, and cater to patrons of events at the Silver Dollar Fairgrounds.
The lease was handled by Mike Donnelly, Barbara Weibel and Brian Littrell representing the Landlord.
Driverge to Open Plant at Chico Airport
(Chico) A nationwide van conversion company is opening up a major vehicle assembly plant at the Chico Municipal Airport Industrial Park. We are happy to announce that the company “Driverge Vehicle Innovations” has leased more than 35,000 square feet of warehouse and office space at the former Koret Building at 1000 Fortress Ave. Driverge is the country’s leading builder of commercial accessible vans, shuttles, transporters, work vans and recreational vehicles. The company recently bought out Chico based NorCal Van Conversions and is rapidly expanding to provide enhanced manufacturing, product offerings, and distribution in support of operations in the western United States.
New Driverge Location at Chico Airport
Driverge was represented by Mike Donnelly and Brian Littrell. “This is exactly why I got into this business in the first place”, said Mike Donnelly, a Broker Associate and long time economic development proponent. “This is the kind of manufacturing business that creates jobs and brings in outside revenue into our community”, he said. “And it’s great for the Chico Airport Business Park, which is starting to take off again”, Donnelly said.
According to Donnelly, the City of Chico staff was instrumental in helping to land the company by assisting with the permit verification, approval and occupancy process.
Plumas Bank to Open Chico Branch
(Chico) We are very happy to have helped Plumas Bank open a new branch at a prime location in Chico. The fast growing bank is moving into the corner of Mangrove Ave. & Palmetto Ave. in Mangrove Plaza, right across the street from McDonalds. “It’s one of the best locations in Chico”, said Brian Littrell, who brokered the sale along with Mike Donnelly. “This is the gateway to downtown and a daily needs shopping area”, he said.
Plumas Bank has been expanding steadily, and the full service Chico Branch will be the company’s 15th location. The holding company for Plumas Bank, Plumas Bancorp is listed on the NASDAQ stock exchange under ticker symbol PLBC. The building at 900 Mangrove will be renovated with green-friendly upgrades including solar power, low water landscape and energy efficient HVAC and appliances. For more information about Plumas Bank’s expansion, please CLICK HERE.
Arby's Opens in Oroville
(Oroville) The remarkable transformation of Sumner Square is complete with the opening of a new Arby’s Drive Through in Oroville. The modern and contemporary quick serve restaurant owned and operated by Kang Foods, LLC completes a decade of development and construction at the commercial center next to CVS on the heavy retail corridor of Oro Dam Blvd. at 5th Ave. The former site of a retail trailer dealership, the property was first redeveloped into an office strip center, with two retail pads out front, that ultimately became KFC and Arby’s restaurants.
Almost every step of the way, retail agent Brian Littrell was there, leasing out office space and then brokering the Arby’s land sale, helping the company navigate the City of Oroville planning process. Littrell’s crowning achievement was then to sell the final office strip center to a medical owner/investor.
For more information call 530-514-9035.
DERCO Supply Expands to Chico
(Chico) One of the Northstate's most established tool and fastener companies is expanding to Chico. Derco Supply is a family owned and operated Fastener Supplier serving Northern California since 1987. Derco Supply provides farmers, manufacturers and others with a long list of products such as Hand Tools, Impact Tools, Air Hoses & Fittings Drill Bits & Hole Saws, Black & Stainless Pipe Fittings, Aerosol Lubricants Wire & Accessories, Trailer & Towing Accessories, and many other products. The new shop will be located at 2526 Fair Street, a high provile location just off the corner of Park Ave. and Fair St.
Derco Yuba City Shop
The company is perfectly situated to serve Ag and Industrial companies in the South Chico area and gateway to Butte County farm lands. Derco's original store continues to operate at 2920 Colusa Highway Suite A, in Yuba City. The lease was handled by Mike Donnelly.