TMG, Alcion Acquire 182,000-SF Hamms Building
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SAN FRANCISCO-TMG Partners and Alcion Ventures LP have acquired the historic Hamm’s Building, a multi-story, 182,669-square-foot office building located at 1550 Bryant St. in the SoMa Social Media Triangle here. The property was sold by Amerimar Enterprises for an undisclosed price. David Terzolo and Josh Peterson of CAC Group represented the seller, while the buyers represented themselves. While various capital expenditures have been made over the years, TMG and Alcion are planning a comprehensive, interior renovation program to further reposition the building’s creative space and expect to invest approximately $15 million in upgrades to the property. The building is currently 85% leased to a diverse group of tenants including technology companies such as Rdio and Asana, companies founded by some of the original backers of Skype and Facebook, respectively.
PARK CITY, UT-Centerbridge Capital Partners L.P. has acquired Sunrise at Escala, a completed but unsold condominium development located within the Canyons Resort here. Lantern Asset Management assisted an affiliate of Centerbridge with the purchase and will provide asset-management services for the property, which will be converted from a condominium project to a branded timeshare resort later this summer. Developed by Silverado Property Co., Sunrise was completed in June 2009 as the second phase of the Escala Lodges Condominiums development. The ski-in/ski-out property is composed of 83 units.
STOCKTON, CA-Colliers International has sold a 756,000-square-foot warehouse/distribution facility on roughly 47 acres, located at S. Harlan Rd. in Lathrop, CA, in the Crossroads Commerce Center. CenterPoint Properties Trust acquired the facility for an undisclosed amount from Equity Industrial Partners, a Needham, MA, investment firm. Home Depot currently occupies the facility, which is expandable to more than 900,000 square feet.
CARSON, CA-PCG Carson Main L.P., an affiliate of Paragon Commercial Group, has purchased Carson Shopping Center, an 85,000-square-foot shopping center anchored by Albertsons and Bank of America. Located at the dominant intersection of Carson and Main streets here, the site has more than 850 ft. of frontage on Carson St., with five access points and daily traffic volumes in excess of 45,000 cars per day.
SUNNYVALE, CA-Marcus & Millichap Real Estate Investment Services has arranged the sale of a 14,820-square-foot Walgreens drugstore here to a Silicon Valley apartment owner for $10.05 million as part of a 1031 exchange. The sales price equates to $678 per square foot. Thomas Doglio, a VP investments in Palo Alto, represented the buyer.
SEATTLE-Kidder Mathews has broken ground on Motion Water Sports’ 135,000-square-foot Pacific Northwest corporate headquarters in Snoqualmie, WA. The new state-of-the-art facility will provide consolidated distribution, manufacturing and 21,000 square feet of R&D/office for MWS’s numerous water water-sports brands including HO Sports, Connelly, O’Brien and Liquid Force. The new building will enjoy unobstructed views of Mt. Si and is steps from the Snoqualmie Ridge retail center.
SAN FRANCISCO-Bank of the West has created a residential real estate financing team dedicated to serving affluent and high-net-worth clients in their personal real estate lending needs, including mortgages, home-equity loans and home-equity lines of credit. The team brings together in one integrated group professionals from all aspects of mortgage banking. Specifically, the team includes private mortgage bankers, product development professionals, dedicated underwriting professionals and a loan-processing staff. Affluent and high-net-worth clients can access the private mortgage banking team through the bank’s wealth-management private client advisors.
SAN DIEGO-Pathfinder Partners LLC has hired distressed real-estate veteran Tony O’Neill as its director of acquisitions and Jon Mesa as acquisitions analyst. Both come to the firm from Voit Real Estate Services, where O’Neill was previously a VP, leading a brokerage team focused exclusively on loan and REO transactions. Mesa was previously a financial analyst for Voit’s O’Neill & Askew team, specializing in distressed note and asset sales in California, Arizona and Nevada. According to Lorne Polger, senior managing director of Pathfinder, the addition of O’Neill and Mesa is another reflection of the company’s rapid growth and bullish outlook on its future business prospects.
SACRAMENTO-Jones Lang LaSalle has hired Clyde Rawlings and Toss Vallentine for the firm’s office here. Rawlings, a 24-year veteran previously with Grubb & Ellis, will be SVP. Vallentine, also formerly with Grubb & Ellis, will be a senior associate. Together, they have been one of the top-producing brokerage teams in the Greater Sacramento region, executing more than 1 million square feet of transactions representing landlords and tenants in South Natomas, Folsom, the Highway 50 corridor and other suburban office markets around the Capitol.
LOS ANGELES-Cassidy Turley is opening an office here, hiring a team of industry veterans including Jonathan Larsen, who will head the office as regional managing principal; Suzanne Lee and Eric Moore, managing directors and principals; and Katie Bernhisel, VP. All of the new hires most recently worked in Transwestern’s Los Angeles office, where Larsen oversaw the West Region Brokerage Group. The team was focused on advisory, agency leasing and investment sales.
SALT LAKE CITY-IDI has signed a 106,893-square-foot industrial lease with Express Messenger Systems at IDI’s Landmark at Salt Lake Park in Building 6, the construction of which was completed in March. Express, doing business as OnTrac, a regional overnight package-delivery and customized supply-chain company, will use the space to expand its operations. The tenant had originally occupied 36,000 square feet in Building 5 of the same complex. Tom Dischmann of CBRE represented Express in the lease transaction, and Rad Dye of CBRE represented IDI.
SEATTLE-CBRE has been hired to head leasing activities for Smith Tower, a 42-story, 250,000-square-foot office tower located at 506 2nd Ave. here. Nick Carkonen, Christian Shevchenko, Cavan O’Keefe and Nate Fliflet will be handling the leasing effort for the tower, which includes panoramic views of Mt. Rainier and the Olympic and Cascade Mountain ranges. The building’s floor plates range from 2,140 square feet to 11,028 square feet.
SAN DIEGO-HFF has arranged a $16 million refinancing on behalf of the CT Retail Properties Finance III LLC joint venture, an affiliate of Kimco Realty Corp., for Fire Mountain Center, a 92,000-square-foot, class-A neighborhood shopping center in Oceanside, CA. HFF worked exclusively for the borrower to refinance existing debt on the retail center and to secure a five-year fixed-rate, on-box loan at a substantially lower interest rate through PNC Bank N.A. Fire Mountain Center is located at 2434-2598 Vista Way, north of Highway 78 in northern San Diego County. The property is 98% leased to tenants including Trader Joe’s, Beverages & More, Aaron Brothers, AT&T Wireless, FedEx Kinkos, Jack in the Box and Weight Watchers. Kimco operates the center.
LOS ANGELES-George Smith Partners has arranged financing on behalf of its client ADC Realty Group for the acquisition and construction of a 95-unit multifamily property in West Los Angeles. The financing included $11.115 million in joint-venture and construction equity, according to GSP VP Jonathan Lee, who was assisted by analyst Shine Cheng.
EL SEGUNDO, CA-Dunbar Real Estate Investment Management has acquired a non-performing loan secured by two industrial buildings in Orange County. The buildings were built in 2003 and are currently fully leased as two single-tenant buildings. Dunbar was able to foreclose successfully on the loan and take title to the properties within five days of acquiring the note. The investment was an off-market transaction, the fifth acquisition for the firm since its formation in June 2011 and the third distressed industrial loan acquired by the firm—all of which have been converted to fee simple property.
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