Harbor Bay Business Park Property Fetches $46M
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ALAMEDA, CA-GlobeSt.com has learned from an unnamed industry source that Denver-based Amstar has acquired the Waterfront at Harbor Bay, a 381,439-square-foot, class-A office and industrial property here, from Alameda Waterfront Investors LLC LP, an affiliate of BPG Properties Ltd., for $46 million. The sale price had previously been undisclosed. The development, which is currently 85% occupied, is within the Harbor Bay Business Park at 1601-1851 Harbor Bay Pkwy. near Oakland International Airport to the east of San Francisco Bay. Both the buyer and the seller were represented by Holliday Fenoglio Fowler LP. HFF’s Steven Golubchik tells GlobeSt.com that the Harbor Bay and Marina Village markets have begun to rebound, and leasing up the remaining space in the Waterfront has become the top project in the area.
WEST COVINA, CA-Kennedy Wilson and its partners have acquired Torrey Pines, a 251-unit apartment community, in West Covina, CA, for $43.7 million, with $33 million in financing from Freddie Mac at 3.91%, fixed for ten years. Torrey Pines is situated south of the I-10 freeway, approximately 20 miles east of downtown Los Angeles, and within a healthcare hub. The property is composed of 21 wood-frame and stucco buildings around six courtyards, and the community includes five pools, two spas, a playground and fitness center. The company plans to complete renovations for approximately half of the units, including kitchen and bathroom upgrades, in addition to improving the fitness center, leasing office and landscaping.
ANAHEIM, CA-Younan Properties, Inc. has acquired Anaheim Corporate Center in Orange County from LNR Partners for an undisclosed amount. Michael Lawrence, SVP of Marcus & Millichap, represented the seller. Zaya Younan, Chairman and CEO of Younan, says the transaction represented “an excellent opportunity to increase our presence in southern California by acquiring a performing asset with significant upside potential. We feel this is a particularly good time to expand our portfolio, and we are well positioned to execute several more transactions before year end.”
SANTA MONICA, CA-CIM Group has acquired Lincoln Place, a class-A office building located at 725 Arizona Ave. in the heart of Santa Monica, for an undisclosed sum. Constructed in 1990, the four-story Mediterranean-style building offers approximately 37,572 square feet of rentable office space, currently configured as 17 suites. With each floor consisting of approximately 9,500 square feet, the space allows for flexible configurations to accommodate a diverse tenant mix. The building has 118 non-tandem parking spaces that are located in a three-level subterranean parking garage accessible via a ramp off Arizona Avenue.
WALNUT CREEK, CA-Nine former Grubb & Ellis brokers have joined three of Colliers International’s California offices. The majority of the new brokers have spent most of their careers at Grubb & Ellis, and at least six of them have been active in the industry for more than 25 years. Added to the Walnut Creek office are Larry Easterly, Cherie Huillade, Robin Newton, Deborah Perry and Ramsey Wright. The Fairfield, CA, office welcomes Bret DeMartini and Chris Petrini, while the Pleasanton, CA, office has added Patric Davis and Marilyn Hansen. The new team members completely fill the Walnut Creek and Fairfield offices.
NEWPORT BEACH, CA-Marcus & Millichap Real Estate Investment Services has promoted John Susank to VP investments. This achievement is one of the highest levels of recognition the firm awards to its investment specialists. Most recently, Susank held the title of AVP investments. Susank began his career with M&M in August 1994 and was named senior associate in October 2001. He specializes in the sale of multifamily real estate and has received six sales recognition awards from the firm.
DENVER-CBRE Group Inc. has hired Michael Cantwell and Brady O’Donnell, two of the region’s leading commercial-mortgage brokerage professionals, as EVPs based in the Denver office. They will serve the real estate finance needs of investors throughout the Rocky Mountain region. Cantwell was a co-founding partner and O’Donnell was a principal with Johnson Capital of Colorado, a locally based mortgage-banking firm. CBRE has also entered into a definitive agreement to acquire the portion of JCOC’s loan-servicing portfolio owned by the JCOC Denver office. In addition, David Treadwell will be joining CBRE. A former placekicker for the Denver Broncos and the New York Giants, Treadwell worked at JCOC with Mr. Cantwell on multiple assignments.
RIALTO, CA-Conopco Inc. has renewed its full-building lease for 1.1 million square feet of distribution space at 305 W. Resource Dr. here. The tenant, a direct, wholly owned subsidiary and main operating entity of Unilever United States Inc., was represented in the three-year renewal by Jay Hruska, Sean Duffy, Tim D’Addabbo and Damon Bowers of Cushman & Wakefield in Connecticut; Kyle Kehner and Tim Pimentel of the firm’s Inland Empire office in California; and by Tom Cotter of Unilever. Landlord Prologis was represented in-house.
ONTARIO, CA-The Saywitz Co. has negotiated two leases here totaling more than 213,000 square feet. Pacific Urethanes and Precision Foam, a privately held poly urethane/resin manufacturer which produces foam for the bedding industry, has signed a 193,732-square-foot lease for two new facilities for the company’s west coast operations. The value of the five-year lease is in excess of $3 million. The facilities, located at 1671 Champagne Ave., will house manufacturing, warehousing and distribution for the company. Recently acquired by CT Realty Investments of Newport Beach, CA, the building was renovated and upgraded the facility for the new tenants. Scot Kelly, VP with the Saywitz Co., represented the tenant in the transaction, while the owner was represented by Jeff Smith and John Seoane of Lee & Associates. In addition, Robert Ritschel, SVP with Saywitz has represented PPR Repipe, a manufacturer of fabricated pipe and pipe fittings for the plumbing, air conditioning and heating industry in a lease extension of its 20,000-square-foot facility at 5525 Gibraltar, which is owned by BAL Freeway Associates. The ownership was represented by Anthony Brent at Blackridge Real Estate Group.
SAN DIEGO-Trigild, a full-service real estate services company specializing in property management, receivership/bankruptcy and consulting services, has moved its corporate headquarters to new offices in the heart of the Golden Triangle/University Towne Centre neighborhood. The 35-year-old firm, previously located in the Del Mar Heights area, opened its new 13,500-square-foot quarters last week at 9339 Genesee Ave. Trigild has also been the property manager for the building since November 2011. The new offices house Trigild’s administrative staff, as well as specialists in finance, receivership and operations management.
SANTA CLARA, CA- ROEM Corp., in collaboration with Pacific Housing, Inc., the City of Santa Clara and AEGON USA Realty Advisors LLC, broke ground last week on 2525 El Camino Real Senior Apartments. When it opens in the summer of 2013, the community will offer 48 one-bedroom apartments that are affordable to seniors with annual incomes that are at or below 60% of the Santa Clara County-area median income. The complex is 100% affordable to very-low and low-income families. Designed by award-winning KTGY Group Inc., the $15-million development will consist of a three-story “C” shaped building, wrapping itself around an enclosed landscaped courtyard and acting as an outdoor extension of the community room, with pedestrian access to parking and entry spaces. An environmentally-sensitive development, the project will be constructed using sustainable building methods and will incorporate a number of “green” features designed to ensure its long-term energy-efficiency and sustainability.
SAN FRANCISCO-Essex Property Trust Inc. has purchased a development to build 463 apartments on two parcels at Folsom and 5th Streets from Avant Housing LLC, a real estate development partnership between AGI Capital, TMG Partners and CalPERS. Planned as a new “tech-savvy” residential community, Avant worked collaboratively with local civic groups and the City of San Francisco for nearly four years after targeting the thriving South of Market neighborhood. While the adjacent properties were purchased from Avant by Essex, Avant has been engaged by Essex to manage construction of the development, which is expected to be completed by early 2014. Mary Ann King, president, and Brett Betzler, director, of Moran & Co.’s California office, represented the seller.
FEDERAL WAY, WA-Harsch Investment Properties, has re-engaged its development plans for Celebration Center, a retail shopping center on the SW corner of Pacific Highway and South 320th here. The center is anchored by Ross Dress for Less, Michael’s Arts & Crafts and Rite Aid. The fourth phase of the project, which the firm tells GlobeSt.com will run $4 million in construction costs, will see the re-alignment of Ross’s storefront, increasing it from 25 ft. wide to 114 ft. wide and increasing its overall store size by 3,500 square feet, as well as a renovation of the store’s interior. The center’s overall square footage will be reduced by approximately 16,000 square feet, and two new spaces totaling 3,500 square feet will be created. In addition, the parking lot is being re-graded and re-striped, and new signage and enhanced storefronts will be added. The renovation will also create an opportunity to add an additional 20,000-square-foot building in the future as market demand for retail space increases.
SAN DIEGO-Rob Joseph, principal in the Orange County office of Pacific Southwest Realty Services, has closed a $18.9-million loan through FNMA, secured by a mobile home park here. The loan was used to refinance the maturing 1st TD loan.
LOS ANGELES-Highland Realty Capital has arranged an $18.1-million permanent loan to refinance a 128,000-square-foot grocery/drug anchored shopping center here. The 10-year, fixed-rate loan was funded by a life-insurance company. The loan had a few issues to be addressed, including the fact that the grocery store lease expires in 2019, and same-store sales have been trending downward over the last few years. There was also an existing environmental condition on a small portion of the property coming from an off-site source.
VAN NUYS, CA-Alliant Capital’s Orange County office has closed a $7-million first-mortgage loan to refinance a 118-unit multifamily portfolio here. The two-property portfolio was built in 1985. The deal attributes include an early rate-lock execution, 10-year term and a 3.99% interest rate.
LOS ANGELES-Polaris Group, a San Francisco-based commercial real estate firm specializing in high-rise/high density residential real estate sales serving clients throughout California, is opening a dedicated office here under the oversight of Rhonda Slavik, who oversaw sales at Evo and many of the most successful Los Angeles developments in recent years. As executive director, Slavik will manage and direct all operations and sales for Polaris projects in Southern California, while continuing her role in developing highly effective sales and marketing strategy across the firm’s client base.
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