LandMark Finishes Two Cali CVS Stores
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(Save the date: RealShare Apartments comes to the Westin Bonaventure, Los Angeles, October 24, RealShare Medical Office Buildings comes to the Four Seasons in Scottsdale, AZ, November 7 -8, and RealShare Industrial 2012 comes to The Banker's Club, Miami, December 5 – 6.)
WOODLAND HILLS, CA-LandMark Retail Group has completed construction on two California CVS/Pharmacy stores, one in Bakersfield and one in Palmdale. LandMark tells GlobeSt.com that construction costs for the Bakersfield CVS, located at the corner of Ming and Buena Vista in the heart of the Seven Oaks master-planned community, ran $2,272,162, while the Palmdale location at 47th and R ran $2,891,374. LandMark is scheduled to open an additional 12 CVS stories later this year.
ONTARIO, OR-Mission West Properties Inc. and CDH Consulting have listed a 75-acre data-center site for development here. The site can support up to a 500,000-square- foot single mission-critical data center or three to four smaller data-center projects and is uniquely located near Interstate 84, the major transportation corridor across Oregon, as well as the Ontario Municipal Airport.
SANTA ANA, CA-Construction manager C.W. Driver has completed $20 million worth of upgrades at 10 schools located throughout the Santa Ana Unified School District. The projects were part of an overall $36.2 million given to SAUSD to provide various schools the funding for upgrades that meet 21st-Century needs. Schools included Adams Elementary School, Carr Intermediate School, Fremont Elementary School, Jefferson Elementary School, John Muir Fundamental Elementary School, Martin Elementary School, McFadden Intermediate School, Monte Vista Elementary School, Sierra Intermediate School Taft Elementary School.
MONTEBELLO, CA-Macerich has sold a single-tenant property here occupied by Forever 21 within the Shops at Montebello for $20.75-million a large-core fund advised by UBS Realty Investors LLC. The store is located at 1800 Montebello Town Center, totals 81,619 square feet and is situated on 5.6 acres. Faris Lee represented the seller while the all-cash buyer represented itself in the transaction.
SAN LEANDRO, CA-Lee & Associates has closed a sale for an industrial property at 3050 Teagarden St. here to a private institutional buyer. The seller and the terms of the transaction have not been disclosed, but industry sources unrelated to the deal report the sale price to be $17 million. Situated on 11.65 acres, the 140-door cross-dock facility and institutional-grade asset is 100% leased by UPS Ground Freight on a long-term basis.
RANCHO CUCAMONGA, CA- Quagletti M J & P Trust, a private investor, has sold a 180,035-square-foot industrial building located at 11167-11177 White Birch Dr. here to DCT Industrial Trust for $11.04 million. The building is fully occupied by Steelscape and Puratos Bakery. Mark Zorn, Richard Schwartz and Brad Yates of Colliers International represented the buyer; the seller was represented by Mike Quagletti with Industrial Realty.
PORTLAND, OR-Cornerstone Core Properties REIT Inc. has funded an investment in a joint venture that has acquired two skilled-nursing facilities here from a seller whose identity was not disclosed, for $8.6 million. The properties have 102 beds in operation and are licensed for 114 beds. In addition to skilled nursing services, one of the properties also specializes in bariatric treatments for obesity. The assets are leased to the current operator of the facilities under a 15-year triple-net lease.
HOLLYWOOD, CA-Cresta Properties has acquired three Hollywood-area apartment buildings totaling 60 units. The properties were purchased in separate transactions with an aggregate value of $6.8 million.
Transactions include 1627 N. Poinsettia Place in Hollywood for $3.1 million from Poinsettia Pl. Partners Ltd., 4456 Lockwood Ave. in East Hollywood from Cheyenne Lockwood LLC for $2.45 million and 1210 N. Formosa Ave. from 4 Brothers LLC for $1.25 million.
SAN FERNANDO VALLEY, CA-Dunbar Real Estate Investment Management has acquired a 65,347-square-foot industrial building in the San Fernando Business Center from a private seller for $5.1 million. Capital will be immediately spent to upgrade the facility and obtain a user for the building in the tight submarket, which has a 2.2% vacancy rate at the end of the second quarter of 2012.
SANTA ANA, CA-Corinthian Colleges Inc. has renewed its lease for 163,734 square feet of office space in Griffin Towers at 5 & 6 Hutton Centre Dr. here. Jones Lang LaSalle represented the tenant in the deal, who will continue to occupy the space for its corporate headquarters.
NEWPORT BEACH, CA-The Saywitz Company has closed two Southern California leases with a total value of more than $1 million. Organic By Nature Inc. has extended its 24,000-square-foot-building lease at 1495 Seabright Ave. in Long Beach for five years, valued in excess of $1 million. Saywitz also assisted PL&H International in the lease restructuring and extension of its headquarters facility lease for two years at 13430 Alondra Blvd. in Cerritos, consisting of approximately 10,000 square feet.
SACRAMENTO-Voit Real Estate Services’ local team has completed several office transactions here. The firm directed a 20,880-square-foot office lease at 1025 Creekside Ridge Dr. in Roseville, CA, between landlord RREEF Real Estate and Adventist Health System/West. The firm also completed a -new, 9,901-square-foot office lease at 3013 Douglas Blvd., Suite 205 and 210, in Roseville on behalf of tenant Imortgage.com Inc.; landlord Olympus Corporate Center LP was represented by CBRE. Voit also completed a new, five-year, 3,500 square-foot office lease at 6815 Five Star Blvd., Suite 10 in Rocklin, CA, representing Dr. Sunnie Skiles; owner Harragon Trust was represented by CBRE.
WESTMINSTER, CO-Pine Tree Commercial Realty has completed a lease with Michaels Stores Inc. at The Shops at Walnut Creek here. Michaels will occupy 20,579 square feet with an expected store opening in early 2013.
SAN DIEGO-Bentall Kennedy has selected CBRE to continue to provide leasing services for Mission Trails Industrial Park, a five-building, 653,922-square-foot warehouse/distribution project located in the Mission Gorge submarket here. CBRE previously handled property-management services for the project and will continue to manage the property.
SAN JOSE, CA-HFF has arranged a $46-million financing for Almaden Financial Plaza, a three-building, 415,000-square-foot, class-A office complex downtown, on behalf of the property owner, an affiliate of Embarcadero Capital Partners LLC. HFF secured the five-year, fixed-rate loan through Guardian Life Insurance Company of America.
NEWPORT BEACH, CA-The Alison Co. has provided financing for several Southern California properties. The firm has provided a $17,725,000 forward commitment on two distribution buildings in Riverside totaling 850,000 square feet, with four tenants and varying lease terms. Also, the company has provided $3,500,000 in permanent financing for a single-tenant industrial building in Anaheim, totaling 74,000 square feet. In addition, the firm has provided $2,300,000 in permanent financing for Graphite Business Park, a 54,000 square foot multi-tenant industrial park Corona.
BERKELEY, CA-Cohen Financial has secured two fixed-rate loans on behalf of a local investor for a total of $7.975 million from JPMorgan Chase to refinance apartment properties that are fully leased, primarily to UC Berkeley students.
LAS VEGAS-TMC Financing has provided a SBA 504 loan for $1.2 million Chinese Host Inc. to purchase a 9,105-square-foot industrial facility located at 3525 West Hacienda Ave. here.
SEATTLE-Mark Jackson will head Transwestern’s property-management team here as SVP. Jackson will oversee the operations and launch of Transwestern’s management-services platform in the Puget Sound region and will be responsible for all aspects of management services, including new business development, service delivery, client relations, recruiting and strategic expansion.
BELLEVUE, WA-Aaron Kraft has joined the local office of Kidder Mathews, where he will specialize in office leasing and sales for landlords, tenants, and investors in the firm’s brokerage division.
SEATTLE-Marcus & Millichap Real Estate Investment Services has promoted Armand Tiberio to SVP investments. Previously, Tiberio’s title was first VP investments. He will continue in his role as a senior director of the TCG.
For an irreverent look at the ups and downs of the retail industry, check out Counter Culture authored by GlobeSt.com Editor, Ian Ritter.
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