Resmark JV To Develop 200-Unit Multifamily
MILPITAS, CA-A joint venture between Resmark Apartment Living and Shea Properties is planning a 200-unit apartment development on an approximately three-acre site at 1201 South Main St. here. The property is a short walk to the VTA light rail Great Mall station that connects Milpitas to Mountain View and San Jose, and is also close to Highways 880, 680 and 237. The four-story building, designed in a contemporary Italianate style, will comprise a broad variety of floor plans with an average size of 919 square feet.
SOUTH GATE, CA- Primestor Development recently held a groundbreaking ceremony for the azalea Regional Shopping Center at 4635 Firestone Blvd. here. The 380,000-square-foot project, expected to be completed by early 2014, will include retailers, restaurants and services in a modern setting with water features, a large open-air plaza, Wi-Fi and gathering areas.
TORRANCE, CA-The 20,000 square-foot sustainable headquarters of Partner Engineering and Science Inc. will serve as the Los Angeles area classroom and laboratory for the Sustainable Building Advisor Institute’s green building and sustainability certification program. The SBA program will be taught by a network of more than 30 subject experts including famed organic architect Eric Corey Freed, director of UCLA Extension’s landscape architecture program Stephanie Landregan and urban planner and noted expert on sustainable transportation planning Ryan Snyder.
BEVERLY HILLS, CA-Kennedy Wilson and its partners have acquired three retail/office properties and a multifamily community in the Western region. The buying entity purchased a 209,329 square foot multi-tenant retail center in Orem, UT, following two recent retail real estate purchases of 15,118 square feet of retail and office space in Malibu, CA, and a 114,404-square-foot retail center in Boise, ID. Partners in these acquisitions include, among others, the LeFrak Organization and Kennedy Wilson Fund IV, and the combined purchase price of the acquisitions was $37.3 million. In addition, Kennedy Wilson and one of its investment partners have acquired Archstone Long Beach Harbor, a 160-unit multifamily community in Long Beach, CA, for $33.5 million. The company plans to rebrand and reintroduce the property as Westerly on 3rd.
REDWOOD CITY, CA-Marcus & Millichap Real Estate Investment Services, has arranged the sale of a four-property apartment portfolio here for $12,360,000. The properties include 180 Buckingham Ave., 152 Lincoln Ave., 755 Ninth Ave. and 775 Ninth Ave. Robert Johnston, a senior associate in M&M’s Palo Alto office, represented the seller, Carlos Perez. Adam Levin, a VP investments also based in the Palo Alto office, represented the buyer, Interstate Equities.
SAN MARCOS, CA-SR Commercial has purchased its sixth acquisition in the 2012 calendar year in the San Diego market and has the seventh in escrow. Ontel Products has sold the firm an industrial property at 120 Mata Way here for $3.675 million. A representative of the buyer tells GlobeSt.com that SR Commercial has been acquiring a number of properties in this price range as part of a larger strategy through which the firm plans to invest in larger industrial properties throughout San Diego, Orange County, Los Angeles and the Inland Empire moving forward.
NEVADA-Affinity Gaming, LLC has entered into a definitive agreement to sell its casino properties in Reno, Verdi and Dayton, NE, to Truckee Gaming LLC, a limited liability company owned by a group of private investors. Truckee Gaming will pay a purchase price of $19.2 million in cash, subject to certain customary adjustments, and a $1.7 million credit for deferred-maintenance capital. Truckee Gaming has agreed to allow Affinity Gaming to solicit competitive bids for the three casino properties through September 30.
LOS ANGELES-Homes at the Ritz-Carlton Residences at L.A. LIVE–the 54-story, luxury-branded residences here–are now 58% sold. The sales figures include purchases of multiple residences by individual buyers and institutions. The new totals are 131 of the building’s 224 residences sold with more than 20 residences currently in escrow. The combined value of sales at the property, which is part of the AEG-developed and operated L.A. LIVE sports and residential district, is now well over $200 million.
SUNNYVALE, CA- JP DiNapoli Companies Inc. has leased 556,360 square feet to LinkedIn at 555 North Mathilda Ave. here, a 14.2-acre site where the owner will develop a 630,000-square-foot, class-A, LEED Gold-certified office campus to accommodate LinkedIn as the single tenant. Cornish & Carey Commercial Newmark Knight Frank EVP Phil Mahoney and SVP Ben Stern represented DiNapoli in this transaction.
DENVER-Broadreach Capital Partners, Pearlmark Real Estate Partners and Equity West Investment Partners have leased 57,180 square feet to Berry Petroleum at 1999 Broadway, a 680,276-square-foot class-A office building in the CBD here. Thomas and Andrew Piepgras of Transwestern represented the landlord in the transaction. The tenant had previously occupied approximately 38,000 square feet across two floors and has expanded to include another 19,000 square feet on a third floor.
MCLELLAN, CA-Motion Textile, Inc., a contract apparel printer, has committed to a long- term, 48,447-square-foot lease at McClellan Park here. The tenant is expected to relocate its textile embellishing and distribution facility along with 30 employees from its former headquarters in West Sacramento in December.
LA JOLLA, CA-SBBT Holdings LLC, doing business as Santa Barbara Tax Products Group, has leased 44,377 square feet of office space at Torrey Pines Science Park, 11085 North Torrey Pines Rd. here. The tenant is consolidating two Sorrento Mesa offices totaling 37,698 square feet, to the new location. Jed Stirnkorb, Richard Danesi and Ryan Egli of CBRE represented the lessor, HCP TPSP LLC. David Marino of Hughes Marino represented the tenant on the new 10-year lease.
FULLERTON, CA-Laskey-Weil has signed a six-year, 29,574-square-foot industrial lease located at 1405 E. Orangethorpe Ave. here with Atlas Construction Supply Inc. The space for Atlas, which is relocating its 18 employees from two branch locations in Long Beach, CA, in order to consolidate and expand its space, is within an 111,566-square-foot building that is now fully occupied. Chuck Wilson in the Irvine office of Colliers International represented the building owner.
SANTA CLARA, CA-ATopTech is relocating and expanding its lease at 2111 Tasman Dr. here. The tenant, a leading provider of next-generation physical design, will occupy 26,000 square feet of the stand -alone office building. Cresa San Jose represented the tenant in the transaction.
CULVER CITY, CA-Given Imaging Inc. has signed a lease for 25,199 square feet of office space for the entire building located at 5860 Uplander Way here with owner Nampco Real Estate LLC. The tenant will use the building for its regional office. Jones Lang LaSalle’s Steve Solomon and Eric Adams represented the landlord, and Bruce Hoffman of UGL Equis represented the tenant.
BARSTOW, CA-Lee & Associates Inland Empire North has been named the exclusive leasing representative and asset manager of the 328,283-square-foot Barstow Outlets here. The property consists of 24 free-standing buildings along a landscaped, open-air corridor at 2552 Mercantile Way.
DENVER-DCT Industrial Trust Inc. has closed its previously announced public offering of common stock. The company sold a total of 18,975,000 shares of common stock in the offering, which included the full exercise of the underwriters’ option to purchase additional shares. The net proceeds to the company from the offering, after underwriting discounts and commissions and estimated offering expenses, are approximately $112.2 million. BofA Merrill Lynch, J.P. Morgan, Wells Fargo Securities and Citigroup acted as the joint book-running managers for the offering.
SANTA ANA, CA-HFF has arranged a $22.8-million mezzanine financing for the development of the Marke at South Coast Metro, a 300-unit, class-A, multi-housing community under construction here. HFF worked exclusively on behalf of Lyon Communities to secure the three-year mezzanine loan through Pearlmark Real Estate Partners.
SACRAMENTO-Commercial real estate investment banking firm George Smith Partners has arranged $10 million in financing on behalf of 29th Street Capital for the purchase of several pools of single family residences which will be operated as for-lease residential properties throughout the Sacramento area of Northern California. The single-family residences will be managed by the borrower.
SACRAMENTO-Centerline Capital Group has structured a $9.8-million Fannie Mae loan to refinance Villas at La Riviera, a 199-unit multifamily complex here. The owner bought the property in 2009, assuming a bond financing facility. Refinancing these bonds proved challenging for a variety of reasons, including ongoing property renovation, a long-term regulatory agreement, a change in the ownership entity, and a partial real estate tax exemption. The deal was brought to Centerline by Adam Parker, a VP in Newmark Realty Capital’s Phoenix office.
SHERIDAN, OR-Kennedy Funding has completed a $1.25 million loan for a vacant industrial property here. The three-year, interest-only instrument will provide working capital to fund improvements for the repositioning of 888 SE Sheridan Rd. here, a 235,000-square-foot former manufacturing facility.
The financing was obtained by owner Liberty Realty Enterprises LLC and will be serviced by Kennedy Funding on behalf of a limited liability company owned by the members.
SAN DIEGO-Chito Gutierrez has been recruited as the new office operations manager for CBRE’s three San Diego offices. Gutierrez recently retired from the Navy with the rank of Lieutenant Commander after more than 20 years of dedicated service. Most recently he served as administrative department head of the USS Nimitz, where he managed administrative operations and directly supervised more than 80 personnel.
DENVER-Dividend Capital Diversified Property Fund Inc. has appointed Richard D. Kincaid chairman of the company’s board of directors. DPF co-founder and former chairman John Blumberg remains a member of the board of directors and chairman of the company’s investment committee. Prior to being named CEO, Kincaid served as Equity Office’s chief operating officer and CFO and facilitated nearly $17 billion in commercial real estate acquisitions.
LOS ANGELES-New York-based Rockwood Real Estate Advisors, a full-service commercial real estate investment banking firm, has launched of its West Coast investment-sales and mortgage-banking platforms, opening offices in here and in San Francisco. Sean Fulp has been appointed managing director and head of Western U.S. investment sales and has relocated Rockwood veteran Andre Dobrowsky from its New York headquarters to Los Angeles to establish the mortgage-banking platform.
LOS ANGELES-Stephen J. Donell, a state and federal court-appointed receiver and president of FedReceiver Inc., has been elected president of the National Association of Federal Equity Receivers, an exclusive association for experienced federal equity receivers that provides a forum to share solutions on legal and practical issues involving equity receivership matters. Donell has more than 20 years of experience in commercial and residential real estate and complex receivership cases and has administered more than 500 receivership cases in the Western US.
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