Two Multifamily Complexes Bring $58M
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SACRAMENTO-Two local multifamily assets totaling 424 units have sold for $58.8 million; both assets had a 30-day marketing window. A San Francisco-based REIT sold Pinnacle at Galleria, a 236-unit, class-A, gated community located in Roseville across the street from the Westfield Galleria, to an Oregon-based private buyer. Bay Area-based GW Williams Co. sold Waterford Cove, a 188-unit community in the “Pocket” submarket close to downtown, to Oakmont Properties. Mark Leary, principal of Atlanta-based investment-advisory brokerage firm ARA, and his Pacific team served as the exclusive advisors on these transactions. Leary says that the Sacramento rental market is rebounding and rents are on the rise.
ORANGE COUNTY, CA-The Catholic Diocese of Orange County is putting the Marywood Pastoral Center campus here on the sale block. The CBRE team of Ted Snell, Eric Knowles, Chris Bates and Susan Chaplin has been hired to market the sale of the campus, which the diocese plans to vacate after occupying it since 1978 and relocating to the recently acquired Christ Cathedral, formerly known as the Crystal Cathedral. The property will be marketed to a very specific type of user, including those looking for educational uses, government, corporate and other religious uses. While the parties involved with the deal report that the property is going to market unpriced, industry sources unrelated to the deal tell GlobeSt.com that the asking price is between $25 million and $30 million.
HUNTINGTON BEACH, CA-Huntington Villas, a 114-unit active-seniors housing community here, is up for sale. Joseph R. Berkson, a VP investments in Marcus & Millichap Real Estate Investment Services’ Newport Beach, CA, office, has the exclusive listing for the property and is representing the seller, whose identity has not been disclosed. The asking price of $19.5 million equates to a 5.37 % cap rate and $189 per square foot.
CONIFER, CO-GCCFC 2007-GG11 Conifer Complex LLC has sold Conifer Town Center, a 107,451-square-foot shopping center located at 27102-27182 Main St. here, to T Conifer Retail LLC, an affiliate of Dallas-based Tabani Group Inc., for a price undisclosed to GlobeSt.com. VPs Brad Cohen and Larry Thiel of Transwestern’s Denver office represented the seller.
SAN FRANCISCO-Rudolph and Sletten, a subsidiary of Tutor Perini Corp., together with design partner WRNS Studio, has been awarded a $94-million design-build contract for the University of California, San Francisco Mission Bay Block 25A Academic Building. The 266,000-gross-square-foot, seven-story academic building will include huddle rooms, focus rooms, open workstations, conference rooms, classrooms, a learning center, and retail spaces. The project scope also includes site utilities, connections to existing utilities, a landscaped courtyard, and various other site improvements. Construction is expected to begin in the spring of 2013 and be completed by August 2014. The new hospital complex is scheduled to open on February 1, 2015.
BREA, CA-Jamboree Housing Corp. broke ground today on Birch Hills Apartment Homes here. The $26.2-million development will provide housing for families who earn between 30% and 60% of the area median income, with rents ranging from $502 to $1,427 per month based on family size and income level. The community will consist of 115 garden-style apartment homes and is part of the La Floresta planned community currently under development by Birch/Kraemer LLC. KTGY Group Inc. is the architect of the new neighborhood, and Portrait Homes is the general contractor. Property management will be provided by the John Stewart Co.
TACOMA, WA-Community Health Care has begun construction of a $26-million health center in the inner-city Hilltop neighborhood here. The development is being financed with more than $6.9 million of new markets tax credit equity raised in partnership with US Bank, the National Development Council, and the Low Income Investment Fund. The new Hilltop Regional Health Center will take the place of the small clinic that CHC has maintained on the Hilltop for more than 35 years. It will include medical and dental clinics, urgent care, radiology, pediatrics, internal medicine and obstetrics in a three-story, 54,735-square-foot building with an adjacent three-story parking facility. Construction is expected to be completed by October 2013.
SAN JOSE-For the Future Housing Inc. has completed renovation of affordable-housing community Taylor Oaks Apartments, located at 2726 & 2738 Kollmar Dr. here. The Campbell, CA-based firm is the developer for the acquisition and $3.3 million construction renovation, or roughly $56,000 per rental home. The 59-unit community, which is composed of studio, one-bedroom and two-bedroom apartments, is now restricted to individuals and families earning 50% of area median income or less for Santa Clara County. The project includes the addition of social services programs such as after-school tutoring that will be administered by Pacific Housing Inc. Campbell-based Michael Roberts Construction Inc. was the general contractor and KTGY Group Inc. was the architect on the project.
CHULA VISTA, CA-Rouse Properties Inc. has begun a cosmetic renovation of the Chula Vista Center, an open-air regional mall here. The 875,000-square-foot center is anchored by Macy’s, jcpenney, Burlington Coat Factory and Sears. Enhancements of the center will entail numerous cosmetic upgrades to the center’s common areas, including an outdoor fireplace with comfortable lounge seating, shaded bistro-style seating areas with landscape borders and colorful umbrellas, a central courtyard area with a new water feature, soft seating, a children’s play area for all ages, and Wi-Fi throughout. Other upgrades include a new signage program, enhanced landscaping, natural-color stained finishes to all concrete flooring and fresh exterior painting of all common spaces. Rouse expects to complete the renovation this year.
LOS ANGELES-Brookfield Office Properties Inc. has leased 135,863 square feet to PricewaterhouseCoopers at Figueroa at Wilshire, located at 601 South Figueroa St. downtown.
With the 15-year lease, the office property is more than 90% leased. PwC was represented by Timothy Dempsey, Kevin Bender, Steve Bay and Amy DeAngelis of CBRE. Brookfield was represented in-house by regional VP of leasing John Barganski and leasing manager Chris Dillavou.
ALISO VIEJO, CA-Blaine Annett and Colby Annett, co-managing partners of Stream Realty Partners L.P., have secured several significant leases at Summit Office Campus here totaling more than 66,000 square feet. Most notably, transactions include a 30,813-square-foot lease for the relocation of Pacific World Corp.’s corporate headquarters;
PORTLAND, OR-Huron Consulting Group has signed two separate lease transactions: a 35,727-square foot lease at 6000 Meadows, located at 6000 Meadows Rd, Lake Oswego, and a 27,046-square-foot lease at AmberGlen Business Center, located at 1925 NW AmberGlen Pkwy., Beaverton. Jones Lang LaSalle’s Buzz Ellis, managing director, and Andrew Rosengarten, VP, represented Huron in the transactions.
HUNTINGTON BEACH, CA-HomeGoods has signed a 10-year, 24,160-square-foot lease at Sher Lane Shops here. Sharon Courtway, VP of Present Value Properties Inc., represented the Sher Family—owner of the 45,000-square-foot community center located at the southeast corner of Edinger Ave. and Sher Lane—in the lease transaction. HomeGoods, which is expected to open in Spring 2013, will occupy the former Office Depot space at 7742 Edinger Ave. and was represented by Anthony Mansour of The Clover Co.
CULVER CITY, CA-XAP Corp. has signed a new 14,757-square-foot office lease for its headquarters at 100 Corporate Pointe, a three-story, 109,739-square-foot, multi-tenant building here, with Slauson Investors LLC. XAP previously occupied space at 3534 Hayden Ave. Jones Lang LaSalle Los Angeles team members Blake Searles and Corey Spound represented the tenant, while the landlord was represented by JLL’s Eric Adams and Steve Solomon.
SAN DIEGO-Kettner House Inc. has signed a 10,000-square-foot lease on a lot located on the north east corner of Kettner Blvd. and Grape St. in the Little Italy neighborhood here with Broadmoor Pacific LLC. The lot will feature Kettner House, a new bar/restaurant on a two-story site that will boast the neighborhood’s only second-story, open-air patio. QualityFirst Commercial’s Steven Martini and Barrett Geenen represented the tenant in the site search and lease negotiation. The landlord was represented by Danny Fitzgerald, Pasquale Ioele and Michael Burton of Cassidy Turley.
SAN JOSE-Steve Thomas has joined Cresa San Jose’s growing project-management team as an SVP. Thomas, who has more than 30 years of industry experience, will provide comprehensive project-management services, including construction administration/management, design-build delivery and budget control to clients throughout Silicon Valley and the Bay Area. Prior to joining Cresa, Thomas founded Thomas Construction Management in 2004.
ORANGE COUNTY, CA-EDGE Realty Partners will open its fourth office, to be located here and led by long-time partners and industry veterans Paul Bartlett, Lea Clay Park and John Beaney as co-principals. Prior to joining EDGE, Bartlett was corporate managing director at Studley and helped create the Irvine-based retail tenant rep team. Beaney served as corporate managing director at Studley and was instrumental in creating a national retail broker network for the firm. Park was the corporate managing director and founding member of Studley’s tenant services group. Also, Jon Radus joins the firm as VP; he was previously an assistant director at Studley.
SAN DIEGO-David Wallace has been promoted to general counsel of Trigild. Previously associate counsel for the firm, in his new role Wallace will provide key legal and strategic expertise to the firm’s company management. Wallace will work from the firm’s Dallas office, providing accessibility to clients on both the east and west coasts.
GLENDALE, CA-Starwood Property Trust has deployed a $61-million first-mortgage loan on two class-B+/A- office buildings here. The Blackstone Group is the sponsor of the loan on the property, which aggregates to total 419,000 square feet. The two buildings are adjacent to each other along Highway 134 in downtown Glendale. Since both assets have above-market vacancy, the loan was structured with $48.5 million in initial funding and future funding of $12.5 million for tenant improvements and leasing commissions. Major tenants at the properties include New York Life, Prudential Insurance and American Realty Advisors.
SAN FRANCISCO-Terreno Realty Corp. reports that its quarter-end occupancy is 92.6%, up from the prior year of 74%. Also, the firm reports $74.4 million of acquisitions comprising 577,000 square feet, and its perpetual preferred stock offering raised approximately $44.3 million in net proceeds during the second quarter.
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