Industrial Asset Fetches $16M for Prism JV
Mark your calendar for RealShare ORANGE COUNTY on August 21 at Hotel Irvine Jamboree Center. Register to attend and consider a sponsorship. Hear from CRE-leaders who specialize in SoCal.
(Save the date: RealShare Industrial 2012 comes to The Bankers Club, Miami, December 5 - 6.)
CITY OF INDUSTRY, CA-Sun Hing Foods, a wholesaler and distributor of ethnic-food products for grocers, supermarkets, bakeries and food services in North America, has purchased a 216,048-square-foot industrial property at 14505 Proctor Ave. here for $16.2 million. The seller was PSIP Prism Industry LLC, a joint venture between Prism Realty Corp., an investment and development firm based in Costa Mesa, CA, and Penwood Real Estate Investment Management LLC, a financial investment advisory firm based out of Hartford, CT. SVP Adam Dzierzynski of Lee & Associates’ local office represented the buyer, and SVP Jeff Huberman, also of Lee’s Industry office, represented the seller. The building was originally purchased by PSIP Prism Industry LLC as a leased investment that the seller rehabilitated and renovated to cater to a user occupant.
VENTURA, CA-CT Realty Investors Inc. has sold a three-parcel 111,006-square-foot office property at 5700/5720/5740 Ralston St. here to 5700/5720/5740 Ralston St. LLC for $15.5 million. Timothy P. Foutz with NAI Capital’s Encino office represented the buyer. CT Realty sold the property after major renovations significantly boosted occupancy rates.
LOS ANGELES-A six-story, 38,667-square-foot, class-A office building at 8201 Beverly Blvd. here has been sold for $14,350,000; the buyer and seller have not been identified. Martin McDermott of Avison Young represented the seller, while Jack Ravan, president of South Park Group Real Estate, and Steve Ravan, SVP at South Park Group, represented the buyer.
EMERYVILLE, CA-TMG Partners and Rockwood Capital have sold the Public Market here to Angelo Gordon and City Center Realty Partners for an undisclosed amount. The 270,000-square-foot mixed-use property is located at 5959 Shellmound St. The new owners plan to continue to reposition the project and expand its retail and restaurant offerings, along with adding 800,000 square feet of new mixed-use product. HFF represented the seller in the transaction.
SOUTH SEATTLE, WA-Washington State has agreed to a property disposition plan that will use best business practices for disposing its 223,000-square-foot Liquor Control Board Distribution Center at 4401 East Marginal Way South here. The sale is prompted by the passage last fall of Initiative 1183, triggering the opening of the liquor business to the private sector. The state has engaged commercial real estate firm Kidder Mathews to manage the disposition process; prospective buyers can begin reviewing the property offering at www.wastate-dc.com.
CHULA VISTA, CA-Marcus & Millichap Real Estate Investment Services is marketing Gateway I, an award-winning, 102,403-square-foot office building with ground-floor retail space at 303 H St. at Third Ave. here. The property is listed at $25 million, which equates to $244 per square foot. Pasha Darvishian, a VPt investments, and Dennis Weisberg, a senior associate, both in the firm’s Newport Beach, CA, office, are representing the seller. Major tenants currently occupying the building include Bank of America, the County of San Diego, Quiznos and the San Diego County Credit Union. Gateway I includes on-site parking for 372 cars and public transportation access.
SNOWMASS, CO-Starwood Hotels & Resorts Worldwide Inc. has completed an extensive, multi-million dollar renovation to Westin Snowmass Resort here to reposition the slope-side property as a Westin. Formerly known as the Silvertree Hotel & Conference Center, the resort fully refurbished all guest rooms and public areas. Owned by a joint venture between Starwood Capital Group and Wasserman Real Estate, the resort features 254 rooms including 18 suites and a brand-new restaurant, the Snowmass Kitchen. Also new are a world-class spa facility, fitness center, two new hot tubs at the resort’s pool, newly landscaped outdoor space and a newly renovated 20,000-square-foot conference center.
BEL AIR, CA-Bel Air Bar & Grill, located at the intersection of Sepulveda Blvd. and Moraga Dr. here, has been renovated and expanded by owner Susan Lord, who bought the property in 2007. The project expands the 15-year-old restaurant to roughly 5,000 square feet and adds a new 7,500-square-foot, two-level office building. Designed by Killefer Flammang Architects, the project includes a 22-ft.-high glass curtain wall, which projects a translucent laminated image of red bougainvillea readily visible from Sepulveda Blvd. and the 405 freeway. The exteriors of the restaurant and office building have also been renovated, along with the interior finishes, which have green design considerations.
HEBER CITY, UT-WNC, a national investor in real estate and community renewal initiatives, has opened Prestige Senior Living Center, a 23-unit affordable senior-housing community here. WNC provided $2.3 million in low-income-housing tax-credit equity to construct the community at 1136 S. 640 East. The center was co-developed by the Wasatch County Housing Authority and Mountainlands Community Housing Trust to serve citizens ages 62 and older with incomes between 25 percent and 49 percent of the area’s median income.
SAN DIEGO-Jones Lang LaSalle has represented landlords in two leases in San Diego County totaling 64,897 square feet. NuVasive, Inc. has renewed its lease for 62,367 square feet at Towne Centre Technology Park at 4545 Towne Centre Court in San Diego. JLL’s managing director Jay Alexander and EVP Tony Russell negotiated the 12-month, $1.6-million lease on behalf of Arden, while the tenant was represented by Craig Irving of the Irving Group. Also, Concordia Communities LLC signed a 63-month, $414,700 lease for 2,530 square feet at Beachwalk at 437 South Pacific Highway 101 in Solana Beach. Alexander and JLL associate Chaneng Joe negotiated the lease on behalf of the Muller Co.; the tenant was represented by Brooks Campbell of Cassidy Turley.
PLEASANTON, CA-Steve Lico and Dave Tipton of Cresa Palo Alto hve represented ServiceMax Inc. in a 17,451-square-foot office lease expansion and relocation at 3875 Hopyard Rd. here. The tenant will occupy half of the third floor in one of the two class-A office buildings in the 212,000-square-foot Hacienda West office park. ServiceMax changed offices within building, which has easy access to the I-580 and I-680 freeways. The landlord, Harsch Investment Properties, was represented by Brian Lagomarsino and Ted Helgans of Colliers International.
SAN FRANCISCO-National real estate investment and management firm Jamestown has named the CAC Group as the exclusive leasing agent for 799 Market St., a 142,902-square-foot mixed-use asset downtown here. Bill Cumbelich, principal, Daphne Spieker, VP, and John Walsh, associate, will lead the assignment on behalf of CAC, which has represented the asset since 1999. Jamestown acquired the eight-story, class-A, urban retail and creative-office building, in October. The property includes five floors of creative-office space atop 55,000 square feet of retail.
DENVER-Greg Benjamin, SVP, and Dan Lucchesi, investment analyst at NorthMarq’s local office, have arranged acquisition financing of $20.5 million for the Lakes at Monaco Pointe at 6165 E. Iliff Ave. here on behalf of the borrower, a local commercial real estate development and management firm.
The multifamily community consists of 426 units in five buildings ranging in size from three to five stories and features an outdoor swimming pool, clubhouse, fitness center, basketball and soccer courts, as well as laundry facilities in each building.
SAN FRANCISCO-Rocco Cortese, managing partner of the Heritage Group’s local office, has originated approximately $10 million in equity with a Southern California-based private-equity firm to help Ridge Capital acquire two California apartment properties valued in excess of $30 million. Towne Center Commons, a 137-unit property in Brentwood, closed in mid-September; Mariner's West Apartments, a 45-unit property in San Mateo, closed October 31. Ridge will execute a value-add campaign for Mariner's West, with extensive interior and exterior renovations, and will invest an additional $1 million for renovations at Towne Center Commons.
PUEBLO, CO-Love Funding has closed a $10.5-million loan for the construction and permanent financing of Outlook Ridge, a market-rate apartment community here. Love’s senior director Peter Wessel of the Denver office secured the financing through the U.S. Department of Housing and Urban Development’s 221(d)(4) loan-insurance program. The site, which is located in northern Pueblo, was purchased in several stages between 2000 and 2005. When completed, the project will offer 92 units in five walk-up, three-story apartment buildings. The mortgagor is Outlook Ridge Pueblo LLC, and N.E. Construction is the general contractor.
TUSTIN, CA-Christy Bunce has been promoted to chief operations officer of New American Funding. Bunce, formerly VP, has played a vital role in the company's extensive growth, earning it accolades including this year’s Inc. 500|5000 list of the nation's fastest-growing private companies and one of OC’s Best Places to Work.
NEWPORT BEACH, CA-Trumark Homes has hired David Prolo as SVP of operations in the local office. Prolo comes to Trumark from Jones Lang LaSalle Project and Development Services in Irvine, CA, where he served as SVP. He brings expertise in a diversity of areas, from commercial construction, energy-efficient construction practices and urban infill development.
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