Berkeley Center Sells for $20M
(Save the date: RealShare Industrial 2012 comes to The Bankers Club, Miami, December 5 - 6.)
BERKELEY, CA-A private family trust has sold the Berkeley Center downtown to Hill Street Realty LLC, a Los Angeles-based real estate investment firm, for approximately $20 million. Newmark Grubb Knight Frank’s senior managing director Joshua Levy and managing director Matthew Dobson of the company’s capital group, in conjunction with Cantor Commercial Real Estate, facilitated the sale and financing of the property. Berkeley Center comprises approximately 92,000 square feet of retail and office space on 1.75 acres on an entire city block bounded by Shattuck Ave., Allston Way, Kittredge St. and Harold Way. The hotel on the property was not part of this transaction. Financing included approximately $11 million of debt, was handled through a CMBS conduit loan structured by Cantor Commercial Real Estate, an affiliate of Cantor Fitzgerald.
LAS VEGAS-Warmington Esplanade Associates LP has sold Esplanade Condos, a 163-unit multifamily property at 8777 W. Maule Ave. here, for $18,312,500 to Fivex Capital LLC. Patrick Sauter of NAI Sauter Cos. acted as investment advisor and broker for both parties in the transaction.
SAN BERNARDINO, CA-Terreno Realty Corp. has sold an industrial property here for approximately $17 million to an affiliate of Realterm NAT. The property consists of two trans-shipment industrial buildings containing approximately 122,000 square feet and is currently 100% leased to one tenant. Terreno acquired the property in September 2010 for a purchase price of approximately $12.1 million.
LAS VEGAS-Next Gen Fund 5 LLC has sold Decatur Crossings III, a 112,304-square-foot, mixed-use property at 4675 and 4775 West Teco Ave. here, to Ready Mix Opportunity Group LLC for $7 million. The property consists of two two-story office/flex buildings that were approximately 40% occupied at the time of purchase. Kevin Higgins and Garrett Toft in Voit Real Estate Services’ local office worked closely with Darren Tappen of Voit’s Phoenix office to represent the buyer in the off-market transaction; the seller represented itself.
GLENDALE, CA-An investment group led by Los Angeles-based Capital Real Estate Advisors has acquired a 34,000-square-foot stand-alone grocery store at the northeast corner of Central Ave. and Chevy Chase Dr. here from the previous retail tenant, which closed its store in early November. The sale price was undisclosed. CRA plans to re-tenant the property or explore re-development options on the approximately 2.38-acre site, which is zoned C3, allowing for a full range of commercial services. CRA was represented in the transaction in-house by Michael Poyer, who is handling the property’s marketing.
ALISO VIEJO, CA-Accretive Realty Advisors Inc. has acquired the 20,000-square-foot Pacific Park Medical-Dental building at 24541 Pacific Park Dr. here in an off-market transaction for an undisclosed amount. The three-story building had not been offered for sale to the market since 1990 when it was first constructed. Jeff Tomei from Knightsbridge Realty Capital Inc. arranged the debt with a large national bank and exclusively handled the financing on behalf of the buyer.
COSTA MESA, CA-Burnham-Ward Properties has signed three major lease agreements at South Coast Collection retail center here, more commonly known as “SoCo.” The leases, signed by Design Within Reach, Rolling Greens, and Surfas Culinary District, represent 44,600 square feet of retail space and bring SoCo’s tenant occupancy to nearly 100%. The retailers join Fixtures Living, Stark Carpets and C.S. Wo & Sons at the center.
RANCHO SANTA MARGARITA, CA-GoldMax USA, a chain of stores specializing in buying gold and precious metals from consumers in the U.S. has opened a new store at 30652 Santa Margarita Parkway #F 101B here. The retailer now has 50 stores in Southern California and has plans to open eight more stores within the next 30 to 60 days in City of Industry, El Cajon, Los Angeles, Murrieta, Norco, Orange, Rancho Cucamonga, San Juan Capistrano, and Upland.
SAN FRANCISCO-Jones Lang LaSalle has been appointed exclusive leasing agent for 100 Montgomery St., a 430,000-square-foot LEED Gold office tower owned and managed by Equity Office. EOP acquired the class-A tower last month for an undisclosed price from Hines Interests and Sterling American Properties. Steve Anderson, Bryan Ivie and Wes Powell are the leasing brokers.
SAN DIEGO-HFF managing director Aldon Cole and real estate analyst Husayn Hasan have arranged refinancing for two historic buildings totaling 40,400 square feet at the intersection of 5th Ave. and F St. in the Gaslamp District here: the Keating Hotel, a luxury boutique hotel built in 1890 with 35 guestrooms, and the Mercantile Building, located adjacent to the hotel. Working exclusively on behalf of the Keating Hotel Group, HFF placed the 10-year, 4.7%, fixed-rate loan with Cantor Commercial Real Estate. Loan proceeds are paying off existing debt and repatriating equity. The amount of the loan was undisclosed to GlobeSt.com.
RICHLAND, WA-Glenn Gioseffi, an associate director in Marcus & Millichap Capital Corp.’s Seattle office, has arranged $12 million in refinancing debt for a 272-unit multifamily mid-rise property here.
MMCC worked with one of its institutional-capital sources that could lend in a secondary market to a foundation owned by a trust. The loan was structured with a 10-year term and amortizes over 30 years at an interest rate of 3.85%. The LTV is 70%.
GLENDALE, CA-330 North Brand, 323,500-square-foot office building here, has been awarded LEED Gold recertification by the U.S. Green Building Council. The USGBC recertified the building after recognizing an increase in its sustainability features that had earned it a LEED Silver certification in 2010. The property earned new and additional credits through improved energy-efficiency performance, including one regional priority credit specific to Southern California and realized a 26.5% reduction of potable water consumption in all fixtures over the LEED baseline. The total credits received boosted the office building’s ranking from Silver to Gold. Transwestern Sustainability Services consulted on the initial Silver certification.
SAN MARCOS, CA-Civic View Corporate Centre at 300 Rancheros Dr. here has earned the U.S. Environmental Protection Agency’s ENERGY STAR® certification for superior energy efficiency. The designation signifies that the building performs in the top 25 % of similar facilities nationwide for energy efficiency and meets strict energy-efficiency performance levels set by the EPA. The property earned a score of 97 out of 100, making it the highest rated ENERGY STAR® office building in Inland North County. The property is owned and was developed by Newport National Corp., and Mark Avilla, Matty Sundberg and Bob Cowan of Cassidy Turley San Diego are the exclusive marketing team.
SAN DIEGO-NAIOP San Diego will install John Garrigan, VP of LBA Realty, as its 2013 president on January 1, 2013. In addition, the other elected board members are Tom Turner of Procopio Cory Hargreaves & Savitch as president elect; Jeff Burges of BURGES property+company as treasurer; and Brig Black of Lincoln Property Co. as immediate-past president. The new directors include: Nelson Ackerly, Irvine Co. Office Properties; Dan Broderick, Cassidy Turley San Diego; Ted Shaw, Latitude 33 Planning & Engineering; Paul Twardowski, Hines; Charlie Abdi, Finest City Realty Advisors; Hack Adams, Western Properties LLC; Tina Bennett, RBN Designs; Jack Burger, Burger Construction; Greg Fitchitt, Westfield; Jeffrey Forest, Sheppard Mullin Richter Hampton; Brian Galligan, Kilroy Realty Corp.; Kevin Heinly, Gensler; Kevin Hill, H.G. Fenton Co.; Tim Himstreet, Torrey Pines Bank; Craig Irving, the Irving Group; Gary Katz, NetREIT; Randy LaChance, Voit Real Estate Services; Jim Laverty, Barney & Barney; Mike McNerney, Lowe Enterprises; Tigg Mitchell, Douglas Wilson; Mickey Morera, Cushman & Wakefield; Chris Pascale, CBRE; Ron Pepper, Retail Insite; Nick Psyllos, HFF; Brad Roppe, Brickman; Tony Russell, Jones Lang LaSalle; Lauree Sahba, San Diego Regional Economic Development Corp.; Jim Spain, Colliers International; and Dennis Visser, Cassidy Turley San Diego. Also joining the board are Jackie Hailey of Johnson and Jennings and Jeremy Dentt of Dentt Properties as developing leaders, a NAIOP program geared specifically for members age 35 and under.
SAN MARCOS, CA-Chris Williams, an associate of Colliers International’s North County office, has been elected president of the San Marcos Economic Development Corp., a nonprofit organization that promotes the advancement of the local economy through the attraction, retention and growth of new and existing businesses here. Williams, a member of SMEDC since 2009, joined Colliers International specializing in the representation office landlords, developers and tenants. In June 2009, he became a LEED Accredited Professional through the USGBC. Other newly elected officers include Mike Sannella as VP, Peter Schluederberg as treasurer, and Paulette Khoury as secretary.
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