indicative of the Inland Empire
industrial markets strength, with
3.8 million square feet of net
absorption this year and 4.4 million
square feet under construction,
according to Jones Lang LaSalle.
ONTARIO, CA-DCT Industrial Trust has signed a lease-renewal agreement with the Dial Corp. for 436,945 square feet of industrial distribution space at 3355 East Cedar St. here. Jones Lang LaSalle team members Tim O’Rourke, Bill Honsaker and Mike Fowler represented the Dial Corp. in the transaction, while DCT represented itself. According to O’Rourke, “The Inland Empire industrial market continues to be one of the strongest in the United States with 3.8 million square feet of net absorption this year and 4.4 million square feet currently under construction. The Inland Empire continues to benefit from growth in the E-Commerce sector as well as the food & beverage, third-party logistics and automotive industries.”
LOS ANGELES-EVOQ Properties Inc. has signed an 80,000-square-foot office lease in the Artist Loft District on Alameda St. downtown with apparel company VF Corp. The location will serve as the corporate headquarters for the Fortune 500 company’s Splendid/Ella Moss clothing brands. The total value of the lease is estimated to be approximately $18 million.
ORANGE, CA-AICI LLC and DMG Corp., an HVAC engineering and manufacturing company, have completed a lease transaction totaling approximately 54,581 square feet within a 66,821-square-foot building at 1110 West Taft Ave. here. Colliers International’s SVPs Steve Schloemer and Chris Sheehan represented the property owner, while the tenant was represented by Allen Buchanan and Steve Shatafian of Lee & Associates.
SAN DIEGO-Chesapeake Lodging Trust has acquired the 429-room Hyatt Regency Mission Bay Spa and Marina here for $62 million, or approximately $144,500 per key, from an undisclosed seller. The trust funded the acquisition with available cash on hand and a borrowing under its revolving credit facility and assumed the existing management agreement with Hyatt Hotels Corp.
LONG BEACH, CA-International real estate investment and services firm Kennedy Wilson and one of its investment partners has acquired Archstone Long Beach Harbor, a 160-unit multifamily community here, for $33.5 million. Fannie Mae provided $26.8 million in financing at 3.665%, fixed for ten years. The firm plans to rebrand and reintroduce the property as Westerly on 3rd.
CARLSBAD, CA-Caruso Affiliated has signed an agreement with San Diego Gas & Electric for the purchase of a 48-acre parcel of land along Cannon Rd. here that will be used for a future development project. Caruso will work closely with SDG&E to explore various project options as the planning process moves forward, and will develop a timeline for the project in coordination with the City of Carlsbad, the community and SDG&E throughout the permitting and approval process. The developer will also work with the Carlsbad Strawberry Co. Inc., which currently farms on the property, to preserve strawberry and agricultural use along Cannon Rd. as part of any plan.
RENO, NV-Panattoni Development Co. has purchased a 263,924-square-foot class-A industrial building at 1025 Sandhill Dr. here for an undisclosed amount from a seller whose identity has not been revealed. The original facility of 160,000 square feet was built for Pfizer in 1999 and expanded in 2006. The building is expected to be fully leased by the end of September. Dave Simonsen, J. Michael Hoeck, Michael Nevis, Dan Oster of the NAI Industrial Properties Team represented the tenant in this transaction.
LOS ANGELES-The Los Angeles City Planning Commission has voted to approve a redevelopment project at the Hyatt Regency Century Plaza Hotel here by Next Century Associates, a partnership between Woodridge Capital Partners and funds managed by Oaktree Capital Management L.P. The project will offer 1.5 million square feet of mixed-use development on six acres including a newly renovated hotel with 394 rooms and suites and 63 residences, two 46-story residential towers, a nearly 100,000-square-foot retail plaza with shops and restaurants and over two acres of public open space with fountains and courtyards.
EMERYVILLE, CA-Archstone has begun construction Archstone Parkside, a 175-unit apartment community here. The property will be located at the corner of Powell and Hollis sts. and is being developed as part of a joint venture with Prudential Real Estate Investors. The site is only a few miles from the development site of Archstone Berkeley on Addison, which began construction in mid-July.
LAGUNA HILLS, CA-The Hodgdon Group has completed tenant improvements for national retailer Total Wine & More at 24001 El Toro Rd. here, the tenant’s fourth Orange County location.
The firm renovated a former Circuit City building and expanded it to make way for a fully-remodeled 51,000-square-foot retail building that includes the new 18,000-square-foot Total Wine & More and a 33,000-square-foot Ashley Furniture HomeStore.
CHULA VISTA, CA-The San Francisco office of Berkadia Commercial Mortgage LLC has originated a $38.06 million loan through Fannie Mae for the Eucalyptus Grove apartment community here on behalf of Wasatch Premier Properties. VP Clay Akiwenzie worked with the borrower to secure the seven-year, fixed-rate loan for the 263,288 square foot multifamily property consisting of 376 efficiency, one- and two-bedroom units.
LOS ANGELES-Colony Financial Inc. has priced its public offering of 7,000,000 shares of common stock and has granted to the underwriter an option to purchase up to an additional 1,050,000 shares. The offering will generate gross proceeds of approximately $131.3 million, or approximately $150.9 million if the underwriter exercises its option to purchase additional shares in full. Colony intends to use the net proceeds from the offering to repay amounts outstanding under its revolving credit facility and to fund additional investments, for working capital and for general corporate purposes.
DENVER-Newmark Grubb Knight Frank has hired Riki Hashimoto and Dan Grooters as executive managing directors of the firm’s capital group. The duo specializes in the acquisition and disposition of office, retail and industrial investment properties throughout the region. Prior to joining the firm, Hashimoto and Grooters served as SVPs at CBRE.
SEATTLE-Colliers International has hired Tom Abbott as SVP of its Western Region Investment Services Group. Abbott will manage institutional client relationships to originate and execute assignments in collaboration with the firm’s team members throughout the western region. Abbott has negotiated major office, industrial and retail investment transactions in the Puget Sound region.
PASADENA, CA-Builder C.W. Driver has hired Steven Nelson as VP of estimating in the firm’s local office. In his role, Nelson will act as a trusted advisor for the firm’s clients and will be responsible for providing estimates on the firm’s preconstruction services and proposals.
LOS ANGELES-Pyramid Hotel Group has been named the new management company for the 802-room Sheraton Gateway Los Angeles Hotel. As part of the transition, Michael Washington will continue in his role as general manager of the hotel.