(Save the date: RealShare Los Angeles comes to the Hyatt Regency Century Plaza in Los Angeles, CA, on March 27, 2013.)
GARDEN GROVE, CA-Developer Brandywine Homes is planning its first multifamily development—the first of four apartment complexes it plans to build in the coming year. In January, the firm will break ground on a 25-unit project consisting of two- and three-bedroom townhomes and flats on .887 acres near Dale St. and Stanford Ave. here. The new construction is expected to help address the affordable-housing shortage in Orange County, where vacancy rates for apartments stand at 5% and rents in some areas are at a record high. The new community will be minutes from the Garden Grove Freeway, the Korean business district and Little Saigon. Residents will have easy access to the Block at Orange, the Westminster Mall, Disneyland and Knott’s Berry Farm.
LA JOLLA, CA-International real estate firm Hines and equity partner J.P. Morgan Asset Management are building a 13-story, 415,000-square-foot building at La Jolla Commons here that will become the nation’s largest carbon-neutral office building to date. The new building will achieve carbon neutrality on an annual basis through a combination of high-performance building design, directed biogas and on-site fuel cells that annually will generate more electricity than the building and tenant will use. LPL Financial at La Jolla Commons will be the largest and most ambitious net-zero office building in the U.S. developed for lease. It will be fully leased and occupied by LPL Financial LLC. Construction began in April, and completion is scheduled for mid-2014.
CULVER CITY, CA-Hackman Capital Partners LLC has begun construction on its local office campus, WorkScapes at the Hayden Tract. The groundbreaking followed the closing of a senior loan obtained from Deutsche Bank for the renovation of the property. The project, which the firm tells GlobeSt.com is a multi-million-dollar one, features the conversion of three industrial buildings into contemporary offices and the creation of a new five-story parking structure. When construction is completed, the development will offer 126,400 square feet of two-story, loft-like offices, 556 covered parking spaces and about 190 surface parking spaces.
CABAZON, CA-General contractor C.W. Driver has been awarded a multi-million-dollar contract for two restaurant tenant-improvement projects totaling 11,000 square-feet at Morongo Casino, Resort & Spa here. The project, which will consist of an extensive remodel of an existing kitchen and restaurant space along with an outdoor patio remodel, began construction in October and is slated for completion this month.
LOS ANGELES-Urban Radish, the farm-fresh community market set to debut in Downtown’s Arts District, has broken ground on construction. The market has partnered with Creative Space, an integrated development and marketing firm, and real estate developer Linear City on the project. The building that houses the market is being re-purposed from an 8,200-square-foot, former glass manufacturing warehouse owned by Linear City and sits within a parking lot at 660 Mateo St. The market is set to open in March 2013.
SAN FRANCISCO-3rd & Evans LLC has sold a 4.68-acre site for $15 million to the City and County of San Francisco. Tom Martindale and Richard F. Marshall of Tri Commercial Corfac International president represented the seller in the transaction.
SAN CLEMENTE, CA-A private seller has sold Oceanview Medical Center here to Accretive Realty Advisors, a commercial real estate management and development company, for an undisclosed amount. Evan Kovac, a managing director with Newmark Grubb Knight Frank‘s Global Healthcare Services Group, along with Garth Hogan, Chris Stai and Kyle Kovac, represented the seller. Terms of the sale were undisclosed. The campus, which includes a 30,913-square-foot medical-office building, is anchored by MemorialCare Health and houses several affiliated practice groups.
HAYWARD, CA-Emerik Properties has sold a 265,942-square-foot warehouse property at 21105 Cabot Blvd. here to Cabot Investments LLC for an undisclosed amount. Casey Ricksen and Greig Lagomarsino of Colliers International in Oakland represented both parties in the transaction. The deal represents the largest warehouse user sale along the 880 Corridor year-to-date. Uni-Tile and Marble will continue to occupy the property and will expand into a minimum of 145,000 square feet. There will be 90,000 to 120,000 square feet available for lease at the property.
SAN DIEGO-The local offices of HFF have donated commercial real estate services to assist Freedom Station with acquiring a local housing facility for injured warriors. Freedom Station originally leased and opened the 12-unit housing complex, also named Freedom Station, in May 2010. Located near Naval Medical Center San Diego, the property creates a transitional period for acclimating to civilian life while awaiting retirement/discharge from their respective branch of service. In addition, HFF and CBRE and have sold Lightwave Corporate Center, a 166,892-square-foot data center and office property at 9305 Lightwave Ave. here, on behalf of seller LBA Realty for an undisclosed amount. The property was remodeled in 2007 and is fully leased to tenants including American Internet Services, which occupies data-center space on the entire ground floor of the building, and San Diego Gas & Electric Co., which occupies the entire second floor.
SEATTLE-Security Properties Inc. has purchased a 38-unit College Street apartment complex in the Admiral District of West Seattle for $4.825 million. The firm partnered with Henry Popkin—the developer and previous owner of College Street—to buy out the limited partners on the property.
SAN FRANCISCO-Jones Lang LaSalle has signed its first lease at 555 Mission with Series-G, a locally based technology angel investor and holding company represented by Roman Adler of Cornish & Carey Commercial Newmark Knight Frank. JLL has been appointed exclusive leasing agent for the property, a 556,319-square-foot, class-A office tower owned by Hamburg, Germany-based Union Investment Real Estate GmbH. Seattle-headquartered Metzler North America Corp. serves as an exclusive advisor. Wes Powell and Karen Wells are the listing brokers.
SAN FERNANDO, CA-Rexford Industrial has leased a 76,993-square-foot industrial building at 1050 Arroyo St. here to PureTek Corp., a manufacturer of pharmaceuticals, over-the-counter remedies and supplements. The building will serve as a secondary manufacturing location. David Young, Chad Gahr, Todd Lorber and Chris Jackson of NAI Capital represented the owner, while Mark Berman of LesMark Strategic Real Estate Services represented the tenant.
CYPRESS, CA-Johnson Capital, a national real estate capital advisory firm, has arranged $27 million in permanent financing secured by five office/R&D buildings totaling more than 285,000 square feet on behalf of a privately held entity. Kevin Burkhalter, SVP in the firm’s Los Angeles office, arranged the financing. The non-recourse debt, which was funded by a major insurance company, carries a fixed interest rate in the low 4% range and is fully amortizing over the 20-year term.
LOS ANGELES-Quantum Capital Partners, a leading mortgage-banking firm, has secured a $22.345-million, five-year fixed-rate loan at 4% to refinance a four-story, 92,401-square-foot mixed-use office and showroom building downtown at 777 East 10th St. in the Fashion District. The building is 98.8% leased but has high rents per square foot, and leases are only for one to three years. The borrower elected to complete the transaction with a flexible community bank despite attracting multiple CMBS lenders.
ROSEVILLE, CA-NBS Financial Services principal, director of Portland production Blake Hering, Jr. has arranged $25.5 million in acquisition financing for the Pinnacle at Galleria Apartments, a 236-unit apartment community here on behalf of buyer Oregon Pacific Investment & Development Co. Financing was provided by Freddie Mac through one of NBS Financial’s joint-venture relationships.
COMMERCE, CA-Lee & Associates has promoted Tony Naples to SVP and principal of its local office. His practice focuses on representing buyers, tenants, sellers and landlords in industrial real estate in the Los Angeles area. Before joining the firm, Naples was a broker with Grubb & Ellis, where he primarily focused on industrial sales and leasing in the central Los Angeles market.
PORTLAND, OR-Norris & Stevens Inc. has hired Shane Olson as broker—multifamily investment properties. Olson was previously with Marcus & Millichap‘s local office and was consistently in the top three of multifamily broker production.
NEWPORT BEACH, CA-CBRE Group, Inc. has hired Marina L. Massari as an EVP in its debt and equity finance group. She will partner with EVP Sharon Kline on financing transactions across all property types and will be based in the firm’s local office. Massari has more than 30 years of mortgage-industry experience, most recently serving as SVP of project finance and banking for the Irvine Co.
LOS ANGELES-Christopher L. Muno has joined the national real estate law firm Pircher, Nichols & Meeks as an associate for the firm’s real estate practice group in its local office. Prior to joining the firm, Muno worked as a real estate associate in the local office of Gibson, Dunn & Crutcher LLP.
SAN BERNARDINO, CA-The Housing Authority of the County of San Bernardino has selected Yardi Voyager as its property management and accounting platform. HACSB recently sought a new platform that could converge several operational and administrative systems, keep pace with portfolio growth, and accommodate new functionality such as mobility and online procurement. HACSB also adopted Yardi Procure to Pay, which integrates online supply catalogs and purchasing with Yardi PAYscan—which converts paper invoices into electronic transactions and sends them through customizable approval workflows—and Yardi Inspection Mobile, which offers inspectors in the field the convenience of entering inspection data into Yardi Voyager from smartphones or tablets.