(Save the dates: RealShare Apartments East comes to the Hyatt Regency in Miami, FL, on February 26, and RealShare Los Angeles comes to the Hyatt Regency Century Plaza in Los Angeles, CA, on March 27.)
NEWPORT BEACH, CA-Locally based MIG Real Estate LLC, a Newport Beach, California-based real estate investment company, has acquired Churchill Downs, a 168-unit multifamily community located in Southwest Denver, from an unnamed seller for an undisclosed price. Doug Andrews, Jeff Hawks, Terrance Hunt, Shane Ozment and Jason Wine of Apartment Realty Advisors represented the seller in the transaction, while MIG represented itself. Alliance Residential will manage the property for MIG.
IRVINE, CA-HighBrook Investment Management LP has purchased 16842 Von Karman, a 100,892-square-foot, class-B multitenant office building in the Irvine Business Complex submarket here, for roughly $10 million, or under $100 per square foot from a private group of investors. The seller had contacted HighBrook directly due to its relationship with the ownership group. The 15-day, all-cash transaction amounted to under $100 per square foot. Prior to closing, the buyer secured a lease expansion and extension with the property’s major tenant, which totaled more than 47,000 square feet and included a firm lease term of 10 years through 2023.
COSTA MESA, CA-Turner Real Estate Investments has purchased an office building at 2755 Bristol St. here for $3.4 million from an unnamed seller. The two-story office building, known as Bristol Corporate Center, encompasses more than 30,000 square feet. Turner’s investment team worked with Brian Garbutt and Allen Basso of Lee & Associates to complete the transaction within 10 days, paying $3.4 million for the asset. The new owner will complete a major renovation of the property aimed at updating the building for premium tenants.
CHULA VISTA, CA-Jack Kushner Administrative Trust has purchased South Bay Manor Apartments, a 70-unit apartment property at 1045-1051 4th Ave. here, from South Bay Manor L.P. for $10.625 million. Tim Mills of CBRE San Diego represented the buyer, while Steve Huffman of Hendricks & Partners represented the seller. Bill Chiles and Scott Peterson of CBRE San Diego’s
Debt & Equity Finance Group arranged a Freddie Mac loan for the balance of the 1031 exchange.
CITY OF INDUSTRY, CA-Westcore Properties reports that Salt Lake Business Center, a 132,000-square-foot industrial project at 14955-14971 E. Salt Lake Ave. here, is 100% leased with a $666,601 lease renewal and expansion by Velocity Express. The tenant has recommitted to its current space of 44,902 square feet for an additional two years.
DENVER-CBRE Capital Markets has arranged $38 million in permanent financing through Freddie Mac used to acquire a Monterey Heights, a local, 332-unit, garden-style apartment community. Portland’s Debt & Equity Finance group led by Jim Rice and Nick Santangelo worked closely with the borrower, Holland Partner Group, to complete this transaction before the end of 2012. The borrower utilized a 10-year, 3.69% fixed-rate term with three years of interest-only and then 30-year amortization to finance the acquisition.
WEST LOS ANGELES, CA-Sherwin Aryeh of Johnson Capital‘s Century City, CA, office, has originated $10.5 million secured by a premier 20-unit luxury multifamily property here. The non-recourse debt, which has a loan-to-value ratio of 70%, was used to recapitalize current debt for the property owner, a Los Angeles-based multifamily developer. It was provided by an exclusive Johnson Capital correspondent lender, and carries a fixed rate for five years with a 30-year amortization.
SAN FRANCISCO-Pearlmark Real Estate Partners L.L.C., in a joint venture with Kinship Capital and Madison Marquette, has recapitalized 300 Grant here, an approximately 40,000-square-foot property of prime retail and office space, for an amount undisclosed to GlobeSt.com. Located at the northeast corner of Grant and Sutter sts. in the Union Square District, 300 Grant is currently 100% leased to eight tenants under various short- to medium-term leases. Dirk Degenaars and Jason Trailov of Pearlmark arranged the transaction.
LAS VEGAS-Commercial real estate investment-banking firm George Smith Partners has arranged a $9.1 million bridge loan for HD Harmon Square LLC, for the acquisition of the Shoppes at Harmon Square, a 36,265-square-foot retail shopping center located on the corner of Harmon Ave. and Paradise Rd. here. The buyer intends to renew the existing and expiring retail leases and lease up the vacant spaces in the property, then seek a long-term, permanent loan on the property to replace the one year-term bridge loan. The private bridge loan financing features a term of one year and several extension options. It was funded at 77% loan-to-value.
DENVER-Stream Realty Partners has hired Judson Robertson as director of the office division in the firm’s local office. Robertson’s primary roles will include project leasing, tenant representation and the identification of strategic investments for the firm and its clients. Prior to joining Stream, Robertson was an associate director at Newmark Knight Frank Frederick Ross in Denver and was previously an asset manager at Principal Global Investors, where he was responsible for asset performance measurements and strategies, benchmarking and valuation analysis for a $1.5-billion commercial real estate portfolio.
MISSION VIEJO, CA-Retail advisory and leasing firm Argent Retail Advisors has added two new members to its Ontario, CA-based leasing team: Nick Ritch and Mike Kihm. Ritch, associate director, has extensive experience in many facets of the shopping-center industry. Prior to Joining Argent, he was an asset manager with KORE Properties in Azusa, CA, responsible for a portfolio of 14 retail, office and multifamily projects. Kihm, an associate, has been in the real estate industry for the last 25 years, primarily in the appraisal sector. He founded and led an appraisal company based in Rancho Cucamonga, CA, for the last 15 years. He will focus on landlord and tenant representation in the Inland Empire.
SAN DIEGO-The San Diego and Carlsbad offices of Colliers International have promoted five brokers. Rob Morgan, now VP, specializes in mid-to-high density residential land sales throughout the San Diego area. Joe Crotty has been named SVP, focusing on industrial and R&D sales and leasing in North San Diego County. Derek Hulse, who has been promoted to associate VP, specializes in the leasing and sale of office properties in the central San Diego office markets. And Erik McNary has been named associate VP after being with Colliers since 2007.
SAN BERNARDINO COUNTY, CA-The County of San Bernardino has attracted 64 businesses, adding 651 new jobs to the region along with the retention of an estimated 1,982 jobs from July 1, 2012 to September 30, 2012. This period accounts for the first quarter of the County’s 2012-2013 fiscal year. The County also worked to retain businesses, ensuring significant lease renewals of 68 companies.