LAGUNA HILLS, CA—Davenport Partners Inc. has acquired Alicia Office Park at 25201, 25231 & 25241 Paseo de Alicia here from an institutional owner and local operator for $10.5 million or approximately $121 per square foot. The property includes three two-story, class-B office buildings totaling 86,360 square feet that were a total of 61% leased at the time of sale. The Newport Beach office of CBRE represented the seller, while Davenport was not represented in the transaction. Davenport will handle the management and leasing of the property by establishing an onsite office and intends to work directly with local brokers to secure tenants for the vacant space.
TACOMA, WA—Kennedy Wilson has purchased Apex Apartments, a 203-unit, class-A apartment community here, for $26.5 million from an unnamed seller. The buyer invested $14.2 million of equity in the transaction (inclusive of closing costs) and secured a seven-year $13.3-million loan through Freddie Mac. The loan includes full-term interest only and is priced at 173 bps over LIBOR. Built in 2008, Apex is a luxury community set on one of the highest points in Tacoma, offering scenic views of the city and Mt. Rainier.
OXNARD, CA—An Orange County-based buyer has purchased a 48,168-square-foot Best Buy store at 2300 North Rose Ave. from an Orange County-based seller for $11.2 million or $233 per square foot. Mark Thiel, VP investments in Marcus & Millichap‘s San Diego office, represented both parties in the transaction.
MAUI, HI—Watt Advisors, a commercial investment arm of Santa Monica-based Watt Cos., and local development partners have completed a $28-million redevelopment of the Outlets of Maui, a 12-acre oceanfront retail center in the heart of the historic Lahaina resort area. The property is currently 91% leased, with more retailers expected to open their doors within the next two months. The development team converted an aging traditional shopping center into what is now Maui’s first outlet center and only the second outlet center in all of Hawaii. The renovation program featured upgrades to the 10-building, 147,000-square-foot center including new storefronts, expanded walkway overhangs, outdoor seating areas, as well as significant improvements to common areas and site signage. Watt and its partners will expand the existing center by an additional 50,000 square feet by the end of 2015.
PASADENA, CA—RiverRock Real Estate Group will handle construction services for a full-building renovation of 177 E. Colorado Blvd., a 12-story, 290,000-square-foot office building here. The renovation will include improvements to the lobby, tenant floors, exterior and common areas. RiverRock will also provide property management for the building.
MORENO VALLEY, CA—Moreno Valley Mall has inked a lease agreement with Tilly’s, a national action sports retailer offering a wide array of apparel. The retailer will open in July in a 7,148-square-foot space located on the lower level near Macy’s and Harkins Theatres. The lease, completed by the mall’s management company, Spinoso Real Estate Group, is one in a line of recently signed deals resulting in more than 80,000 square feet of newly leased space at the mall.
HAYWARD, CA—Winton Industrial Center Inc. has signed two new leases totaling roughly 130,047 square feet at Winton Industrial Center here. Corsair Components Inc., dba Corsair Memory, a high-performance PC gaming company, signed a long term lease for approximately 63,512 square feet at 2660 W. Winton Ave. Also, Tigers Global Logistics, a global logistics and transportation company, signed a long term 66,535-square-foot lease at 2820 W. Winton Ave. These recently signed leases bring the 825,808-square-foot center to 100% occupancy. Greig Lagomarsino, Rick Keely and Nick Ousman of Colliers International‘s Oakland office represented the landlord in both transactions.
HONOLULU—The Howard Hughes Corp.and Whole Foods Market have plans for a 50,000 square-foot flagship Whole Foods Market at Ward Village here. The market will be the company’s largest location in Hawai‘i and will occupy the ewa makai corner of Queen St. and Kamake‘e St.as part of a mixed-use development. The project is slated to begin construction in 2015 with completion expected in 2017.
BELLEVUE, WA—Ron Peterson, SVP/managing director of NorthMarq Capital‘s Seattle-based regional office, has arranged a refinance for $27 million for 12 Central Apartments, a 204-unit, garden-style, conventional-market multifamily property located at 10290 NE 12th St. here on behalf of an unnamed borrower. Financing for the Freddie Mac transaction was structured with a 10-year term and 30-year amortization schedule.
SAN CLEMENTE, CA—CBRE has arranged $15.5 million in non-recourse financing for an office/retail center located here. CBRE Debt & Structured Finance VP Michael Walker, of the firm’s San Francisco office, led the financing with EVP Jim Korinek on behalf of Metro Commercial Realty Corp., a multi-disciplined commercial real estate investor, developer and operator based in Newport Beach. CBRE placed the financing with a life insurance company. The loan proceeds were used to refinance the fully renovated two-tenant building, leased to 24 Hour Fitness and Dealersocket, a software company serving the automotive industry. The non-recourse financing represents 65% of the project’s appraised value and carries a very competitive interest rate that is fixed for 20 years, over which the loan fully amortizes.
SEATTLE–The Seattle office of Berkadia Commercial Mortgage LLC has closed a $14.7-million in bridge financing for 954 East Union St., a six-story mixed-use property here that will open this fall, on behalf of borrower 954 E. Union LLC. SVP Louis Weisman worked with managing broker Tim Ufkes of Hendricks-Berkadia, the investment sales business unit of Berkadia, to arrange the floating-rate financing. The two originated the interim acquisition loan through Berkadia’s proprietary bridge lending program. The 18-month loan features two six-month extension options and a 79 percent loan-to-cost ratio. The borrower will use the loan to finance construction and to prepare the property for future financing or sale.
IRVINE, CA—WD Land Co. has hired residential land specialists Salvatore Provenza and Curt Crandall, formerly of Colliers International. Former principals of their own long-term partnership, CWP Advisors, Provenza and Crandall have joined the firm as senior land brokers. Provenza has more than 13 years of land experience and has bought, sold and financed more than $375 million in residential land assets, primarily in Northern and Southern California. Crandall has specialized experience in acquisitions, financial modeling, approval processing and land development. Crandall was also the director of acquisitions at Western National Group, a private apartment developer, and led acquisition efforts for Standard Pacific Homes.
NEWPORT BEACH, CA—Real estate law firm Newmeyer & Dillion LLP has hired construction litigation attorney Jonathan Terry as a partner in its Newport Beach office. Terry’s practice includes residential and commercial construction matters, real property and premises liability claims, commercial disputes and bond claims in California state and federal district courts. As a founding partner at Ulich & Terry LLP from 2004 to 2014, Terry serviced the legal and risk-management needs of the residential and commercial building, development and construction industry. Before that, he was a litigation and trial specialist for Songstad, Randall & Ulich LLP, a commercial-litigation firm specializing in defense of business.