PORTLAND, OR—The Radiator, a five-story, 36,000-square foot, sustainable office project being developed by Ben Kaiser at 3530 N. Vancouver here, is due for completion in December and has had strong pre-leasing activity even before completion. Available for leasing through NAI Norris, Beggs & Simpson‘s SVP Robert Black and broker Carter Beyl, the project is the first speculative office building in North Williams since the recession and is located in the OneNorth three-building complex. The first building of the three to break ground, the property began construction last year. It is the first timber-frame office building to be built in Portland in the last 100 years.
DRAPER, UT—Gardner Co. and the Boyer Co. will be constructing a new, 125,000-square-foot corporate-headquarters facility here for 1-800 CONTACTS Inc. The company anticipates completion and occupancy of the new facility, which will be located in the Draper Pointe development, just west of I-15 and north of Bangerter Hwy., in July 2015. Upon completion, 1-800 CONTACTS will immediately occupy 100,000 square feet; the firm anticipates business development initiatives will allow the company to expand to all floors of the facility in the future.
PLEASANTON, CA—Hilton Worldwide and DoubleTree by Hilton have opened DoubleTree by Hilton Pleasanton at the Club following a comprehensive multi-million dollar renovation. The 292-room hotel, formerly a Hilton Hotels & Resorts-branded property, is located in the Tri-Valley area within the East Bay region of greater San Francisco, at the crossroads of highways 580 and 680. The property features a contemporary design as well as a variety of services and amenities.
WILSONVILLE, OR—Findlay Family Properties LP‘s Findlay Automotive Group has acquired the Parkway Corporate Center, a 177,000-square-foot facility at 25600 SW Parkway Center Dr. here, from Weston Investment Co. for $11.6 million. CBRE‘s Alex Martinac represented the buyer, while Kidder Mathews represented the seller. The 10.40-acre site is next to Argyle Square shopping center. Findlay plans to make extensive renovations to the facility. Chrysler, Dodge, Jeep, and Ram brands will all be represented at the dealership.
FONTANA, CA—A private investor group has purchased the Shops at Sierra Lakes, aneighborhood retail center anchored by Dollar Tree and 7-Eleven here, for $7.8 million from an undisclosed seller. The center also includes McDonalds, Big 5 Sporting Goods, Boston’s Gourmet Pizza, Mimi’s Café and medical offices. It is situated adjacent to the 1,850-unit, master-planned community, Sierra Lakes.
Coldwell Banker Commercial Alliance Orange County’s EVP Scott Hook and senior associate George Felix represented the buyer in the transaction.
VALLEY VILLAGE, CA—Laurel Heights LLC has sold a fully occupied 12-unit multifamily property at 5056 Laurel Canyon Blvd. to 1031 exchange buyer Venture One for $6.9 million. Roger Beck and Gelena Skya-Wasserman of Charles Dunn Co. represented the buyer in the transaction, while the seller was represented by Peter Miller of KW Commercial. Built in 2011, the property includes a mix of three- and four-bedroom townhome-style units, each of which offers 2,000-square-foot and larger floor plans that include hardwood floors, granite counter tops, stainless steel appliances and washer/dryer hookups. The property also includes a covered parking garage.
BUENA PARK, CA—Argent Retail Advisors is offering a 12,000-square-foot end cap for lease at the southeast corner of Valley View St. and Ball Rd. here. The space, formerly a pizza restaurant, is suitable for restaurant or retail use and is located in a grocery-anchored center containing tenants that include Ralphs, Petco and Wells Fargo.
PORTLAND, OR—Harsch Investment Properties has signed a 13,924-square-foot lease with craft distilling pioneer House Spirits Distillery in Harsch’s three-block, 2-acre industrial complex at 68 SE Stark St. in the Central Eastside Industrial District here for the tenant’s new distillery and tasting room. The company will take occupancy of the transformed space following completion of a custom build out in November. Harsch was represented by Todd DeNeffe of Cascade Commercial Real Estate, and House Spirits was represented by Cara Nolan of CBRE in the lease transaction.
IRVINE, CA—Stream Realty Partners has signed two new tenants at LEED-Gold-certified Twenty-Forty Main, a class-A office building within the Irvine Concourse. The new additions include law firm Kimball, Tirey & St. John with a 16,193-square-foot lease and Advanced ICU Care with a 2,100-square-foot lease. Dennis Hearst and Kevin Binder with CBRE represented the law firm, while Jim Kern represented Advanced ICU.
ALAMEDA, CA—Gardiner Champlin, SVP/managing director, and Marty Meagher, SVP/managing director of NorthMarq Capital‘s San Diego-based regional office, have arranged Fannie Mae financing of $21.8 million for Esperanza and Independence Plaza, family and seniors affordable-housing complexes consisting of a total of 306 units here, on behalf of an undisclosed borrower. The Independence Plaza transaction was structured as a 12-year fixed-rate fully amortizing loan, and the Esperanza transaction was structured as a 30-year fixed rate fully amortizing loan through Fannie Mae DUS lender AmeriSphere Multifamily Finance.
LAGUNA HILLS, CA—JCR Capital Investment Corp., an alternative real estate fund manager focused on providing capital to middle-market sponsors, has closed a $10-million bridge loan for the acquisition of a three-building, 85,000-square-foot complex here on behalf of an undisclosed borrower. The property was originally built in 1979 and renovated in 2008.The sponsor intends to implement a comprehensive “value-add” lease-up and capital-improvement strategy to reposition and stabilize the property over a three- to four-year timeframe. CBRE‘s Newport Beach office advised the sponsorship on the financing.
LAKEWOOD, CO—Cornerstone Real Estate Advisers, acting on behalf of an institutional client, has arranging a $20-million senior mortgage loan secured by One Belmar Place, a multifamily property here. Cushman & Wakefield‘s equity, debt and structured-finance team including Steve Kohn, Alex Hernandez, Mark Root and Alex Lapidus served as the exclusive advisor to Cornerstone in the transaction. The floating-rate financing was provided by Prudential Mortgage Capital Company LLC.
SAN FRANCISCO—Curb Call, a mobile app that connects residential real estate agents with consumers, will expand into two more new markets: Seattle and Washington DC. The firm had already signed an exclusive agreement with Realty One Group for the San Diego and Orange County, CA; Phoenix; and Las Vegas metro areas. The app is now available at the iTunes store in limited beta for a select group of iPhone users at Realty One Group. A final release, as well as an Android version of the app, is expected later this summer.
IRVINE, CA—RealtyTrac has signed an agreement to license tax, deed and mortgage information, foreclosure data, as well as Homefacts neighborhood data, to Rapattoni Corp., a leader in Internet-based MLS software. The multi-year agreement will encourage growth and innovation between both companies.
SEATTLE—JLL‘s capital markets division has hired industry veteran John Lo to lead the firm’s real estate investment-banking practice for Washington and Oregon. Lo will work with managing directors Stuart Williams, Lori Hill, Buzz Ellis and David Young along with their teams under the direction of executive managing directors and leaders of the firm’s debt-and-equity financing platform Tom Fish, Tom Melody and Mike Melody. He will offer clients a broad platform of services including debt originations, structured financings, and joint-venture equity investments for all property types and has completed over $5 billion in debt-and-equity closings throughout his career. Prior to joining JLL, Lo was a founding and lead partner in Bluewater Realty Capital, a regional mortgage banking firm in the Pacific Northwest.
DENVER—Peter Coakley will join Opus Development Co. LLC as SVP and general manager in the Denver office, effective August 11. A seasoned veteran of the commercial real estate industry, Coakley will manage operations and seek new development opportunities in the Denver market. He brings more than 30 years of industry experience to Opus in areas ranging from leasing to investments to build-to-suit projects. Most recently, Coakley was a principal at Inverness Properties LLC, where he managed brokerage operations and oversaw material leasing and sales activities for the company.
DENVER—David Link has been promoted to managing director in NorthMarq Capital‘s local office. In his new position, Link will manage borrowing and lending relationships for the office and direct the execution of equity and debt solutions for commercial real estate transactions. He has more than a decade of experience as a producer at NorthMarq, during which he has closed equity and debt transactions with a total capitalized value in excess of $1.5 billion.