A-American Facility

LOS ANGELES-A-American Self-Storage has tapped Marcus & Millichap to market a 46-property portfolio at an asking price of $188 million in today’s roundup of sales, leases and other commercial real estate news in the West. Charles “Chico” LeClaire, an SVP and a senior director of Marcus & Millichap’s National Self-Storage Group in Denver, is marketing the 3.18-million-square foot, 23,459-unit portfolio that is being offered both as a portfolio and separately. LeClaire says that privately held and Los Angeles-based A-American is one of the largest independent owners of self-storage properties in the US with more than 75 properties. A-American plans to retain the remaining facilities within the family portfolio, he says. The properties include 29 in California, 13 in Illinois and four in Hawaii.

The Regents of the University of California have renewed and restructured 24,053 square feet of office space at 11075 Santa Monica Blvd. and 1640 S. Sepulveda Blvd. Both spaces are used for research by the Integrated Substance Abuse Programs of the University of California, Los Angeles.  The 17,665 square feet of space located at 11075 Santa Monica Blvd. will be remodeled and the university will move back into the space in June. SVP Sean O’Leary, EVP Maury Gentilea and associates Heather Goyan, Mark Sokolowski and Max Schneider of Grubb & Ellis Co. facilitated the transaction. Gayle Landes of First Property represented property owner Hines. The 6,388 square feet of space at 1640 S. Sepulveda Blvd. has been rebuilt and the university has taken occupancy. Matt Ceragioli of NAI Capital represented the owner of the property, Jamison Properties Inc.

LAS VEGAS

Craig Promenade

TNP Strategic Retail Trust Inc. of Irvine, CA completed its previously announced acquisition of the 109,250-square-foot Craig Promenade retail center in North Las Vegas. TNP, a non-traded REIT, bought the center for $12.8 million, according to a public filing by the company, which said it financed the purchase with proceeds from its IPO and approximately $8.75 million of debt under its 2010 credit facility. “Craig Promenade was acquired for a substantial discount from the original loan balance on the property,” said Thompson National Properties CEO Tony Thompson in a news release about the deal. He noted it is TNP Strategic Retail Trust’s fifth acquisition. The property was built in 2005 and is 77.5% leased. It is anchored by Big Lots.

SANTA BARBARA COUNTY

Yardi Systems has leased 15,563 square feet of office space at 425 Pine Ave. in Goleta Business Park, a space previously occupied by Hispanic Business Publications. Greg Bartholomew, Francois DeJohn and Steve Hayes of Hayes Commercial Group represented all parties in the transaction. Terms of the lease were undisclosed. The 425 Pine Ave. lease comes at almost the same time Yardi has signed a lease for 7,000 square feet at the Towbes Group's 73,000-square-foot Fairview Business Center, bringing the class A office project to full occupancy.

SEATTLE

OneBuild Inc., a supplier of off-site, manufactured building modules and components to the construction industry, has acquired Integrated Building Solutions of Oregon Inc., a manufacturing company Southern Oregon specializing in customized modular components. In an all-stock transaction, OneBuild acquired the assets and ongoing operations of IBS and entered into a lease for its manufacturing facility in Klamath Falls, OR. The owners and management of IBS will be retained by OneBuild to expand the management team and production capability, said Dale Sperling, president and CEO of OneBuild.

HAWAII

Kona Surf Partners LLC has acquired the leasehold interest in the 521-room Sheraton Keauhou Bay Resort and Spa from special servicer TriMont Real Estate Advisors for $26.2 million in a sale arranged by Jones Lang LaSalle. The property underwent a $55 million renovation in 2005. Shortly thereafter, there was a default on debt secured by the property and was officially foreclosed upon in early 2010. The resort has approximately 22 acres of oceanfront property, features a full-service spa and fitness center, and more than 75,000 square feet of indoor and outdoor meeting space, the largest in Kona. Managing director John Strauss of Jones Lang LaSalle Hotels commented in a press release regarding the deal, “Despite a period of significant market decline on the Big Island, the market has begun to rebound as demand from both group and leisure travelers begin to return to the Hawaiian Islands.”

A joint venture of AREA Property Partners and Trinity Investments sold two of the seven land parcels underlying the Hyatt Regency Waikiki Beach Resort and Spa. The parcels are ground-leased to a joint venture of subsidiaries of Goldman, Sachs & Co.’s Whitehall Funds and Hyatt Hotels Corp., which took ownership of the Hyatt in 2008. In 2006, the AREA/Trinity joint venture partnership bought the two parcels underlying the majority of the Hyatt’s Ewa Tower, which occupies one city block with a land area in excess of 27,000 square feet. “AREA and Trinity acquired the loans secured by the leasehold interest in the property at a substantial discount, as well as additionally purchasing a portion of the land underlying the resort,” AREA partner John Jacobsson said in a news release regarding the deal. “We were able to achieve our investment objectives through the payoff of the loans at par and were able to generate additional upside through the sale of the land parcels,” Jacobsson said.

DENVER

Opus Design Build LLC was awarded a contract by Oneida Cold Storage and Warehouse to build a 140,000-square-foot expansion at the company's facility in Henderson, CO. A former Opus company built the original industrial facility for another organization and had been contracted by Oneida for other building expansions. Construction has commenced on this latest expansion, which will result in a 445,000-square-foot-facility, and is slated for completion in August. The facility is designed for long-term cold storage and must effectively maintain -20-degree temperatures, noted Jim Erwin, vice president of construction of Opus Design Build.

NORTHERN CALIFORNIA

Harsch Investment Properties has selected the Grubb & Ellis Industrial Group to lease West Park Corporate Campus in Auburn and Campus Park in Federal Way. The two properties total 351,287 square feet of office/warehouse space. The leasing team includes EVP and managing director Bill Condon, SVP Matt McGregor, senior associate Arne Svendsen and associate Patrick Mullin. West Park Corporate Campus, at the intersection of West Valley Highway North and 37th Street Northwest in Auburn, consists of 273,286 square feet in four buildings constructed in 2000. Campus Park is a three-building, 78,000-square-foot office/industrial complex at the intersection of Ninth Avenue South and 344th Street in Federal Way.

General contractor Webcor Construction LP has signed a long-term lease for 37,663 square feet of space at the Waterfront at Harbor Bay in Alameda, a multi-building class A project. Webcor leased the entire second floor of the 73,257-square-foot, two-story building at 1751 Harbor Parkway, where it will be relocating and consolidating its Hayward and San Mateo offices to its new waterfront location. Webcor was represented by Brian Collins and Adam Peterson of Cassidy Turley BT Commercial Oakland.

California's second largest tomato processor, Olam Tomato Processors Inc., has leased 298,025 square feet at 1400 Churchill Downs Ave. in Woodland. Olam, which was represented by Ken Reiff of Cassidy Turley BT Commercial Sacramento, will be consolidating and expanding from its existing 200,000 square feet of warehouse space in three separate buildings elsewhere in Woodland. Olam's new space is part of a 569,000-square-foot industrial facility that is owned and operated by Amir Development, which was represented by Todd Sanfilippo of CB Richard Ellis.

Diana Fruit Co. has acquired a 97,307-square-foot warehouse at 725 & 825 Mathew St. in Santa Clara for $5.2 million to be used for maraschino cherry production. Diana bought the property from Triad Investments LLC, which was represented by Kevin Sweatt of Cassidy Turley BT Commercial San Jose along with Charles Strouss, a broker with Kidder Matthews at the time of the sale transaction who is now with CB Richard Ellis.