CONCORD, CA—Montgomery Advisors, on behalf of its joint-venture partner Prudential, has assigned RiverRock Real Estate Group with the property management of Concord Corporate Centre at 1320-1390 Willow Pass Rd. here. The multi-tenant office complex consists of two class-A institutional-quality assets totaling 347,000 square feet. The seven-story One Corporate Centre was built in 1985, and the adjoining 10-story Two Corporate Centre was built in 1987. The property is EPA Energy Star Labeled for superior energy and environmental performance and features flexible floor plans and excellent visibility.

SALES

LAS VEGAS—David Jewkes of Integris Realty Services, acting as court-appointed receiver on behalf of loan servicer Five Mile Capital, has sold a 60,105-square-foot portion of Spring Valley Town Center at 6775 and 6847 W. Flamingo Rd. and 4122 and 4260 S. Rainbow Blvd. here, to First Allied Corp. for $11.5 million or $191 per square foot. The retail property was 92% occupied at the close of escrow with tenants including the UPS Store, 7 Eleven, GNC, Fatburger and others. Tenants within the center that weren't a part of the sale include anchor tenants La Bonita Supermarkets, Lee's Discount Liquor and Bank of America. Robert Moore, Lisa Brady and Katie Brase of the Las Vegas office of Faris Lee Investments represented the seller in the transaction, while the all-cash buyer represented itself. The portion sold at a cap rate of 8.3% and provided the buyer with a value-add opportunity through lease-up of the vacant space and current lease expiration/turnover.

SAN DIEGO—Western States Technologies Inc. has closed two commercial real estate transactions valued at $9.8 million within the greater San Diego area. The firm has acquired a fully occupied 36,936-square-foot corporate headquarters building at 10540 Heater Ct. in the Sorrento Mesa industrial submarket from Moxie Partners LLC for $6.3 million. Bryce Aberg, Brant Aberg and Brian Driscoll with Cassidy Turley Commercial Real Estate Services in San Diego represented both parties in the transaction. Western States also sold a 32,441-square-foot R&D building at 2283 Cosmos Ct. in Carlsbad for $3.5 million to Skateoplex Inc., an ice-rink owner that has received a conditional-use permit from the city of Carlsbad to operate a public ice rink in that location. Roger Carlson and Lannie Allee of CBRE's Carlsbad office represented both parties in the transaction.

FONTANA, CA—An unnamed seller has sold the Shops at Sierra Lakes herefor $7.8 million to a private investor group. Coldwell Banker Commercial Alliance Orange County office's EVP Scott Hook and senior associate George Felix represented the buyer in the transaction. The neighborhood retail center is anchored by Dollar Tree and 7-Eleven and also includes McDonalds, Big 5 Sporting Goods, Boston's Gourmet Pizza, Mimi's Cafe and medical offices.

SOUTHERN CALIFORNIA—Colliers International has closed three separate multifamily housing transactions in Orange County and San Bernardino County for a total consideration of more than $6 million. VP Patrick Swanson led the Irvine-based team in selling a total of 36 apartment units. In Orange County, the team sold 12 apartment units at 409-415 E. Pine St. in Santa Ana for $1.9 million and five units at 14801 Newport Ave. in Tustin for $1.2 million. In addition, the team sold 19 single-story, garden-style apartments in San Bernardino County at 13626 Holmes St., Yucaipa, for $2 million.

DEVELOPMENT

DRAPER, UT—Gardner Co. and Jacobson Construction have broken ground on a new, 125,000-square-foot corporate headquarters facility at 375 Galena Park Blvd. here for backup and disaster-recovery solution firm StorageCraft Technology Corp. The new building, which will be developed and managed by Gardner, will be LEED certified and utilize state-of-the-art systems for heating/cooling and power distribution and high availability, allowing StorageCraft to run uninterrupted in just about any failure or disaster. Initially, StorageCraft will occupy 75,000 square feet of the new facility, with the ability to expand up to 125,000 square feet to accommodate an additional 200 employees, bringing the total to more than 600. The building is expected to be completed in March 2015.

WATTS, CA—The Lanzit Campus industrial development here has broken ground. The first new industrial development to break ground in Watts in over four decades, the campus site was acquired by City of Los Angeles from CALTRANS and remained undeveloped since August 1994. NAI Capital's Douglas Golden, SVP with the Orange County office, has been named the exclusive leasing agent for the available 42,000-square-foot campus. Golden has been working on this project along with local businessman and developer Rodney S. Shepard for almost three years.

LEASES

OAKLAND, CA—Graham Street Realty has leased a 24,000-square-foot space at 1500 Broadway here to digital-technology company VSCO. San Francisco Bay Area-based Equistone Partners brokered the deal. The new location will serve as a multi-purpose workspace and house an art gallery, multiple meeting areas, an eating commons, outdoor deck, and flexible workstations. The space will be designed by DeBartolo Architects and built out by Flory Construction.

SAN DIEGO—Irvine Co. has signed a 20,319-square-foot office-lease transaction with tenant Real Office Centers at 101 Broadway here. Doug Killian, an SVP in Voit's Irvine office, represented ROC in the transaction. The tenant implements professional solutions for shared office space while maintaining socially and environmentally friendly initiatives. The property is slated to open September 2014.
PORTLAND, OR—Virginia-based event-management software provider Cvent Inc. has signed a new lease for 14,000 square feet at Block 300, an approximately 360,000-square-foot, Energy-Star-certified office property in the historic Skidmore District of Portland at 308 SW Second Ave., with an ownership group managed by Sam Fuchs, COO of Kaufman Jacobs. The lease roughly doubles Cvent's existing space and relocates the firm from Eastside to downtown Portland The lease was arranged by Mark Friel, SVP; Jake Lancaster, SVP; and Buzz Ellis, managing director; all from JLL, on behalf of the Block 300 ownership entity under the Rubicon US REIT. Cvent was represented by Craig Reinhart, managing principal of Cresa Portland.

FINANCING

DRAPER, UT—Thorofare Capital has provided a San Francisco-based real estate investment and asset-management firm with a $14.5-million senior secured loan to refinance the Lone Peak Center, a 87,672-square-foot, class-A office building here. The proceeds were used to pay off existing senior debt and repatriate equity to partnership. The sponsor acquired the property, located at 11747 Lone Peak Pkwy., as an REO from Milwaukee-based M&I Bank (now BMO Harris) after the original developer of the property, DBSI Group of Cos., underwent bankruptcy liquidation in 2010.

BARSTOW, CA—Realty Mogul, through its crowdfunding platform, has financed the $8-million purchase price for the Barstow Shopping Center, a 110,100-square-foot Vons-anchored retail shopping center here, on behalf of project sponsors led by Realty Partners and Compass Acquisition Partners. The sponsors intend to acquire, reposition and lease up the shopping center before reselling it. The center is home to several large national retail tenants, including 99 Cents Only Store, Big 5 Sporting Goods, Radio Shack and Allstate Insurance.

EXECUTIVE MOVES

NEWPORT BEACH, CA—Guthrie Development has hired Peter Schafer as asset manager/assistant project manager and Cortland Armour as assistant project manager. Schafer will be responsible for the asset management of operating properties, investor reporting and project management. Armour will be responsible for financial analysis, underwriting and due diligence of all acquisitions. Schafer joins the firm from the Abbey Co., where he worked as an asset manager of office and industrial property. Armour previously worked as online property manager for Walla Media, where he was responsible for website optimization, publisher channel optimization, website and consumer analytics, business development and investor reporting.

IRVINE, CA—RealtyTrac has hired veteran licensing and business development executive Jeff Mattice as VP of the data-solutions team. He will report to Brian Mushaney, who recently joined the firm as EVP of data solutions. In his new role, Mattice will help grow the company's rapidly expanding data-licensing business. He was previously with Black Knight Financial Services, formerly known as Lender Processing Services, for 13 years, serving as the director of national licensing and business development with the company's applied-analytics division, where he increased sales volume and broadened the brand's reach. Additionally, he spent five years as regional director of licensing at CoreLogic.

Instant Insights /

Concord Corporate Centre Under New Management

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