ORANGE, CA—City Tower, a 21-story, class-A office tower situated on 4.92 acres here, has space available for lease. The 72%-leased building has open space in “highly desirable floors” and offers flexible floor plates as well as contiguous entire floors. Owner Torchlight Investors plans to enhance the building with upgrades to the entrance area, main and elevator lobbies, building corridors and exterior landscaping. Lincoln Property Co., which has been selected as the building's new property manager after a competitive RFP process following the acquisition of the property in March by a Torchlight Investors fund, will be responsible for construction oversight for the improvements. The building is currently represented for leasing by the JLL team of James Estrada, Jay Nugent and George Thomson. GlobeSt.com has learned that City Tower's largest tenants include UC Irvine and several Fortune 500 companies, and management is seeking “prospective tenants that recognize the value of the property and will add to the existing high-class tenant mix.”

NORTH SAN JOSE, CA—Spansion has signed a long-term lease with landlord Hines Development for roughly 154,600 square feet of space in two buildings at the Ridder Park Technology Center here. Spansion, which recently sold its approximately 470,000-square-foot headquarters facility in Sunnyvale, will be occupying about 124,592 square feet in the building at 1001 Ridder Park Dr. and about 30,041 square feet in 1717 Fox Dr. Steve Horton and Kelly Yoder with Cassidy Turley, in collaboration with Jeff Houston and Sherman Chan with CBRE, represented Hines in the lease transaction. 

SALES

LARKSPUR, CA—California Landmark Group, via its affiliate CLG Larkspur LLC, has acquired the Woodlark Apartments at 965 Magnolia Ave. here in an off-market purchase for $24 million or $300,000 per unit and approximately $300 per square foot. The 80-unit multifamily complex, CLG's first Northern California acquisition, was 100% occupied at the time of closing and represented a 4% going-in cap rate with roughly 50% upside in the rents. Recent upgrades to the property include new roofs, outdoor patios and decks, exterior siding, pool and adjacent lounge area. Post-acquisition, CLG will build a new deluxe onsite leasing office and state-of-the-art fitness center and will commence an interior modernization to all units including the installation of in-unit washers and dryers, new wood plank flooring, updated kitchens with new stainless steel appliances and contemporary baths in all units.

HENDERSON, NV—Dornin Investment Group has acquired Seven Hills Medical Center here, which consists of two off-market, class-A medical-office buildings, in an all-cash closing for an unnamed price. The properties, built in 2006 are identical, two-story buildings totaling approximately 43,000 square feet, located in the upscale master-planned community of Seven Hills, with access to the I-215 and I-15 freeways. They were 93% occupied at the close of escrow by a mix of medical-office tenants.

IRVINE, CA—PRES Cos. has purchased Irvine Spectrum Office Plaza, a class-A, 67,601-square-foot office building located at 15707 Rockfield Blvd. here, from an undisclosed private seller for approximately $10.8 million. CBRE's Bob Smith, Paul Jones and Blake Bokosky represented the seller in the transaction. The building is approximately 64% occupied. Sitting on 2.94 acres of land, the property consists of a three-story office building developed in 1986 and renovated in 2013. Renovations were recently completed in the lobby, common areas, parking lot and landscaping.

DEVELOPMENT

SAN DIEGO—MBK Rental Living has kicked off construction on Ocean Air Apartment Homes at Torrey Hills, a high-end collection of 100 for-lease townhomes and flats here. This community, which will be located on a 4.6-acre parcel, is the first project of MBK Rental Living, a newly launched division of veteran builder MBK Homes.Upon completion, it will contain units from 1,067 square feet to 1,630 square feet and include up to three bedrooms, three-and-a-half baths, and private direct-access one- and two-car garages. Some will offer loft options. Occupancy is anticipated for early Fall 2014. 

SAN MATEO, CA--SRGNC MF LLC, a division of Sares Regis Group of Northern California, has completed construction on 888 San Mateo, a 158-unit luxury apartment community here, in partnership with the project's owner, the AFL-CIO Building Investment Trust. 888 San Mateo is currently 70% leased and 60% occupied, and average rents are between $2,600 and $4,000 per month. The transit-oriented development community, designed by TCA Architects, includes underground parking, a pool, spa, fitness center with cardio-theater, yoga and Pilates studio, outdoor kitchen and courtyard lounge, community room and the latest in technological amenities.

BOISE, ID—Carter and Pinecrest Partners have selected sites to build a multifamily development near Boise State University. The 236-unit development, which will be branded in the coming months, will be located less than half a mile from the university, with sites at 1600 South Lusk Pl. and 1105 South La Pointe St. The 126-unit site on South Lusk Pl. will feature studio, two- and four-bedroom apartments. The additional 110-unit site, located a quarter-mile away on South La Pointe St. will be a mix of studio, one- two- and three-bedroom units. The project is set to begin leasing in September 2014, with completion scheduled for July 2015.

FINANCING

PORTLAND, OR—HomeStreet Bank Commercial Real Estate has provided a $23.5-million construction loan for the Boathouse, a new apartment project in Johns Landing along the Willamette River here. The developer, Eugene, OR-based Paradigm Properties, will break ground on the project this summer. The Boathouse is expected to receive LEED-Gold or -Platinum certification. The 133-unit project will include such amenities as a large common outdoor terrace with a view of the river, fitness center, community room with an exhibition kitchen, electric car charging stations, and a dog washing area. It is adjacent to a 65-slip marina, and most units will have views of the Willamette River and Mt. Hood. The project will also have a bicycle maintenance area, ample bicycle storage and direct access to the pedestrian and bicycle path that runs along the river.

EXECUTIVE MOVES

CENTURY CITY, CA—Charles Dunn Co. has named Brian Sterz as associate of investment sales out of the firm's Century City office. He joins Team Stepp, one of the firm's top performing brokerage teams, led by senior managing director Kimberly Roberts Stepp. In his new role, Sterz will focus on the sale and exchange of multifamily real estate within Santa Monica and prime Westside Los Angeles locations. Prior to joining Charles Dunn, Sterz served as VP at EP Wealth Advisors, an independent investment firm in West Los Angeles, where he advised high-net-worth individuals and helped shape portfolio strategy as a member of the portfolio-management investment committee.

CORONADO, CA—Loews Coronado Bay Resort has appointed Brian Johnson as managing director. Johnson brings more than 31 years of hospitality-industry experience to his role, having most recently served as managing director of Loews Ventana Canyon Resort, a 398-room property nestled in Arizona's Catalina Foothills. Johnson began his career with Loews Hotels & Resorts as general manager for the Loews Portofino Bay Hotel in Orlando. Prior to Loews, he worked with Sheraton Hotels & Resorts. In his new role, Johnson will be responsible for overseeing the general operations of the 439-room resort, as well as its five restaurants and markets, the 15,000-square-foot Sea Spa, and premier conference facility, which encompasses 65,000 square feet.

SAN FRANCISCO—International design firm Steinberg, formerly Steinberg Architects, has added Asheshh Saheba as principal to its San Francisco office. Saheba has two decades of experience as a design architect, including five years in the San Francisco Bay Area, most recently as design director at Handel Architects LLP. His portfolio ranges from high-rise residential—including high-end luxury condominium projects 706 Mission and 2155 Webster in San Francisco and 40 Bond in New York—to significant cultural buildings, notably Padre Pio Pilgrimage Church in Italy and the Parrish Art Museum in New York.