SEATTLE—Hines has sold the Seattle Design Center, which includes a design center and office campus totaling 406,459 square feet, to California-based investment group Greenbridge Investment for $25 million. The center, which consists of two buildings—the Atrium and the Plaza—connected via a sky bridge, spans two city blocks in the Georgetown/SoDo submarket 4 miles south of the Seattle CBD. Bob Safai and Brad Schlaak of Madison Partners represented Hines in the transaction.

PORTLAND, OR—A joint venture of Philadelphia-based Lubert-Adler Partners and Seattle-based Security Properties Inc. has sold Honeyman Hardware Lofts, a 100-unit apartment community with 10,800 square feet of street-level retail space in the Pearl District downtown here to DiNapoli Capital Partners purchased the historic property for $37.1 million. The sale was brokered by the Portland HFF team led by Ira Virden.

EVERETT, WA—Grosvenor Americas has sold BluWater, a 152-unit luxury lakeside apartment community here, to Coast Equity Partners for $25.5 million. Kidder Mathews represented Grosvenor in the transaction. The property was extensively renovated and upgraded by Grosvenor after the company acquired it in 2007.

ANAHEIM, CA—An offshore-based investor has sold the Anaheim Plaza Hotel, one of the last remaining strategically located land parcels in the Anaheim Resort to a Hong Kong-based real estate company with local ties to the Southern California market for an undisclosed price. The 300-room hotel, located on 8.5 acres at 1700 S. Harbor Blvd. here, sits across the street from Disneyland's main entrance at the southeast corner of Harbor Boulevard and Disney Way. Bob Kaplan and Rod Apodaca of CBRE Hotels in Newport Beach, CA, acted as exclusive advisors to the buyer.

FONTANA, CA—Terreno Realty Corp. has acquired an industrial property at 14605 Miller Ave. here for $22.9 million from an undisclosed seller. The property consists of one cross-dock industrial distribution building containing approximately 265,500 square feet on 13.1 acres approximately 6 miles from the intersection of interstates 10 and 15 in the western Inland Empire. The property provides 70 dock-high and four grade-level loading positions, 30-ft. clear height, parking for 188 cars and is 100% leased to one tenant. The estimated stabilized cap rate of the property is 5.4%.

ORANGE, CA—Westcore Properties has acquired a class-A office building and 6-acre site at 999 W. Town and Country Rd. here for $25.3 million from Kilroy Realty. The four-story building is 100% occupied by AECOM, a global provider of architecture, design, engineering and construction services, with a lease signed through mid-2018.  Additionally, the site offers future mixed-use development opportunities. Baker Morphy of Jones Lang LaSalle's Irvine office and Bob Prendergast of Jones Lang LaSalle's San Diego office jointly represented Kilroy Realty in the transaction. 

IRVINE, CA—Faris Lee Investments has completed two single-tenant, NNN-leased retail sales transactions on behalf of its clients. The first was a $5-million sale of an 8,118-square-foot property fully occupied by Citibank at 2700 Harbor Blvd. in Costa Mesa, CA. Shaun Riley, senior managing director with Faris Lee, represented the 1031 exchange buyer, a Pasadena, CA-based family trust who paid all-cash for the asset. The seller, CP Sunshine LLC from Lafayette, CA, was represented by Equity Investment Advisors. The second transaction was the $6.1-million sale-leaseback of a 16,600-square-foot property fully occupied by Kiddie Academy at 16655 Noyes Ave. in Irvine, CA. Matthew Mousavi, Patrick Luther and Thomas Chichester of Faris Lee represented the seller and operator of Kiddie Academy, JS&A LLC. The buyer, Los Angeles-based Everwin Investments Inc., was represented by Treeline Realty. The closing cap rate was 6.5 % and the price per square foot was just over $367.

RANCHO BERNARDO, CA—Palo Alto-based Menlo Equities Associates LLC has purchased One Technology Place, a 10-building, 152,730-square-foot office complex on 11.76 acres at 10905-10949 Technology Pl. here, from Parallel Capital Partners for $22 million. The complex is currently 75% leased, with anchor tenants including SDG&E and Systech Corp. Parallel Capital was represented in the negotiations by Eastdil Secured.

IRVINE, CA—Dr. Boyd's Pet Resort has leased a 25,328-square-foot 405 Freeway-fronted building at 8645 Research Dr. here from Three Crowns Properties LLC. Cushman & Wakefield's Don Yahn, Brett Swartzbaugh and Brian Booth represented the landlord in the transaction, while the tenant was represented by Eric Warfield of South Bay CRE. The 24-hour pet boarding and veterinary care center is set to open this month.

DEVELOPMENT

VICTORVILLE, CA—The City of Victorville it has approved the entitlement for Stirling Capital Investment to begin development of a new industrial building on 22 acres at the Southern California Logistics Airport here. The building will comprise approximately 450,000 square feet, with potential uses for warehousing, distribution, assembly and manufacturing. Regarding the planned development, Keith Metzler, assistant city manager of Victorville, tells GlobeSt.com, “The uniqueness is that in addition to its location, it will be able to connect to a municipal utility system that is becoming recognized as truly cost effective for manufacturing-type operations. The Victorville municipal utility system includes City electrical services, natural gas, industrial wastewater and reclaimed water services, to name a few. Companies currently enjoying the use of these services include Dr. Pepper Snapple, Platipak Packaging and United Furniture Industries.

LEASES

CAMARILLO, CA—Fitness 19 has signed a 10-year lease for 19,732 square feet in the 74,072-square-foot Camarillo Plaza shopping center at 1775 Daily Dr. here with DP Grand Camarillo Center LLC. CBRE first VP Larry Tanji, senior associate Scott Siegel and sales assistant Lisa Engel represented the landlord; the tenant was represented by Rainier Commercial based out of Washington.

PORTLAND, OR—KBS Real Estate Investment Trust II has signed a 16,554-square-foot lease with molecular simulation software developer Schrödinger, Inc. at One Main Place, a 20-story, class-A office building at 101 SW Main St. in the CBD here. Kevin Kaufman and Charles Safley of CBRE represented KBS REIT II on the lease.

CHULA VISTA, CA—Shea Properties has added four new tenants the Marketplace at Windingwalk here. The 104,206-square-foot retail center will add Denny's, Sally Beauty, Millenia Dental and Massage Eden to its directory in early 2015.

FINANCING

COSTA MESA, CA—Thompson National Properties LLC has completed the restructure of debt held by more than 700 accredited investors and its primary bank. The note holders exchanged their debt for both preferred and common securities in TNP.

DALY CITY, CA—CBRE Capital Markets' Debt & Structured Finance team has secured $16.7 million in non-recourse financing for two separate properties here: a medical office located at 901 Campus Dr. and a retail center at 2201 Junipero Serra Blvd. Michael Walker and Jim Korinek of CBRE's San Francisco office arranged the financing on behalf of the borrowers. CBRE secured flexible, floating-rate financing for 901 Campus Drive from a national bank, while 2201 Junipero Serra Blvd. was financed by a Wall Street lender that will securitize the loan. In both instances, the loan proceeds were used to facilitate the acquisition of the properties for two separate buyers.

EXECUTIVE APPOINTMENTS

PORTLAND, OR—CBRE has hired Kristin Hammond to its Portland office brokerage team. She was formerly a SVP with Jones Lang LaSalle's Portland office. Over the last 10 years, Hammond has firmly established herself in the Greater Portland and Southwest Washington commercial real estate markets and has been particularly active in the local region's entrepreneurial and startup community.

SAN DIEGO—Stath Karras, executive managing director, San Diego Area, for Cushman & Wakefield, will be the new executive director of the Burnham-Moores Center for Real Estate, effective January 19, 2015. Karras succeeds Mark Riedy, PhD, founder of USD's real estate program in 1993, who is retiring on January 15, 2015. Karras has been an active member of the Burnham-Moores Center's Policy Advisory Board Executive Committee since 2003.

PROPERTY MANAGEMENT

NEWPORT BEACH, CA—Davis Partners, a locally based commercial real estate firm, has expanded its management services to the Bay Area. The firm has taken over a 2.3-million-square-foot portfolio management assignment that encompasses 22 assets located from San Jose to San Francisco including a product type mix of office, R&D, and industrial property. All told, the firm now operates five offices in Northern California with nine employees.