Two Tenants Sign on for 141, 557 SF

San Diego

The San Diego office of Cushman & Wakefield revealed that two industrial leases valued at a combined total of $9.3 million have been signed on Trade Street in the Miramar area of San Diego. The American Bottling Co., a bottling manufacturing company, has signed a 120-month lease for 73,259 square feet of industrial space at 7598 Trade St. The company, which is expected to move in October, will occupy the entire building. Mickey Morera and James Duncan of C&W represented the landlord, Diversified Properties LP. David Crabb and Seth Kelly of CB Richard Ellis represented the American Bottling Co. In the other transaction, R.W. Smith & Co., a professional, commercial food service company, has signed an 84-month lease for 68,298 square feet of industrial space at 7594-7596 Trade St. R.W. Smith & Co. will move into its new space in September. Mickey Morera and James Duncan of Cushman & Wakefield represented R.W. Smith & Co., as well as the landlord, Diversified Properties LP.

In another deal by the San Diego office of Cushman & Wakefield, the Harvey Lobelson Trust paid $10.1 million in a 1031 Exchange for a recently constructed 75,000-square-foot build-to-suit R&D building at 2065 Thibodo Rd. in Vista. Both the buyer and the seller, LBA/Met Partners I-Company VIII, were represented by Tim Hoag of Cushman & Wakefield. The building is 100% leased to BAE systems, a defense, security and aerospace company, which occupies the space for its Land and Armaments Division. The buyer's 1031 Exchange involved the recently announced sale of a 28,000-square-foot industrial building at 3738 Ruffin Rd. in the Kearny Mesa submarket of San Diego for $3.2 million. In that transaction, the seller, Ruffin 4 Partners LLC, was represented by Hoag. The buyer, Pete Aardema, was represented by Joshua Volen of Marcus & Millichap.

In the Sorrento Mesa submarket of San Diego, Advanced Particle Therapy bought seven acres at Fenton Technology Park for $9 million for the Scripps Proton Therapy Center, a cancer treatment center using proton therapy, according to Cassidy Turley BRE Commercial. Fenton Technology Park is at the southwest corner of Camino Santa Fe and Summer Ridge Road. Jeff Bordok, president of Advanced Particle Therapy, says that the company expects to break ground in mid to late July and the project should take approximately 30 months to complete. Both Advanced Particle and the seller, the H.G. Fenton Co., were represented by Duncan Dodd of Cassidy Turley. Casey Brown and Mike Colarusso of BCL Inc. are the local managing partners for the $185-million construction project, along with the Haskell Co. of Jacksonville, FL and Signet Enterprises of Akron, OH.

The San Diego/Tijuana District Council of the Urban Land Institute has agreed to lead a series of public meetings to develop a compelling vision for the San Diego bayfront, as well as to seek consensus on the needed changes to the phase one North Embarcadero Visionary Plan.With funding and support from the Port of San Diego, ULI has enlisted the support of a broad range of civic organizations including the American Institute of Architects, the Design Coalition, the Downtown Partnership, and the Downtown Residents Association among others. “The downtown waterfront is our most precious real estate and it presents a unique opportunity to create a special place that is cherished by all San Diegans,” says Mary Lydon, ULI executive director. “We feel it is time to pull the community together to search for common ground and a shared vision.” David Malmuth, an arts and entertainment developer and 25-year ULI member who is leading the effort, says that one goal of the process of public meetings would be to find resolution on the elements of the NEVP Phase 1 that need to be fixed, so the plan can move forward in a timely manner.“The Port, Center City Development Corp. and the City of San Diego and dedicated members of the public spent 12 years developing the Phase 1 plan that was presented to the Coastal Commission this year,” says Port Commissioner Scott Peters, who serves as the Port’s alternate representative to the NEVP Joint Powers Authority. “While I firmly support that plan, it’s clear that we need better understanding, and broader public support to move forward. This approach will help find solutions, and reach our overarching goal – a great waterfront.” The series of three public meetings will be held at the Embarcadero Conference Center located at 585 Harbor Ln. adjacent to Seaport Village in Downtown San Diego. The team will also provide an interim report to the Board of Port Commissioners at its July 6 meeting, to give input as the Board considers issuing an amended permit for Phase I in time to be considered by the Coastal Commission this year.

San Francisco

Commercial mortgage lender American Real Estate Capital of Coral Gables, FL, closes on a $21-million office building loan for the refinance of 633 Folsom St. in the South of Market neighborhood of San Francisco. The 171,000-square-foot seven-story building is 100% leased to California Pacific Medical Center. The property is managed by the Swig Co. American Real Estate Capital is a commercial mortgage lender on income property nationally.

Las Vegas

Hillwood has sold a portfolio of five primarily residential properties in the Las Vegas market to a joint venture between Ridgewood Real Estate Partners and Angelo, Gordon & Co. This sale represents more 1,800 residential lots and land that are already zoned for 759 multifamily units, plus approximately 10 acres for commercial use. Representing Hillwood in the sale was Colliers International. Approximately $70 million in infrastructure is already in place on this collection of properties, which Hillwood purchased as part of a larger portfolio in 2008. Nearly 600 of the residential lots are finished and more than 900 lots are partially completed. The remaining lots are zoned, entitled and ready for lot construction. Properties in the sale include: Bilbray Ranch in Laughlin, NV; Boulder Ranch in Las Vegas; Boulder Ranch Apartments in Las Vegas; The Canyons in Henderson, NV; and North Ranch in North Las Vegas, NV.

Portland

Atlanta-headquartered Apartment Realty Advisors recently opened its Portland office, under the leadership of Gail Neuburg, former co-owner and operator of Portland-based Tilbury, Ferguson & Neuburg Inc. The new office marks ARA’s 20th location and expands its existing Northwest presence--ARA’s Seattle office was opened in 2007—and solidifies ARA’s national market coverage that spans 40 states from California to Massachusetts providing ARA’s clients with coast-to-coast multihousing investment sales and financing market expertise, according to a prepared statement. According to Neuburg, “The ARA platform will substantially enhance our service delivery to our clients by allowing us to immediately leverage off of the relationships, knowledge and infrastructure of this powerful team of brokers.”