OREGON
Commerce Building
Local investors Brandon Anderson, Brian Anderson and Steve Rosenbaum bought the 48,159-square-foot Commerce Building at 225 S.W. Broadway Ave. in Portland from Chiu 1981 Revocable Trust for $4 million and plan major renovations as well as LEED upgrades to the property. The buyers were represented by David Hill, Eric Haskins and Jake Lancaster of Grubb & Ellis Co. The owners plan to rename the six-story building Broadway Commons. Leases have been secured for the third and fourth floors, increasing occupancy to 60% from 25%. Brandon Anderson says the renovation will "provide creative office space for our own companies and other users in the Downtown area.” The building will pursue a LEED for Existing Buildings certification. Haskins and Lancaster will continue to represent the new ownership in leasing the property. Joe Beehler and Ryan Pennington of Colliers International represented the seller.
LAS VEGAS
TNP Strategic Retail Trust of Irvine, CA has sold a Popeyes parcel at Craig Promenade, a 109,250-square-foot retail center in North Las Vegas, to a private entity. Tim O'Brien, Thompson National Properties EVP of real estate, said that TNP rerceived multiple offers for the Popeyes parcel and that the sale "generated a significant gain for TNP Strategic Retail Trust." TNP bought the Craig Promenade on March 31. "The advisor, Thompson National Properties, intends to use the proceeds from this sale to acquire Topaz, a fresh&easy center in Southern California, through a 1031 exchange," O'Brien said. Constructed in 2005, Craig Promenade is 77.5% leased and anchored by Big Lots.
Charleston Festival
Downtown Los Angeles-based Partners Capital has acquired three notes secured by shopping centers totaling 100,000 square feet in Las Vegas, including the 55,000-square-foot Charleston Festival center at 6250-6350 W. Charleston Blvd. Charleston Festival is a five-building center that was built in 2006. Partners acquired the note on the center at auction from a CMBS lender. The property is shadow-anchored by a Wal-Mart. Among the tenants are Denny's, T-Mobile and Gamestop. Partners tells GlobeSt.com that leasing activity has been strong on the property, "partly due to our cost basis and ability to provide TI allowances for qualified tenants." The company's plan for the center is to stabilize it and sell it. It also plans to foreclose on and stabilize the other two Las Vegas assets secured by the notes that it acquired. The majority of the capital that Partners invests comes from its principals, and a percentage is joint venture equity from affiliated private investors.
SANTA BARBARA
200 E. Carrillo St.
California’s oldest law firm, Price, Postel & Parma LLP, has renewed its lease for 15 years in the four-story Freitas Building at 200 E. Carrillo St. in Santa Barbara. The firm will continue to occupy the entire fourth floor and a suite on the third totaling 14,235 square feet of office space. The office lease is the fifth-largest in Santa Barbara this year. Only 11 leases larger than 14,000 square feet have been signed in Downtown Santa Barbara in the past five years, and five of those leases have been completed in the past six months. Francois DeJohn and Steve Hayes of Hayes Commercial Group represented Price, Postel & Parma, while Greg Bartholomew of Hayes Commercial Group and Jerry Beaver of Pacifica Commercial Realty represented the landlord, Joe A. Freitas & Sons. “This was not a typical lease renewal,” said Bartholomew. “The parties were in negotiation over the course of two years. In the end, the landlord agreed to perform substantial upgrades to the common areas and other features of the building, while the tenant will provide extensive improvements to the premises to address changes in law practice over the years. Both parties will benefit from the arrangement.” Price, Postel & Parma traces its lineage back to 1852, making it Santa Barbara’s oldest continuous business and California’s oldest law firm.
LOS ANGELES COUNTY
Americana Northridge
Hager Pacific Properties has refinanced its 115-unit Americana Northridge Apartments adjacent to California State University Northridge with a $6 million loan arranged by HFF, which placed the 15-year, fully-amortizing, 4.95% fixed-rate loan with a life insurance company. HFF will also service the loan. Americana Northridge Apartments is situated on two acres at 9740 Zelzah Ave. and is 95% leased. It consists of units ranging from studios to two bedrooms that average 600 square feet each. The HFF team representing Hager Pacific was led by managing director Mark Wintner.
Private investors acquired the 41-unit Lido and Beach Hill Apartments at 916 and 924 W. Beach Ave. in Inglewood for $4.7 million at a 6.75% cap rate. The buyers were represented by Robert Leveen, a principal with Lee & Associates Investment Services Group. “The buyers have considerable REIT experience, and formed their group about one year ago to leverage their experience with value-add acquisitions and their relationships in the finance arena,” said Leveen. The seller had owned the property since the early 1970s. The building was initially listed for sale about three years ago at $5.9 million. The property, which consists of two buildings constructed in the early 1960s, is not rent controlled and had undergone significant capital improvements. The new owners plan additional cosmetic improvements including a new fa
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