One Green Street
LOS ANGELES COUNTY
PASADENA, CA-The Pasadena City Council has approved plans for One Green Street, a mixed-use retail and office project that leads this week's list of commercial real estate news in the West. One Green Street is slated to be built one one of the last undeveloped parcels in this city, according to Gonzalez Goodale Architects, the designer for the project. Developer M&D Properties plans to construct the three-story, 45,000-square-foot project at the corner of South Fair Oaks and West Green Street. It will replace a surface parking lot with restaurant, retail, office space and two levels of subterranean parking. Design is now under way, with groundbreaking slated for January 2012. Design principal David Goodale of Gonzalez Goodale, commenting on the project in an announcement regarding the city council approval, says that One Green Street will bring multiple benefits to the City of Pasadena, including much-needed office space and additional neighborhood-serving amenities for the residents of Old Pasadena. The project site is a 10-minute walk from the Del Mar Gold Line Station, he points out. Construction is set to begin in January, with an estimated completion date of late 2012.
Mandarin Plaza
The owners of Mandarin Plaza, a 225,808-square-foot shopping center at 18900-18932 E. Gale Ave. in Rowland Heights, have secured $11 million in financing arranged by managing director Greg Richardson and vice president Scott Watson of the Irvine, CA office of Johnson Capital. The debt was provided by John Hancock Life Insurance Co. The center is fully leased to a 99-Ranch Market, over 20 inline shops and restaurants, and a 135-room Best Western Hotel. The borrowers are private investors who are long-term owners of the property. The non-recourse, fixed-rate note has a 15-year amortization schedule and a 15-year term and was used to refinance out of a floating rate loan and lock into current low rates. Commenting on the transaction, Richardson said, “This debt placement is an example of what we are seeing in the market; there is strong demand from institutional lenders for quality in-fill, grocery-anchored retail properties.”
Gutierrez
Jones Lang LaSalle has named Derrick Gutierrez as VP of the firm's Project and Development Services group, a post in which he will also serve as the Southwest regional project lead in the firm's Mission Critical Solutions group. Based in JLL's Los Angeles office, Gutierrez will manage highly technical mission critical projects throughout the Southwest, with direct responsibility for overall construction, project scheduling, estimating, budgeting, design team and contractor management, contract negotiations, value-engineering, meeting facilitation and executive reporting. He is now overseeing the project management for the major upgrades to City National Bank's data center in Los Angeles. Judy Caruthers, EVP of JLL's Project and Development Services group in the Southwest region, points out that "In this climate of the ever-changing technology and office space dynamics, it is important to have the skills necessary to provide and manage complex cost effective solutions." Before joining Jones Lang LaSalle, Gutierrez worked for Syska Hennessey Group Construction Inc. in San Diego, where he was responsible for managing the San Diego construction division, which focused on mission critical and federal contracting work.
An LLC named 5051 Klump Ave has acquired the 32-unit Klump Gardens apartments at 5051 Klump Ave. in North Hollywood from FMS Holdings IV for $5.3 million. Rod Delson of NAI Capital represented both parties in the deal. Built in 1985, the building features amenities including a pool, spa, and sunning deck.
E-Tokyo Gateway LLC bought a 34,320-square-foot mixed use property at 312 E. First St. In Los Angeles from Little Tokyo LLC for just under $4 million. Built in 1991, the property is a five-story office and retail building with 5,759 square feet of land. SVP Kathleen Silver and associate Kay Thorpe in Colliers International’s West Los Angeles office represented the seller. “The property had multiple challenges to overcome including a lack of building parking and a must-assume loan requiring a very strong investor needed as the buyer,” Silver said. The property attracted multiple offers and its sale illustrates that "there is still a strong demand for well located real estate in Southern California,” she noted.
The Los Angeles office of Sundance Institute, a non-profit organization founded by actor Robert Redford, has signed a 10-year lease for 14,279 square feet of office space at 5900 Wilshire Blvd. Sundance will occupy the entire eighth floor of the building, which is a 31-story tower owned by the Ratkovich Co. Sundance Institute is expected to complete its move from its current Beverly Hills location to 5900 Wilshire this winter. Jeff Pion of CB Richard Ellis represented the Ratkovich Co. Michael Shuken and Mark Sullivan of Studley represented the tenant.
ORANGE COUNTY
Orange City Square
Access Insurance has signed a new office lease for approximately 31,000 square feet at Orange City Square at 770 The City Dr. in Orange. Rick Warner of CB Richard Ellis represented the landlord, CB Richard Ellis Investors, while David Giglio of Grubb & Ellis represented Access. CBRE’s Asset Services group also manages the property on behalf of the landlord. Ming Lee, asset manager at CBRE Investors, comments that the lease "demonstrates the high priority that tenants today place on amenities, professional building management and top tier tenant services when choosing an office location.” Michael McMenamin, the CEO, president and chairman of Access Insurance, observed, "We are a business that is growing in an economy that is not. That is very fulfilling.”
AFTCO Mfg Co. Inc. bought a 117,000-square-foot industrial building on five acres at 2400 S. Garnsey St. from Burtin Realty Enterprises for $8.1 million. Chip Dever of NAI Capital’s Orange County office represented the buyer, a company that manufactures fishing rod components and accessories and distributes fishing and marine sportswear through its AFTCO Bluewater division. The seller was represented by Ross Bourne of CB Richard Ellis.
NORTHERN CALIFORNIA
The 128-unit Creekbridge Village Apartments in the Monterey-area city of Greenfield have sold for $13 million, according to SVP Ted Kokernak in the Palo Alto office of Marcus & Millichap. Creekbridge is a mixed-use project of 154,838 square feet on 5.6 acres at 10 South El Camino Real that includes 36,866 square feet of retail. Kokernak, in cooperation with San Francisco-based Newmark Realty Capital Inc., represented both parties in the transaction. "Creekbridge Village Apartments is the only modern apartment complex located between Salinas and Paso Robles," says Kokernak. The property has become a Greenfield landmark that surrounds Village Green, a park-like setting where local musicians perform from an old-world-style bandstand, he points out. Creekbridge consists of seven buildings ranging from one-story retail at the front to two- and three-story apartments over retail in the core development.
Nimble Storage signed a 34,395-square-foot office sub-lease at 2740 Zanker Rd. in San Jose, with Dave Tipton and Steve Lico of CresaPartners in Palo Alto representing the client, which is expanding and relocating to the 66,350-square-foot class A office building, one of seven buildings located in the Valley Technology Centre office park. Nimble occupies 13,500 square feet across the street at 2645 Zanker Rd. and is relocating to accommodate its growth and expand its footprint in Silicon Valley. According to Tipton, Nimble chose this site based on competitive pricing, virtual plug-and-play capabilities, and close proximity to its current location. The company plans to complete the move to the space in October. The sub-landlord, StarCite, was represented by Colliers Parish. The landlord is Equity Office Properties.
INLAND EMPIRE
Palm Desert Development Co. has launched a new corporate identity under a new name, Palm Communities. The rebranding reflects Palm’s "commitment to building quality affordable homes for families, seniors, and those with special needs throughout California," according to a news release from the company. Danavon Horn, president of Palm Communities, says that the rebranding "demonstrates not only where Palm Communities stands today but also where we are heading." Says Horn, "Our new brand identity demonstrates to our partners our dedication to providing high-quality affordable housing." The company has established a new website, www.palmcommunities.com, as part of the rebranding. Palm Communities was recently awarded federal tax credits to begin construction on two new affordable housing projects, Rancho Dorado South in Moreno Valley and Toscana in Fontana. Rancho Dorado South is the second phase of a 150-unit affordable housing project for large families. The 6.6-acre site is located at 25105 J.F. Kennedy Dr. in Moreno Valley. Toscana is a 4.6-acre site located at 7806 Sierra Ave. in Fontana. The gated community will consist of 53 units, and will feature water and energy saving systems, non-toxic building materials and is designed to exceed LEED Silver certification.
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