JV Sells Industrial Spec Asset

BREA, CA-Western Realco and AEW Capital Management have sold an 83,078-square-foot, class-A industrial building at 2850 Orbiter St. here for $11.1 million to Coyle Reproductions. The deal marks the first spec industrial building to be developed and sold in Orange County since the market downturn. CBRE's Sean Ward, Ben Seybold and Keith Greer represented the seller, while the buyer was represented by CBRE's Brian Cole, Steve Young and Rick McGeagh. Western Realco bought the land for $3.4 million in 2011 for spec development, began construction in August 2012 and completed it in April 2013. Ward represented the firm in the acquisition of the land.

REDLANDS, CA-An affiliate of Foothill Village Property LP has sold 2054-1094 Redlands Blvd., part of Pavilion at Redlands shopping center on 7.9 acres, for $17.7 million in an all-cash transaction. SVP Dennis Zhang with CBRE represented the buyer, a Chinese private investor, who paid all-cash to the seller. The portion of the property that sold includes a 52,924-square-foot Food 4 Less with approximately 20 smaller retailers as well, including Payless Shoe Source, Verizon, GameStop, Little Ceasars, Metro PCS, H&R Block and Supercuts. The property is currently 99% leased.

BEVERLY HILLS, CA-A retail building at 9659-9669 S. Santa Monica Blvd. at Bedford Dr. in the Golden Triangle has been sold for an undisclosed amount. The building is approximately 5,850 square feet and 100% occupied by AT&T, BierBeisl, Nails 2000 and Beverly Hills Postal Place. David Passman and Kathrin Harkham of the Passman Group and Adam Zunder of KW Commercial represented the unidentified seller; the buyer, a private investor, was represented by Duke Dulgarian of Score Properties.

LOS ANGELES-Ness Holdings, Inc., a privately funded real estate investment and development firm, has acquired a four-tenant retail property located in the heart of Melrose, as well as a portfolio of multifamily buildings located throughout the Los Angeles area. The retail property located at 7300 Melrose includes nationally recognized Floyd's 99 Barbershop and nightlife hotspot the Darkroom. It was an off-market deal, which was acquired for $3.85 million. Additionally, Ness led a consortium of investors in the acquisition of a portfolio of multifamily buildings located throughout the Los Angeles area, valued at approximately $11 million. The vast majority of assets in the portfolio are located in Hollywood, North Hollywood and Koreatown.

EASTVALE, CA-KB Home has acquired 40 acres of land here from Irvine-based Stratham Communities. WD Land had the exclusive listing and represented both parties in the transaction. Located at the northwest corner of Limonite and Cleveland aves., KB Home plans to build 207 Built to Order™ homes at the site, currently named Cleveland Square, and has the option to purchase an additional 143 homesites at the community. The developer plans to break ground on the new community this spring, where it will offer potential homeowners three collections of homes and extensive neighborhood amenities. 

DEVELOPMENT

ENGLEWOOD, CO-The Opus Group has completed construction on a 50,400-square-foot build-to-suit industrial building for Community Power Corp. here. Located in the Compark Business Campus, the new facility includes 40,510 square feet of warehouse and storage space and an additional 9,890 square feet of office for CPC. Previous Opus companies have developed six buildings in collaboration with Mike Vickers at the campus. The site provides convenient access to East 470 and the Interstate 25 Business Corridor along with close proximity to a network of bike and jogging trails and corporate and neighborhood retail options.

LEASES

WEST SACRAMENTO, CA-Harsch Investment Properties, a privately-held real estate investment, development and management company, has signed a 12-year, 60,000-square-foot build-to-suit lease with multinational corporation TOMRA at the Riverside Commerce Center here. The property will be a food-sorting and peeling facility. Both parties were represented by Kevin Jasper of Cornish & Carey Commercial Newmark Knight Frank, and Mike Kelley of Kelley Commercial served as TOMRA's development consultant. Construction on the Riverside Commerce Center is set to commence in August, with an estimated completion date of March 2014.

FINANCING

PORTLAND, OR-A10 Capital has funded a $6.4-million non-recourse bridge loan to refinance an office building in the local metro area. The commercial mortgage is secured by a class-B suburban office/manufacturing building and provided approximately 60% leverage. The proceeds were used to fund the refinance of an existing loan as well as committed funds to facilitate the future lease-up of the property. Kyle Knox, EVP of A10 Capital, structured and closed the loan, which was placed by Newmark Realty Capital.

EXECUTIVE MOVES

LOS ANGELES-TruAmerica Multifamily has added five executives to its roster. Industry veterans Michael Gold, Greg D. Campbell, Noah E. Hochman, Bob Murray and Edward Kim have been hired. Gold is senior director of asset management and operations, Campbell and Hochman are directors of acquisitions, and Murray and Kim are directors of asset management. Gold was previously with Kennedy Wilson; Campbell previously served as group VP, acquisitions/dispositions for Archstone;

Hochman was VP of acquisitions & dispositions at Triumph Management Co., Murray was a senior director at Benedict Canyon Equities, and Kim was a former SVP, portfolio management for Winthrop Management.

IRVINE, CA-Builder Snyder Langston has named industry veteran Robert J. Hildebrand as director of construction for SL Residential. Hildebrand's primary role and responsibility is project oversight and building client relationships. Prior to joining Snyder Langston, Hildebrand was president of Beverly Hills, CA-based Casden Properties LLC, where he was responsible for development and operations of residential properties including architecture and engineering, purchasing, construction and due diligence for all new acquisitions.

HONORS

LOS ANGELES-City of Hope's Los Angeles Real Estate and Construction Industries Council will honor Wayne Ratkovich, CEO and president of development firm the Ratkovich Co., with its 2013 Spirit of Life® Award on Tuesday, September 17, at 5:30 p.m. at the Hercules Campus at Playa Vista. City of Hope is a leading research, treatment and education center for cancer, diabetes and other life-threatening diseases. The Spirit of Life Award is City of Hope's most prestigious philanthropic honor, presented annually to a real estate industry leader who has demonstrated outstanding business and philanthropic achievement. The Ratkovich Co.'s work has been conducted in association with a number of the country's largest financial institutions and has received many awards from the City of Los Angeles, BOMA, the Los Angeles Conservancy, USC, UCLA and a number of civic organizations. Following the award ceremony, an extended cocktail party featuring live music and auction festivities will provide attendees an opportunity to network with colleagues and competitors.