Accretive Receives Nod for MOB Build

SAN JUAN CAPISTRANO, CA-Accretive Realty Advisors Inc. has received final approval to begin construction on San Juan Medical Center, a two-story, 42,551-square-foot medical-office building at the northwest corner of Rancho Viejo Rd. and Golf Club Dr. here. Construction is scheduled to begin later this month, with completion at the end of 2014, according to Newmark Grubb Knight Frank Global Healthcare Services, the exclusive leasing agent for the property. The building will be the first exclusively medical class-A office building constructed in the town in the past 25 years.

SAN DIEGO-Lowe Enterprises has completed the third phase of the County Operations Center in Kearny Mesa, the 118,500-square-foot Registrar of Voters Headquarters. The project includes Registrar of Voters staff offices, election ballot processing capabilities, warehouse production space and a public art installation. The property was built to LEED Gold certification standards. The 47-acre COC, located on Overland Ave., is being developed in multiple phases. The second phase, completed in August 2011, includes two 150,000-square-foot four-story office buildings, and a 15,000-square-foot conference center and cafeteria.  The Conference Center was awarded LEED Platinum Certification.  The first phase, which was completed in October 2010, includes two 150,000-square-foot office buildings and a seven-level, 1,800-space parking structure and achieved LEED Gold certification. 

SALES

ESCONDIDO, CA-Peregrine Realty Partners has purchased La Terraza Corporate Plaza from Cypress Office Properties for $22.3 million. Built in 2008, the 78,477-square-foot, three-story office building is located at 500 La Terraza Blvd. here. The building sits on a 3.65-acre lot overlooking the I-15 freeway, approximately one mile south of the SR-78 interchange, and has a distinctive stone and glass facade. Mark McGovern and Scott Peterson of the CBRE Debt & Equity Finance division arranged fixed-rate 10-year financing with a loan-to-value ratio of approximately 70%.

LEASES

EVERETT, WA-Funko LLC is moving its headquarters to a new and expanded facility in the Seaway neighbourhood here, where it will occupy the entire 200,500-square-foot building at 1202 Shuksan Way. The collectibles designer will utilize the space for its office and distribution functions. Funko will be relocating from its current 62,000-square-foot facility in March of 2014. The tenant was represented by Daniel Seger and Brent Jackson of Jones Lang LaSalle. The building is owned by the State of Washington, which represented itself in the lease negotiation. Terms of the deal were not disclosed.

MORENO VALLEY, CA-Argent Retail Advisors has represented TS Marketplace LLC in the 10-year lease of 53,000 square feet of space to Food 4 Less at TS Marketplace here. The center is located on Perris Blvd. just off the 60 Fwy., one of Moreno Valley's highest-profile intersections.

SUNNYVALE, CA-Bruce Frazer and Randol Mackley of SRS Real Estate Partners have brokered four retail leases for BRE Properties' Solstice Apartment Homes development downtown. Located at 299 W. Washington Ave., with Macy's and Target in the immediate vicinity, BRE's newest apartment community will open this fall with plans for 25,000 square feet of retail space to serve the residents. The first four tenants to sign leases include Prolific Oven, with 4,832 square feet; Kabul, with 3,225 square feet; Flywheel Sports, with 2,950 square feet, and Japan Relocation Center, with 2,958 square feet.

NAPA, CA-Cushman & Wakefield has orchestrated a 71,237-square-foot industrial lease at 21 Executive Way here, representing both tenant Collotype Labels and landlord Whal Properties in the transaction. Glen Dowling of the firm's Marin/North Bay office arranged the signing, with Collotype Labels expanding from its original 51,000 square feet and extending for a term of 120 months in Napa.

FINANCING

SAN YSIDRO, CA-HFF's team led by managing director Aldon Cole and senior managing director Tim Wright has secured $40 million in financing for the development of the Outlets at the Border, a 140,000-square-foot retail outlet center along the US/Mexico border here. Working exclusively on behalf of the Shamrock Group LLC, HFF placed the $40-million construction loan with Canyon Capital Realty Advisors. Slated for completion in October 2014, the center is currently under construction and is in the pre-leasing stage with many of the industry's top national and international retail brands already signed. The newly constructed outlets will be the most proximate stores to the San Ysidro Port of Entry, including the new pedestrian border crossing, slated to open in 2015, and is adjacent to the new vehicle entry into Mexico known as El Chaparral, which opened in November 2012.

COLORADO SPRINGS, CO-Steve Koeneke and Dave Link, senior directors of NorthMarq's  Denver regional office, have arranged acquisition financing of $22.45 million on behalf of a local commercial real estate firm for the RidgePointe Apts., a 240-unit, 13-building multifamily community located at 13631 Shepard Heights here. Financing for the transaction was structured with a 10-year term with some interest only during the term and 30-year amortization rate. NorthMarq arranged financing for the borrower through its seller-servicer relationship with Freddie Mac. Community amenities include business and fitness centers, a theatre, swimming pool and Jacuzzi, tanning bed and playground. Each unit contains 9-ft. vaulted ceilings, private balconies or window seats.

EXECUTIVE APPOINTMENTS

SAN DIEGO-The ConAm Group of Cos. has appointed Chaz Mueller president and CEO. Mueller will lead ConAm's investment, development and property management activities. He will have overall leadership responsibility for directing and managing the company's mission and strategy to maximize investor value, and he will set, implement and manage the business plan, and ensure the continued financial performance of the company's operating divisions with a particular emphasis on growth and profitability. Previously, Mr. Mueller enjoyed a successful 19-year career at Archstone, a $20-billion apartment company. His time with the firm culminated as president and COO, where he oversaw property operations, acquisitions, dispositions, structured investments, financial strategy, corporate operations and the investment management business.

LAS VEGAS-Liz Clare and Jacqueline Young have joined Avison Young here. Clare will serve as a principal, while Young will serve as a SVP. Both were previously Cushman & Wakefield in Las Vegas and have a combined 36 years of commercial real estate experience. With Avison Young, they will continue to work as a team, strengthening a partnership that has developed over many years, and focus on their retail specialty while serving with the company's capital markets group. They will also expand the firm's retail presence in the Las Vegas Valley as the market continues its post-recession recovery.

PALM DESERT, CA-Harsch Investment Properties, a privately held real estate and investment company has hired Steven Chaffee as senior property manager of the firm's retail south division, based here. Mr. Chaffee will oversee several properties in Southern California and Nevada. He brings over 20 years of experience in commercial real estate, most recently managing and overseeing operations of the Redmond Town Center in Redmond, WA.

ONTARIO, CA-CBRE has hired Andrew Briner in the Ontario office as first VP in the capital markets Group. Briner will focus on investment sales as part of the team that includes vice chairmen Darla Longo and Barbara Emmons, SVP Michael Kendall and VP Rebecca Perlmutter Finkel. Briner will focus on the disposition of industrial properties in the Inland Empire and across the Greater Los Angeles marketplace. He joins CBRE from Cushman & Wakefield, where he was part of the industrial advisory group and global supply chain solutions group.  In the past seven years, he has completed transactions in 29 states with an aggregate value exceeding $800 million. These transactions include national marketing campaigns, portfolio dispositions, build-to-suit projects and multi-market occupier representation.

RESEARCH

CARLSBAD, CA-Housing crisis authorities LoanSafe.org and YouWalkAway.com, through their new website AfterForeclosure.com, predict that 2014 will be the year of the “boomerang” buyer. YouWalkAway.com assisted more than 8,000 homeowners who went through the foreclosure process, and many expressed their desire to purchase again once it was over. According to an exclusive poll of LoanSafe.org and AfterForeclosure.com's members, 79% of those who lost their homes during the crisis are interested in buying again, 41% report that their income is higher than when they first purchased, and 24% report that it is the same; 63% report that their other debt obligations are lower (30% said “significantly lower”), and 22% report it being the same; and 46% report the desire to purchase in a lower price range, and 29% report wishing to purchase within the same price range. In addition, “boomerang” buyers are investing more into the purchase of a new property than in the past: survey responses indicate that they aren't just putting down the minimum required.  Over 50% stated that they plan to make a down payment of 10% or more as part of their next home purchase.  It can be argued that the 0% down payment programs of the past made it easier for homeowners to walk away from properties they were essentially renting from the bank.  Higher down payments suggest that “after foreclosure” buyers are in for the long haul and don't intend to make the same mistakes the second time around.