Buy/Lease Deal Totals More Than $42M

BREA, CA-TA Associates Realty has sold and signed a lease amendment deal for a 246,608-square-foot industrial property at the Sunset Distribution Center at 200 N. Berry St. here to 200 N. Berry Street Associates LP for $22.7 million. Alejandra Valenzuela, VP with NAI Capital's Commerce office, and David Moore, SVP with the firm's Ontario office, negotiated the deal on behalf of the buyer. Simultaneously with the purchase, the existing lease was amended with Walter's Wholesale Electric to blend and extend the terms and rates, with the lease value becoming approximately $19.6 million. The combined value of the sales and lease transaction was $42.3 million. The Center consists of three buildings totaling 420,087 square feet. Constructed in phases in 1969 and 1991, 200 N. Berry has had recent improvements including complete office renovation and recoating of the roof.

PASADENA, CA-International real estate investment and services firm Kennedy Wilson and its partners have acquired 245 S. Los Robles, a 175,792-square-foot, class-A office project here for $39 million from an unnamed seller. The total equity invested in the transaction was $16 million, 5% of which was contributed by Kennedy Wilson. Additionally, the company secured a $23-million loan on the property from JPMorgan Chase. The property consists of an eight-story office tower totaling approximately 130,000 square feet, a two-story annex building totaling almost 46,000 square feet, a four-level parking structure and an approximately one-acre surface parking lot. Collectively, the project is situated on a 3.5-acre site, part of which is zoned for multifamily development, and encompasses nearly an entire city block in the heart of Pasadena. Kennedy Wilson plans to reposition the project through a capital-improvement plan that includes various exterior cosmetic enhancements, bathroom remodels, elevator lobby renovations and the addition of highly desired outdoor space for tenants.

LEASES

NEWPORT BEACH, CA-CBRE has arranged a 137,737-square-foot office-lease renewal at 530, 550 and 600 South Main St. on behalf of the Orange County Transportation Authority. The lease marks one of the largest by square footage in Orange County in recent years. The agency began the process of exploring various long-term space options, including both lease, purchase and build-to-suit opportunities throughout the county, in early 2012. Ultimately, it opted to renew its current space for an additional 15 years with the ability to expand to include an additional two floors in the 600 building over the course of the next few years. CBRE's Peter Andrich, Rick Warner and Matt Osborn represented OCTA in its search for space, and negotiated the lease renewal on the agency's behalf. CBRE's Mark Friend, Chip Warner and Taylor Friend represented the institutional landlord in the transaction.

PORTLAND, OR-Jama Software, an enterprise software company that helps organizations build and delivery complex products, is combining two of its offices in the Pearl District and is relocating its headquarters to 34,629 square feet at 2&Taylor, 135 SW Taylor here. Cresa Portland represented Jama in the transaction and is also is directing project management services for this “creative redevelopment,” with a move-in date slated for December 2014.

VALLEJO, CA-Blu Homes Inc. has moved its corporate headquarters to Mare Island here. Blu has added 100,000 square feet of storage and office space to its existing 250,000 square feet of manufacturing facilities on the island. Additionally, Blu Homes broke ground on a Blu Design Center on Mare Island on January 27.

FINANCING

CARLSBAD, CA-Talonvest Capital Inc. has closed a $15.93-million bridge loan secured by Emerald Lake Corporate Centre, an 83,893-square-foot, three-story, class-A office building located at the northwest entrance to the Carlsbad Research Center at 1525 Faraday here. The partial-recourse, three-year, floating-rate loan was provided by a Los Angeles-based real estate finance company. The loan effectuated a discounted payoff from the prior bank lender and had an initial advance of 82% against the as-is appraised value; although it allowed for an advance in excess of 94% of the total capitalization costs. In addition, the loan included future funding for interest reserves, tenant improvements, capital expenditures, and leasing commissions.

EAST DUBLIN, CA-Trumark Homes has secured funding to purchase the 184-acre Wallis Ranch, a residential housing development here that is approved for 805 single-family homes, as part of a joint venture with Isles Ranch Partners LLC and Castlelake L.P., both  alternative investment firms. Grading and other infrastructure work will begin in May, when lots will be offered for sale to homebuilders, and Trumark aims to have the first model homes open by September 2015.

SAN DIEGO-Structured Finance Associates has closed a $7-million commercial PACE financing for the Universal City Hilton, the largest PACE financing completed to date. The financing makes possible a variety of energy-efficiency upgrades for the Hilton.

EXECUTIVE MOVES

LOS ANGELES-CBRE Group Inc. has hired Michael Allen to the firm's facilities-management group as senior managing director for the Americas Central region. Allen will provide leadership for the group's, including service delivery, client satisfaction, financial performance and business growth, and will report to Maureen Ehrenberg, CBRE's global director of facilities management. Based in Dallas, Allen was formerly with Cushman & Wakefield, where he was a senior managing director, accountable for leading that firm's facilities management service line in the Central region.

SAN DIEGO-BofI Federal Bank, a subsidiary of BofI Holding Inc., has named Taylor Osborn director of real estate lender finance.  He is responsible for sourcing and underwriting warehouse credit facilities to private real estate lenders.

PASADENA, CA-Builder C.W. Driver has promoted John Thornton to president. Thornton has been with the company for 18 years, serving most recently as an EVP, and will now be responsible for overall direction of the firm's market sectors, which include retail, entertainment, hospitality, K-12 education, higher education, commercial/office, healthcare and civic projects. Recently, Thornton orchestrated the creation of C.W. Driver's new subsidiaries, Driver SPG and Driver URBAN, as well as the recent acquisition of Good & Roberts, LLC.

SAN DIEGO-Trigild has promoted Kelley McLaren from managing director/receiver services to chief administrative officer and Josh Hall from managing director/real estate east to CFO. McLaren will play a key role in the day-to-day operations of the company, as well as continue to run the firm's receiver services department. Hall will be headquartered in the firm's Washington, DC, office, where he will direct select projects. He will also oversee accounting functions nationwide and take charge of leading and managing the financial structure of Trigild. McLaren has been with Trigild since 2006, and Hall has been with Trigild since 2010.

LOS ANGELES-Greenberg Glusker has elected Bob Baradaran, a partner in the firm's real estate transactional group, to serve as its new managing partner, becoming just the fifth managing partner since its founding in 1959. Baradaran succeeds entertainment, video gaming, and new media litigation partner, Stephen Smith. Baradaran advises some of the most recognizable companies in the real estate, sports, and entertainment industries on their real estate and general legal matters. 

NEWPORT BEACH, CA-Newmeyer & Dillion LLP, a multi-service business and real estate law firm, has hired five new attorneys. Brandon A. Clouse, a former office-services clerk at Gordon & Ross LLP in San Francisco, will work out of the firm's Walnut Creek office. Fae Dagonese, previously a file clerk for Carroll, Burdick and McDonough LLP in San Francisco, will work out of the firm's Newport Beach office. Carrie A. Ligozio, a former a compensation analyst for Merck & Co., willbe based in Walnut Creek. Christina A. Lincoln, previously a litigation associate for Skadden, Arps, Slate, Meagher & Flom LLP in Los Angeles, will be based in Newport Beach; and Kelsey Mills, a former financial services representative for Bank of the West and a public relations intern for Green Nest Ecological Products, will be based in Newport Beach.

PORTLAND, OR-Hotel Brokers International has added Joseph P. Kennedy to its network of lodging investment advisors. Kennedy is president of Crystal Investment Property LLC, a full-service hospitality real estate investment and consulting firm here. He is joined by Michelle L. Kennedy, partner and principal broker of the firm, who is responsible for operations, oversight, transaction management, marketing coordination and general back-office systems.

NEW VENTURES

NEWPORT BEACH, CA-New York-based Pluris Valuation Advisors LLC has created a real estate appraisal group based in the firm's Newport Beach office that will be headed by VP Steven D. Henry. The new group will provide appraisals of almost any type of real property, including raw land, large residential developments, commercial properties and portfolios of real estate.