SAN DIEGO—Builder C.W. Driver has hired Ryan Stichler to join its San Diego office as director of project development. Prior to joining C.W. Driver, he worked at Kitchell as the business-development manager, where he expanded business opportunities and maintained relationships with a variety of clients including architects, engineers and subcontractors. He also worked at Balfour Beatty construction as the director of business development, where he directed firm-wide business development activities covering five satellite offices. Stichler played a key role in a variety of San Diego-based projects including the University of California San Diego central research services facility, San Diego State University Page Pavilion and St. John's Pleasant Valley's new patient tower.
SAN DIEGO—Mark J. Riedy, PhD, is retiring as executive director of the Burnham-Moores Center for Real Estate at the University of San Diego. Riedy, a nationally recognized industry leader, started the real estate program at USD in 1993. He plans to leave the position in January 2015. A search committee at USD, composed of SBA administrators, BMC faculty and executive-committee leaders, intends to identify a successor before year-end to facilitate a seamless transition in the Center's leadership.
SALES
FRESNO, CA—A private investment company based in Newport Beach, CA, has sold Mission Village, a 52,950-square-foot shopping center at 335-393 E. Shaw Avenue, 4965 and 4987 N. Fresno St. here, anchored by a new 24-Hour CVS/pharmacy, to MCS Guardian Properties LLC, a Solana Beach, CA-based private investment company, for roughly $8 million. The sale price equates to $152 per square foot. Hanley Investment Group Real Estate Advisors SVP Eric P. Wohl represented the seller, while the buyer was represented by Greg Bethke of Manco Abbott Inc. of Fresno. The property was 83% occupied at the time of sale.
ORANGE COUNTY, CA—Brian Garbutt, SVP of Lee & Associates Irvine, represented seller Redhill Plaza LLC in the $7.4-million sale of a 38,540 square-foot office building at 1400 Reynolds Ave. in Irvine, CA, to Premier Realty Holdings LP. The buyer was represented by Ben Gott and John Pomer of Newmark Grubb Knight Frank. In addition, Garbutt and Philip Cohen, an SVP of Lee & Associates Irvine, represented the buyer in the sale of a 25,900 square-foot, three-unit creative-office complex at 3185-3189 Pullman St. in Costa Mesa, CA, to RDM Properties by an undisclosed seller for $6.75 million. The building was listed by Garbutt and Sean Ahern, an SVP of Lee & Associates Newport Beach.
SANTA ANA, CA—The Bascom Group LLC has acquired 5th Street Apartments, a 38-unit community located at 701 East 5th St. here, for $4.2 million or $109,211 per unit from an undisclosed seller. Debt financing was provided by Banc of California and arranged by Jonathan Wintner and Olga Alworth of Meridian Capital Group. Hooman Emanuel with Emanuel Real Estate Group represented Bascom in the transaction.
LEASES
BREA, CA—Wurth Louis and Co., a provider of products for the woodworking industry, has signed a five-year, 115,494-square-foot industrial lease renewal at 895 Columbia St. here, with landlord Louis Investment Co. The tenant will continue to occupy the space for its corporate headquarters. JLL Orange County team members Louis Tomaselli and Garrett McClelland represented Wurth Louis, while the landlord was represented by Doug Himes of Lee & Associates.
SAN DIEGO—Arden Realty has signed three tenants occupying a total of more than 40,000 square feet at Chancellor Park, a 199,565-square-foot medical-office park on Executive Dr. in the UTC submarket of San Diego. Eric Vann and Brian Starck of Cassidy Turley of San Diego represented Arden in all three transactions. The Regents of the University of California will take 34,316 square feet of space, La Jolla Cosmetics and Dentistry signed a 10.5-year lease for 2,151 square feet of space and Dr. Motwani, dba The Motwani Lasik Institute signed a five-year lease renewal for 4,128 square feet. Financial terms of the transactions were not disclosed. The Regents of the University of California was represented by Chris Ross and Misty Moore of JLL. La Jolla Cosmetics and Dentistry was represented by Sean McNulty of Newmark Grubb Knight Frank, and Dr. Motwani was represented by Steve Wolf, also with NGKF.
ONTARIO, CA—CIP Real Estate has completed leases totaling more than $27.7 million in the first half of 2014 at Empire Towers, an office park in the Ontario Airport market. The tenant roster for the approximately 232,000 square feet of lease transactions consists of corporate players in the Inland Empire, including Wells Fargo Bank, Merrill Lynch, CBRE, Windsor Foods, National General Insurance, First American Title and Liberty Mutual. Phil Woodford, SVP of CBRE, is the leasing agent for Empire Towers. An anchor tenant there since 1998, CBRE recently extended its lease for 10 years, which included converting the premises facing the 10 freeway to its new open-office format.
DEVELOPMENT
DENVER—The Weitz Co. has been selected to lead the design-build delivery of One Belleview Station, a 16-story, 340,000-square-foot, class-A office in the Denver Tech Center. One Belleview, developed by Prime West in partnership with Goldman Sachs, is the first high-rise office building to be developed in the Denver Tech Center in more than six years. Designed by Gensler, the project will be part of an envisioned 42-acre, walkable, master-planned Belleview Station transit-oriented development at I-25.
FINANCING
RIALTO, CA—KeyBank Real Estate Capital has secured a $55-million loan for FedEx Ground Rialto, a 303,416-square-foot, newly constructed distribution/warehouse facility that is 100% leased to FedEx Ground Package System. The property was a build-to-suit for FedEx, which signed a 15-year lease. Financing was structured as a non-recourse, fixed-rate balance-sheet first mortgage and placed with a third party investor. KeyBank maintained servicing on the loan.
SOUTHERN CALIFORNIA—Johnson Capital's Greg Richardson, managing director; and Scott Watson, VP, of the firm's Irvine, CA, office, have arranged a $23.3-million cross-collateralized loan secured by two multifamily properties located in Southern California. Both properties were constructed in the late 1980s and are currently well-occupied. One of the two properties is age-restricted. The 22-year fully-amortizing loan was provided by a major insurance company. The interest rate was locked approximately 50 days prior to closing the loan.
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