Spectrum Building Now Fully Leased

IRVINE, CA—Pinnacle Exhibits LLC has signed a seven-year, $5-million lease with CT Holland Industrial LLC, an affiliate of CT Realty, for 92,802 square feet of space at 9 Holland here, a 180,982-square-foot industrial building in the Irvine Spectrum. The building, located within a mile of the Irvine Spectrum Entertainment Center, is now 100% leased. As GlobeSt.com reported in July 2013, CT Realty Investors had acquired 9 Holland from a joint venture between Brookhollow Group and Penwood Real Estate Investment Management for $17.3 million. 

MISSION VIEJO, CA—San Diego-based multifamily developer Wermers Properties has begun leasing for locally based Adagio on the Green. Wermers, in partnership with Watermarke Properties, developed the luxury apartment project, located on the Fairway at Mission Viejo Country Club at 26600 Oso Parkway. Adagio on the Green includes 256 units targeted for completion by August 2015. It was built using environmentally sensitive construction techniques and includes state-of-the-art finishes and premium luxury amenities.

SALES

CARLSBAD, CA—Lincoln Property Co. has purchased a two-building, 68,392-square-foot R&D/office park here from an unnamed seller for $11.9 million. The two coastal Carlsbad buildings, located at 5993 and 5999 Avenida Encinas, were 80% occupied at the time of purchase. Rick Reeder and Aric Stark of DTZ represented both buyer and seller in the transaction. This acquisition marks Lincoln's fourth purchase in North County in the past year.

HUNTINGTON BEACH, CA—Industry sources report that Dallas-based Cypress Equities has purchased the Strand, a 100,000-square-foot retail space here, from CIM/Huntington LLC, a division of Los Angeles-based CIM Group, for an undisclosed amount. Sale of the property, which opened in 2008, was brokered by Irvine-based Reza Investment Group. In addition, Kimpton Hotels & Restaurants replaced operator Joie de Vivre Hotels at the Shorebreak Hotel at the Strand. San Francisco-based Kimpton was acquired in December 2014 by UK-based InterContinental Hotel Group.

COLTON, CA—CapRock Partners has acquired approximately 8.5 acres of unimproved land at the intersection of the I-10 and I-215 Interchange here. During the escrow period, CapRock successfully entitled the land for a 178,000-square-foot industrial distribution center. Located at the southeast corner of South Auto Plaza Dr. and E. Fairway Dr., the property is less than half a mile from the intersection of Interstates 10 and 215, providing easy access to both freeways.
FINANCING

OREGON—Berkadia has completed the financing and sale of the Union, a four-story, 68-unit student-housing community at 2750 NW Harrison Blvd. in Corvallis, OR, and sale of the Commons at Pilot Butte, a multifamily property at 2020 NE Linnea Dr. in Bend, OR. The seller for the Union was project^, and the buyer was Horizon Realty Advisors. Sellers for the Commons at Pilot Butte included several private trusts, while Evergreen Housing Development Group was the buyer. SVP Jeff Stuart of Berkadia's Seattle office arranged a $12.4-million acquisition loan for the Union through its Freddie Mac program. National director of student housing and partner Kevin Larimer, partner Phil Oester and VP Joe Nydahl of Berkadia's Portland office negotiated the sale of the property, which sold for $19.1 million. Oester and Nydahl also negotiated the sale of the Commons, which sold for $20.9 million.

SAN DIEGO—Hunt Mortgage Group has provided a $5.9-million portfolio bridge loan to finance the acquisition of Patio Village Apartments at 8501 Glenhaven St. here by an undisclosed borrower from the Foundation of the Zoological Society of San Diego, a California nonprofit benefit corporation. The property is composed of five two-story buildings with a total of 50 units that was built in 1959 on 1.61 acres of land. In addition, Hunt has provided a $3.8-million Freddie Mac conventional loan to refinance a multifamily property in Los Angeles, the first loan closed under the new Freddie Mac Small Balance Loan Program. The property is located in the Wilshire/Westlake submarket of Los Angeles and consists of 23 apartment units contained in two contiguous buildings. The deal was brought to Hunt by Brett Twente of Sequoia Commercial Lending Inc. The loan is fixed for five years and floating for 15 years with five years of interest only.

EXECUTIVE APPOINTMENTS

LOS ANGELES—Lorena Tomb has joined JLL as a VP of retail brokerage, working on the team led by SVP David Thomas. In her new role, Tomb will develop and execute leasing strategies to maximize the full potential for the firm's retail investor clients' assets in the greater Los Angeles area. Tomb most recently worked at a local brokerage firm, where she served as an expert working with tenants and landlords of retail and entertainment properties in prime urban areas. In addition, JLL has added VP Matt Berres to its Southwest capital-markets team. Berres is transferring to downtown Los Angeles from the firm's headquarters office in downtown Chicago. Partnering with managing directors Rob Bickel, Bob Dmytryk and Michael Hochanadel, Berres will focus on expanding the team's single-tenant net-lease transaction services in the region. Since 2007, Berres has been involved in the execution of transactions with pension fund advisors, REITs, developers, private high net worth and foreign investors, 1031 exchange clients and occupiers.

NEWPORT BEACH, CA—Greg Sullivan has returned to CBRE Group Inc. as first VP in the land- services group. Based in the Newport Beach office, Sullivan specializes in evaluating non-performing and obsolete commercial assets and underwriting the residential product that may replace them. He spent the last five years at WD Land as a VP of its infill residential land division.

ROSEVILLE, CA—Robb Osborne and his four-person team the Osborne Group have joined TRI Commercial/CORFAC International's Roseville office. Osborne is SVP, Cole Sweatt is VP, Brandon Sessions is VP and Sarah Sanders is marketing specialist. The team focuses on office sales, leasing and tenant representation. Osborne is returning to the commercial real estate services firm where he started his career in 2004. In October 2010, he left TRI Commercial for Voit Real Estate Services.

SAN DIEGO—CBRE Group Inc. has hired Jim Hatch as a VP on its capital-markets business lending team, covering the San Diego region. Hatch joins CBRE from Commercial Capital Bank, where he was responsible for SBA and commercial loan originations. Previously, he was owner of West Coast Commercial Mortgage Inc., where he spent 12 years originating commercial real estate mortgages.