Urban Renaissance Group Comes to Denver

DENVER, CO—Urban Renaissance Group has partnered with Stars Investments and City Street Investors to purchase Market Center, a 121,000-square-foot office building in Denver, for $29 million. This purchase is URG's first investment in the Denver market. The investors plan to renovate and reposition the property into a mixed-use office space with amenities. The property is currently 86% leased and is located in a price Downtown Denver location.

SALES

SALT LAKE CITY, UT—Western Avenue Capital and ALTO Real Estate Funds have acquired the American Fork Shopping Center, a 148,140-square-foot retail center. The buyers did not disclose the sales prices, however, they bought the property at a mid-8% cap rate and said the property would produce mid-teens cash-on-cash returns. Located at 648 East State Road in American Fork, a suburb of Salt Lake City, the property is 95% leased by a Vasa Fitness, Jo-Ann Fabrics, Big Lots, Little Caesars and Del Taco.

LONG BEACH, CA—Harbor Associates has acquired a former research and development facility for $6.7 million with plans to convert the property into a creative office campus. Located at 14201 Franklin, the property has excess land that will allow the investor to create a fully amenitized campus. Shawn Lawrence, Jason Ward and Chon Kantikovit of Cushman & Wakefield represented the buyer and seller in the transaction.

HUNTINGTON BEACH, CA—Restaurant Depot, an affiliate of Jetro Holdings, has purchased a 94,572-square-foot building in Shea Properties for $9.8 million. Restaurant Depot will use the facility as a distribution center. Dale Camera and Jason Helmick of Lee & Associates Irvine represented Restaurant Depot in the transaction, while Bob Goodmanson, Chris Bates and Bradley Schneider of CBRE represented the seller, Shea Properties.

CORONA, CA—Symbiont LP has purchased the Vintage, a 62-unit multifamily property from Stonebridge Corona Apartments for $11.4 million. The property has a mix of one-, two- and three-bedroom units and has a swimming pool, fitness center, laundry facility, playground, covered parking and a controlled-access gate. Berkadia senior director Bruce Furniss brokered the sale.

LEASES

TUSTIN, CA—Goodwill of Orange County has signed a 154,000-square-foot lease at a distribution and warehouse facility in Tustin. The new two-story facility replaces and expands the retailer's current 30,000-square-foot dock loading facility in Santa Ana. Located at 1231 Warner Avenue, the property will serve as the company's central distribution facility and will enable the company to hold items longer and strategically sell its goods, increasing sales revenue. Senior managing directors Justin Hodgdon and Wes Hunnicutt of Newmark Grubb Knight Frank's Newport Beach, California office represented Goodwill on the lease transaction.

SAN DIEGO, CA—Suja Juices has signed an eight-year lease at Ocean Ranch Corporate Center in Oceanside, CA. Aric Starck, managing director of Cushman & Wakefield, and managing director Dennis Visser, represented the landlord, First Industrial Realty Trust. Tim Olson of Jones Lang LaSalle represented Suja Life.

SANTA CLARITA, CA—Valencia Pharmacy has signed a 2,483-square-foot 10-year lease at Henry Mayo Newhall Memorial Hospital Campus in Santa Clarita. The tenants will be open in the center by January 2016. NAI Capital VP Randy Cude, SVP Scott Crane and SVP and director of health care services group Peter J. Lund represented the tenant and the landlord, Health Care REIT, in the transaction.

FINANCING
SAN DIEGO, CA—NorthMarq Capital has arranged $13.7 million in financing for two office properties in Colorado. An investor received $6.6 million to acquire One Park Center, a 63,053-square-foot office building in Westminster. The loan has a 10-year term with 3 years interest only and was secured through a CMBS lender.  A different investor secured $7 million in acquisition financing for the purchase of Highland Court, a 92,824-square foot office building. The loan has a 7-year term and 30-year amortization schedule and was funded through a life insurance company.

PORTLAND, OR—Timberland Town Center LLC has secured a $23 million loan to take out a construction loan for Timberland Town Center, a 91,800-square-foot grocery-anchored retail center in Portland, OR. The 10-year fixed rate loan was funded by AXA Equitable Life Insurance Company through its advisor Quadrant Real Estate Advisors. HFF managing director Casey Davidson secured the funds on behalf of the borrower.

BEVERLY HILLS, CA—A local investor operating under the name 9501 Santa Monica LLC has secured $13.7 million to recapitalize Writers and Artists, a historic mixed-use property in Beverly Hills Golden Triangle. Located at 479 N. Rodeo Drive, the property was built in 1926 and is now fully leased to a mix of retail and office tenants. The seven-year non-recourse financing was funded by a life company and has an interest rate of 3.75%. Quantum Capital Partners managing director Jonathan Hakakha and his partner Mike Yim secured the funds on behalf of the borrower.

EMPLOYMENT

LOS ANGELES—Allen Matkins has hired real estate attorney Keith J. Pollock in the firm's Los Angeles office. In his position, Pollock will represent owners, operators, asset managers, developers and lenders in real estate transactions. Prior to joining the firm, he was a real estate associate at Olshan Frome Wolosky LLP in New York City. Pollock has his JD from Brooklyn Law School.