EUGENE, OR—Singapore-based semiconductor firm Avago Technologies has purchased the Eugene Tech Center in Eugene, OR, from SK Hynix, a South Korean semiconductor company, for $21 million. Avago Technologies purchased the property through a three-day online auction at
SALES
BUENA PARK, CA—Private investor Oshdale LLC has purchased a 44,100-square-foot retail property leased to Orchard Supply Hardware from Village Properties for $15.7 million. The CBRE sales team of Dan Riley, Arthur R. Flores and Austin Wolitarsky received more than 150 offering memoranda downloads and 15 offers in the competitive transaction, which had a cap rate of 4.2%. The Orchard Supply Hardware will open at the site later this year and has a 20-year lease.
SAN DIEGO, CA—Milan Capital and ALTO Real Estate Funds have formed a join venture to purchase Pomerado Professional Plaza, a 47,000-square-foot medical office building, for $13.8 million. The property is only 55% leased and hasn't been updated in several years. The joint venture has hired Travis Ives of Cushman & Wakefield to lead leasing efforts at the property and plans to renovate the property to drive leasing.
IRVINE, CA—An unnamed private investor has purchased the Sun City Plaza Shopping Center from Red Mountain Retail Group for $10.1 million. The 56,060-square-foot shopping center is 100% leased by 99 Cents Only, True Value Hardware and Fitness 19. Dixie Walker of Cushman & Wakefield facilitated the sale.
HENDERSON, NV—The Bascom Group has purchased Timberlake, a 308-unit apartment building in the Las Vegas submarket of Henderson, NV. The sales price was not disclosed, but the Bascom Group did secure debt financing. The property was built in 1997 and is near several employment centers and retail. Brian Eisendrath and Annie Rice of CBRE secured the funding and Spencer Ballif of CBRE represented the seller in the transaction.
LEASES
CERRITOS, CA—R1 Concepts has a 106,384-square-foot industrial lease at a warehouse and distribution space in Cerritos. The tenant will move from its previous location in La Habra. Luke McDaniel and Cameron Driscoll represented the tenant, while INCO Commercial Brokerage represented the landlord, Oltmans Real Estate Services.
ENGLEWOOD, CO—Commercial glass and fenestration organization J.R. Butler has signed a long-term 81,000SF industrial lease in Englewood, CO. The tenant will relocate its headquarters to the facility from central Denver. Sam Slaton, Matt Trone and Steve Hager of Cushman & Wakefield represented the tenant in the transaction.
SAN DIEGO, CA—Two biotech firms have signed leases totaling 80,000 square feet at the Research Center Pointe in Carlsbad, CA. Acutus Medical signed a 46,000-square-foot sever-year lease, while GenMark signed a 34,000-square-foot 7.5-year lease. Aric Starck, managing director of Cushman & Wakefield, represented the landlord, Regent Properties, and tenant Acutus Medical, while Craig Knox of Hughes Marino represented GenMark.
POWAY, CA—General Atomics Aeronautical Systems Inc. has signed an 112,000-square-foot lease at an industrial property in Poway, CA. The tenant will occupy 100% of the CT Realty-owned property. The four-year lease is valued at $4.2 million. Ted Cuthbert with Colliers International and Bob Willingham, James Duncan and Mickey Morera with Kidder Mathews represented CT Realty, while General Atomics represented itself in the transaction.
FINANCING
BEVERLY HILLS, CA—The owners of a retail property in Beverly Hills' Golden Triangle occupied by the restaurant Crustacean Restaurant (House of An) and Maxferd Jewelry has secured $10.5 million to recapitalize the property. The loan has a 10-year term and a 4.32% interest rate. Quantum Capital secured the funds on behalf of the borrower.
EMPLOYMENT
PORTLAND, OR—CBRE has promoted 12-year industry veteran Graham Taylor to VP. Taylor focuses on institutional multifamily sales in Portland, and has closed on more than 13,800 units during his time at CBRE.
NEWPORT BEACH, CA—Trumark Homes has named Richard Douglass as the company's first Southern California division president. In this role, the 30-year veteran will oversee all operations of Trumark Home's Southern California. Prior to joining Trumark Homes, Douglass was the division president of Ryland Homes.
AWARDS
SAN DIEGO, CA—The Building Owners and Managers Association has announced the winners for Outstanding Building of the Year. The winners include 4225 Executive Square, managed by Madalyn Wariner of the Irvine Co. and owned by the Irvine Co. for the 100,000 to 249,999 square foot category; La Jolla Commons, managed by Teri Osokie of Hines and owned by JP Morgan for the 250,000 to 499,999 square foot category; Symphony Towers managed by Traci Pietras of the Irvine Co. and owned by the Irvine Co. for 500,000 to 1 million square foot category; Del Mar Corporate Center III, managed by Bernadette Blanco of Kilroy Realty Corp. and owned by Kilroy Realty Corp. for the corporate facility category.
LOS ANGELES—CoreNet Global Southern California honored the best in commercial real estate at the 2015 REMMY Awards and Charity Gala. The evening honored Jim Seifert, manager of corporate real estate & planning at Sempra Energy as corporate real estate executive of the year; Glumac Los Angeles as innovative workplace; 4th Street Market, Downtown Santa Ana, Incubator Kitchens developed by East End Kitchens, S&A Properties & designed by H. Hendy Associates as economic development catalyst.
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