LOS ANGELES—Investors are pumping capital into the northwest region. Capital Pacific, a brokerage firm with an expanding presence in the northwest, completed $383 million in northwest transactions last year. The acquisitions included Ballinger Village, an 110,869-square-foot grocery-anchored shopping center, which sold for $23,750,000; and the 27,000-square-foot New Seasons Market, which sold for $15,680,000.
SALES
CULVER CITY, CA—Niki Properties has sold a Sprouts Farmer's Market in Culver City for $23.5 million to an undisclosed buyer. Sprouts occupies the 32,873-square-foot property on a triple-net lease. Gleb Lvovich, Nick Foster, CJ Osbrink and Bryan Ley of HFF represented the seller in the transaction.
VISTA, CA—A private investor has acquired a 97-unit apartment complex in Vista, CA, for $17.5 million from FPA Multifamily in a 1031 exchange. Investment Property Group's Chris Keramati represented both the buyer and the seller in the transaction.
SAN DIEGO—CBRE Global Investors has purchased a 93,254-square-foot class-A industrial building in San Diego for an undisclosed price. Located at 2765 Loker Avenue West in Carlsbad, the single-tenant property is leased to a manufacturer.
LEASES
SAN DIEGO—Lifewave has signed a 23,564-square-foot lease at with Highbrook for its property at 9775 Businesspark Avenue. The firm will relocate its 80 employees to the office space, and will be the sole tenant at the property. The lease term is 10 years, and the tenant will take occupancy in June 2016. Ron Magnaghi, senior managing director, at NGKF represented the tenant, while Scott Kincaid of CBRE represented the landlord.
SAN DIEGO—Pacific Medical Buildings has signed a 14,851 square foot lease at the Reserve, an office building that is undergoing revitalization. Cushman & Wakefield's managing directors Brett Ward and Bill Cavanagh and Mike Novkov represented the landlord in the transaction.
FINANCING
LOS ANGELES—The Robhana Group has secured $15.5 million to refinance the Variety Arts building in Downtown Los Angeles. The funds will be used for an extensive interior and exterior renovation. Hillsong Church will occupy to the property once renovations are complete. Jonathan Hakakha and Mike Yim of Quantum Capital arranged the financing on behalf of the borrower.
SAN DIEGO—A $9.15 million loan for the Four Points Sheraton in San Diego has been sent to special servicing due to cash flow issues. The property is only generating $0.68 of cash flows for every dollar owed on the loan, and it seems that default is imminent. Barclays is the loan originator.
PORTLAND—Bluestone Northwest Communities has secured a $9 million joint equity agreement through a global private investment firm for the development of phase I of the Green Mountain Master Plan Community, a 283-acre project in Camas, WA. The funds will be used to finance acquisition and construction of infrastructure for Phase I. Landmark Capital Advisors secured the funds on behalf of the developer.
EMPLOYMENT
SAN DIEGO—Jeff Gilbert has joined Kidder Matthews as VP with a specialization in office properties. He joins the firm from Cushman & Wakefield and currently has more than 800,000 square feet of office properties listed in the central San Diego submarkets.
PORTLAND, OR—Sean Turley has joined JLL's Portland office as SVP with a focus on institutional agency brokerage. He brings 20 years of experience to the firm.
SAN DIEGO—Todd David joins Kidder Matthews as SVP with a focus on sale and leasing of commercial properties in San Diego. He brings 22 years of experience to the firm and has brokered more than $1.2 billion in transactions. He joins the firm from Cushman & Wakefield.
LOS ANGELES—David Yi becomes a shareholder with Lee & Associates Investment Services Group. Yi is a 30-year veteran with a specialization in strategic planning, site acquisition, new business development and customer relations. He joins the firm from G.R.E.D. Investment Corp., where he was a principal and partner.
LOS ANGELES—Robert Kleinhenz has joined Beacon Economics as Executive Director of Economic Research. The 30-year veteran joins the firm from Los Angeles County Economic Development Corporation's Kyser Center where he has been the chief economist since 2012.
DEVELOPMNET
SAN DIEGO—Developer Murphy Development Co. nears completion of the Siempre Viva Business Park, a 2.1-million-square-foot spec industrial building in San Diego. The developer tilted the walls of 121,970-square-foot Building 18. The project began last year and is expected to reach completion in April 2016.
LOS ANGELES—Investors are pumping capital into the northwest region. Capital Pacific, a brokerage firm with an expanding presence in the northwest, completed $383 million in northwest transactions last year. The acquisitions included Ballinger Village, an 110,869-square-foot grocery-anchored shopping center, which sold for $23,750,000; and the 27,000-square-foot New Seasons Market, which sold for $15,680,000.
SALES
CULVER CITY, CA—Niki Properties has sold a Sprouts Farmer's Market in Culver City for $23.5 million to an undisclosed buyer. Sprouts occupies the 32,873-square-foot property on a triple-net lease. Gleb Lvovich, Nick Foster, CJ Osbrink and Bryan Ley of HFF represented the seller in the transaction.
VISTA, CA—A private investor has acquired a 97-unit apartment complex in Vista, CA, for $17.5 million from FPA Multifamily in a 1031 exchange. Investment Property Group's Chris Keramati represented both the buyer and the seller in the transaction.
SAN DIEGO—CBRE Global Investors has purchased a 93,254-square-foot class-A industrial building in San Diego for an undisclosed price. Located at 2765 Loker Avenue West in Carlsbad, the single-tenant property is leased to a manufacturer.
LEASES
SAN DIEGO—Lifewave has signed a 23,564-square-foot lease at with Highbrook for its property at 9775 Businesspark Avenue. The firm will relocate its 80 employees to the office space, and will be the sole tenant at the property. The lease term is 10 years, and the tenant will take occupancy in June 2016. Ron Magnaghi, senior managing director, at NGKF represented the tenant, while Scott Kincaid of CBRE represented the landlord.
SAN DIEGO—Pacific Medical Buildings has signed a 14,851 square foot lease at the Reserve, an office building that is undergoing revitalization. Cushman & Wakefield's managing directors Brett Ward and Bill Cavanagh and Mike Novkov represented the landlord in the transaction.
FINANCING
LOS ANGELES—The Robhana Group has secured $15.5 million to refinance the Variety Arts building in Downtown Los Angeles. The funds will be used for an extensive interior and exterior renovation. Hillsong Church will occupy to the property once renovations are complete. Jonathan Hakakha and Mike Yim of Quantum Capital arranged the financing on behalf of the borrower.
SAN DIEGO—A $9.15 million loan for the Four Points Sheraton in San Diego has been sent to special servicing due to cash flow issues. The property is only generating $0.68 of cash flows for every dollar owed on the loan, and it seems that default is imminent.
PORTLAND—Bluestone Northwest Communities has secured a $9 million joint equity agreement through a global private investment firm for the development of phase I of the Green Mountain Master Plan Community, a 283-acre project in Camas, WA. The funds will be used to finance acquisition and construction of infrastructure for Phase I. Landmark Capital Advisors secured the funds on behalf of the developer.
EMPLOYMENT
SAN DIEGO—Jeff Gilbert has joined Kidder Matthews as VP with a specialization in office properties. He joins the firm from Cushman & Wakefield and currently has more than 800,000 square feet of office properties listed in the central San Diego submarkets.
PORTLAND, OR—Sean Turley has joined JLL's Portland office as SVP with a focus on institutional agency brokerage. He brings 20 years of experience to the firm.
SAN DIEGO—Todd David joins Kidder Matthews as SVP with a focus on sale and leasing of commercial properties in San Diego. He brings 22 years of experience to the firm and has brokered more than $1.2 billion in transactions. He joins the firm from Cushman & Wakefield.
LOS ANGELES—David Yi becomes a shareholder with Lee & Associates Investment Services Group. Yi is a 30-year veteran with a specialization in strategic planning, site acquisition, new business development and customer relations. He joins the firm from G.R.E.D. Investment Corp., where he was a principal and partner.
LOS ANGELES—Robert Kleinhenz has joined Beacon Economics as Executive Director of Economic Research. The 30-year veteran joins the firm from Los Angeles County Economic Development Corporation's Kyser Center where he has been the chief economist since 2012.
DEVELOPMNET
SAN DIEGO—Developer Murphy Development Co. nears completion of the Siempre Viva Business Park, a 2.1-million-square-foot spec industrial building in San Diego. The developer tilted the walls of 121,970-square-foot Building 18. The project began last year and is expected to reach completion in April 2016.
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