(Save the dates: RealShare Apartments comes to the Westin Bonaventure, Los Angeles, October 24; RealShare Net Lease West comes to The California Club, Los Angeles, November 1 – 2; and RealShare Industrial 2012 comes to The Banker’s Club, Miami, December 5 – 6.)
SAN FRANCISCO-Commercial Capital Holdings LLC has purchased 433 Mason St., a 106-stall garage with a 3,060-square-foot retail component, from a local family for $12.5 million. The seller of the 10,475-square-foot property was represented by CBRE’s David Noravian and Don LeBuhn. Located between Post and Geary in the Union Square district, the site could allow for future redevelopment opportunity as current zoning allows for a 6:1 floor area ratio. The garage is currently managed by ProPark, and the retail space is leased to Blazing Saddles Bike Rentals and Tours.
OXNARD, CA-Special Servicer LNR Partner has sold the 166-guestroom Courtyard by Marriott here for $11,385,000 to an undisclosed buyer. Michael Blahosky, SVP in HREC Investment Advisors’ Los Angeles office, and Bill Murney, SVP in the firm’s Phoenix office, represented the seller, and the hotel was sold unencumbered by management. The hotel is located adjacent to US 101, with excellent visibility from the interstate, and is situated in the TOPA Financial Plaza, which is a 26-acre mixed-use complex that houses more than 500,000 square feet of total commercial space.
RENO, NV- Marcus & Millichap’s tax credit group has arranged the sale of a three-property, 293-unit, Section 42 Low Income Housing Tax Credit multifamily portfolio for $9.3 million. Combined, the properties encompass a total of 233,530 square feet. The sales price equates to $31,741 per unit and $40 per square foot. Robert Sheppard, an EVP investments and national director of M&M’s tax credit group; Kenneth Blomsterberg, a first VP investments in M&M’s Sacramento office; and Armand Tiberio and Spencer Hurst, both senior directors of the tax credit group, represented the seller and the buyer, which were undisclosed. All three properties are located on Sky Valley Dr. The portfolio features 44 studios, 58 one-bedroom/one-bath units, 100 two-bedroom/one-bath units, 16 two-bedroom/two-bath apartments and 75 three-bedroom two-bath apartment homes.
SAN FRANCISCO-Arroyo & Co. has sold a Lowe’s store at the San Bruno Towne Center here. The 106,000-square-foot, single-tenant, net-leased asset was bought and sold by undisclosed investors for a price undisclosed to GlobeSt.com, who were represented by Pedro Arroyo, David Kram, and Reid Lewis of the Arroyo Commercial Group. This transaction represents one of the largest single-tenant, net-leased retail closings in Northern California since the economic downturn. The property is situated in a high-profile location on El Camino Real next to the Shops at Tanforan, a 974,000-square-foot regional mall, with close proximity to I-380, I-280 and Highway 101.
DENVER-Integrated Properties Inc., Elevation Group and Sage Hospitality are redeveloping the property at 1350 16th St. here that currently houses Office Depot. The $16-million redevelopment will include a new, 10-story, mixed-use property, planned for completion in early 2014. The property will offer class-AA office accommodations, street-level retail/restaurant amenities and residential units on the upper floors. Pursuing LEED certification, the office space will feature 9.5-ft. ceilings, two efficient floorplate sizes of 30,500 and 17,750 square feet, expansive windows to maximize natural light, and a rooftop fitness center and outdoor terrace. Located at the corner of Market and 16th streets, the site is a gateway from I-25 to Denver’s CBD and the LoDo district. The project, which has been approved by the LDDRB, includes residential rental units, 130,000 square feet of office space, 15,000 square feet of retail space and three levels of under- building parking with direct access to all floors. Jamie A. Gard and Nathan R. Johnson, executive managing directors at Denver-based Newmark Knight Frank Frederick Ross, have been retained as the exclusive leasing and marketing agents for the project.
LA JOLLA, CA-San Francisco-based Kimpton Hotels & Restaurants has officially re-launched the Hotel La Jolla after a A $4-million renovation. This marks the third Kimpton hotel in San Diego, following Hotel Solamar and Hotel Palomar San Diego. The renovation included updated lighting and space usage for the lobby, pool deck and lounge, meeting space and fitness center. Guest room updates, landscape alterations and a new coastal-Mediterranean restaurant were also completed. Owned by Westport Capital Partners and Cove Equity Group LLC and designed by Gulla Jonsdottir and Claude-Anthony Marengo, Hotel La Jolla contains 110 guestrooms.
GOLDEN, CO-MIG Real Estate LLC, a Newport Beach, CA-based real estate investment company, has acquired Canyon Point Cottages, a 196-unit residential community consisting of 49 townhome-style buildings on 15 acres here, from a seller and for a price undisclosed to GlobeSt.com. Constructed in 1996, Canyon Point Cottages is the newest multi-family property in Golden. The property consists of one-, two- and three-bedroom, townhome-style, floor plans with private entries, fully-equipped kitchens, extra storage, private patios, air conditioning, washer/dryer hookups, gas fireplaces, large walk-in closets and detached garages. Amenities include outdoor swimming pools, a clubhouse, business center and a fitness center.
DENVER-HFF has arranged an $11-million financing for Warehouse Central, a 325,858-square-foot industrial building here, on behalf of IBC Holdings. The firm secured the five-year, fixed-rate loan through a national life company and will also service the loan. The property is located at 2300-2550 West 5th Ave. near the Grand Army of the Republic Highway and Interstate 25 interchange. The building is 91% leased and includes approximately 10% office space. The HFF team representing the borrower was led by senior managing director Kevin Mackenzie and director Josh Simon.
CASTRO VALLEY, CA-Beech Street Capital LLC has closed a $10.7-million Fannie Mae conventional loan for a 108-unit property here. Kristen Croxton and Greg Reed, SVPs in Beech Street’s Newport Beach, CA, office, originated the transaction. The fixed-rate loan has a 10-year term with 9.5 years of yield maintenance, and 30-year amortization. The borrower, a repeat Beech Street and Fannie Mae client whose identity was not disclosed, has closed in excess of $60 million with Beech Street over the past nine months. The borrower acquired the property in July 2011 and spent approximately $600,000 on rehab of the interior and exterior of the property. At closing, the borrower had completed 100% of the exterior renovation and had rehabbed 20% of the total units.
VICTORVILLE, CA-Stirling Capital Investments has secured two leases at the Southern California Logistics Centre, a 2,500-acre industrial and commercial complex here. Pacific Aviation Group LLC has signed a 64-month renewal and expansion from 25,146-square-foot into 58,732-square-foot facilities at 18499 Phantom West, Suite 12-18; and Fastenal Co. has signed a 36-month renewal for its existing 6,322-square-foot facilities. The new expansion and leases follow a stream of recent activity at SCLC. Last month, construction commenced on a 176,800-square-foot facility expansion of Distribution Centre 3 to accommodate the growing national distribution needs of Stirling’s first corporate tenant who signed a 10-year lease extension. A major tenant improvement project was also completed in late 2011 to Distribution Centre 1, a 1-million-square-foot industrial facility subsequently occupied by Exel Logistics and United Furniture Industries. Additionally, SCLC recently welcomed noteworthy tenants Sparkletts, Red Bull and Modern Space Pacific Services.
FONTANA, CA- System Services of America, Inc. has signed a 10-year lease with Metropolitan Life Insurance at 13204-13250 Philadelphia Ave. here for $9.08 million. Michael Chavez of Lee & Associates’ Ontario office and John Cerchiai of the firm’s Phoenix office represented the tenant. The 198,985-square-foot industrial lease represents approximately 52% of the building that was built in 2000 and offers 30-ft. clear height, ESFR sprinkler system and is situated in a highly desirable area with close proximity to interstates 10 and 15 and Highway 60. SSA will be relocating from Los Alamitos and is a part of the Service Group of America Family of Companies, a privately-held corporation with industry- leading companies in foodservice, real estate and other services.
VALENCIA, CA- Arvato Digital Services, a fully integrated subsidiary of German publishing gian Bertelsmann AG, has signed a lease renewal for the 165,141-square-foot industrial property located at 29011 Commerce Center Dr. here. John DeGrinis, senior EVP, Patrick DuRoss, AVP, and Jeff Abraham, senior associate—all based in Colliers International’s Encino office—represented the tenant. The landlord, Sares Regis Group, was represented by Craig Peters of CBRE. The five-year lease is valued at over $6.3 million. The building is state-of-the-art, constructed in 2000, and offers features including 28-foot minimum clearance, 2000 amps of power, 20 dock high positions and approximately 30,000 square feet of high-image office space.
SPARKS, NV-Monsoon Pacific, a custom furniture manufacturer and distributor, has leased 30,600 square feet of space at 845 Spice Island Dr., Suite A here to expand to a larger facility. J. Michael Hoeck, Michael Nevis, Dave Simonsen and Dan Oster of the NAI Alliance’s industrial properties team represented the tenant in this transaction.
LOS ANGELES-Michael R. Ray has joined the national real estate law firm Pircher, Nichols & Meeks as a partner in the firm’s corporate and real estate private-equity practice areas. Based in the Los Angeles office, Ray was previously the office managing partner of Husch Blackwell’s London office, where he was responsible for that office’s management, administration and business development activities. His current practice focuses on advising clients in connection with domestic and cross-border commercial transactions and business ventures, public and private offerings of securities, and the representation of real estate private-equity investment-fund sponsors with respect to the organization and formation of their funds and the execution of real estate joint venture, acquisition and disposition transactions.