SAN JOSE, CALIF. — Boston Properties has sold Innovation Place, a 574,000-square-foot office campus in San Jose, for $207 million. The campus is located at 3100-3130 Zanker Road. The buyer was Broadcom. The 26-acre property includes four buildings, three of which are vacant. The property also includes land that supports an additional 537,000 square feet of office/R&D development and two parking structures with a total of 3,000 parking spaces.
SANTA BARBARA, CALIF. — Lee & Associates has arranged the over $15 million sale of a 48,813-square-foot Saks Off 5th Avenue building located in downtown Santa Barbara. Stephen Leider and Clarice Clarke of Lee & Associates represented the seller, State Street Properties LLC, in the transaction.
LOS ANGELES — Forever 21 continues its expansion of its new concept, F21 RED, with three new stores in Brooklyn, N.Y., San Diego, and Kendall, Fla. F21 RED is a new concept store for Forever 21, which launched the first location in first quarter 2014, and currently operates more than 20 locations in the U.S. The Fulton Street store, located in the heart of Brooklyn, is 35,000 square feet, while the San Diego and Kendall locations are more than 20,000 square feet. F21 RED, headquartered in Los Angeles, is a fashion retailer of women’s, men’s and children’s clothing and accessories.
SAN DIEGO — FPA MultiFamily LLC has purchased Fifty Twenty-Five, a 260-unit, 942-bed Class A luxury student housing community serving San Diego State University, for $69.5 million. HFF marketed the asset exclusively on behalf of an undisclosed seller. Directors Hunter Combs and Zack Holderman led the HFF team. Completed in 2010, Fifty Twenty-Five is a LEED Gold-certified property offering a mix of studio, two- and four-bedroom floor plans averaging 951 square feet each. Amenities include flat-screen televisions, high-speed Internet, modern furnishings, full-size washers and dryers, walk-in closets and fully equipped kitchens. The community also features a resort-style swimming pool, 24-hour fitness center, study rooms, 24-hour computer center, coffee bar, tanning bed, shuttle service and 598-space parking garage. The property is situated less than one mile from campus.
SAN DIEGO — Commerce Plaza One has acquired a 32,717-square-foot industrial park in the San Diego submarket of Chula Vista for $5 million. The park is located at 925 Hale Place. It was built in 1987. Tracy and Kimberly Clark of Voit represented the seller, Hudson WP Partners, in this transaction.
LOS ANGELES — EcoSense, an LED technology company, has acquired the assets of Journée Lighting for an undisclosed price. Journée Lighting is a privately owned, California-based lighting company that specializes in the design and development of specification grade lighting and focuses its efforts in the office, retail and hospitality segments. EcoSense and Journée both share similar product development and innovation philosophies. Journée was founded in 2005 by entrepreneur Clayton Alexander. This acquisition allows EcoSense to enter the downlight and track lighting market and leverage Journée’s IP for future product development efforts.
LOS ANGELES — IPA Capital Markets has arranged a total of $107 million in financing for two multifamily properties in California. The properties include the Emerald Terrace Apartments in Los Angeles and Fiori Estates in the Northern California submarket of Rohnert Park. The communities received $52 million and $55 million, respectively. The Emerald financing was structured as an interest-only, floating-rate loan. The loan-to-total cost value, including rehab dollars, is 72 percent. Fiori’s financing was structured with an interest-only floater of less than 3 percent. The loan-to-value is 65 percent and the loan-to-cost is 92 percent. Jake Roberts and Anita Paryani of IPA Capital Markets arranged the financing.
PLEASANTON, CALIF. — HFF has arranged equity and debt capital in excess of $50 million for Pacific Pearl Shopping Center, a shopping center under development in Pleasanton. HFF worked on behalf of the developer, BHV Centerstreet Properties, to arrange a joint venture equity partnership with a fund advised by UBS Asset Management. Additionally, the firm secured a construction loan for the partnership through Wells Fargo Bank. Situated at the intersection of Stonebrige Drive and El Charro Road, Marina Food, an Asian foods supermarket, will anchor the 112,000-square-foot retail center. The development will feature an international food court and dim/sum banquet restaurant, as well as a mix of traditional and Asian-oriented tenants. Bruce Ganong, Nicholas Bicardo, Brandon Roth and Danny Reddin of HFF secured the financing for the developer.
TUSTIN, CALIF. — Progressive Real Estate Partners has arranged the sale of Tustin Village Center, a retail center located at 15761 Tustin Village Way in Tustin. The 15,367-square-foot center, which was recently built, sold for $3.1 million in an all-cash transaction. The 100 percent vacant multi-tenant center was sold in rough shell condition allowing the buyer the opportunity to complete improvements to its requirements and lease up the center. Victor Buendia and Brad Umansky of Progressive Real Estate Partners represented the seller, a Santa Ana, Calif.-based private investor, while Dennis Zhang of CBRE represented the buyer, an Alhambra, Calif-.based private investor, in the transaction.
BERKELEY, CALIF. — CBRE has arranged $47 in non-recourse financing for The New Californian, a mixed-use development in Berkeley. The property contains 148 apartment units and 15,700 square feet of retail space. The New Californian is located at 1988 Martin Luther King Jr. Way, about three blocks from UC Berkeley. The project was originally developed in 2010 by Hudson McDonald, the borrower. John Nelson, Michael Walker and Erik Franks of CBRE’s San Francisco office arranged the 10-year, fixed-rate loan.