MOUNTAIN VIEW, CALIF. – A 59-building office/R&D portfolio that spans throughout Silicon Valley has received a $300-million loan. The portfolio contains three business parks and 38 stand-alone office buildings for a total of 2.4 million square feet. The properties are located in Mountain View, Sunnyvale, Santa Clara, San Jose and Milpitas. The portfolio is more than 80 percent leased to tenants like Apple, SanDisk, the McGraw-Hill Company, Intel and Netflix. The properties have been institutionally maintained and most are well positioned to serve as corporate headquarters. The 4 percent, floating-rate loan was arranged by HFF’s Eric Tupler, Bruce Ganong, Chris Gandy, Leon McBroom and Ed Brown who worked on behalf of a joint venture between two global investment managers. The loan was placed with Blackstone Mortgage Trust. Proceeds were used to refinance existing debt.
PHOENIX – The Corporate Campus at Norterra, a 232,600-square-foot office campus in Phoenix, has sold to Griffin Capital Essential Asset REIT for $54.5 million. The two-building, Class A campus is located at 25500 and 25600 Norterra Parkway. It is part of a 573-acre master-planned campus that is adjacent to the USAA Phoenix Campus. The buildings are fully leased to a Fortune 500, global health services company that holds a triple-net lease through July 2023. The seller, an affiliate of USAA Real Estate Company, was represented by Chris Toci, Chad Littell, Tim Whittemore of Cushman & Wakefield’s Phoenix office, as well as by Mike Beall of Cassidy Turley in Phoenix. Toci also procured the buyer.
POMONA, CALIF. — Seventh Street Development has purchased a 22.5-acre parcel in Pomona for an undisclosed sum. The land, which is located on the western side of the 71 Corona Expressway at Mission Boulevard, will eventually house the final phase of the two-million-square-foot Mission 71 Business Park. The $40-million Mission 71 West will include four industrial buildings that will range in size from 65,000 square feet to more than 200,000 square feet for a grand total of about 500,000 square feet.The initial two phases of Mission 71 included a renovated 750,000-square-foot former General Dynamics building and 11 newly constructed buildings ranging in size from16,000 square feet to 42,000 square feet.The new buildings are all occupied by owners-users, includingfood and industrial product manufacturers, as well as a variety of importers and distributors. This final phase will round out the private development of the former General Dynamics Naval Industrial Reserve Ordinance Plant, which was shuttered in 1994.Many of its buildings were demolished, while the others sat vacant until the Mission 71 redevelopment efforts commenced.
CARLSBAD, CALIF. — Ocean Terrace Corporate Center, a 177,149-square-foot, Class A office park in Carlsbad, has sold to BBL Commercial Real Estate for an undisclosed sum. The four-building park is located at 5740-5770 Fleet Street. It is currently 77 percent leased to tenants like Invensys Systems, Island Restaurants, BVK Direct Inc. and Farmers Insurance Exchange. It also houses Jenny Craig’s corporate headquarters. Rick Reeder, Brad Tecca, Matty Sundberg and Aric Starck of Cassidy Turley San Diego represented both the buyer and the seller, Regent Properties, in this transaction. Sundberg and Stark will also handle the park’s leasing efforts, along with Dennis Visser, also of Cassidy Turley.
CORONA, CALIF. – Atkinson/Walsh has signed a lease for 50,000 square feet at a Coronaoffice building. The lease is valued at about $3.2 million. The building is located at 2455 Anselmo Drive. The design-builder joint venture will occupy two-thirds of the space. The company recently secured a contract with the Riverside County Transportation Commission (RCTC) for the SR-91 Corridor Improvement Project.The contract is valued at $632 million. The RCTC also plans to occupy a portion of the building during its collaboration with Atkinson/Walsh. The tenant was represented by Randy Parkerand Steve Cardof Travers Realty. The 75,000-square-foot office building was recently purchased by Bixby Land Company for an undisclosed sum. Bixby represented itself in the lease transaction.
BOCA RATON, FLA. — Kayne Anderson Real Estate Advisors, the real estate arm of Los Angeles-based Kayne Anderson Capital Advisors, has signed a lease for 12,637 square feet of office space at One Town Center in Boca Raton. Formerly known as the Tyco Building, One Town Center was converted from a single-use, Class A office building to a multi-tenant office building earlier this year. In addition to amenity upgrades and renovations to the lobby and common areas, the third floor was renovated as a multi-tenant office floor. Kayne Anderson, which is the first tenant signed on to the renovated property, will be occupying half of the third floor. Michael Erickson with CBRE represented the owner, MetLife, in the lease transaction. Jeff Kelly, along with John Jaspet, represented the tenant.
MARBLE FALLS, TEXAS — KW Commercial has arranged the sale of a 10,129-square-foot, freestanding office building at 507 Ranch Road in Marble Falls. The office building is leased to NorthStar Bank, Westlake Dermatology and Treehouse Dental. Approximately 1,615 square feet of space is currently available. Nick Nelson and Jim Young of KW Commercial represented the buyer, an investor based in Austin, in the sale. Jane Marie Hurst of KW Commercial represented the seller, a local partnership.
POMONA, CALIF. — Seventh Street Development has purchased a 22.5-acre parcel in Pomona for an undisclosed sum. The land, which is located on the western side of the 71 Corona Expressway at Mission Boulevard, will eventually house the final phase of the two-million-square-foot Mission 71 Business Park. The $40-million Mission 71 West will include four industrial buildings that will range in size from 65,000 square feet to more than 200,000 square feet for a grand total of about 500,000 square feet. The initial two phases of Mission 71 included a renovated 750,000-square-foot former General Dynamics building and 11 newly constructed buildings ranging in size from 16,000 square feet to 42,000 square feet. The new buildings are all occupied by owners-users, including food and industrial product manufacturers, as well as a variety of importers and distributors. This final phase will round out the private development of the former General Dynamics Naval Industrial Reserve Ordinance Plant, which was shuttered in 1994. Many of its buildings were demolished, while the others sat vacant until the Mission 71 redevelopment efforts commenced.
CARLSBAD, CALIF. — Ocean Terrace Corporate Center, a 177,149-square-foot, Class A office park in Carlsbad, has sold to BBL Commercial Real Estate for an undisclosed sum. The four-building park is located at 5740-5770 Fleet Street. It is currently 77 percent leased to tenants like Invensys Systems, Island Restaurants, BVK Direct Inc. and Farmers Insurance Exchange. It also houses Jenny Craig’s corporate headquarters. Rick Reeder, Brad Tecca, Matty Sundberg and Aric Starck of Cassidy Turley San Diego represented both the buyer and the seller, Regent Properties, in this transaction. Sundberg and Stark will also handle the park’s leasing efforts, along with Dennis Visser, also of Cassidy Turley.
CORONA, CALIF. – Atkinson/Walsh has signed a lease for 50,000 square feet at a Coronaoffice building. The lease is valued at about $3.2 million. The building is located at 2455 Anselmo Drive. The design-builder joint venture will occupy two-thirds of the space. The company recently secured a contract with the Riverside County Transportation Commission (RCTC) for the SR-91 Corridor Improvement Project. The contract is valued at $632 million. The RCTC also plans to occupy a portion of the building during its collaboration with Atkinson/Walsh. The tenant was represented by Randy Parker and Steve Card of Travers Realty. The 75,000-square-foot office building was recently purchased by Bixby Land Company for an undisclosed sum. Bixby represented itself in the lease transaction.