LOS ANGELES, SAN DIEGO – A non-performing loan that is secured by eight office properties and 16 buildings throughout Los Angeles and San Diego has sold. The unpaid principal balance on the loan is $148 million. The 16 buildings total 900,000 square feet and boast an overall occupancy rate just above 60 percent. The sale was executed by HFF’s Ryan Gallagher, Mark Fallon, Richard Plummer, Nick Psyllos, Andrew Harper and CJ Osbrink on behalf of a special servicer.
NEWARK, CALIF. — American Realty Advisors (ARA) and McShane Development Company have formed a joint venture to redevelop the 29-acre Cherry Logistics Center into a 575,000-square-foot distribution facility. The property is located at 38811 Cherry Street in Newark, a submarket of San Francisco’s East Bay. The eco-friendly facility will be built by McShane Construction Company in conjunction with HPA. It is scheduled to open in the fourth quarter of 2013.
ATLANTA — KBS Strategic Opportunity REIT has purchased the 393,502-square-foot Powers Ferry Landing East, an office complex located in Atlanta. The property includes three, six-story buildings. KBS and its affiliates now own more than 1.26 million square feet of commercial real estate space in the greater Atlanta area.
NEWTON, MASS. — The Yacobian Group, a retail consulting company, has signed a lease for 12,140 square feet of office space at the Riverside Center, located at 275 Grove St. in Newton. Yacobian is relocating from its former space in Maynard, Mass. The 508,000-square-foot Riverside Center is adjacent to the MBTA Riverside Terminal. The building includes a fitness center and cafe. Alex Dauria of Jones Lang LaSalle represented the landlord, Equity One, in the transaction. David Ross and Joe Sciolla of Cresa Boston represented the tenant.
LOS ANGELES, SAN DIEGO – A non-performing loan that is secured by eight office properties and 16 buildings throughout Los Angeles and San Diego has sold. The unpaid principal balance on the loan is $148 million. The 16 buildings total 900,000 square feet and boast an overall occupancy rate just above 60 percent. The sale was executed by HFF’s Ryan Gallagher, Mark Fallon, Richard Plummer, Nick Psyllos, Andrew Harper and CJ Osbrink on behalf of a special servicer.
NEWARK, CALIF. — American Realty Advisors (ARA) and McShane Development Company have formed a joint venture to redevelop the 29-acre Cherry Logistics Center into a 575,000-square-foot distribution facility. The property is located at 38811 Cherry Street in Newark, a submarket of San Francisco’s East Bay. The eco-friendly facility will be built by McShane Construction Company in conjunction with HPA. It is scheduled to open in the fourth quarter of 2013.
CHICAGO — Crews have broken ground on a new office for Sarah's Circle, a social services agency, at 4836 N. Sheridan Road in Chicago. The agency supports women who are homeless or at risk of homelessness. The 14,000-square-foot building will house a daytime program, office space for housing services, case management and clinical services, and 10 apartments for women with a history of chronic homelessness. Features will include new offices, bathrooms, an elevator and full kitchen area. Summit Design + Build will construct the facility and Mayber Brown and Perkins + Will will design the project.
GRAPEVINE — GCC Project Owner has purchased the 33,995-square-foot Capital Center I & II, an office property located at 1235 and 1245 S. Main St. in Grapevine. David Glasscock and Wade Smith of Colliers International represented the seller, OneWest Bank, in the transaction.
SCOTTSDALE, ARIZ. – A 47,366-square-foot office building inside the Perimeter Center Business Park in North Scottsdale has sold to Scottsdale Investment Management for $3.3 million. The building is located at 17800 N. Perimeter Drive. It was built in 2000 and was 88 percent occupied at the time of sale. The seller, FH Arizona Properties, was represented by Eric Wichterman, Mike Coover and Mike Kitlica of Cassidy Turley BRE Commercial.
NATIONAL CITY, CALIF. – . ITT Educational Services has leased 45,000 square feet at South Bay Corporate Center in the San Diego submarket of National City. The center is located at 401 Mile of Cars Way. ITT will be relocating from its current location in nearby Kearny Mesa. This newest lease brings the center to a 22 percent occupancy rate. ITT was represented by Don Mitchell of Cresa Partners. The landlord, Greenlaw Partners, was represented by Tony Russellof Jones Lang LaSalle.