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.
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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.
VIRGINIA GARDENS, FLA. — Marcus & Millichap has arranged the $7.5 million sale of a 134,743-square-foot office property, located at 6595 NW 36th St. in Virginia Gardens. The building is 67 percent leased to tenants in service industries including health care, insurance, real estate and government. Alex Zylberglait off Marcus & Millichap represented the seller, a Texas-based limited liability company, in the transaction, as well as the buyer, a North Miami Beach, Fla.-based limited liability company.
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 Russell of Jones Lang LaSalle.
DURHAM, N.C. — American Real Estate Partners has sold the three-building Keystone Park, located west of the Interstate 40/540 intersection in Durham, to an affiliate of Investcorp for $48.4 million. The portfolio is 94 percent leased to 23 tenants in the healthcare, research, technology and financial services industries. Paul Collins, Bill Collins, Drew Flood, Jud Ryan, James Cassidy and David Finger of Cassidy Turley represented the seller.