IRVINE, CALIF. — CPT Group has purchased a 14,208-square-foot corporate headquarters building in Irvine for $5.3 million. The building is located at 50 Corporate Park. CPT Group was looking for a new headquarters with a significant amount of parking. The class-action settlement administration company will occupy the new space in the first quarter of 2017. Chuck Hardy of Lee & Associates represented CPT, while the firm’s John Collins represented the seller, North Tustin Investment Group LLC.
LOS ANGELES — Fandango has announced plans to relocate its headquarters within Los Angeles. The digital movie network has signed a lease for the top two floors of 407 Maple Drive in Beverly Hills. Its current office is located at 12200 W. Olympic Blvd. The relocation will occur in mid-2017. Fox Interactive Media previously occupied the space, which Tishman Speyer owns. David Toomey and Brian Davies of Cresa represented Fandango. Tishman Speyer was represented in-house by John Ollen and Patrick Nally.
MORENO VALLEY, CALIF. — HFF has secured a $7.3 million refinancing for Ironwood Plaza, a 56,289-square-foot shopping center located in the Inland Empire community of Moreno Valley. Tenants at the center include 99 Cents Only, Bank of America, Aqua Pura, Angela’s Nail Salon, Lorenzo’s Italian Restaurant and Video Vision. Jeff Sause of HFF worked on behalf of the borrower, an undisclosed private investor, to place the 10-year, fixed-rate loan with a local bank. Loan proceeds were used to pay off an existing CMBS loan and cover leasing and closing costs.
SAN FRANCISCO — Carey Watermark Investors 2 Inc. (CWI 2) has acquired The Ritz-Carlton, San Francisco for an undisclosed price. The 336-room hotel is located in the heart of the Nob Hill neighborhood of San Francisco along the California Cable Car line. The nine-story building was originally developed in 1909 and designed by Napoleon Le Brun & Sons of New York. The property received landmark status from the City of San Francisco in 1984, and re-opened as The Ritz-Carlton in 1991. Over $20 million of capital improvements have been completed since 2014. Recent improvements include the renovation of all guest rooms; updates to the lobby, including the addition of two retail outlets; the addition of a fitness center; renovations to the L’Occitane Spa, which includes a wine tasting lounge and jewelry boutique; and renovations to the hotel’s meeting space, which includes a 9,400-square-foot ballroom and 2,200 square feet of interior courtyard and function space. The Ritz-Carlton Company LLC, an affiliate of Marriott International, will continue to manage the property following the sale. The seller was not disclosed. Carey Watermark Investors 2 is a non-traded, publicly registered REIT that invests primarily in the hospitality sector. Affiliates of W. P. Carey Inc. …
PALO ALTO, CALIF. — Marcus & Millichap has arranged the sale of a 18,555-square-foot neighborhood shopping center located at 2615-2699 Middlefield Road in Palo Alto’s Midtown district. A private family ownership group sold the property to a local investor for $15.3 million, or $822 per square foot. Kirk Trammell, David Cutler and Joshua Johnson of Marcus & Millichap represented the seller in the transaction.
UPLAND, CALIF. — Planet Fitness has leased retail space at 1028 N. Mountain Ave. in Upland from Smart & Final. The tenant plans to open a 21,178-square-foot gym at the location, which is adjacent to Smart & Final Extra! Pablo Velsaco of Progressive Real Estate Partners represented the landlord, while Lauren Dressler of Oak Place Partners represented the tenant in the deal.
WEST HOLLYWOOD, CALIF. — Fred Segal has signed a long-term lease with CIM Group for 22,000 square feet of ground-level retail space at 8500 Sunset, a residential building on Sunset Boulevard in West Hollywood. Fred Segal Sunset will feature a variety of retail offerings, a café, fitness studio, salon, wine shop, florist and indoor/outdoor restaurant.
SAN FRANCISCO — Buckhorn Grill has signed a 10-year lease for a restaurant space located at 619 Market St. in San Francisco. The tenant plans to open a 6,571-square-foot restaurant at the space, which was formerly occupied by Boudin Bakery, in May 2017. Andrew Lindsey of SRS Real Estate Partners represented the tenant, while Mary Kate Banchero and Courtney Griffin of Cushman & Wakefield represented the landlord, CPF 33 New LLC, in the transaction. Buckhorn Grill currently operates 10 restaurants in Northern California.
SAN DIEGO — Kearny Real Estate Company has purchased the 364,000-square-foot office component of Emerald Plaza in San Diego for $91.7 million. The office component features four hexagonal towers ranging from 20 to 30 stories. Emerald Plaza includes a connected 436-room hotel operated by Westin Hotel, which was not part of the transaction. Emerald Plaza encompasses a full city block at 402 W. Broadway in downtown San Diego. The plaza, which Deutsche Bank has owned since 2005, was 70 percent leased at closing. Local developer and entrepreneur Sandy Sharpery built the property in 1990. HFF’s Ryan Gallagher, Nick Psyllos, Nick Frasco and Michael Leggett represented Deutsche Bank. CBRE’s Ryan Grant, Matt Carlson and Jeff Oesterblad will head up the leasing efforts at Emerald Plaza.
SAN DIEGO — TH Real Estate, a division of TIAA Global Asset Management, has acquired BLVD63, a 1,379-bed student housing community located near San Diego State University. Community amenities include a clubhouse, media room, game room, fitness center and study lounges. The seller was not disclosed.
