California

Progressive Real Estate Negotiates $5.8M Sale of Retail Center in Moreno Valley

by Nellie Day March 22, 2016

MORENO VALLEY, CALIF. — Progressive Real Estate Partners has arranged the sale of Plaza De Majorca, a shopping center located at 12220 Pigeon Pass Road in Moreno Valley. A Gardena, Calif.-based private investor acquired the asset from Continental Investment Group for $5.8 million. Circle K and Farmer Boys anchor the 38,872-square-foot retail center. Greg Bedell , Paul Su and Brad Umansky of Progressive Real Estate Partners represented the seller, while William Larson of Sonnocco Real Estate Group represented the buyer in the transaction.

March 22, 2016

California Retail Western

Voit Real Estate Services Negotiates $6M Sale of Retail Property in San Diego

by Nellie Day March 21, 2016

SAN DIEGO — Voit Real Estate Services has arranged the sale of an investment property located at 2576 Clairemont Drive in San Diego. Bella Lago LLC acquired the 25,461-square-foot property from Sunshine Finance Corp. for $6 million. A 7-Eleven and Washman USA currently occupy the asset. Kipp Gstettenbauer and Ryan King of Voit Real Estate Services represented the buyer in the transaction.

March 21, 2016

California Industrial Western

Camisasca Living Trust Buys Industrial Building in California for $3.7M

by Nellie Day March 21, 2016

LAKE FOREST, CALIF. — Camisasca Living Trust has purchased an 18,156-square-foot industrial building in Lake Forest for $3.7 million. The building is located at 20341 Hermana Circle. The trust plans to use the facility to manufacture and distribute car accessories. NGKF’s David L. Kluver represented the seller, Amkly Enterprises LLC, in this transaction.

March 21, 2016

California Retail Western

NGKF Completes $2.9M Sale of Retail Property in Lake Forest

by Nellie Day March 21, 2016

LAKE FOREST, CALIF. — Newmark Grubb Knight Frank has brokered the sale of two-tenant, triple-net leased retail property located at 29100 Portola Parkway in Lake Forest. Amkly Enterprises purchased the asset from Salok CA LLC for $2.9 million. Built in 2002, the Clineva Urgent Care and Patchs Coffee fully occupy the property. David Kluver of NGKF represented the buyer in the transaction.

March 21, 2016

California Retail Western

Shea Properties Brings Two New Restaurants to Alhambra Place

by Nellie Day March 21, 2016

ALHAMBRA, CALIF. — Shea Properties has signed two new restaurants to Alhambra Place in Alhambra. Slated to open in late summer, the two restaurants will be located on the corner of Main and Garfield. Big Catch Seafood House specializes in Cajun-style cooking, and Tokyo Table is a contemporary Japenese restaurant. Sprouts Farmers Market anchors the 140,000-square-foot Alhambra Place.

March 21, 2016

California Retail Western

HFF Secures $22.75M Refinancing for Retail Center on U.S./Mexico Border

by Nellie Day March 18, 2016

SAN YSIDRO, CALIF. — HFF has secured a $22.75 million refinancing for The Plaza at the Border, a 98,120-square-foot retail center located along the U.S./Mexico border in San Ysidro. Aldon Cole and Tim Wright of HFF worked on behalf of the borrower, The Shamrock Group LLC, to place the three-year, floating-rate loan with NorthStar Real Estate Income II Inc. Tenants at the center include T.J. Maxx, Ross Dress for Less, Vitamin Shoppe, Fashion Q, Rue 21 and Ulta Beauty.

March 18, 2016

California Office Western

Tri Counties Bank Buys New HQ in Roseville for $7.9M

by Nellie Day March 18, 2016

ROSEVILLE, CALIF. — Tri Counties Bank has acquired a 40,000-square-foot office building in Roseville for $7.9 million. The building is located at 3700 Douglas Blvd. within the Slate Creek Corporate Center. It will serve as Tri Counties’ new regional headquarters. Robb Osborne, Cole Sweatt and Brandon Sessions of TRI Commercial/CORFAC International represented the buyer. The seller was Ellis Partners LLC.

March 18, 2016

California Office Western

Tarsadia Investments Leases Office Space Near Newport Beach’s Fashion Island

by Nellie Day March 17, 2016

NEWPORT BEACH, CALIF. — Tarsadia Investments has leased the top floor of a 21-story office building that sits across from Fashion Island in Newport Beach. The property is located at 520 Newport Center Drive. The financial company will occupy 18,000 square feet. The new lease brings the property’s occupancy to about 85 percent. Nearly half of the larger Newport Center’s 2.5 million square feet of office space is leased to financial services companies. Tarsadia will share a building with other financial institutions, including Merrill Lynch, Janus Capital Group, Wing Lung Bank, Stifel, Nicolaus & Co., Wells Fargo Advisors and Hightower Advisors. Irvine Company Office Properties owns the building. Additional banking, investment and financial companies that boast office space within Newport Center include PIMCO, Allianz, Pacific Life, UBS Financial Services, Oppenheimer, J.P. Morgan, BNY Mellon, Northern Trust, Morgan Stanley, Aviation Capital Group, ROTH Capital Partners, U.S. Trust and City National Bank.

March 17, 2016

California Office Top Stories Western

Google to Buy Eight Silicon Valley Office Buildings from NetApp for $250M

by John Nelson March 17, 2016

SUNNYVALE, CALIF. — Google Inc. (NASDAQ: GOOG) has entered into a purchase agreement to buy eight office buildings in Silicon Valley from NetApp (NASDAQ: NTAP) for $250 million, according to a document filed with the Securities and Exchange Commission on March 9. The tech companies amended the filing on March 11. NetApp plans to lease back an unspecified portion of the office footprint from Google, according to the filing. The office properties, located in Sunnyvale in Santa Clara County, include the following: • 1299 Orleans Drive (46,170 square feet) • 1277 Orleans Drive (42,624 square feet) • 1260 Crossman Ave. (95,464 square feet) • 1240 Crossman Ave. (125,648 square feet) • 549 Baltic Way (110,160 square feet) • 641 Baltic Way (88,320 square feet) • 611 Baltic Way (43,372 square feet) • 633 Caribbean Drive (43,372 square feet) According to the filing, the sale is expected to close prior to April 12, 2016, and in no circumstance later than April 22. NetApp, a data storage management provider and servicer, recently announced it would cut roughly 12 percent of its workforce, according to the Silicon Valley Business Journal. NetApp currently has more than 12,000 employees in more than 150 offices worldwide. …

March 17, 2016

California Office Western

Hileman Cowley Partners Acquires Victory Studios in Burbank for $15.3M

by Nellie Day March 16, 2016

LOS ANGELES — Hileman Cowley Partners has purchased Victory Studios, a 56,547 –square-foot television production and broadcast center in the Los Angeles submarket of Burbank, for $15.3 million. Telepictures Productions, a division of Warner Bros. Entertainment, currently occupies the studio. The company has occupied the property since 1994. Telepictures produces television shows like Extra, the Ellen DeGeneres Show and TMZ. Hileman Cowley purchased the existing ground lease and the underlying land. The assets were held by different entities. Mike Guterman and Brad Sevier of Highland Realty Capital arranged a non‐recourse, fixed-rate bank acquisition loan for the transaction. Andrew Burke and Mark Evanoff of Avison Young represented the undisclosed seller.

March 16, 2016

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