California

VALENCIA, CALIF. — The Automobile Club of Southern California is relocating its insurance claims operation to a Class A office building in the Summit At Valencia on Turnberry Lane. Mark Esses, a broker with California Realty Group who represented the Auto Club, said the company was looking for a new home for six to nine months. Esses represented the Auto Club along with Keith Kleinman. The company’s current operations are situated on Tourney Road. Kevin Fenenbock and John Erickson of Colliers International represented the landlord, Great Point Investors, in this transaction. The Auto Club absorbed the building’s entire ground floor, which equated to 29,000 square feet. The lease represents roughly half of the entire building. AAA is expected to move its regional insurance claims unit and other related groups to the new office by the third quarter of this year, said a spokesperson for the insurance group. The AAA member’s branch will continue to operate on Valencia Boulevard. There is no change for Auto Club members.  

SAN FRANCISCO — Berkadia has arranged a $70 million refinancing for The Mills Building, a 440,000-square-foot, historic building in downtown San Francisco. The landmark structure is located at 220 Montgomery St. The building is 95 percent leased to tenants like the New York Stock Exchange, Pocket Gems, Mazzetti, Seiler LLP, Haworth and the University of California, San Francisco. The 10-year, full-term, fixed-rate loan features interest-only payments. It was used to refinance existing debt on the property. Mitch Thurston and Andy Ahlers of Berkadia secured the financing through Voya Investment Management on behalf of the Swig Co.