WALNUT CREEK, CALIF. – TIAA-CREF has acquired the 184-unit Park Lake Apartments in Walnut Creek for an undisclosed sum. The community is located at 100 Park Lake Circle. Community amenities include a heated swimming pool and spa, fitness center and assigned covered parking. The seller, Carmel Partners, was represented by HFF’s Nathan Blair, Adam Simon and Michael McDermott.
NORWALK, CALIF. — Norwalk Plaza, a 59,736-square-foot retail property, has received a $5-million mortgage. The property is located at 11660-11790 Firestone Blvd. in Norwalk. The loan features a five-year term and 30-year amortization schedule. Financing was arranged by Michael T. Elmore and Ory Schwartz of NorthMarq Capital’s Los Angeles regional office. It was arranged for a Los Angeles-based private investor through the firm’s correspondent relationship with a life insurance company.
SAN DIEGO – Dynamex has leased a five-year lease for a 59,317-square-foot industrial distribution warehouse in San Diego. The space is located at 7130 Miramar Road. The lease is valued at $2.5 million. The transportation service company will use this space as a distribution center. The company was represented by Evan McDonald of Colliers International. The landlord, Morgan Stanley, was represented by Ryan Spradling of Cassidy Turley.
Multifamily remains the most desirable asset class in Orange County due to a steady increase in apartment rental demand, strong sector fundamentals and the county’s emergence as a Southern California leader in the economic recovery. These factors have become a catalyst for a surge in multifamily asset construction. Apartment rental demand continues to grow in Orange County due to the high barriers to entry in the housing market and recent memories of the Great Recession. Median home values, which now exceed $580,000, place home ownership out of reach for many households. Orange County’s population also grew 4.31 percent from 2010 through 2014, according to Census data. This growth pattern is predicted to hold through 2019, with an expected increase in population of 5.17 percent, or an average of 32,478 residents annually. Orange County’s emergence as a leader in Southern California’s economic recovery is evidenced by superior employment rates in comparison to competing markets. Orange County experienced a high unemployment rate of 10.2 percent in January 2012. That rate has now declined 4.89 percent, as of May 2014. Orange County’s employment figures have increased investor confidence in the region, especially when compared to the national average of 6.3 percent, California’s 7.8 …
PALO ALTO, CALIF. — Bloomingdale’s has opened a 125,000 square-foot store at Stanford Shopping Center in Palo Alto. The three-level store contains 68 designer shops, more than 100 new brands. The new store will anchor the northeast side of the mall as part of a multi-phase renovation of the shopping center.
LOS ANGELES – A 39-unit apartment building in Studio City has sold to Raintree Partners for $9.5 million. The community is located at 4250 Coldwater Canyon Ave. It is fully occupied. Jim Fisher and Mike Smith of Lee & Associates-LA North/Ventura represented both the buyer and private seller in this transaction.
LOS ANGELES – A 28-unit apartment complex in Los Angeles has sold to Trion Properties for $6.8 million. The community is located at 4620 South Slauson Ave. It was built in 1988. Robert Narchi of Marcus & Millichap represented both the buyer and private seller in this transaction.
SAN DIEGO – McDonald Property Group and an entity owned by First Industrial Realty Trust have announced plans to develop La Pacifica II, a 237,275-square-foot industrial park in Oceanside. The $26-million project will be the first speculative industrial construction to occur in North San Diego since 2008, according to the developers. The three-building project will be located on a 15.8-acre site within the master-planned Ocean Ranch business park. It will be situated off Interstate 5 and Oceanside Boulevard. Ocean Ranch is also home to Coca Cola, Taylor Made and Genentech, among others. US Foods and FedEx will soon occupy space within the immediate area as well. The new project will feature three light warehouse manufacturing buildings that contain 108,413 square feet, 63,262 square feet and 65,600 square feet. This will be the first development project for McDonald Property Group, a company formed by Bruce McDonald in 2013. First Industrial Financing Partnership acquired the fully improved and entitled site from La Pacifica 2-Ocean Ranch LLC, an entity owned by Cruzan Monroe Investments, this past September for $9.6 million. La Pacifica 2-Ocean Ranch was represented by Aric Stark and Dennis Visser of Cassidy Turley in the sales transaction. The land was sourced …
SAN FRANCISCO — Uber Technologies has leased 77,600 square feet at the Monadnock Building in Downtown San Francisco. The 205,000-square-foot building is located at 685 Market Street. Uber will occupy four floors. The Monadnock Building was originally constructed in 1907. It is situated near Uber’s other San Francisco offices. It also offers employees easy access to the BART and MUNI. The property is within walking distance of Union Square. Uber will occupy this space by the end of the year. The landlord, Brookfield Property Partners, was represented by Chris Roeder, Jak Churton and Tom Doupe of Jones Lang LaSalle.
HAYWARD, CALIF. — KTR Capital Partners has acquired seven out of the eight buildings comprising the Hayward Corporate Center for an undisclosed sum. The high-tech R&D/flex space is located at 29902-20991 Cabot Blvd. in Hayward. The transaction contains a total of 208,420 square feet. The unnamed seller was represented by Steve Hermann and Robert Gilley of Cassidy Turley.