California

Monterey VA Health Care Center in Marina Receives $99.4M Loan

by Nellie Day February 4, 2015

MONTEREY, CALIF. — Monterey VA Health Care Center in the Monterey County submarket of Marina has received a $99.4-million construction-to-permanent loan. The 141,000-square-foot healthcare facility will be located on the former Fort Ord military base. The facility is currently under construction. Veteran Affairs will occupy the majority of the building, with the remaining space going to the Department of Defense for the next 20 years. The center will provide primary and specialty care to tens of thousands of patients in the surrounding area. The non-recourse, fixed rate loan will amortize over a 20-year term. It was arranged by George Mitsanas, Peter Hillakas and Michelle Hsieh of Newmark Realty Capital, as well as by Mesirow Financial. Newmark will service this loan for its life company correspondent lender.

February 4, 2015

California Office Western

Westcore Properties Buys Sunnyvale Office Building, Data Center

by Nellie Day February 4, 2015

SUNNYVALE, CALIF. — Westcore Properties has acquired a 165,497-square-foot property in Sunnyvale for $52.7 million. The property is located at 1390 and 1400 Kifer Road. The acquisition includes a three-story office building and a single-story data center. The vacant office building will undergo a major renovation, including a new outdoor tenant area, refreshed landscaping, and new finishes to the lobby and interior. The data center is occupied by CenturyLink. The property is less than a mile from CalTrain. The seller, WTA Development, was represented by DTZ’s Steve Horton and Kelly Yoder, and by CBRE’s Joe Moriarty and Brad Zampa. DTZ will also handle the leasing assignment.

February 4, 2015

California Industrial Western

Alere Buys Cerritos West Industrial Park for $43.8M

by Nellie Day February 4, 2015

CERRITOS, CALIF. — Alere has acquired Cerritos West Industrial Park, a seven-building, 395,177-square-foot property, for $43.8 million. The park is located at 13311-13317 166th Street, 16301-16431 Carmenita Road and 16210-16448 Manning Way in Cerritos. Cerritos West is fully leased by 14 tenants, including Future Metals, Bunn-o-Matic and Maruka Machinery Co., a parent company to Maruka, USA. The park has freeway access to interstates 5, 605, 105, 710, 405 and 110, as well as state routes 91, 57 and 60. CBRE’s Darla Longo, Barbara Emmons, Rebecca Perlmutter Finkel and Laird Perkins represented both the buyer and seller, CBRE Global Investors, in this transaction.

February 4, 2015

California Industrial Western

Keolis Transit America Renews Industrial Lease Near LAX

by Nellie Day February 4, 2015

LOS ANGELES – Keolis Transit America has renewed its lease at Skyview Center at 6053 W. Century Blvd. The facility serves as the company’s North American headquarters. The public transportation provider was represented by Sean Westgate of Cresa Los Angeles. The landlord, Los Angeles World Airports, was represented by Tom Sheets of Cushman & Wakefield.

February 4, 2015

California Retail Western

Carter’s Opens at Westgate Center in San Jose

by Nellie Day February 4, 2015

SAN JOSE, CALIF. – Carter’s has opened a 9,505-square-foot outpost in the Westgate Center in San Jose. The center is located at the northeast corner of Hamilton and Saratoga. It is anchored by Target, Nordstrom Rack, Walmart Neighborhood Market, Nike Factory Store, Old Navy, Burlington Coat Factory, Michaels and Ross. Carter’s was represented by Dawn Greiner and Laura Tinetti of SRS Real Estate Partners. The landlord is Federal Realty Investment Trust.

February 4, 2015

California Multifamily Western

LA Multifamily Portfolio Trades for $13.4M

by Nellie Day February 3, 2015

LOS ANGELES – A three-property multifamily portfolio in Los Angeles has sold to an unnamed buyer for a total of $13.4 million. The communities included in the acquisition are the 34-unit Strohm Apartments in North Hollywood; the 30-unit Ratner Apartments in Sun Valley; and the 21-unit Hollywood Way Apartments in Burbank. Warren Berzack, Stephen Geiger, Jim Fisher and Mike Smith of Lee & Associates-LA North/Ventura represented both the buyer and unnamed sellers in this transaction.

February 3, 2015

California Industrial Western

7-Eleven Leases Warehouse Space in Santa Fe Springs

by Nellie Day February 3, 2015

SANTA FE SPRINGS, CALIF. – 7-Eleven has signed a seven-year lease for 146,326 square feet of warehouse and distribution space in the Los Angeles submarket of Santa Fe Springs. The space is located at 12330 Lakeland Road. It will include 35,000 square feet of new cooler space. The convenience store operator was represented by Chuck Wilson and Jon Thys of Colliers International. The landlord, Carson Companies, was represented by CBRE’s Rick McGeagh.

February 3, 2015

California Industrial Western

Bayside Technology Park in Fremont Sells for $5.3M

by Nellie Day February 3, 2015

FREMONT, CALIF. – Bayside Technology Park, a 46,944-squre-foot industrial facility in Fremont, has sold to Crest Properties for $5.3 million. The park is located at 46107-46127 Landing Parkway. The unnamed seller was represented by Steve Kapp of Cornish & Carey Newmark Knight Frank and Jim and Craig Kovaleski of Cassidy Turley.

February 3, 2015

California Market Reports Office Western Western Market Reports

LA’s Office Market is Alive

by Nellie Day February 3, 2015

Construction on the 73-story Wilshire Grand Hotel, office and retail complex in Downtown Los Angeles’ Financial District, coupled with Google’s recent purchase of 12 acres for development in Playa Vista prove the region’s office market is alive and well. It may even be enjoying a bit of a rebirth in this post-recovery period. Los Angeles, unlike many other comparable U.S. metropolitans, is composed of several distinct business centers that make it difficult to generalize about the overall market. Separated by only a few miles, there are nonetheless very distinct markets that comprise LA, due, in no small part, to the lack of a fully integrated public transportation system and long-standing traffic that remain a barrier to full connectivity between the various areas. With that in mind, there are some very evident trends emerging out of Downtown and the Westside, which includes Century City, Westwood, Santa Monica, Playa Vista and adjacent cities. Downtown is enjoying a resurgence. It now has a real live-work vibe due, in large part, to the highly successful LA Live mixed-use hotel, retail and entertainment development adjacent to Staples Center. A variety of high-rise condominiums and apartments now make it possible to actually live Downtown. With new …

February 3, 2015

California Office Western

The Carlyle Group Buys Vasona Technology Park in Campbell

by Nellie Day February 2, 2015

CAMPBELL, CALIF. – The Carlyle Group has acquired Vasona Technology Park, a 314,256-square-foot office/flex center in Campbell, for an undisclosed sum. The seven-building center is located at 200-250 E. Hacienda and 1315-1357 Dell Ave. The seller, Hines Interests L.P., was represented by DTZ’s Eric Fox, Robert Gilley and Steve Hermann.

February 2, 2015

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