CORONA, CALIF. — NAI Capital has arranged the sale of a freestanding, 9,000-square-foot retail property located within a grocery-anchored shopping center located at 1187 E. Magnolia Ave. in Corona. Boca Raton, Fla.-based KC Propco sold the property to Newport Beach, Calif.-based Corona Temescal Village5 for $2.1 million, or $235 per square foot. By the end of escrow, the property was fully leased. Mario Alvarez and Lidia Talavera of NAI Capital represented the seller.
OCEANSIDE, CALIF. — Lee & Associates has completed a lease for 12,945 square feet of retail space at 2550 Jason Court within the Jason Court Business Park in Oceanside. Black Plague Brewing plans to open in the location sometime in the next six months. Monique Medley of Lee & Associates – North San Diego County represented Black Plague Brewing, while Bob Willingham of Kidder Mathews represented the landlord, Southwest Greene International Inc. The lease was valued at approximately $724,000.
LOS ANGELES — Hudson Pacific Properties (NYSE: HPP) has closed on its previously announced $311 million acquisition of 11601 Wilshire Boulevard, formerly known as the Wells Fargo Center, in Los Angeles. 11601 Wilshire was built in 1983 and serves as the gateway to the Brentwood/Westside office market, with its location at the corner of San Vicente and Wilshire boulevards. The building has 25 floors totaling 500,475 square feet. HPP bought the property from funds managed by The Blackstone Group. The building was 83 percent occupied at the time of closing. Blackstone bought the building in 2006 for $164 million, according to the Los Angeles Business Journal. HPP plans to renovate and increase occupancy at the building. “We intend to further elevate this asset within the marketplace, spending capital wisely to facilitate lease-up and create value for our stockholders,” says Victor Coleman, chairman and CEO of HPP. HPP is among the tenants in the building, where the REIT has had its headquarters since the company’s initial public offering in July 2010. To build capital for the acquisition, HPP sold One Bay Plaza, a 195,739-square-foot office tower in Burlingame, for $53.4 million in early June. The company also received $28.5 million in proceeds from …
SAN FRANCISCO — Sidra Montgomery LLC has received $98 million in acquisition financing to purchase the Bank of the West building in San Francisco. The 25-story office property is located at 180 Montgomery St. in the Financial District. The property recently underwent a $9 million renovation and holds LEED-Gold Certification. Bank of the West occupies 40 percent of the space. JPMorgan Chase & Co. provided the 10-year loan. It features a fixed rate below 4 percent and full-term, interest-only payments. Tal Bar-Or, Raj Khatiwala and Kyle Kite of Meridian Capital Group negotiated the transaction.
SCOTTSDALE, ARIZ. — TruAmerica Multifamily has purchased the 644-unit Scottsdale Springs apartment complex for $81 million. The community is located at 7791 E. Osborn Road in Scottsdale. Scottsdale Springs was built in 1980. TruAmerica plans to renovate the property, which will include the addition of a clubhouse, fitness center, and media and business center. It will also include a new rooftop lounge overlooking a redesigned resort-style pool. CBRE’s Tyler Anderson and Sean Cunningham represented the seller, Abacus Capital Group, in this transaction.
PORTLAND, ORE. — KBS Capital Advisors has purchased the Commonwealth Building, a 216,099-square-foot, creative-tech office tower in Portland, for $69 million. The building is located at 421 S.W. 6th Ave. The space was originally built in 1948. The Commonwealth Building was renovated between 2013 and 2015 when the mid-century building was converted into a creative-tech office tower. HFF secured a $47.4 million, five-year, floating-rate acquisition loan through an insurance company for the buyer. The firm also assisted the seller, Unico Properties LLC, in this transaction.
LOS ANGELES — Lincoln Property Co. has purchased Wateridge, a Class A office campus in West Los Angeles, for an undisclosed sum. The six-building campus is situated on the corner of La Cienega Boulevard and Slauson Avenue. The property was originally constructed in 1989. Notable tenants include Kaiser Permanente, the L.A. County Department of Children and Family Services and Evolve Media. The space also contains a multi-tenant retail building and a standalone 24 Hour Fitness. LPC Realty Advisors I LP, an affiliate of Lincoln Property Company, arranged the acquisition.
SEATTLE — Pet supplies retailer Petco will remodel 12 stores in the Seattle area and one in San Diego this month. The Seattle-area stores will host grand re-opening celebrations on July 29. The locations are in Seattle (Holman Road, North 205th Street, 15th Avenue and Northeast 45th Street); Federal; Kirkland; Covington; Everett; Redmond; Lynwood; Gig Harbor; and Olympia, Wash. The San Diego location will celebrate a grand re-opening on July 22. Petco operates more than 1,430 locations across the U.S., Mexico and Puerto Rico, including more than 115 Unleashed by Petco locations, a smaller format neighborhood shop.
SANTA MONICA, CALIF. — Boston Properties Inc. (NYSE: BXP) has completed the previously announced acquisition of a 49.8 percent interest in Colorado Center, a 1.2 million-square-foot office campus in Santa Monica. The Boston-based REIT purchased the minority stake from Blackstone (NYSE: BX) for approximately $511.1 million. Teachers Insurance and Annuity Association (TIAA) owns the remaining 50.2 percent interest in Colorado Center. Boston Properties will be the managing partner of the TIAA-Boston Properties joint venture. Situated in Los Angeles County, Colorado Center comprises six office buildings and a three-level, 3,100-space underground parking garage. There is currently no debt on the property, according to Boston Properties. The asset was 68 percent leased at the time of sale. The acquisition marks the entry to metro Los Angeles for Boston Properties, which has previously focused on four other gateway markets: Boston, New York, San Francisco and Washington, D.C. “We are very pleased to enter the Los Angeles market through our acquisition of Colorado Center,” says Owen Thomas, CEO of Boston Properties. “Colorado Center is a proven and premier office campus, which provides us the opportunity to use our real estate skills to enhance and lease the property and realize the substantial upside potential we …
REDMOND, WASH. — Emerald Communities has completed the $60 million expansion of Emerald Heights, a nonprofit continuing care retirement community in the Seattle suburb of Redmond. The expansion included a 43-unit independent living addition named Trailside, new health services clinic, full-continuum-of-care addition named The Corwin Center, fitness center, auditorium and new dining venue. Emerald Heights is located on 38 acres and is home to more than 550 seniors. The community opened in 1992. Emerald Communities is a nonprofit operator of continuing care retirement communities. Its second community, the 275-unit Heron’s Key, is currently under construction in Gig Harbor, another suburb of Seattle.
