Western

RAF Pacifica Buys San Diego Manufacturing, Distribution Center for $3.7M

by Nellie Day January 12, 2017

SAN DIEGO — RAF Pacifica Group has purchased a 31,246-square-foot manufacturing and distribution center in the San Diego submarket of San Marcos for $3.7 million. The center is located at 1880 Diamond St. Known as La Costa Meadows, the facility features office space and HVAC production areas, as well as dock- and grade-level loading and 26-foot-clear heights. Isaac Little, Marko Dragovic and Chuck Hardy of Lee & Associates represented both the buyer and the seller, DonMar LLC, in this transaction.

January 12, 2017

California Office Western

Belvedere Place Office Building in Marin County Changes Hands

by Nellie Day January 12, 2017

MILL VALLEY, CALIF. — A partnership between ScanlanKemperBard and Angelo, Gordon & Co. has acquired the 103,000-square-foot Belvedere Place office building in the Marin County city of Mill Valley for an undisclosed sum. The Class A office building is located at 1 and 2 Belvedere Place, about 14 miles north of San Francisco. It was built in 2000. The partnership plans to update the building’s exterior and landscaping. It will also add a gym with showers, as well as lockers, bike lockers and bike storage. Belvedere Place was 60 percent leased at the time of sale. Notable tenants linclude UBS and Merrill Lynch Wealth Management. Haden Ongaro, Mac Cranford and Mark Carrington of Newmark Cornish & Carey represented both the buyer and the seller, Bently Holdings, in this transaction. The team is also serving as the property’s leasing agents.

January 12, 2017

California Multifamily Student Housing Western

Hensel Phelps, Mithun to Build $142M Phase II of Student Housing Project at UC San Diego

by Nellie Day January 11, 2017

SAN DIEGO — The University of California, San Diego has selected a partnership between contracting firm Hensel Phelps and design firm Mithun to build Phase II of its East Campus graduate student housing project. Phase II, to be named Nuevo West, will consist of two buildings totaling 442,000 square feet. The $142 million development will offer 880 beds, 1,350 parking stalls, outdoor gathering space, a market, café and social amenity space. Eighty of the beds at Nuevo West will be reserved for families and patients undergoing medical treatments at the adjacent UCSD medical center. Phase II will be located adjacent to the first phase of the project, Mesa Nueva, a $208.6 million development consisting of 1,355 beds for graduate and professional students. Phase I of the project is under construction now, with an anticipated opening in 2017. Phase II is slated for completion in 2019 .

January 11, 2017

Multifamily Utah Western

Cobblegate Apartments in Sandy Sells for $93.8M

by Nellie Day January 11, 2017

SANDY, UTAH — Col Rich has acquired the 416-unit Cobblegate Apartments in Sandy for $93.8 million. The community is located at 910 E. 9000 South. Cobblegate Apartments is situated near Dimple Dell Regional Park, the Jordan Commons Megaplex Theatres and South Towne Center, a 1,300,000-square-foot shopping mall. Community amenities include underground parking, attached and detached garages and carports, a swimming pool, hot tub, large fitness center, playground, and clubhouse. Daniel Shin and Brock Zylstra of Marcus & Millichap represented the seller, a local developer, in this trasnsaction.

January 11, 2017

Loans Office Washington Western

Greenbridge Obtains $73M Loan for Creative Office Conversion in Seattle

by Nellie Day January 11, 2017

SEATTLE — Greenbridge Investment Partners has obtained a $73 million loan for the conversion, renovation and stabilization of the Seattle Design Center. The two-building center is situated in the Georgetown submarket of Seattle. Greenbridge has divided and rebranded the asset to include the 157,000-square-foot Seattle Design Center and the 280,000-square-foot Georgetown Squared (G2). Greenbridge purchased the asset in 2015 for $24.9 million. The center was 43 percent occupied at the time. Greenbridge renovated the Seattle Design Center building and consolidated its showroom/design tenants into one building. The firm is now turning its attention to the repositioning of the G2 building, which will be converted from showroom space into creative office. The G2 office building will offer 60,000-square-foot floorplates, exposed ceilings and concrete floors, glass walls for natural light, and unobstructed views of downtown Seattle and Mt. Rainier. It will also include full-service amenities like an upscale fitness center and conference center. The non-recourse bridge loan closed at 59.7 percent loan-to-value for a 24-month term with one 12-month extension option. An initial $49 million was funded at closing, with an additional $24 million that will pay for G2’s renovation, construction, tenant improvements and leasing commissions. Steve Bram of George Smith Partners …

January 11, 2017

Office Oregon Western

ARA, Unico Acquire Congress Center Office Tower in Portland

by Nellie Day January 11, 2017

PORTLAND, ORE. — A joint venture between American Realty Advisors (ARA) and Unico Properties LLC has purchased the 23-story Congress Center in Portland for an undisclosed sum. The office tower is located at 1001 S.W. 5th Ave. Congress Center was built in 1980. The JV plans to upgrade the lobby, fitness center and bike parking. It will also add amenities like an outdoor deck to encourage creativity and collaboration among tenants. HFF’s Nick Kucha and Michael Leggett represented the seller. The firm’s Tom Wilson and Erica Christensen assisted the JV in securing a floating-rate acquisition loan through RBC Capital Markets.

January 11, 2017

California Multifamily Western

Sentre Purchases Sommerset Suites Hotel in San Diego for Multifamily Conversion

by Nellie Day January 11, 2017

SAN DIEGO — Sentre has purchased the 80-room Sommerset Suites Hotel in San Diego for an undisclosed sum. The asset is located at 606 Washington St. in the Hillcrest submarket. The property was originally designed in the late 1980s as a boutique apartment community. The sellers converted the property into a hotel in the mid-90s, leaving most of the apartment amenities intact. This included a heated pool and spa, barbeque area, dining room and business center. Sentre is repositioning the property into the Whiston, an 80-unit boutique apartment community. Sentre received a five-year, fixed-rate loan that was placed with a life insurance company. Financing will be used to purchase the hotel and fund the repositioning. HFF’s Hunter Combs and Scott Hall executed the transaction. Aldon Cole led HFF’s debt placement team.

January 11, 2017

California Office Retail Top Stories Western

Kilroy Realty Corp. Buys The Sunset Mixed-Use Project in West Hollywood for $210M

by Nellie Day January 11, 2017

LOS ANGELES — Kilroy Realty Corp. has purchased The Sunset, a 179,000-square-foot mixed-use development in the West Hollywood submarket of Los Angeles, for $210 million. The property is located at 8560-8590 Sunset Blvd. on the famous Sunset Strip. The seller, Broadreach Capital Partners, acquired the asset from Apollo Real Estate in 2006 for $105 million. The Sunset occupies 2.2 acres along Sunset Boulevard. It features a 72,000-square-foot office tower and a three-building retail plaza atop a 107,000-square-foot subterranean parking structure. The transaction also includes three billboards atop the retail buildings that were fully leased in December 2016. The complex is 88 percent leased with a large fashion and health/fitness presence, including Equinox, SoulCycle, H&M and Oliver Peoples. The site previously held the headquarters for Playboy Entertainment. The Sunset is adjacent to CIM’s $365 million Sunset La Cienega mixed-use project, which will include residential units, a hotel and ground-floor retail space. HFF’s Ryan Gallagher, Michael Leggett, Bryan Ley, Andrew Harper and Tim Geiman represented Broadreach in the transaction. — Nellie Day

January 11, 2017

California Industrial Loans Western

Yellow Iron Investments Receives $69M Loan to Build Arcadia Logistics Center

by Nellie Day January 10, 2017

ARCADIA, CALIF. — Yellow Iron Investments has received a $69 million construction loan for the Arcadia Logistics Center industrial facility in Arcadia. The Class A facility will be situated on 40 acres directly adjacent to the San Gabriel (605) Freeway. Arcadia Logistics Center will feature three buildings totaling 698,000 square feet. An additional 42 acres at the site are ground leased to a national build-to-suit developer. Fullmer Construction will build the center. The loan has a three-year initial term with two one-year extension options. It features interest-only payments during both the initial and extension terms. Keystone Mortgage Corp. provided the financing.

January 10, 2017

Arizona Retail Western

Regency Centers Sells Pima Crossing Shopping Center in Arizona for $46.2M

by Nellie Day January 10, 2017

SCOTTSDALE, ARIZ. — Regency Centers L.P. has sold Pima Crossing, a 283,275-square-foot shopping center located in Scottsdale, for $46.2 million. An entity formed by Los Angeles-based Karlin Real Estate bought the property. PGA Superstore anchors the center, which is also home to Pier 1 Imports, Lifetime Fitness, Stein Mart, Scottsdale Beer Co. and Discount Patio. Michael Hackett and Ryan Schubert of Cushman & Wakefield represented the seller in the transaction.

January 10, 2017

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