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CaliforniaOfficeWestern

Progressive Real Estate Partners Brokers $2.2M Sale of Retail/Office Building in Chino

by Nellie Day

CHINO, CALIF. — Progressive Real Estate Partners has arranged the sale of a mixed-use building located at 4774 Riverside Drive in Chino. A private investor based in Orange County, Calif., sold the 8,000-square-foot property for $2.2 million, or $278 per square foot. A private Chino Hills-based investor acquired the retail/office property, which is fully occupied by Mother’s Nutritional Center, WIC, T-Mobile Cell Tower and two medical office tenants. Frank Vora of Progressive Real Estate Partners represented the seller, while Leo Gao of Reno Business Investment Group represented the buyer in the deal.

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CaliforniaRetailWestern

Colliers Negotiates 3,750 SF Restaurant Lease in San Fernando Valley

by Nellie Day

SAN FERNANDO VALLEY, CALIF. — Colliers Retail Foresight has arranged a lease for restaurant space at North Hills Vallarta Center in San Fernando Valley. Stinkin Crawfish will occupy 3,750 square feet of space at the 61,000-square-foot neighborhood shopping center. James Rodriguez, Michael Bohorquez and Bradley Pagnone of Colliers Retail Foresight represented the undisclosed landlord in the lease.

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CaliforniaOfficeWestern

Sepulveda Center Office Tower in Los Angeles Trades for $68.2M

by Nellie Day

LOS ANGELES — An affiliate of Swig Co. has acquired Sepulveda Center, a 178,157-square-foot office tower in West Los Angeles, for $68.2 million. The Class A tower is located at 3415 S. Sepulveda Blvd. The 12-story property is 83 percent leased to a mix of media, technology and financial tenants. The new owner will implement a capital improvement plan that will update the lobbies, bathrooms and outdoor facilities. The plan will also expand the common building amenities. The seller was KBS Capital Advisors. HFF’s Ryan Gallagher, Andrew Harper and Michael Leggett executed the sale. The firm also worked on behalf of the new owner to secure a three-year, floating-rate loan through MetLife Real Estate.

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MultifamilyNevadaWestern

The Bascom Group Buys Trellis Park Crossroads Apartments in North Las Vegas for $35.3M

by Nellie Day

NORTH LAS VEGAS — The Bascom Group has purchased the 312-unit Trellis Park Crossroads Apartments in North Las Vegas for $35.3 million. The community is located at 3825 Craig Crossing Drive. Trellis Park was built in 2009. It is situated near the 95 and 215 freeways, less than 10 miles from the Las Vegas Strip. CBRE’s Brian Eisendrath and Annie Rice arranged a $31.5 million loan with Resource Real Estate Funding for the transaction. The firm’s Spence Ballif executed the sale.

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CaliforniaIndustrialWestern

Cornerstone Centre Industrial Facility in Rancho Bernardo Sells for $7.4M

by Nellie Day

SAN DIEGO — McEwen-Otay LLC and MP McEwen I LLC have acquired Cornerstone Centre, a 43,423-square-foot multi-tenant flex industrial property in the San Diego submarket of Rancho Bernardo, for $7.4 million. The facility is located at 10840 Thornmint Road. Cornerstone Centre was built in 1990. The building was fully occupied by six tenants at the time of sale. Mark McEwen of Colliers International represented the buyers. Randy LaChance, Brian Mulvaney and Josh West of Voit Real Estate Services represented the seller, CRP – 2 San Diego, in this transaction.

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ColoradoOfficeWestern

GolfTEC Leases 17,000 SF Office Space at Inverness Business Park in Englewood

by Nellie Day

ENGLEWOOD, COLO. — GolfTEC has leased 17,000 square feet of office/flex space at the Inverness Business Park in Englewood. The space is located at 67 Inverness Drive E. JLL’s Todd Roebken, David Welker and Mike Deatley represented the golf lesson provider. TJ Smith and David Hazlett of Colliers represented the landlord in this transaction.

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CaliforniaIndustrialWestern

ALDI Earns LEED Gold Certification for Moreno Valley Distribution Center

by Nellie Day

MORENO VALLEY, CALIF. — Leading grocery retailer ALDI has earned LEED (Leadership in Energy and Environmental Design) Gold certification from the U.S. Green Building Council (USGBC) for its environmentally sustainable distribution center and regional headquarters in Moreno Valley. According to USGBC, LEED projects are responsible for diverting more than 80 million tons of waste from landfills. Compared to the average commercial building, LEED Gold buildings consume a quarter less energy and generate 34 percent lower greenhouse gas emissions. To meet LEED Gold standards, ALDI worked with Graycor Construction Co. as a design-build partner along with architects and engineers to improve the design and materials used in the development of its distribution center and regional headquarters. The sustainable building features include: • Renewable energy from onsite solar panels that provide 60 percent of the electricity. • Ammonia refrigeration system, which is a naturally occurring element and highly energy-efficient. • Electric vehicle charging stations and bicycle racks that promote the use of greener methods of transportation. • Water-efficient landscaping and plumbing. Partners in the project include Graycor, HPA Architecture, Webber/Smith Associates, Inc., Gregg Electric, Inc., Air Control Systems, HSA Engineering Inc., Huitt-Zollars, Ridge Landscape Architects and KDI. Throughout the construction of its Moreno Valley warehouse, …

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HawaiiLoansTop StoriesWestern

Wells Fargo Provides $238M Refinancing for Howard Hughes Corp.’s Ward Village in Honolulu

by John Nelson

HONOLULU — An affiliate of Wells Fargo & Co. (NYSE: WFC) has completed the $238 million refinancing of maturing debt for Ward Village, a 60-acre urban master-planned development underway in Honolulu. The Howard Hughes Corp. (NYSE: HHC) is the master developer of Ward Village, which features three condominium towers under construction. Upon completion, Ward Village will comprise 4,000 residences and 1 million square feet of retail and restaurant space. The development is situated between downtown Honolulu and Waikiki in the Kak’ako district. Ward Village is the only project in Hawaii to receive LEED Platinum certification for neighborhood development (LEED-ND) and the largest one in the United States to receive LEED-ND Platinum certification. The financing is secured by the existing Ward Village commercial properties, excluding the condominium towers currently under development. Ward Village’s three condominium towers underway — Waiea, Anaha and Ae ‘o — will open in late 2016, 2017 and 2018, respectively. The three towers will feature ground-floor retail space, including a Nobu restaurant, Merriman’s restaurant and the largest Whole Foods Market in Hawaii. Other mixed-use condo buildings within Ward Village include Gateway Towers and Ke Kilohana, which features a 23,000-square-foot, street-level Longs Drugs store. The financing allows Howard Hughes …

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HawaiiWestern

Honolulu Authority for Rapid Transportation Announces $875M Light Rail Expansion

by Nellie Day

HONOLULU — The Honolulu Authority for Rapid Transportation has announced the new Airport Guideway and Stations Design-Build project. The project will include the construction of 5.2 miles of new elevated guideway between Aloha Stadium and the Middle Street Transit Center Station in Honolulu. It will also include the construction of the Pearl Harbor Naval Base transit station, two stations near the Honolulu International Airport and the Middle Street station. A joint venture between Granite Construction Company, Shimmick Construction Co. and Traylor Bros. will undertake the $875 million project. This is the third in a series of projects designed to build a 20-mile light rail transit system for the city and county of Honolulu. Construction will commence in spring 2017 and for completion by 2021.

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CaliforniaIndustrialWestern

Los Angeles Industrial Portfolio Sells for $38.4M

by Nellie Day

LOS ANGELES — An unnamed buyer has purchased an eight-property industrial portfolio in Los Angeles for $38.4 million. The transaction includes two land parcels known as the Los Angeles Downtown Industrial District. The portfolio contains a total of 4.6 developable acres adjacent to the Fashion District, near the Arts, Flower and Produce districts. Quantum Associates represented the buyer. Mike Malick and Carol Song of Marcus & Millichap represented the seller.

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