Western

Cushman & Wakefield Arranges $130M Sale of Office Portfolio in San Francisco

by Kristin Harlow January 13, 2017

SAN FRANCISCO — Cushman & Wakefield has arranged the sale of a portfolio of Sleepy Hollow Investment Co. office properties for $130 million. The portfolio consists of multi-tenant office buildings located in several markets throughout the San Francisco Bay Area. The portfolio was sold in components to five buyers that included Eagle Canyon Capital, Square I, STG Group, James Lindsey and Long Market Property Partners. Totaling 661,319 square feet, the portfolio spans 10 properties comprising 14 office buildings located on over 32 acres. The assets are located in Pleasant Hill, Walnut Creek, Orinda, San Ramon, Dublin, Santa Rosa and Santa Clara, all in the East Bay, Silicon Valley and North Bay regions. The full list of properties was not disclosed, but two Class A office buildings in the portfolio are The Terraces in Pleasant Hill and Riviera Plaza in Walnut Creek. The portfolio is currently 92 percent occupied by 132 tenants. Eric Fox, Michael Speers and Steve Hermann of Cushman & Wakefield represented the seller. Whiff Collins of Cushman & Wakefield provided local market advisory services. Pleasant Hill-based Sleepy Hollow Investment Co. invests in and manages commercial property throughout the Bay Area. — Kristin Hiller

January 13, 2017

Industrial Office Washington Western

Boeing Employee Credit Union Purchases Buildings at Gateway Corporate Center in Tukwila

by Nellie Day January 12, 2017

TUKWILA, WASH. — Boeing Employee Credit Union (BECU) has purchased eight buildings at the Gateway Corporate Center office and industrial park in Tukwila for an undisclosed sum. The 11-building center is situated at a junction between State Route 599 and Interstate 5 in the Seattle submarket. BECU previously owned two buildings at Gateway Corporate Center. The credit union built its corporate headquarters at the center in 1990. The new purchase has allowed BECU to increase its holdings in the office park to 589,000 square feet. Bill Frame and Richard Davidson of Kidder Mathews represented BECU. The firm’s Andy Miller and Matt Wood also represented the seller, a global investment manager, in this transaction.

January 12, 2017

Multifamily Washington Western

Apartment Building Near Reno Sells for $15.5M

by Nellie Day January 12, 2017

SPARKS, NEV. — A San Francisco Bay Area-based private investor has acquired a 230-unit apartment building in the Reno submarket of Sparks for $15.5 million. The community, known as 1100 Place Apartments, is located at 1100 15th St. The asset underwent major renovations in 2015 that included new siding, exterior painting, enclosed carports, new asphalt, new landings, landscaping and signage. The community is now 96 percent occupied. Kenneth Blomsterberg, Ryan Rife and Benjamin Nelson of Marcus & Millichap represented both the buyer and seller, a special servicer, in this transaction.

January 12, 2017

California Office Western

Shopoff Acquires Office Building in Newport Beach for $15.4M

by Nellie Day January 12, 2017

NEWPORT BEACH, CALIF. — Shopoff Realty Investments has purchased a 44,434-square-foot office building in Newport Beach for $15.4 million. The three-story building is located at 4440 Von Karman Ave. The space was 56 percent occupied by tenants like CommerceWest Bank, DynTek and Johnson Attorneys Group. The asset was purchased through a co-investment structure.

January 12, 2017

California Industrial 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

Newer Posts

Older Posts