LOUISVILLE, COLO. — Koelbel and Co. has broken ground on a 57,700-square-foot office project in Louisville. The Class A building is located at 168 Centennial Parkway within the Centennial Valley Business Park. The property offers direct access to U.S. Highway 36 and is nearby to Boulder.
DENVER — HFF has arranged a $32 million refinancing for a 151,500-square-foot creative office development in downtown Denver. The property is located at 3001 Brighton Blvd. in the River North (RiNo) submarket. The property was built in 1939 as a produce depot before. It is 97.7 percent leased to a mix of office, retail and restaurant tenants, including CorePower Yoga, Booyah Marketing and Uber. HFF’s Josh Simon, Kristian Lichtenfels and Riaz Cassum secured the seven-year, fixed-rate loan through a life insurance company. The team worked on behalf of Industry Founders and Clarion Partners.
SAN DIEGO — Pinnacle International has purchased a 30,000-square-foot redevelopment site in San Diego for $14.5 million. The site is located at 1141 E St. in the East Village submarket. It contains a 25,000-square-foot industrial building. The property is zoned for multifamily residential development. Ben Tashakorian and Jessie James of Marcus & Millichap represented the buyer and seller, Rodney Starkey, in this transaction.
LOS ANGELES — An undisclosed buyer has acquired two ground lease investments at One and Two California Plaza at a public sale for more than $100 million. The leased-fee land parcels, which include six acres underneath the office property, were offered for public sale in conjunction with the liquidation of 52 assets held by CRA/LA. One California Plaza is a 42-story office tower and six-level subterranean parking garage at 300 S. Grand Ave. Notable tenants include AECOM, Skadden Arps, Morgan Lewis, Nixon Peabody and Bank of the West. Two California Plaza is a 52-story office building with a 44,000-square-foot retail plaza and a six-level subterranean parking garage at 350 S. Grand Ave. Tenants include Mayer Brown, Constellation New Energy, Merrill Lynch, Reliance Steel, Mizuho Bank, BlackRock and the Consulate General of Japan. The full CRA/LA portfolio contained a total of 52 commercial and residential properties located in Los Angeles urban infill districts like downtown Los Angeles, Hollywood and the North Hollywood Arts District. The initial disposition began July 15, 2015. The sale of CRA/LA properties represents the conclusion of a legislative mandate to terminate redevelopment agencies across California. Other primary assets involved in the public disposition included the ArcLight Hollywood Parking …
BELLEVUE, WASH. — Gemini Rosemont has purchased One Twelfth @ Twelfth, a three-building office campus in Bellevue, for an undisclosed sum. The Class A campus is located at 1120 112th Ave. N.E. The property contains a total of 480,389 square feet. It is fully leased. Gemini Rosemont purchased the office campus in partnership with Gemini Investments, an investment company listed on the Hong Kong Stock Exchange. Jason Flynn, Kayln McClure and Reid Rader of Eastdil Secured executed the transaction.
EUGENE, ORE. — Evergreen Housing Development Group has acquired the 300-unit Heron Meadows apartments in Eugene for $40 million. The garden-style community is located at 721 Throne Drive. The buyer plans to upgrade the unit interiors and hold the property long-term. Notable employers in the neighborhood include University of Oregon, Kaiser Permanente, Avago Technologies, PeaceHealth and Symantec Corp. The seller was Heron Meadows Apartments NW LLC. Phil Oester and Joe Nydahl of Berkadia executed the sale. The firm’s Jeff Stuart arranged financing for the buyer through an existing assumable Fannie Mae loan and additional supplemental loan.
LOS ANGELES — City National Bank has leased 300,000 square feet across 11 floors at 2Cal, a 52-story office building in downtown Los Angeles. The Class A building is located at 350 S. Grand Ave. in the Bunker Hill area. The building will be rebranded as CityNational@2Cal. The bank will also receive significant signage. The space will be renovated in 2017 to accommodate an open floorplan. The bank will occupy the floors in 2018. CIM Group owns the building.
REDMOND, WASH. — A joint venture between Security Properties and Cigna Investment Management has purchased the 227-unit Bear Creek apartment community in Redmond for an undisclosed sum. The community is located at 17771 N.E. 90th St. The site was originally developed in 1993. The new owner plans to renovate the units, update the clubhouse and paint the exterior. Security Properties-affiliate Madrona Ridge Residential will manage the property.
BREA, CALIF. — JCR Capital has acquired Brea Corporate Plaza and Brea Park Centre, a four-building office portfolio in Brea, for $55.6 million. The properties contain a total of 290,657 square feet. The portfolio is located at 500 S. Kraemer Blvd., 2601 Saturn St., 2650 Imperial Highway and 3230 E. Imperial Highway. HFF arranged $39 million in acquisition financing. The loan features a three-year term and floating rate through Prime Finance. The financing has two 12-month extensions. HFF also marketed the property on behalf of the sellers, The PRES Companies and Mariner Real Estate Management.
TACOMA, WASH. — Industrial Property Trust (IPT) has purchased a 58-acre former sawmill in Tacoma for an undisclosed sum. The space is located at 733 E. 11th St. IPT plans to build a 1.1 million-square-foot industrial facility on the property. The IPT Tacoma Logistics Center will include two buildings. The project is scheduled for completion in the first quarter of 2018. Tony Kusak of Cushman & Wakefield Commerce executed the transaction. The seller was Interfor.
