Western

Orchard Town Center Adds Seven New Tenants

by Nellie Day August 6, 2015

WESTMINSTER, COLO. — Orchard Town Center, a 914,000-square-foot open-air regional retail center located in Westminster, has added seven new tenants to its roster. Additions include a newly opened Bitto Bistro; a 2,673-square-foot Crushed Red to open in August; a 3,085-square-foot 20/20 EyeVenue to open in September; a 6,644-square-foot Katie Eile to open in October; and a 4,500-square-foot Rusty Bucket Restaurant and Tavern, a 23,000-square-foot Marshalls, and a 5,000-square-foot Maurices, all to open in spring 2016. Other recent openings include a 7,500-square-foot DXL and a 4,346-square-foot Panera Bread. Phoenix-based Vestar, who acquired the property in 2014 in a joint venture with UBS, oversees property management, leasing and marketing at Orchard Town Center.

August 6, 2015

California Multifamily Western

Kennedy Wilson Buys Slate Creek at Johnson Ranch in Roseville for $100M

by Nellie Day August 5, 2015

ROSEVILLE, CALIF. — Kennedy Wilson has purchased Slate Creek at Johnson Ranch, a 612-unit multifamily community in Roseville, for $100 million. The community is located at 8800 Sierra College Blvd. The company and its equity partners invested an aggregate of $38.5 million of equity in the transaction. The group also assumed $63 million of debt as part of the off-market transaction. The seller was not named. Kennedy Wilson has acquired interests in 6,449 multifamily units in the Western U.S., year to date. Its global multifamily portfolio totals more than 26,000 units.

August 5, 2015

California Office Western

YouTube World Headquarters in San Bruno Changes Hands

by Nellie Day August 5, 2015

SAN BRUNO, CALIF. — A two-building office campus in the San Francisco Bay submarket of San Bruno has changed hands. The Class A campus serves as the world headquarters for YouTube. Neither the buyer, nor the price was disclosed. The campus is located at 900 and 1000 Cherry, within the Bayhill Office Park. It is situated directly adjacent to interstates 280 and 380. Both properties are fully leased to Google through 2022. They feature highly improved video/audio suites, high-end office finishes with creative spaces and conference rooms, and an “Immersion Room” that simulates a 360-degree video stream. The buildings also offer two full-service cafeterias, kitchen/pantry suites with lounge areas on each floor, a fitness center with lockers and showers, bike room with storage, and a multi-functional conference room for corporate events and executive retreats. HFF’s Steven Golubchik represented the seller, a fund managed by Cornerstone Real Estate Advisers.

August 5, 2015

California Office Western

Irvine Co. Announces Plans to Build Six New Buildings at Irvine Spectrum

by Nellie Day August 5, 2015

IRVINE, CALIF. — The Irvine Co. has announced its plans to build six “Next Gen Campus Office” buildings at the Irvine Spectrum. The buildings will total 528,000 square feet. They will be situated within the Spectrum’s Discovery Business Center and Sand Canyon Business Center projects. Discovery Business Center will receive four buildings totaling 317,000 square feet. The customizable space will be called the Quad at Discovery Business Center. Two new buildings totaling 212,000 square feet are planned at Sand Canyon Business Center as well. Construction is scheduled to commence early next year, with a completion date of early 2017. The Next Gen Campus Office will feature modern architecture, including floor-to-ceiling glass and aluminum curtain walls for natural light and energy efficiency. Amenities will include advanced infrastructure for technology, and fitness and wellness centers offering indoor and outdoor activities like yoga and bike-sharing programs. The Commons, a large open-air space at the heart of each campus, will feature a Wi-Fi-enabled outdoor living room, sun decks, al fresco dining, barbeques and other areas for people to work, collaborate or take a break.

August 5, 2015

Arizona Office Western

Griffin Capital Buys Aetna Life Insurance Building in Tucson

by Nellie Day August 5, 2015

TUCSON, ARIZ. — Griffin Capital Corp. has acquired the 100,273-square-foot Aetna Life Insurance Co. building in Tucson for an undisclosed sum. The building is fully leased to the life insurance company. Aetna signed a new 10-year lease at the property as part of the sale-leaseback. The terms include an annual base rental rate increase of 3 percent with no termination or contraction options. The company has resided at this space since it was constructed as a build-to-suit in 2001. Cushman & Wakefield’s Boston office, along with Cushman & Wakefield’s Tucson affiliate, Picor Commercial Real Estate Services, represented Aenta in the deal. Griffin Capital Essential Asset REIT II is the official purchaser of the asset.

August 5, 2015

Colorado Retail Western

Pine Tree Commercial Buys Arvada Marketplace-Connection Near Denver

by Nellie Day August 5, 2015

DENVER — Pine Tree Commercial Realty has acquired Arvada Marketplace-Connection, a 367,510-square-foot shopping center in the Denver submarket of Arvada, for $54.9 million. The center is located at the intersection of Wadsworth Boulevard and interstates 70 and 76. Arvada Marketplace-Connection was built in 1987. A 142,491-square-foot Sam’s Club anchors the center. Other notable tenants include Sports Authority, Dollar Tree and Youfit health club. CBRE’s Brad Lyons executed the transaction. The seller was RPAI. Bank of America provided the financing.

August 5, 2015

Affordable Housing California Multifamily Western

Affordable Housing Portfolio Near Hollywood Park Sells for $24.8M

by Nellie Day August 4, 2015

LOS ANGELES – A local investment firm has acquired a three-property multifamily portfolio in the Hollywood Park area of Los Angeles for $24.8 million. The portfolio contains a total of 150 affordable apartment units. They are located on or near the part of Normandie Avenue that buttresses Inglewood. The buyer plans to use government incentives to upgrade and renovate the buildings. The company also intends to manage the properties as a scattered-site portfolio. Kitty Wallace and Rob Shiels of Colliers International represented the seller.

August 4, 2015

California Industrial Western

Ancon Marine Leases Industrial Space in Carson

by Nellie Day August 4, 2015

CARSON, CALIF. — Ancon Marine has leased a 108,400-square-foot industrial building in Carson. The lease is valued at $12.4 million. The building is located at 22707 S. Wilmington Ave. It features 11,067 square feet of office space with dock-high and grade-level loading. Ancon Marine will use the space as its corporate headquarters. Marc Bonando of Heger Industrial represented Ancon in the deal. The landlord was not named.

August 4, 2015

California Loans Retail Western

NorthMarq Capital Secures $9.6M Refinance of Lakeview Terrace Center

by Nellie Day August 4, 2015

LAKEVIEW TERRACE, CALIF. — NorthMarq Capital has arranged the $9.6 million refinance of Lakeview Terrace Center, a 78,634-square-foot shopping center located in Lakeview Terrace. David Blum of NorthMarq arranged the cash-out, 10-year term loan with 1.5 years’ interest followed by a 30-year amortization schedule through a CMBS lender. The largest tenant in the unanchored center is Lakeview Farmers Market.

August 4, 2015

California Multifamily Seniors Housing Western

Granite Sells Plot in California to Seniors Housing Developer for $5.7M

by Nellie Day August 4, 2015

PALM DESERT, CALIF. — An affiliate of Granite Investment Group has sold 6.8 acres of land in Palm Desert for $5.7 million to WL Palm Desert Property LLC, a wholly owned subsidiary of seniors housing developer and operator West Living LLC. West Living has designed a prominent 150-unit assisted living facility, with a memory care component, which it will construct on the property. Located at the southwest corner of the intersection at Country Club Drive and Portola Avenue, an additional 6.4 acres of land zoned for seniors-related use remains available for sale. Based in Irvine, Calif., Granite Investment Group currently manages a portfolio of commercial real estate assets valued at approximately $540 million, primarily comprised of seniors housing communities that offer a total of 4,442 licensed beds.

August 4, 2015

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