Western

Laurus Corp. Buys Pasadena Office Building

by Nellie Day February 11, 2015

PASADENA, CALIF. — Laurus Corp. has purchased a 163,194-square-foot office building in Pasadena for a reported $52.5 million. The Class A building is located at 199 S. Los Robles Ave. The property is situated between the cross streets of Cordova and El Dorado, just one block south of the Paseo Colorado lifestyle center. It sits adjacent to the Pasadena Convention Center, near Old Town Pasadena, the Lake Avenue Business and Shopping District and the Del Mar Metro Gold Line Station. Notable employers in the area include the California Institute of Technology, NASA’s Jet Propulsion Laboratory, the Art Center College of Design, Bank of America, OneWest Bank, Tokio Marine Insurance and Western Asset Management.

February 11, 2015

California Multifamily Western

Virtú Investments Buys The Eleven Hundred Apartments in Sacramento

by Nellie Day February 11, 2015

SACRAMENTO, CALIF. — Virtú Investments has purchased The Eleven Hundred Apartments, a 565-unit apartment community in Sacramento, for a reported $44 million. The garden-style community is located at 1100 Howe Ave., within the city’s Arden Arcade neighborhood. The property was built in 1962. It was 96 percent occupied at the time of sale. Mark Leary and Kyle Suryan of ARA Pacific represented both the buyer and seller, Acacia Capital, in this transaction.

February 11, 2015

Arizona Office Western

ConneXion Office Building in Tempe Sells for $5.2M

by Nellie Day February 11, 2015

TEMPE, ARIZ. – ConneXion, a 49,464-square-foot office building in Tempe, has sold to ViaWest Group for $5.2 million. The building is located at 7855 S. River Parkway in the ASU Research Park. The property was formerly known as Transamerica Research Center. The seller, Aegon USA, was represented by Glenn Smigiel, Bob Young, Steve Brabant and Rick Abraham of CBRE’s Phoenix office, along with Andrew Cheney and Craig Coppola of Lee & Associates. ViaWest plans to hold the property. It will serve as the property manager and asset manager.

February 11, 2015

Arizona Office Western

Siete II Building in Phoenix Sells for $3.2M

by Nellie Day February 11, 2015

PHOENIX – Orsett Acquisitions LLC has purchased the Siete II building, a 54,072-square-foot office building in Phoenix, for $3.2 million. The Class B building is located at 3707 North 7th Street. It was built in 1988. Phil Breidenbach, Peter Nieman, Kathy Foster and Lindsey Carlson of Colliers Office Solutions Group represented both the buyer and seller, UFB Development Corporation, in this transaction.

February 11, 2015

Hospitality Oregon Western

Embassy Suites Opens in Portland’s Silicon Forest

by Nellie Day February 10, 2015

PORTLAND, ORE. – A 165-room Embassy Suites has opened in Portland’s Silicon Forest neighborhood, which is known as a local tech hub. The hotel is located at 20001 NW Tanasbourne Drive. It is the first and only full-service hotel in the area. The Embassy Suites is owned by Hillsboro Hotel Partners II LLC, developed by Thackeray Garn Company LLC and managed by Western States Lodging and Management.

February 10, 2015

California Retail Western

University Square Plaza in San Luis Obispo Receives Seven New Tenants

by Nellie Day February 10, 2015

SAN LUIS OBISPO, CALIF. – University Square Plaza in San Luis Obispo has received seven new tenants. The new tenants include Rite Aid, Lassen’s Natural Food & Vitamin, Popeye’s Louisiana Kitchen, Domino’s Pizza, The Pita Pit, Supercuts and a 5,000-square-foot microbrewery/restaurant that has yet to be named. University Square Plaza is located on the corner of Santa Rosa Road and Foothill Boulevard. It is currently undergoing a remodel that should be complete this spring or summer. Clarice Clarke and Steve Leider of Lee & Associates – Central Coast handle the center’s leasing efforts.

February 10, 2015

California Office Western

UrbanBlox Buys Los Angeles Creative Office Building for $8.5M

by Nellie Day February 10, 2015

LOS ANGELES – UrbanBlox has acquired a 51,055-square-foot office building in Downtown Los Angeles’ Jewelry District for $8.5 million. The building is located at 718 S. Hill Street. The firm plans to redevelop the building into creative office space with ground-floor retail. This is UrbanBlox’s 12th acquisition in the past 15 months. The firm has been purchasing creative, mixed-use and multifamily properties in the LA River, Downtown Los Angeles, Hollywood and Silver Lake areas. UrbanBlox was represented by JLL’s Mike Condon Jr. The seller was BRC Advisors.

February 10, 2015

California Office Western

United Trust Fund Completes Sale-Leaseback in San Diego

by Nellie Day February 10, 2015

SAN DIEGO – United Trust Fund (UTF) has acquired and leased back a 27,340-square-foot office building in San Diego. The office building is fully leased to a large construction company that holds a 15-year net lease at the property. UTF also owns the company’s regional headquarters in Arizona, Chicago and Massachusetts. The property’s address and price were not disclosed.

February 10, 2015

California Retail Western

Lucille’s, Wokcano to Open at Westfield MainPlace in Santa Ana

by Nellie Day February 10, 2015

SANTA ANA, CALIF. – Lucille’s Smokehouse Bar-B-Que and Wokcano will soon open at Westfield MainPlace in Santa Ana. Lucille’s will occupy a 10,000-square-foot space, while Wokcano will absorb 5,000 square feet. The restaurants are slated to open late this summer or early fall. Westfield MainPlace is currently undergoing a massive renovation. Panini Café, Dog Haus and Blaze Pizza have all recently opened at the center.

February 10, 2015

California Market Reports Multifamily Western Western Market Reports

Demand for Apartments Grows in San Diego

by Nellie Day February 10, 2015

The San Diego multi-housing market is poised for significant growth in 2015. The third quarter of last year recorded 4.5 percent annual rent growth countywide, the highest rent growth numbers seen in more than a decade, according to CBRE Econometric Advisors (CBRE EA). Vacancy, meanthile, remained at 2.7 percent, the lowest level seen since 2007. Countywide average rents are at $1,548, an 8 percent premium over the 2008 peak levels. CBRE EA found that UTC/La Jolla remains the top rental market in the county, with overall rents averaging $1,958. UTC also witnessed the second-highest rent growth in the county last year, at 7.3 percent. UTC/La Jolla solidifies its position as the county’s top rental market due to strong resident demographics, planned infrastructure improvements and the trolley addition, Westfield’s expansion, and the presence of several major employers, as well as the University of San Diego and the biotech cluster of Torrey Pines. Downtown has emerged as San Diego’s hottest development market, with Class A projects now commanding rents of $2,652, or $2.98 per square foot. There were 929 units in four projects added last year, bringing the total inventory in Downtown to 4,840 units in 23 buildings (100-plus+ units, market-rate only). …

February 10, 2015

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