SANTA CLARA, CALIF. – Equus Capital Partners has acquired an 80,878-square-foot office/R&D building in Santa Clara for an undisclosed sum. The building is located at 3003 Bunker Hill Lane. It was built in 1980. The fully leased property was renovated in 2014. Jasper Technologies occupies 90 percent of the space. The acquisition was made on behalf of BPG Investment Partnership IX L.P., a discretionary fund managed by Equus. The sellers were TMG Partners and Alcion Ventures.
ALAMEDA, CALIF. – A 4,500-square-foot industrial building in Alameda has sold to Ming Zhi Investment LLC for $3.1 million. The building is located at 580 South Alameda Street. It is situated within the Los Angeles Arts District. The LLC was represented by Heger Industrial’s Thomas Williams and William Morrison. The seller, Urth Alameda Development, was represented by CBRE’s Brandon Burns.
With all the recent froth in the multifamily markets, knowledgeable observers are expressing concern regarding all of the cranes that are sprouting around Seattle. To assess the apartment market, we have compiled data recently published in the “March 2015 Apartment Development Report” by Dupre + Scott Apartment Advisors. The Seattle Metro area is in the midst of an apartment development boom, with an estimated 17,400 units under construction, 12,000 units to be completed and ready for occupancy in 2015 and 11,000 units to be delivered in 2016. There is an additional 25,000 additional units in various stages of planning for delivery over the next five years. This new construction is in response to low vacancy rates (3.5 percent in the Seattle MSA, excluding vacancies for properties in initial lease-up), job expansion and related in-migration to the area. These trends have resulted in rising rents for new projects, up more than 7.4 percent in the region in the past 12 months (skewed by rents in newly opened projects). The new units under construction or proposed are heavily weighted to the close-in neighborhoods surrounding the Seattle CBD (Belltown, Downtown Seattle, South Lake Union) and close-in neighborhoods north of Lake Union (Ballard, Greenlake/Wallingford, …
LOS ANGELES — Watt Plaza, a 903,000-square-foot office complex in Los Angeles, has received a $220 million refinance. The complex includes twin 23-story office towers and a 10-story parking structure. Watt Plaza is located at 1875 Century Park East. It was built in 1982. The complex was the first building in the Los Angeles submarket of Century City to receive LEED-Platinum certification. The complex has undergone $42 million worth of renovations since 2003. It is occupied by a mix of legal, accounting and financial services firms. Convenient services at the plaza include a Chase Bank, Starbucks and FedEx store. The 15-year, fixed-rate loan was provided to the Watt Companies by Prudential Mortgage Capital Company. This is the commercial mortgage lending business of Prudential Financial Inc.
RENO, NEV. — CBRE Global Investors has purchased a 707,010-square-foot warehouse and distribution space in the Reno submarket of McCarran for an undisclosed sum. The facility is located at 3200 USA Parkway, within the Tahoe Reno Industrial Center. The property was developed last year on a built-to-suit basis. It is currently occupied by an American e-commerce company selling clothing, toys and home products for mothers and children.
TORRANCE, CALIF. — A joint venture between the Muller Company and GreenOak Real Estate has purchased Del Amo Financial Center, a 367,000-square-foot complex in Torrance, for $62.5 million. The complex is located on the corner of Hawthorne Boulevard and Carson Street. Del Amo Financial Center contains a 12-story office tower and a five-story tower, in addition to four circular pavilions. The complex was originally built in 1966 and remodeled in 1998. The JV plans to convert the property into a mixed-use facility that contains office, medical and retail space. The new iteration will also include a 42,000-square-foot health club and 10,000-square-foot restaurant. The complex will be rebranded as Del Amo Crossing once the conversion is complete. The first phase will include the conversion of the five-story tower into a state-of-the-art medical facility that will be designed for large medical groups. It will also modernize the mechanical, electrical and plumbing systems, as well as the common areas and lobby space of the 12-story tower. The portion of the property facing Hawthorne Boulevard may also be repositioned to accommodate for additional retail users. Parking will be re-designed and enhanced to improve access and circulation patterns throughout the entire project. Chris Sinfield and …
SANTA MONICA, CALIF. — Montana Avenue Capital Partners has acquired a 118,394-square-foot office campus in Santa Monica. The property was originally listed for $32.5 million, though the final sales price was not disclosed. The campus is located at 6303-6309 Carpinteria Ave. It is situated on nine acres that overlook the Pacific Ocean. The property serves as the headquarters for CKE Restaurant Holdings, which owns Carl’s Jr, Hardee’s and Green Burrito. Cloud-based construction management software firm Procore Technologies recently signed a lease at the campus as well. Procore occupies two buildings on the campus, while CKE occupies the third building. The campus will soon undergo a renovation in the hopes of leasing up its remaining space. The renovation will add indoor-outdoor collaborative space and patio areas, glass roll-up doors, new signage and architectural features and EV charging stations. The property will also expose existing 15-foot ceiling heights, among other creative improvements.
LOS ANGELES – Matura Farrington has signed a 65-month lease for 5,696 square feet of office space in Downtown Los Angeles. The space is located at 617 West Seventh Street. Matura Farrington is a staffing services agency. The building is owned by the Swig Company.
TEMPE, ARIZ. — Arizona State University (ASU) and Catellus Development Corp. will develop an urban community adjacent to ASU’s Tempe Campus. Catellus, in collaboration with ASU, has developed a preliminary master development plan to transform the 330-acre Athletic Facilities District at the northeast end of the Tempe campus. The plan includes new and renovated NCAA athletic facilities, and more than seven million square feet of office, multifamily residential, hospitality and retail space, interconnected with sidewalks, bicycle paths and urban open spaces. The facilities district will generate revenue to help fund the renovation and reinvention of Sun Devil Stadium and other University athletic facilities, without the use of tax dollars, through payments made by new private real estate development projects on University-owned land. ASU will oversee the development, marketing, leasing and management of the district. The district’s preliminary land use plan reflects a phased approach to private development over the next 20 years. An initial phase that may include office, multifamily and retail development is expected to be underway as soon as 2016. The district encompasses most university-owned property generally bounded by Sun Devil Stadium, Veterans’ Way, University Drive, McClintock Road and Tempe Town Lake. Until a permanent name is selected …
PHOENIX – The 103-unit Villa De La Paz Apartments in Phoenix has sold to Maryland Gardens Investors LLC for $4.9 million. The community is located at 6041 W. Thomas Road. It is 90 percent occupied. Villa De La Paz was built in 1983. The LLC was represented by Tony Werstler of Solutions Real Estate. The seller, Superior Estates, was represented by Brett Polachek and Jim Crews of Cushman & Wakefield.