OXNARD, CALIF. – A 20,740-square-foot office building in Oxnard has sold to Brinkmanent LLC for $3.2 million. The building is located at 1555 West 5th Street. The space was 97 percent leased at the time of sale. The California Department of Probation occupies about 55 percent of the space. Brinkmanent was represented by Larry Margo of Berkshire Hathaway. The seller, PAC II Venture LP, was represented by John Battle and John Ochoa of Lee & Associates-LA North/Ventura.
Western
DENVER — Bank of America has leased 7,869 square feet of space at Fillmore Place in Denver. Colorado’s first-ever Bank of America retail branch is located at 100 Fillmore Street. It will function as a flagship location. Lululemon, Sur la Table and Jonathan Adler are other notable tenants at Fillmore Place. The bank was represented by CBRE’s Jon Weisiger. The landlord, Realty Management Group, was represented by Stuart Zall of the Zall Company.
SAN FRANCISCO — Jamestown has acquired Waterfront Plaza, a 297,260-square-foot office complex in the North Waterfront submarket of San Francisco, for a reported $88 million. The four-building property is located along the Embarcadero. It is bound by Bay Street to the north, Kearny Street to the west and Chestnut Street to the south. The transaction includes two office buildings, a 130,585-square-foot building at 50 Francisco Street and a 143,350-square-foot building at 1700 Montgomery Street. It also includes a space occupied by Hillstone restaurant at 1800 Montgomery Street, as well as a five-story parking structure and ground-floor offices at 60 Francisco. Waterfront Plaza currently has 40 tenants. Notable employers include Giant Creative Strategy, Comcast of California Inc., Advance Magazine Publishers, HQ Global, Weisscom Partners and Andre-Boudin. Jamestown plans to add more tenant amenities and design features to this dog-friendly complex. The asset was acquired by the Jamestown Premier Property Fund, the firm's flagship core and core-plus investment vehicle for institutional investors. The seller, LaSalle Investment Management, was represented by Eastdil Secured.
FOUNTAIN VALLEY, CALIF. – The 456-unit Palm Island seniors housing community in Fountain Valley has received a $64-million refinance. The community is located at 11300 Warner Ave. Palm Island provides a community center, library, card room, billiard room, fitness center, computer room, 24-hour surveillance system, and heated pool and spa for its seniors aged 55 and older. The 10-year loan features a 4.47 percent fixed rate and interest-only payments for the full term. The transaction was a cash-out refinance of a first and second mortgage by a new first mortgage with a lower rate. The refinancing was originally structured in 2013 as a 10-year mortgage with five years interest-only payments. The borrower, a local sponsor, put the transaction on hold, however, after rates became volatile last summer. The refinance was negotiated by Seth K. Grossman of Meridian Capital Group and Greg Reed and Kristen Croxton of Capital One.
OXNARD, CALIF. – The 385-unit Paz Mar Reserve apartment community in Oxnard has received a $55-million loan. The waterfront community is located at 3100 Peninsula Road in Channel Islands Harbor. Paz Mar was 97 percent leased at the time of sale. Community amenities include a swimming pool, spa, fitness center, lounge and business center. The 10-year, fixed-rate loan will replace an existing floating-rate loan that was through a national lender. It will also allow the owner, Prime Residential, to carry out an extensive renovation on the property. Financing was arranged by HFF’s Peter Smyslowski through the Guardian Life Insurance Company of America.
HAWTHORNE, CALIF. — Chambers Street Properties has acquired a 510,000-square-foot industrial property in Hawthorne for $46.7 million. The property is located at 1 Rocket Road. It sits adjacent to the 105 freeway. The property serves as the headquarters for Space Exploration Technologies Corp. Also known as SpaceX, the company designs, manufactures and launches advanced rockets and spacecraft. SpaceX’s net lease extends through January 2023.
VENTURA, CALIF. – A former Wonder Bread bakery site in downtown Ventura has sold to Moeller Development Company LLC for $1 million. The property is located at 72 W. Santa Clara Street. The Wonder Bread facility was razed to make way for a narrow blacktop parking lot. The new owner plans to build a 24-unit apartment complex on the site. The LLC is a joint venture between Dansk Investment Group and the Daly Group. Jesse Munoz of Colliers represented both the buyer and the seller, United American Properties Inc., in this transaction.
It should come as no surprise at this point that Orange County is on course with a robust economic recovery. Furthermore, there are favorable indicators for a steady increase in value over the next few years. Even though industrial product is limited in the county, development is picking up now that vacancy rates have been on a downward slope and rental rates continue their course on a gradual upturn. While all sectors in Orange County are seeing movement in a desirable direction, quality industrial space is becoming even more of a premium. The larger industrial spaces are drying up in Orange County. Most of the industrial spaces available today are smaller than 20,000 square feet. Meanwhile, many older buildings are being converted or remodeled to invite a variety of other property uses like residential, creative office and self-storage. The average asking price for investment-grade industrial properties of more than 20,000 square feet in Orange County is at $147 per square foot, as of the halfway point through the second quarter of 2014. This number has been on the rise year-over-year since the drop at the end of 2010 when the average asking price dipped to $120 per square foot. The …
SANTA CRUZ, CALIF. – The 33-room Casa Blanca Inn in Santa Cruz has sold to Kishor and Nita Patel for $7.2 million. The hotel is located at 101 Main Street. Acquisition financing was provided by Bruce Whitaker of TMC Financing through the SBA 504 commercial real estate loan program. The lender was Bank of The Orient. The transaction was facilitated by Neville Parujanwala of hospitality management firm Hospitality Funding.
CITY OF INDUSTRY, CALIF. – A 38,995-square-foot warehouse/manufacturing building in the City of Industry has sold to a private owner-user for $6.1 million. The building is located at 428 S. 9th Ave., within the Don Julian Business Center. The seller, Overton Moore Properties, was represented by Erik Larson, Robin Dodson, Chris Tolles and John Minervini of Cushman & Wakefield.