INDIO, CALIF. — BH Properties has acquired 100 acres of land in the High Desert community of Indio for $8.8 million. The land is located at 42nd Avenue and Monroe Street. It sits adjacent to Interstate 10. A Walmart Supercenter is being built next door. It is expected to open next year. This is BH Properties’ first land acquisition. The seller, Wells Fargo Bank, was represented by Curtis Barlow of Coldwell Banker Commercial/Lyle & Associates and Tom Olson of Douglas Wilson Companies.
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FREMONT, CALIF. — Quanta Computer has leased a 125,501-square-foot warehouse and distribution facility in Fremont. The Class A facility is located at 45101-45125 Industrial Drive. It is the former Autodesk & McCollister’s Moving & Storage facility. Quanta, one of the world’s largest notebook computer original design manufacturing companies, maintains more than 1 million square feet of industrial and R&D space throughout Fremont. The landlord, PS Business Parks, was represented by Ed Hofer and Greig Lagomarsino of Colliers.
SAN FRANCISCO — The owners of the DRAKE Gastro Lounge have acquired its current building in San Francisco for $4.3 million. The two-story restaurant, bar, and lounge property is located at 508 Fourth Street in the South of Market area (SOMA). The owners were able to purchase the 9,900-square-foot building through a 20-year, fixed-rate, SBA 504 loan. Financing was provided by Bruce Whitaker of TMC Financing. The third-party lender was Stanford Federal Credit Union.
PHOENIX — Vehicle Accessory Center has leased 15,717 square feet at Lincoln Commerce Park II in Phoenix. The business park is located at 2125 South 11th Ave. Vehicle Accessory Center is an exclusive distributor of General Motors auto parts and accessories. This is its first Arizona location. It will serve as a distribution center for the Phoenix metro region. The company was represented by Louis Finocchiaro of Cassidy Turley’s Industrial Services Group. The landlord, CREF LPC LLC, was represented by Jeff Conrad and Alan Lowe of Lee & Associates.
LOS ALTOS, CALIF. – A 4,320-square-foot office property in the Silicon Valley city of Los Altos has sold to an individual/personal trust for $2.1 million. The property is located at 166 Main Street in the downtown region. The buyer was represented by Bill Allen of Marcus & Millichap’s Palo Alto office. The seller was not named.
SAN DIEGO — Zephyr Partners has acquired a 60,000-square-foot site on Broadway between 7th and 8th Avenues in Downtown San Diego for $21.1 million. This was one of the last available full blocks of space remaining in Downtown San Diego. Zephyr plans to use the site to build a $250-million, mixed-use retail and residential community that contains two, 32-story towers. The development is designed to extend Downtown’s core, revitalizing the land between the Gaslamp Quarter and Financial District. It will be the first mixed-use, high-rise project since the recession, Zephyr notes. The property currently contains underutilized retail, parking and office space that will be demolished. The original eight-property portfolio was built in the 1950s and had fallen into disrepair over the past 30 years. Zephyr also recently acquired the Banker’s Hill condo project at nearby 2850 6th Ave. The company plans to build 60 high-end luxury condominiums on the site, which should be completed in 2015. George Smith Partners arranged $12.7 million in pre-development financing for the Broadway project. The interest-only loan carries a large interest reserve. It is priced at 6.5 percent for two years with a one-year extension.
CHANDLER, ARIZ. — PrivatePortfolio Group LLC has purchased the 383-unit Parcland Crossing apartment complex in Chandler for $65 million. The community is located at 800 W. Willis Road, just south of the 202 Freeway. Parcland is situated within a five-mile radius of two Intel campuses, in addition to the offices of Bank of America, Wells Fargo, Chandler Regional Medical Center, eBay/PayPal, Verizon, Microchip, Freescale Semiconductor, Orbital Sciences, EDMC and Avnet. The community was built in 2013. It was 93 percent leased at the time of sale. CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch represented the seller, Alma School Apartments LLC, in this transaction. The LLC is a joint venture between Mark-Taylor Inc. and Kitchell Development Co.
TEMECULA, CALIF. — Jones Lang LaSalle Income Property Trust has acquired Rancho Temecula Town Center, a 165,000-square-foot, grocery-anchored neighborhood shopping center in Temecula, for about $60 million. The center is located at 39540 Winchester Road. The property is 93 percent leased to 26 tenants. Its four anchor tenants include Sprouts Farmers Market, LA Fitness, Rite Aid and BevMo!. These tenants generate 54 percent of the center’s revenue. They have a weighted average lease term of nearly nine years. The acquisition was financed at about 50 percent loan to value with a fixed interest rate loan of 4 percent for 12 years. Jones Lang LaSalle Income Property Trust is an institutionally managed, non-listed, daily valued perpetual life REIT. This is the REIT’s third grocery-anchored shopping center acquisition in the past nine months. It recently acquired Oak Grove Plaza near Dallas and Grand Lakes Market Place near Houston, Tex.
PORTLAND, ORE. — Block 300, a 362,000-square-foot office building in Portland, has received a $60.8-million bridge loan. The Class A building is located at 333 South West 1st Ave. in the Downtown area. The building was 50 percent leased when the funds were committed. It is now 75 percent leased. Dan Rosenberg of Cohen Financial secured the financing for Kaufman Jacobs. It was provided by GE Capital Real Estate. “The bridge financing allows us to recapitalize the property and puts us in a strong position to execute improvements and to re-tenant the property,” says Robert Saunders, Kaufman Jacobs’ CFO.
CAMPBELL, CALIF. – The 40-unit Sun Dial Garden Apartments in Campbell has sold to a limited liability company for $7.7 million. The community is located at 300 and 350 Dunster Drive. Mitchell Zurich and Brad Lehman represented both the buyer, who was coming out of a 1031 exchange, and the seller, , a private investor, in this transaction.