Las Vegas – The 240-unit Cimarron Apartments in Las Vegas has sold to FF Realty II LLC for $24.5 million. The community is located at 8301 W. Flamingo Road. The seller, 8301 W Flamingo Road Holdings LLC, was represented by the Sauter Multifamily Group of NAI Vegas.
Western
SAN JOSE, CALIF. — ValueRock Realty Partners has acquired a 120,437-square-foot retail property in San Jose for $18.2 million. The Target-anchored center is located at 2155 Morrill Ave. This is ValueRock’s first Silicon Valley acquisition.
FOSTER CITY, CALIF. — Foster City Medical Pavilion, a 39,842-square-foot medical office building, has received $11.1 million in non-recourse financing. The pavilion is located at 1241 E. Hillsdale Blvd. in Foster City. Proceeds were used to acquire the building. The loan was structured to finance capital expenditures with a secondary funding for 100 percent of the projected tenant improvements and leasing commissions. It represents 60 percent of the borrower’s cost to acquire, upgrade and re-tenant the building. The loan is interest-only for the duration of the term and carries an attractive floating-rate spread with prepayment flexibility. It was secured for Swift Real Estate Partners by Michael Walker of CBRE’s San Francisco office. Financing was placed with a publicly traded mortgage REIT.
LOS ANGELES — Glumac Engineering has signed a 12-year lease for 17,500 square feet of office space in Los Angeles. The building is located at 707 Wilshire Blvd. in Downtown. The firm, which has worked on the Wilshire Grand Hotel and the Shanghai Disneyland, will be relocating this August from an office on nearby 7th Street. Glumac was represented by Joe Faulkner of CRESA Partners. The landlord, Beacon Properties, was represented by JLL’s John McAniff.
SAN DIEGO — River Bank Plaza, a 40,222-square-foot office property in San Diego, has sold to San Diego Unified School District for $5.5 million. The two-building property is located at 3420 and 3430 Camino Del Rio North. The school district plans to lease the Class B property to a non-profit charter school. It represented itself in this transaction. The seller, NCWP-River Bank LLC, was represented by Derek Hulse, Derek Applbaum and Tom Mercer of Colliers International.
Construction of apartment buildings is leading the Denver metro area’s building boom, with more than 19,000 units starting construction in 2012 and 2013 that are expected to be delivered this year. This is the most apartments this market has added in such a short period of time in more than 40 years. This construction boom follows a stretch where we saw little multifamily development, which created a short-term need to catch up with current population growth demands. Some perceive this level of development as overbuilding, though recent population growth statistics may indicate otherwise. The Downtown Denver area is particularly hot for apartment developers, with about 4,000 units under construction. The majority of this work is being done around the Denver Union Station transit station. The activity is being fueled by the region’s population growth, which averaged 1.7 percent per year between 2007 and 2012, maintaining a stable expansion rate through most of the recent recession and recovery, according to the Metro Denver Economic Development Corp. The organization projects population growth — mostly attributed to strong net migration — will moderate slightly to 1.6 percent this year, which is more robust than the projected U.S. growth rate of less than 1 …
LOS ANGELES — Lev Restaurant Group has purchased four Southern California Jamba Juice stores from the Jamba Juice Company. The purchase price was not disclosed. The outlets are located in Sherman Oaks, Studio City and Encino. The company plans to invest additional capital into the stores, as well as introduce Jamba’s whole food blending and juicing menu. Lev Restaurant Group is the management company of FC Juice Partners LLC. It is the exclusive developer of Jamba Juice throughout the Las Vegas Valley. Juice Partners currently owns and operates 14 Jamba Juice locations, with additional locations under development. The transaction also requires Lev to develop a minimum of 10 additional Jamba Juice stores in adjacent Southern California territories. These include Altadena, Flintridge/La Canada, Van Nuys and North Hollywood. The sale is part of a re-franchising initiative as Jamba Juice moves toward a more franchise-operated business model.
BURBANK, CALIF. — Rexford Industrial Realty has acquired a 130,800-square-foot industrial property in Burbank for $15.4 million. The two-building property is located at 2980-2990 N. San Fernando Blvd. It is triple-net leased to Senior Aerospace. The seller was First Industrial. The buyer and seller were represented by John Minervini, Erik Larson, Robin Dodson, Chris Tolles, Jeff Chiate and James Carpenter of Cushman & Wakefield.
SAN DIEGO — SR Commercial has acquired Morena Business Center, a 62,814-square-foot flex/office project in the San Diego submarket of Rose Canyon/Morena District, for $9.2 million. The three-building property is located at 2620-2640 and 2645 Financial Court. Notable tenants include Destination Concepts, Europen Tile, American Geotechnical, Gemini Energy and Envision. Bryce Aberg, Brant Aberg and Brad Tecca of Cassidy Turley’s San Diego office represented both the buyer and the seller, Feher Family Trust, in this transaction. Holliday Fenoglio Fowler also provided $6 million in financing to SR Commercial.
SAN DIEGO — DefenseWeb Technologies has signed a 90-month lease for 46,138 square feet at Seaview Corporate Center in San Diego. The Class A building is located at 10188 Telesis Court. It offers lifestyle amenities, such as an on-site café and deli, fitness center, heated lap pool, tennis and basketball courts, and direct access to jogging and biking trails. The software solutions creator was represented by Bob Rodewald of James Crone & Associates. The landlord, John Hancock Life Insurance Company (USA), was represented by Brett Ward, Bill Cavanagh and Michael Cassolato of Cassidy Turley’s San Diego office.