CHANDLER, ARIZ. – The Delta Corporation has acquired 15.3 acres of commercial land in Chandler for $2.7 million. The land is located at the southeast corner of Frye Road and Ellis Street. Delta plans to develop a mixed-use project on the site. Rick Danis and Paul Boyle of Cassidy Turley represented both the buyer and seller, BOK Financial Corp., in this transaction.
SAN DIEGO – A 71,450-square-foot office building in the San Diego submarket of Mission Valley has sold to Shopoff Realty Investments for $11.1 million. The Class B-plus building is located at 2650 Camino Del Rio North. It is currently 75 percent leased. Notable tenants include Kaiser Foundation Health Plans and U.S. Colleges.
Home to nearly 850,000 people and rapidly growing, the City of San Francisco is packed into a little less than 47 square miles. Having long been known as one of the primary financial, tech and cultural hubs of the United States, San Francisco is a place where many people want to be. Business is booming, companies are competing for employees, and the city is as culturally vibrant as ever. It seems like every week there is another article about San Francisco topping another a “best of” list. Supply, Demand, Rent Control Every city endures growing pains during times of economic expansion – new construction, rising rents and home prices – not to mention added stress to the local public infrastructure. The supply of housing in San Francisco remains relatively static for various reasons, with strict building and zoning regulations, a comparatively fixed supply of buildable land and the added complications surrounding the development of real estate in a densely populated, coastal city. On the flipside, demand for housing, which most consider a necessity, is highly inelastic. This is due to the average per-capita income for San Francisco residents, which is about 80 percent higher than the average per-capita of the …
VENTURA, CALIF. – Marcus & Millichap has opened an outpost in Ventura. This is the commercial real estate investment services firm’s eighth sales office in Southern California. The office will be overseen by Adam Christofferson, first vice president and regional manager, and James Markel, sales manager. They will be joined by Gary Cohen as director of the firm’s National Office and Industrial Properties Group (NOIPG), along with Brian Johnson, senior associate of the National Multi Housing Group (NMHG). Parker Shaw, an associate with the NMHG, and James DeBuiser, an agent candidate with the NOIPG, will round out the new office. The Ventura office is located at 1000 Town Center Drive.
TACOMA, WASH. – Kennedy Wilson has acquired the 280-unit Bella Sonoma apartment complex in the Tacoma suburb of Fife for $46.7 million. The luxury residential community is located at 2301 62nd Ave E. Bella Sonoma was built in two phases in 2004 and 2006. About 35 percent of the community’s units are townhomes with attached garages. The community is situated near the Port of Tacoma and a Sound Transit stop which, connects to Seattle and Tacoma. Kennedy Wilson has purchased 2,185 units in the Pacific Northwest this year alone, bringing its Pacific Northwest multifamily portfolio to a total of 5,216 units. It owns a total of 20,719 multifamily units worldwide. The firm invested $11.1 million of equity into the acquisition. It also secured $37.3 million of new debt through Fannie Mae. That 10-year loan features a fixed interest rate of 3.59 percent and five years interest-only. The seller was not named.
VANCOUVER, WASH. – Eagle Home Mortgage has leased 8,340 square feet at the Broadway Building in Vancouver. The Class A building is located at 805 Broadway Building. Eagle Home Mortgage is a subsidiary of Universal American Mortgage Company, which is a division of Lennar Corporation. The company should occupy the building by Jan. 1. Eagle Home Mortgage was represented by Eric Turner of Cresa. The landlord, RS Holdings LLC, was represented by Doug Bartocci and Tamara Fuller of NAI Norris, Beggs & Simpson Associate.
ANAHEIM, CALIF. – A 2,250-square-foot industrial building in Anaheim has sold to an unnamed buyer for $2.5 million. The building is located at 145 W. Santa Ana Street. EmilAmerica is the building’s sole tenant. Chris Migliori of DAUM’s Orange County office represented both parties in this transaction.
PRESCOTT VALLEY, ARIZ. – An 8,639-square-foot Kohl’s department store at The Shops at Glassford Hill Marketplace in Prescott Valley has sold to Zynda Family Trust for $2.7 million. The property is located at 3264 N. Glassford Hill Road. The fully leased shopping center contains five tenants that hold triple-net leases. The trust was represented by Rob Walter of Century 21 Arizona West. The seller, Prescott Valley Signature Entertainment LLC, was represented by Joseph Compagno of CBRE’s Phoenix office.
SEATTLE — A partnership between Ivanhoé Cambridge and Callahan Capital Properties has acquired two adjoining office properties in downtown Seattle for $280 million. The transaction includes a 34-story, 572,500-square-foot, Class A office tower at 1111 3rd Ave., along with its neighbor, a five-story,135,000-square-foot office property known as Second & Spring at 1100 2nd Ave. The larger building recently underwent significant capital improvements, including an upgraded lobby and storefront, new building systems and a new fitness center. Second & Spring was constructed in 1906 and redeveloped in 2013. The seller was not named.
SAN DIEGO — A joint venture between TRT Holdings and JMI Realty has received a $140 million refinancing loan for the 511-room Omni San Diego hotel. The property is located at 675 L St. in San Diego’s Gaslamp Quarter. The 200,000-square-foot-hotel is directly across Harbor Road from the main entrance of the San Diego Convention Center. It was built in 2004 and renovated in 2013. The hotel features McCormick & Schmick’s Seafood Restaurant, in addition to Terrace Bar & Grill and Morsel’s. Hotel amenities include an 8,000-square-foot rooftop terrace, 27,000 square feet of meeting space, outdoor heated pool and spa and a full-service fitness center. The 15-year, fixed-rate loan will refinance the existing debt on the hotel. HFF’s Whitaker Johnson, James Fowler, Scott Hall and Sarah Baccich arranged the financing through AIG Investments.
