Western

Terreno Realty Buys Central Plaza, Central Pacific in Union City

by Nellie Day December 12, 2014

UNION CITY, CALIF. — Terreno Realty Corporation has acquired Central Plaza, a 170,129-square-foot industrial complex in the San Francisco Bay Area submarket of Union City, for $23.8 million. Terreno is also under contract to acquire Central Pacific, an adjacent industrial project that is currently under construction, for $37.2 million. The three-building, Class A Central Plaza is located at 33306-33580 Alvarado Niles Road. It recently received an upgrade to its exterior façade, asphalt, roof and HVAC system. Central Plaza is currently 99 percent leased. Notable tenants include Strapack, CoreMark and Phillips Delivery. The four-building, 300,000-square-foot Central Pacific is scheduled for completion next March. The Class A project is being developed by Westcore Properties, which was also the seller of Central Plaza. Kevin Hatcher and Mark Maguire of Colliers International represented both Westcore Properties and Terreno Reality Corporation in these transactions.

December 12, 2014

Arizona Multifamily Western

Waterford at Superstition Springs in Mesa Sells for $33M

by Nellie Day December 12, 2014

MESA, ARIZ. — NALS Apartment Homes has purchased the 280-unit Waterford at Superstition Springs apartment complex in Mesa for $33 million. The community is located at 7311 East Southern Ave. Waterford is situated less than a mile from Superstition Springs Center, a 1.2-million-square-foot regional shopping mall with more than 150 stores and eateries. Mesa Pavilions, a 720,000-square-foot power center, also sits directly across the street from this community. Common-area amenities at Waterford include a resort-style swimming pool with spa, a leasing office, 24-hour fitness center, a clubhouse with resident lounge and Wi-Fi, an executive business center and conference room, 80 detached garages, 30 detached storage units, a car care center, and a courtyard space with a playground, volleyball court and barbecue grills. The seller, Waterford at Superstition Springs LLC, was represented by Steve Gebing of IPA and Cliff David of Marcus & Millichap.

December 12, 2014

California Retail Western

Vitamin Shoppe to Open at Westgate Center in San Jose

by Nellie Day December 12, 2014

SAN JOSE, CALIF. – Vitamin Shoppe will open a 3,000-square-foot store at the Westgate Center in San Jose tomorrow, Dec. 13. The shop will be located at the corner of Saratoga Avenue and West Campbell Avenue. It will occupy a former gas station. The corner site will soon include the Veggie Grill, Verizon Wireless, as well as additional tenants that will be announced shortly. Construction on the corner is slated for completion early next year. Notable tenants at Westgate Center include Target, Nike Factory Store, Walmart Neighborhood Market, Old Navy, Gap Factory Store, Burlington Coat Factory, Nordstrom Rack, Michaels, Any Mountain, J. Crew Factory and Ross Dress for Less. Federal Realty Trust owns both the Westgate Center and the gas station site that is being redeveloped. Westgate was represented by SRS Real Estate Partners.

December 12, 2014

California Office Western

The Swig Company Acquires The Wakefield Building in Oakland

by Nellie Day December 11, 2014

OAKLAND, CALIF. – The Swig Company has acquired The Wakefield Building, a 57,000-square-foot creative office property in Oakland, for an undisclosed sum. The building is located at 416 17th Street. The property was originally developed as a medical office building by Dr. W.H. Wakefield in the 1920s. Notable tenants include Sungevity’s incubator spin-off, SFunCube, as well as First Place for Youth, the American Heart Association, the Rockwood Leadership Institute and the Asian Pacific Education Network. The Swig Company also owns and operates the nearby Kaiser Center on Lake Merritt. The unnamed seller was represented by Seth Siegal and Adam Lasoff of Cushman & Wakefield. The Swig Company’s legal advice was provided by Tony Ratner of Farella Braun + Martell.

December 11, 2014

Office Washington Western

Swedish Health Services Leases Space at First Hill Medical Pavilion in Seattle

by Nellie Day December 11, 2014

SEATTLE – Swedish Health Services has leased 24,000 square feet at First Hill Medical Pavilion in Seattle. The space is located on Seattle’s First Hill, across from the Swedish Hospital campus. Swedish Health Services will relocate its transplant group to the sixth floor of the building in the second quarter of next year. The building is 44 percent leased. It is currently undergoing a significant renovation. Swedish Health Services was represented by Bob Mooney and Hans Kemp of Flinn Ferguson. The landlord, a joint venture between Trammell Crow Company and Washington Capital Management, was represented by CBRE’s Paul Carr, Steve Perovich and Marcus Yamamoto.

December 11, 2014

Arizona Office Western

Make-A-Wish Foundation of Arizona Buys Office Building in Scottsdale

by Nellie Day December 11, 2014

SCOTTSDALE, ARIZ. – Make-A-Wish Foundation of Arizona has purchased an 11,400-square-foot office building in Scottsdale for $1.9 million. The building is located at 2901 N. 78th Street, just outside the downtown area. The foundation plans to use this space for its new headquarters after the property undergoes a full remodel. The purchase was made through contributions from a large donor. The building’s former tenant, RevSolve, previously known as Collections Service Bureau, relocated to another office just a mile away this past July. Make-A-Wish was represented by CBRE’s Chris Marchildon and Barry Gabel. The seller, SPQR LLC, was represented by Kelly O’Dea of LevRose/TCN Worldwide.

December 11, 2014

California Office Western

Sarens Relocates to Bishop Ranch in San Ramon

by Nellie Day December 11, 2014

RAMON, CALIF. – Sarens has leased 7,355 square feet of space at Bishop Ranch in San Ramon. The Class A office space is located at 5000 Executive Parkway. The heavy lifting and engineered transport company will be relocating from the Marina Village office complex in nearby Alameda. Sarens recently transported the Endeavor space shuttle to Los Angeles. The company was represented by Gregg Hall of Cresa San Jose. The landlord, Sunset Development, represented itself in this transaction.

December 11, 2014

California Retail Western

Crunch Fitness & UFC Leases Space in Rancho Cucamonga

by Nellie Day December 11, 2014

RANCHO CUCAMONGA, CALIF. – Crunch Fitness & UFC has leased 25,015 square feet of space in Rancho Cucamonga. The space is located at 12739 Foothill Blvd. The lease is valued at $3.2 million. Vicky Espinosa, Fred Encinas and Lidia Talavera of NAI Global represented both Crunch Fitness and the landlord, THM Enterprises LLC, in this transaction.

December 11, 2014

Hawaii Loans Multifamily Western

Honolulu Apartment Project Receives $100.6M in Financing

by Nellie Day December 10, 2014

HONOLULU — A 269-unit apartment project in Honolulu has received $100.6 million in construction financing. The development will be located at 7000 Hawaii Kai, at the intersection of Keahole Street and Hawaii Kai Drive in East Honolulu. The two, 10-story buildings will be situated on one of the last remaining residential development sites in the submarket, according to HFF, which secured the financing. Community amenities will include a swimming pool, fitness center with cardio machines and yoga studio, club room with full kitchen, library, meeting room, media/performance room and business center. The community will overlook the Hawaii Kai Marina once it’s completed in 2016. The project is being developed by a subsidiary of Hanwha America Development LLC and Avalon Development. Hanwha is the U.S. real estate arm of Korea-based Hanwha Engineering Construction Corp. HFF’s Aldon Cole and Zack Holderman secured the financing, which is composed of a $67.2-million, first-lien loan and $33.4 million in mezzanine financing. The first-lien loan was placed with Bank of the Ozarks, while the mezzanine financing was provided by iStar Financial.

December 10, 2014

Industrial Nevada Western

Cambridge, Diamond Rock to Build Massive Las Vegas Industrial Development

by Nellie Day December 10, 2014

LAS VEGAS — A partnership between Cambridge Companies and Diamond Rock Partners has announced plans to build a 1-million-square-foot industrial project in Las Vegas. The project will be constructed on about 50 acres of land in North Las Vegas. It will target end-users seeking larger facilities. Cambridge Companies has developed projects and invested in land in Las Vegas for more than 20 years. Diamond Rock Partners LLC is a privately held real estate owner and investment company that advises and invests alongside high-net-worth and institutional clients in a broad range of commercial and residential real estate, including property acquisitions, development, construction and repositioning.

December 10, 2014

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