LATHROP, CALIF. – Tesla Motors has signed a lease for a 430,000-square-foot facility in Lathrop. The facility is located at 18260 Harlan Road, about 10 miles south of Stockton, in west San Joaquin County. The facility was previously occupied by a parts distribution center for Chrysler, which closed in 2009, according to reports.
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SAN JOSE, CALIF. — Swift Realty Partnershas acquired Community Towers, a 309,235-square-foot office complex in downtown San Jose, for $40 million. The transit-oriented complex is located at 111 West St. John Street & 111 North Market Street. It is situated next to San Pedro Square, near San Jose’s SAP Center. Community Towers was originally built in 1963 and 1965. It underwent a renovation from 2007 to 2008. It is currently 94 percent leased to tenants like Kerio Technologies, Anatomage, Rockwell Automation and Sunwize. HFF’s Steven Golubchik, Nicholas Bicardo and John Simerlein represented the seller, the Canadian Imperial Bank of Commerce, in this transaction.
LOS ANGELES — The Magellan Group has recently closed on three acquisition and development transactions in Southern California. The company is also in escrow on a fourth investment that should close in May. The transactions include the acquisition of a 14-acre site at 1869-2069 Massachusetts Ave. in Riverside for $6.5 million, and a 4.8-acre site at 5115 Azusa Canyon in Baldwin Park for $4 million. The Riverside site currently contains a fully leased manufacturing building and yard area. Magellan plans to redevelop the property and add new industrial space as these leases expire over the next five years. The Baldwin Park site contains three buildings that total 70,000 square feet. They are currently leased on short-term bases. Magellan also plans to redevelop this site once the leases expire. Construction will also commence next month on a building conversion in Duarte. Magellan purchased the building, which used to serve as the building site for the Tournament of Roses parade floats, in March 2013 for an undisclosed sum. The building is located at the intersection of Buena Vista and Duarte Road. Magellan plans to convert the property into a 79,668-square-foot storage facility that will contain 728 units. The $10.6-million project is scheduled …
HONOLULU — KZ DevCo LP has completed construction on a 20,114-square-foot Long’s Drugs in Honolulu. The new store is located at 1030 King Street in the Makiki neighborhood. The project costs totaled more than $25 million, making it one of the most expensive Long’s projects to date. Long’s broke ground in the second half of 2013. It is expected to open for business this June.
SCOTTSDALE, ARIZ. – A 9.5-acre land parcel in the Scottsdale Airpark has sold to Boeing V LLC for $8.3 million. The 415,562-square-foot parcel was the largest remaining for-sale commercial parcel with runway access in the Airpark. It is located on the south side of the airport’s runway. Boeing was represented by Mark Linsalata of Lee & Associates. The seller, Phoenix Dragon FEI LLC was represented by Linsalata, along with Bill Blake and Fred Darche.
MILPITAS, CALIF. — Micron Technology has leased 141,000 square feet of space in three buildings at Tasman Technology Park in Milpitas. The park is located at 540, 570 and 596 Alder. The advanced semiconductor systems and engineering technology provider will be relocating from North San Jose and Fremont. The landlord, Duetsche Asset & Wealth Management, was represented by Gregory M. Davies, Steve Horton and Colin Feichtmeier of Cassidy Turley in Northern California.
NEWPORT BEACH, CALIF. – A 16-room boutique hotel in Newport Beach has received $3.5 million in acquisition financing. The hotel features a ground-floor restaurant, a quadruplex and beachside cottages. This asset was purchased as part of a pool of properties for a total of $7.1 million. The hotel’s first trust deed was provided by Lone Oak Fund at 8.3 percent interest-only. The firm also sought out a second trust deed with an established junior lender. A private equity investor completed the capital stack with a third trust deed.
LOS ANGELES — Lewis Horne has been named president of CBRE’s Greater Los Angeles region. He has overseen the firm’s Los Angeles and Orange County regions since 2007. Horne is responsible for eight offices and more than 1,200 employees in the firm’s 15 primary business lines and specialty practice groups. CBRE professionals in the region complete more than 12,000 property sale and lease transactions per year. The firm also manages about 87 million square feet of commercial property in the area. Horne recently oversaw the relocation of CBRE’s Downtown Los Angeles headquarters to400 Hope Street. He began his commercial real estate career in 1984 as an industrial broker. Horne is a graduate of the University of Southern California.
SAN JOSE, CALIF. – A joint venture between Sares Regis Group of Northern California and Pritzker Realty Group has acquired a two-acre development site in Downtown San Jose for an undisclosed sum. The site will soon be home to The Pierce, a mid-rise, luxury apartment community. The land is located at 60 Pierce Ave. on Market Street between Pierce Avenue and Reed Street in the city’s South First Area district. Demolition of the existing industrial and commercial buildings on the site began April 1. The Pierce will include 232 units and 4,300 square feet of ground-floor retail space. It was designed by Steinberg Architects. The new development is scheduled for occupancy in fall 2015. The project will reportedly cost $70 million.
ENGLEWOOD, COLO. – Construction is underway at Elevation at County Line Station, a 265-unit apartment community in Englewood. The $44-million, transit-oriented development is situated on eight acres next to the County Line Road Park-n-Ride. It also enjoys a close proximity to the light rail station and Park Meadows Mall. The four-story, four-building luxury apartment communityis scheduled for completion this fall. It includes many unique amenities, such as a light rail commuter lounge, roof top clubroom, a “paw spa” (dog wash), an electric car charging station and a bicycle-borrowing program. It is being developed by Grand Peaks Properties and designed by KTGY.