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

California Office Western

San Mateo BayCenter Office Campus Receives $86M in Financing

by Nellie Day December 10, 2014

SAN FRANCISCO — San Mateo BayCenter, a 303,257-square-foot office campus in the Silicon Valley submarket of San Mateo, has received $86 million in financing. The Class A campus is located at 901 and 951 Mariners Island Blvd., and 999 Baker Way. San Mateo BayCenter is situated at the intersection of U.S. Highway 101 and Highway 92. The three-building campus was built in 1987. The campus is more than 98 percent leased to tenants like Marketo, Brightedge Technologies and Actuate. The floating-rate, post-acquisition financing was arranged by HFF’s Bruce Ganong, Jordan Angel and Walter Chui on behalf of Rockpoint Group. HFF also handled the property’s sale, which closed in September. The seller was Equity Office Properties.

December 10, 2014

Arizona Office Western

Desert Ridge Corporate Center in Phoenix Sells for $58.6M

by Nellie Day December 10, 2014

PHOENIX — Regent Properties has acquired Desert Ridge Corporate Center (DRCC), a 293,161-square-foot office and retail property in Phoenix, for $58.6 million. The institutional-grade center is located at 20860, 20830 and 20910 N. Tatum Blvd., within the master-planned community of Desert Ridge. DRCC contains two Class A office buildings, in addition to a 17,953-square-foot, multi-tenant specialty retail building. The property is located on land encumbered by a State of Arizona ground lease that has 78 remaining years. Notable tenants at the center include GEICO Insurance, Vantage Retirement, Wells Fargo Bank, C.H. Robinson Worldwide, K. Hovnanian Homes, Summit Energy, SimonMed Imaging and Scottrade. DRCC was built in 2007.

December 10, 2014

Industrial Nevada Western

Monsoon Pacific Expands at Spice Islands Industrial Center in Sparks

by Nellie Day December 10, 2014

SPARKS, NEV. – Monsoon Pacific has expanded at the Spice Islands Industrial Center in Sparks. The company has absorbed an additional 20,400 square feet at the center, which is located at 945 Spice Island Drive, just east of Reno. Michael Nevis, Dave Simonsen, J. Michael Hoeck and Steve Kucera of the NAI Alliance Industrial Properties Group represented both the tenant and unnamed landlord in this transaction.

December 10, 2014

California Industrial Western

Vista Industrial Property Sells for $13.5M

by Nellie Day December 9, 2014

SAN DIEGO – A 128,531-square-foot industrial property in the San Diego submarket of Vista has sold to KI-Vista-LPSM LLC for $13.5 million. The Class A building is located at 2611 Business Park Drive. The single-tenant manufacturing and distribution building recently underwent a rehab and repositioning. It had served as Dimension One’s corporate headquarters until its leaseback agreement expired in November 2013. The buyer secured a lease with Stone Brewing Co. to use the space as its new national distribution center. The LLC was represented by Colliers International. The seller, SR Commercial, was represented by Joe McDermott, Ron King and Bob Willingham of Cushman & Wakefield.

December 9, 2014

Arizona Retail Western

Ocotillo Fiesta Shopping Center in Chandler Trades Hands

by Nellie Day December 9, 2014

CHANDLER, ARIZ. – The 40,952-square-foot Ocotillo Fiesta Shopping Center in Chandler has sold to Ocotillo Fiesta LLC for an undisclosed sum. The center is located at the southeast corner of Alma School and Queen Creek roads. It is shadow-anchored by Albertsons. The center is currently 97 percent leased. The landlord, Southgate Mall Associates, was represented by Mindy Korth and Kirk Kuller of Colliers International.

December 9, 2014

Colorado Multifamily Western

Security Properties Buys Dayton Meadows Apartments in Denver

by Nellie Day December 9, 2014

DENVER – Security Properties has acquired the 120-unit Dayton Meadows Apartments in Denver for an undisclosed sum. The affordable housing community is located at 1479 S. Dayton Street. The company recently secured an allocation of Low Income Housing Tax Credits from Colorado Housing and Finance Authority that will allow it to rehabilitate the community. Construction is slated to begin in December and wrap in June 2015.

December 9, 2014

California Office Western

Viewridge Business Park Trades in San Diego

by Nellie Day December 9, 2014

SAN DIEGO – Viewridge Business Park, a 72,571-square-foot office complex in the Kearny Mesa submarket of San Diego, has sold to MIG Real Estate for an undisclosed sum. The park is located at 4711, 4715 and 4719 Viewridge Ave. It is currently 82 percent leased. Notable tenants include Coastal Credit, YARDI and Vericare. MIG Real Estate represented itself in this transaction, while the unnamed seller was represented by Bob Prendergast and Lynn LaChapelle of Jones Lang LaSalle.

December 9, 2014

California Retail Western

Smashburger Opens Two New Restaurants in the Bay Area

by Nellie Day December 9, 2014

SAN FRANCISCO – Smashburger has opened two new restaurants in the San Francisco Bay Area. The outposts are located at 1151 40th Street in Emeryville and 925 Blossom Hill Road, within the Westfield Oakridge shopping center in San Jose. Smashburger also recently opened stores at the Rivermark Village in Santa Clara and at Cherry Orchard Shopping Center in Sunnyvale. The quick-service restaurant was represented by Laura Tinetti of SRS Real Estate Partners. Federal Realty Investment Trust, the Emeryville landlord, was represented by AJ Schrader of Retail West. Westfield, the San Jose landlord, was represented by Daryn Gallaway of Westfield LLC.

December 9, 2014

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