OAKLAND, CALIF. – Avison Young has opened a new office in Oakland. The outpost will be located at 300 Lakeside Drive within the Kaiser Center in downtown Oakland. Charlie Allen will head up the office as managing principal. This is the Canadian firm’s 42nd office in the U.S. and its 10th in California.
Western
PHOENIX – The 114-room Holiday Inn & Suites Phoenix has received a $9.3-million loan. The property is located two miles south of the Phoenix Sky Harbor Airport. It is also situated near Arizona State University. The property was built in 2009. The non-recourse, fixed-rate, CMBS first-mortgage was secured by KeyBank Real Estate Capital.
SAN DIEGO — Tri-City Corporate Towers, a 64,190-square-foot office building in Oceanside, has received a $7.1-million loan. The building is located at 3142 & 3156 East Vista Way. Notable tenants at the property include U-T San Diego, Sleep Data Holdings and several professional firms. The owner, Fenway Properties, plans to update the exterior and rebrand the property. It will be renamed to Pacific Gateway. The bridge loan was secured by CBRE’s Mark McGovern and Scott Peterson. It was secured through a national debt fund. The loan will provide the capital needed to substantially upgrading both the exterior and interior of the building, among other things.
SAN DIEGO – A 35,000-square-foot restaurant space in Encinitas has sold to PS2 Pacific LLC for $6.5 million. The property is located at 2530 Highway 101 in the San Diego submarket. The buyer plans to operate a new restaurant on the property, which has been vacant for more than a year. The buyer also owns Pacific Coast Grill, which is adjacent to the property. PS2 was represented by Richard Lebert and Matt Zimsky of Colliers International. The seller was Avolencia Group LLC.
PHOENIX — USI Inc. has leased 15,988 square feet of space at Granite Commerce Center in Phoenix. The space is located at 405 N. 75th Ave. The company markets roll and pouch laminating machines and films, in addition to binding equipment, supplies and many other office accessories. USI was represented by Keri Scott, Jackie Orcutt and John Grady of Cushman & Wakefield. The landlord, Crow Holdings, was represented by JLL’s Kyle Westfall.
SAN JOSE, CALIF. – Gap and J. Crew have leased space at Westgate Center in San Jose. Gap Factory Store has leased 10,910 square feet. It is set to open later this year next to Old Navy. J. Crew has leased 5,750 square feet. That store is scheduled to open in spring 2015. Other new additions to Westgate Center include the Nike Factory Store and Skechers Factory Outlet. The center is owned by Federal Realty Investment Trust.
RIALTO, CALIF. — CapRock Partners has acquired two fully entitled land parcels in Rialto. The parcels are called CapRock Distribution Center I and II. The first parcel is located at the northeast corner of North Locust and West Bohnert. The second is located at the northwest corner of North Linden Avenue and West Casmalia Street. CapRock plans to build more than one million square feet of industrial space on the two sites this fall. The project will have direct access to the 210 Freeway. It’s also near the 10/15 Freeway interchange. CapRock also received $50 million in debt and equity financing that was facilitated by Chris Bramel and Paul Conzelman of Bridgeport Investments.
SAN DIEGO – SR Commercial has acquired the Mark II Portfolio, an industrial and office portfolio in San Diego that contains a total of 228,061 square feet, for $35.1 million. The portfolio includes 9450, 9484, 9530, 9537, 9557, 9705, 9707, 9779 Candida Street; 9474, 9524 and 9545 Kearny Villa Road; 9550 Miramar Road; and 9606, 9636, and 9663 Tierra Grande Street. The portfolio is 94 percent leased. About 65 percent of this space will become available over the next three years. All of the properties were built between 1982 and 1999. The portfolio’s largest tenant is 24 Hour Fitness, which occupies the full 31,000-square-foot building at 9550 Miramar Road. Other tenants include White Labs, S&R Sports Inc., Secure Transportation and John Deere Landscapes. Rick Reeder, Brad Tecca, Bryce Aberg and Brant Aberg of Cassidy Turley represented both the buyer and seller, TA Associates Realty, in this transaction. The Abergs will continue to provide leasing services to the new ownership.
TUCSON, ARIZ. – Omninet Capital LLC has acquired a four-property multifamily portfolio in Tucson for $34.6 million. The Class B portfolio includes 1,166 units. The value-add properties included in the transaction are Sedona Springs at 373 N. Wilmot Road; Sienna Ridge at 5353 E. 22nd Street;Summit Ridge at 1252 S. Craycroft Road; and Verrano Park at 6850 E. Gold Links Road. Omninet represented itself in this transaction. The seller, Gaines Investment Trust, was represented by Cindy Cooke and Brad Cooke of Colliers International. This sale is the largest multifamily portfolio sale unit-wise in Tucson since 2010, according to Colliers.
TEMPE, ARIZ. — Passco InSite LLC, a joint venture between Passco Companies LLC and InSite Investment Realty, has acquired the 270-unit Ovation at Tempe for $25.8 million. The Class B community is located at 4502-4505 S. Hardy Drive. Community amenities include a fitness center, two swimming pools, two spas, tennis court, children’s playscape, picnic area with barbeque grills and covered parking. The property was originally built as a condominium complex. The JV plans to upgrade the units’ interiors, add carports, and enhance the property’s exterior and community amenities.