LOS ANGELES — Glumac Engineering has signed a 12-year lease for 17,500 square feet of office space in Los Angeles. The building is located at 707 Wilshire Blvd. in Downtown. The firm, which has worked on the Wilshire Grand Hotel and the Shanghai Disneyland, will be relocating this August from an office on nearby 7th Street. Glumac was represented by Joe Faulkner of CRESA Partners. The landlord, Beacon Properties, was represented by JLL’s John McAniff.
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SAN DIEGO — River Bank Plaza, a 40,222-square-foot office property in San Diego, has sold to San Diego Unified School District for $5.5 million. The two-building property is located at 3420 and 3430 Camino Del Rio North. The school district plans to lease the Class B property to a non-profit charter school. It represented itself in this transaction. The seller, NCWP-River Bank LLC, was represented by Derek Hulse, Derek Applbaum and Tom Mercer of Colliers International.
Construction of apartment buildings is leading the Denver metro area’s building boom, with more than 19,000 units starting construction in 2012 and 2013 that are expected to be delivered this year. This is the most apartments this market has added in such a short period of time in more than 40 years. This construction boom follows a stretch where we saw little multifamily development, which created a short-term need to catch up with current population growth demands. Some perceive this level of development as overbuilding, though recent population growth statistics may indicate otherwise. The Downtown Denver area is particularly hot for apartment developers, with about 4,000 units under construction. The majority of this work is being done around the Denver Union Station transit station. The activity is being fueled by the region’s population growth, which averaged 1.7 percent per year between 2007 and 2012, maintaining a stable expansion rate through most of the recent recession and recovery, according to the Metro Denver Economic Development Corp. The organization projects population growth — mostly attributed to strong net migration — will moderate slightly to 1.6 percent this year, which is more robust than the projected U.S. growth rate of less than 1 …
LOS ANGELES — Lev Restaurant Group has purchased four Southern California Jamba Juice stores from the Jamba Juice Company. The purchase price was not disclosed. The outlets are located in Sherman Oaks, Studio City and Encino. The company plans to invest additional capital into the stores, as well as introduce Jamba’s whole food blending and juicing menu. Lev Restaurant Group is the management company of FC Juice Partners LLC. It is the exclusive developer of Jamba Juice throughout the Las Vegas Valley. Juice Partners currently owns and operates 14 Jamba Juice locations, with additional locations under development. The transaction also requires Lev to develop a minimum of 10 additional Jamba Juice stores in adjacent Southern California territories. These include Altadena, Flintridge/La Canada, Van Nuys and North Hollywood. The sale is part of a re-franchising initiative as Jamba Juice moves toward a more franchise-operated business model.
BURBANK, CALIF. — Rexford Industrial Realty has acquired a 130,800-square-foot industrial property in Burbank for $15.4 million. The two-building property is located at 2980-2990 N. San Fernando Blvd. It is triple-net leased to Senior Aerospace. The seller was First Industrial. The buyer and seller were represented by John Minervini, Erik Larson, Robin Dodson, Chris Tolles, Jeff Chiate and James Carpenter of Cushman & Wakefield.
SAN DIEGO — SR Commercial has acquired Morena Business Center, a 62,814-square-foot flex/office project in the San Diego submarket of Rose Canyon/Morena District, for $9.2 million. The three-building property is located at 2620-2640 and 2645 Financial Court. Notable tenants include Destination Concepts, Europen Tile, American Geotechnical, Gemini Energy and Envision. Bryce Aberg, Brant Aberg and Brad Tecca of Cassidy Turley’s San Diego office represented both the buyer and the seller, Feher Family Trust, in this transaction. Holliday Fenoglio Fowler also provided $6 million in financing to SR Commercial.
SAN DIEGO — DefenseWeb Technologies has signed a 90-month lease for 46,138 square feet at Seaview Corporate Center in San Diego. The Class A building is located at 10188 Telesis Court. It offers lifestyle amenities, such as an on-site café and deli, fitness center, heated lap pool, tennis and basketball courts, and direct access to jogging and biking trails. The software solutions creator was represented by Bob Rodewald of James Crone & Associates. The landlord, John Hancock Life Insurance Company (USA), was represented by Brett Ward, Bill Cavanagh and Michael Cassolato of Cassidy Turley’s San Diego office.
FRESNO, CALIF. – The 190-unit Willow Lakes Apartment Homes in Fresno has received a $6.6-million loan. The community is located at 190 N. Willow Ave. It was built in 1987. The three-year, interest-only loan was arranged by Lanford Tobe of Johnson Capital's Sacramento office. It was provided by Streamline Realty Funding under its bridge program. The non-recourse financing includes two one-year extension options. It represents 85 percent of the purchase price, with an interest rate in the low 5 percent-range.
SAN FRANCISCO — Emerald Fund has received a $58.8-million FHA section 221(d)(4) mortgage for the 101 Polk Apartments project in Downtown San Francisco. The community will be located on its namesake, 101 Polk Street, in the Civic Center/Mid-Market District. The area features notable tech companies, including Twitter, Dolby Laboratories, Yammer and Zoosk. The new project will contain 162 Class A units, including 19 affordable residencies. The loan was provided by RED Mortgage Capital LLC, the mortgage banking arm of RED Capital Group.
LOS ANGELES — Universal Music Group (UMG) has leased 146,636 square feet at LNR Warner Center in the Los Angeles submarket of Woodland Hills. The seven-building campus is located at 21301 Burbank Blvd. The 10-year lease is estimated at a reported $46 million. UMG will occupy the top four floors of the five-story building. This is the largest relocation lease by square footage in the San Fernando Valley so far this year, according to CBRE, which represented UMG. The music company plans to consolidate its two existing Woodland Hills offices. The new lease will commence this February. UMG’s Santa Monica offices will not be affected by the relocation. The company was represented by CBRE’s Paul Stockwell, Josh Leibowitz and Jeremy Charles. Hines was represented in-house by Todd Later and Eric Lyon.