SAN FRANCISCO — JP Morgan Chase & Co. has acquired Pacific Place, a 430,000-square-foot office, retail and hotel property in Downtown San Francisco, for an undisclosed sum. The property is located at the intersection of 4th and Market streets at the nexus of the Union Square, South of Market and Financial District neighborhoods. Pacific Place contains three adjacent properties. They include 16 floors of office space, about 200 feet of Market Street retail storefront and the Palomar Hotel, a five-floor, 198-room luxury boutique hotel. The 202,000-square-foot office portion was leased to Intuit last year after the building was repositioned. It is currently home to Demandforce, which is a part of Intuit’s Small Business Division. The renovation included enhancements to the lobby, in addition to a new coffee bar and cafe concept by Small Foods. The retail portion contains flagship stores for Levi’s and Old Navy, as well as space for The Container Store. The asset was held by the Jamestown Premier Property Fund, the firm's flagship core and core-plus investment vehicle for institutional investors. Jamestown was represented by Eastdil Secured.
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HUNTINGTON BEACH, CALIF. — Pacific City, a 191,000-square-foot retail center project in Huntington Beach, has received $93 million in construction financing. The shopping center will be located along Pacific Coast Highway, just three blocks south of Main Street. It will be bound by Pacific View Avenue, as well as by 1st and Huntington streets. The new development is situated on a site that overlooks the Huntington Beach Pier and Pacific Ocean. Its two-story open design will grant most of the tenants ocean views. The tenant roster will include a mix of national retailers that represent “iconic California lifestyle brands,” in addition to several well-known restaurants and an Equinox fitness center. The adjacent Lot 579 marketplace will feature local and regional food artisans in a farmer’s market-style setting. Pacific City is scheduled to open next summer. It is being developed by DJM Capital Partners. The non-recourse financing, which consisted of a $56.5-million senior loan and a $37-million mezzanine loan, was arranged by George Smith Partners. Only a minimal amount of pre-leasing was required for the funding.
COSTA MESA, CALIF. — S.B. Restaurant Co., the Costa Mesa-based parent company of the Elephant Bar casual dining chain, has filed for Chapter 11 bankruptcy. The company has also closed 16 of its 29 restaurants, which are located throughout six states. Restaurants affected by the closures include the Elephant Bar locations in Irvine, Rancho Bernardo (San Diego), Palm Desert, Valencia, Northridge, Simi Valley, Burbank and Goleta, Calif., among other locations.
SAN FRANCISCO — Patson Cos. has acquired a 140,000-square-foot office building at 1155 Market Street in San Francisco for $72.6 million. The deal represents an internal rate of return of more than 56 percent for investors. The 11-story building was virtually empty when Laurus Corporation acquired it in 2011, as the single tenant was in the process of vacating. The company implemented a tenant improvement program and re-leased more than 75 percent of the building to the City and County of San Francisco within 90 days. The building also underwent a $14-million renovation program, which included upgrades to the facade, lobby, corridors, bathrooms, elevators and common areas, among other items. The majority of the sales proceeds will be rolled into the Ethika Diversified Opportunity Real Estate Fund. Laurus formed this fund to provide investors access to a unique platform that invests in opportunistic and value-add assets in the United States.
SEATTLE – A joint venture between Provenance Hotels and Thayer Lodging Group has acquired the 120-room Hotel 1000 in Downtown Seattle for a reported $63 million. The Forbes Four Star-rated hotel is located at the intersection of 1000 First Avenue and Madison Street, near the waterfront along Elliott Bay. There are 10 floors of upscale condominiums that sit atop the 14-story hotel. The hotel portion also features a 100-seat restaurant, spa, state-of-the-art golf simulator, and 9,100 square feet of conference and event space. This is the joint venture’s first acquisition. It is Thayer’s third acquisition through its $300-million Thayer Fund VI. Provenance will manage the hotel.
SAN DIEGO — An entity of NBC 7 San Diego has acquired a 52,347-square-foot office building in San Diego for $9.6 million. The Class A building is located at 9680 Granite Ridge Drive in the StoneCrest office complex of Kearny Mesa. The NBC station plans to use the space for a new television studio and administrative offices. NBC 7 San Diego is an NBCUniversal Owned Television Station. The entity that acquired the asset was KNSD Granite Ridge LLC. It was represented by Tim Cowden, Jay Arnett and David Kim of Colliers International. The seller, T-C Stonecrest LLC, was represented by CBRE’s Brad Black and Mike Hoeck.
COSTA MESA, CALIF. — Bristol Village Plaza, a 125,000-square-foot shopping center in Costa Mesa, has received $7.7 million in CMBS financing. The plaza is located at 270 Bristol Street. Notable tenants include McDonalds and Del Taco. Starbucks is in the process of building out its store and obtaining final city approvals as well. The 10-year CMBS loan features a fixed rate of 4.74 percent and full-term, interest-only payments. It will be used to refinance the property. The loan was negotiated by Seth K. Grossman and Andy Strauss of Meridian Capital Group on behalf of The Festival Companies.
HAWTHORNE, CALIF. – ThinKom Solutions has signed a seven-year lease at OceanGate Business Park in Hawthorne. The park is located at 4881 W. 145th Street. The broadband antenna and product solutions provider will be expanding and relocating from its current headquarters in Torrance. ThinKom was represented by JLL’s Chris Strickfaden and Mark Mattis of PM Realty Group. The landlord, St. Paul Fire and Marine Insurance, a division of the Travellers Insurance, was represented by Britt Shuford of SCO Advisors.
FREMONT, CALIF. — Toyota Tsusho America (TAI) has signed a five-year lease for 64,396 square feet in Fremont. The industrial property is located at 41470-41490 Boyce Road. TAI is currently located at the Tesla Motors production facility. The vehicle development, production systems and engineering services provider needed to relocate due to Tesla’s expansion of its Model X and Model E production lines. TAI was represented by Craig Leiker and James Viso of Kidder Mathews. The landlord is Prologis.
TEMPE, ARIZ. — Attis Investments LLC has acquired nine office condos at Riverside Office Plaza II, a 75,500-square-foot office complex in Tempe, for $2.8 million. The 27-condo plaza is located at 1215 and 1255 West Rio Salado Parkway. It is situated next to the Tempe Center for the Arts. The plaza is now sold out. Attis plans to lease and build out the vacant office condos. It was represented by JLL’s Mark Gustin. The seller, Southwest Value Partners, was represented by Jeff Wentworth and Sean Spellman of Cassidy Turley.