SAN FRANCISCO – ASB Real Estate Investments has purchased a 187,000-square-foot office building in San Francisco’s South of Market (SOMA) district. The six-story building is located at 795 Folsom Street. The building formerly served as the headquarters for Twitter. It is once again fully leased to tenants like Kabam, AT&T and Regus. Cornerstone Real Estate Advisers LLC purchased the building in July 2011 for $71 million.
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LITTLETON, COLO. — Resource Real Estate Opportunity REIT has purchased two apartment communities in Colorado for $54.9 million. The acquisition includes the 276-unit Camden Centennial in Littleton and the 224-unit Camden Pinnacle in Westminster. The company plans to enhance and upgrade the properties’ units, common areas, exterior, landscape and onsite property management. The REIT is sponsored by Resource Real Estate.
PORTLAND, ORE. — RLJ Lodging Trust has purchased the 106-room SpringHill Suites Portland Hillsboro for $24 million. The hotel is located at 7351 NE Butler Street near Intel’s Ronler Acres campus. It underwent a major renovation in 2011. Al Calhoun, Mark Fraioli and Melvin Chu of Jones Lang LaSalle represented the seller, an entity consisting of affiliates CPA:17 – Global; a publicly held, non-traded REIT affiliate of W. P. Carey Inc.; Watermark Capital Partners, LLC; and Montclair Hotel Investors, Inc
SCOTTSDALE, ARIZ. — GPS Insight has signed a seven-year lease for 49,571 square feet of space at Henkel Corporate Center in Scottsdale. The center is located at 19001 N. Scottsdale Road. The GPS fleet tracking company will relocate its corporate headquarters from nearby 21803 N. Scottsdale Road. The center is now 95 percent occupied. GPS was represented by Matt Coxhead and Ryan Bartos of Cushman & Wakefield of Arizona. The landlord, Henkel/The Dial Corporation, was represented by Steve Corney and Andrew Medley of Jones Lang LaSalle.
CORONA, CALIF. – A 42,000-square-foot retail center in Corona has sold to Corona Capital, LTD for $4.6 million. The center is located at 4300 Green River Promenade. It is a multi-tenant investment property zoned for retail, medical and office use. Roger Niez, David Knowlton and Steve Liu of NAI Capital’s Orange County office represented both the buyer and the seller, Wayman Promenade LLC, in this transaction.
SANTA MONICA, CALIF. — Cross Campus has signed a seven-year lease for 13,337 square feet in Santa Monica. The space is located at 1558 10th Street. Cross Campus will be relocating and expanding from its current operations just two blocks away at 820 Broadway. Randy Starr and Tim Dornan of Avison Youngrepresented both Cross Campus and the landlord, Tenth & Colorado Associates Ltd., in this transaction.
SCOTTSDALE, ARIZ. — GPS Insight has signed a seven-year lease for 49,571 square feet of space at Henkel Corporate Center in Scottsdale. The center is located at 19001 N. Scottsdale Road. The GPS fleet tracking company will relocate its corporate headquarters from nearby 21803 N. Scottsdale Road. The center is now 95 percent occupied. GPS was represented by Matt Coxhead and Ryan Bartos of Cushman & Wakefield of Arizona. The landlord, Henkel/The Dial Corporation, was represented by Steve Corney and Andrew Medley of Jones Lang LaSalle.
CORONA, CALIF. – A 42,000-square-foot retail center in Corona has sold to Corona Capital, LTD for $4.6 million. The center is located at 4300 Green River Promenade. It is a multi-tenant investment property zoned for retail, medical and office use. Roger Niez, David Knowlton and Steve Liu of NAI Capital’s Orange County office represented both the buyer and the seller, Wayman Promenade LLC, in this transaction.
SANTA MONICA, CALIF. — Cross Campus has signed a seven-year lease for 13,337 square feet in Santa Monica. The space is located at 1558 10th Street. Cross Campus will be relocating and expanding from its current operations just two blocks away at 820 Broadway. Randy Starr and Tim Dornan of Avison Youngrepresented both Cross Campus and the landlord, Tenth & Colorado Associates Ltd., in this transaction.
PLACENTIA, CALIF. – The 422-unit Emerald Isle, a Class A, age-restricted apartment community in Placentia, has received a $62.5-million refinancing. The community is located at 661 North Rose Drive in the Orange County suburb. It is leased to seniors ages 55 years and older. Emerald is currently 97 percent leased. The ten-year, fixed-rate loan contains a $56.5-million CMBS first mortgage and a $6-million mezzanine loan. Both loans feature five years of interest-only payments. The owner used the new funds to prepay the existing CMBS and mezzanine loans. The transaction was executed by Seth K. Grossman of Meridian Managing and Greg Reed and Kristen Croxton of Beech Street Capital.