PORTLAND, ORE. — Federal Public Defenders has leased 25,483 square feet at One Main Place in Portland. The building is located at the intersection of SW Main Street and SW 1st Avenue in the city’s Central Business District. It will soon undergo improvement efforts. The landlord is KBS Real Estate Investment Trust II. Both parties were represented by CBRE’s Kevin Kaufman and Charles Safley.
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GLENDALE, ARIZ. — Sunbelt Rentals has leased 23,288 square feet of industrial space in Glendale. The space is located at 5714 N. 51st Ave. The equipment rental company is new to this market. It was represented by Rob Martensen of Colliers International. The landlord, ABC Contractor Supply Co., was represented by Keri Scott, Jackie Orcutt and John Grady of Cushman & Wakefield.
SEATTLE AND SAN FRANCISCO – Zillow, an online real estate database headquartered in Seattle, has agreed to buy out its competitor, San Francisco-based Trulia, for $3.5 billion in a stock-for-stock transaction. Each company will maintain its individual brand following the merger. Both will continue to provide buyers, sellers, homeowners and renters free access to information about homes and real estate. They will also maintain their advertising and software solutions platforms. Pete Flint, Trulia’s CEO, will maintain his position once the deal closes in 2015. He will report to Spencer Rascoff, Zillow’s CEO. Flint will also join the combined company’s Board of Directors. Both Zillow and Trulia are primarily considered to be media companies, as the majority of their revenue is generated through advertising sales to real estate professionals. Zillow reported a record 83 million unique users across mobile and web this past June, while Trulia reported a record 54 million monthly unique users across its sites and mobile apps during the same time. Though both sites offer consumers relatively comparable products, the two brands have limited overlap. About half of Trulia.com’s monthly visitors do not visit Zillow.com, and about two-thirds of Zillow.com’s monthly visitors across all devices do not use …
PLEASANTON, CALIF. — California Center, a 1-million-square-foot office campus in Pleasanton, has received $152 million in debt financing. The six-building campus is located at 4400 Rosewood Drive. The center features a state-of-the-art conference center, a 600-seat cafeteria and a fitness center. The property also contains an 8.4-acre site that is fully entitled for 305 residential units. California Center was acquired by Swift Real Estate Partners this past June. Swift was represented by JLL’s Michael Seifer, Rob Hielscher and Aaron Herter in that sales transaction. The debt was secured by John Manning and Alex Witt of JLL’s Capital Markets. It was provided by Starwood Property Trust. The debt consisted of a five-year, floating-rate loan where $106.5 million was funded at closing and an additional $45.5 million was provided for future capital improvements.
LOS ANGELES — Laurus Corporation has acquired the 474-room Marriott Warner Center hotel in the Los Angeles submarket of Woodland Hills for an undisclosed sum. The 16-story, full-service hotel is located at 21850 Oxnard Street. The hotel is situated within the pre-planned Woodland Hills/Warner Center development, a corporate hub with more than 10.3 million square feet of office space. It is one of the largest office submarkets in the Greater Los Angeles area. Marriott Warner Center hotel also sits directly adjacent to the 614,400-square-foot Westfield Promenade mall and the 1.6-million square-foot Westfield Topanga Shopping Center.
LOS ANGELES – Cotti Foods has received a $39.4-million loan to acquire 39 Wendy’s Restaurants throughout Los Angeles and Hawaii. Some of the funds will also be used to remodel existing units, as well as to develop new units. The acquisition includes 32 restaurants in the Greater Los Angeles market and seven in Hawaii. The restaurants were sold by Wendy’s International Inc. So far, the company has disposed of 418 Wendy’s restaurants across 13 U.S. markets. Most of these dispositions occurred out West. The loan was provided by GE Capital’s Franchise Finance business.
EL CAJON, CALIF. – El Cajon Senior Towers, an 89-unit affordable seniors housing complex, has received a $6-million loan. The complex is located at 180 Ballantyne Street in the San Diego submarket of El Cajon. It was built in 1981. The borrower is a private investor who specializes in owning and operating multifamily properties servicing families and seniors with lower incomes. The loan was arranged by Jeff Kearns and Kent Carpenter of Johnson Capital under the HUD/FHA’s 223(f) loan program. The program offers 35-year, fixed-rate mortgages at very low interest rates.
Due to its unique location and an economy pretty well recovered from the recession, Honolulu has experienced explosive growth in high-rise condo developments. These are exciting times for investors and developers of multifamily properties on the islands. Hawaii’s economy is finally on a positive growth trend for 2014. This is expected to continue into 2015 and beyond. The state’s economy relies heavily on conditions in the U.S. economy and key international economies, particularly Japan, which has experienced slow growth. Tourism in Hawaii is the No. 1 industry. Last year, it grew 4.8 percent, which resulted in more than eight million annual visitors. This is expected to taper to 3 percent in 2014. U.S real GDP is expected to increase by 2.4 percent in 2014 and 3 percent in 2015. In comparison, Hawaii’s economy is projected to show a 2.4 percent increase in 2014 and 2.2 percent in 2015. Hawaii’s unemployment rate is projected to be 4.2 percent in 2014, 4 percent in 2015 and 3.5 percent in 2017. The Honolulu Consumer Price index is expected to increase to 2.1 percent in 2014 and 2.5 percent in 2015. These are all positive signs. However, Hawaii suffers from a critical shortage of …
HOLLYWOOD, CALIF. — NeueHouse has leased 93,000 square feet of space at Columbia Square in Hollywood. The private membership collaborative concept signed a 15-year lease that will commence in the first quarter of 2015. This is the largest lease to be signed in Hollywood in more than five years, according to Kilroy Realty Corporation, which owns the building. NeueHouse will occupy the newly renovated Radio and Business buildings. These historic buildings anchor Columbia Square, which is a 680,000-square-foot, mixed-use project that will contain creative office, retail and residential components. The $400-million project is now underway on the site of CBS’ early 20th century broadcast facility on Sunset Boulevard. NeueHouse was represented by Steve Kolsky and Neal Golden of Newmark Knight Frank. Kilroy was represented by Carl Muhlstein of Jones Lang LaSalle.
LAS VEGAS — Century Park, a 114,402-square-foot office building in Las Vegas, has sold to Flaming Spencer Garden LLC for $4.3 million. The two-building, Class B property is located at 1771 E. Flamingo Road. It is situated near McCarran International Airport, the Las Vegas Convention Center and the Las Vegas Strip. The seller, Riversource REO 1 LLC, was represented by CBRE’s Charles Moore, Marlene Fujita Winkel and Ashley Kolaczynski.