PORTLAND, ORE. — Jama Software is relocating and expanding in Portland. The enterprise software company is consolidating two of its offices and relocating its headquarters to 2&Taylor. The new office space is located at 135 SW Taylor. It will occupy 34,629 square feet of the 70,397-square-foot building. The space was formerly occupied by Bally’s Total Fitness. Jama was represented by Niall Travers, Eric Turner and Craig Reinhart of Cresa. The landlord, B13 Investors, LLC, was represented by Peter Andrews and Nick Ehlen of Melvin Mark Brokerage Company.
Western
OAKLAND, CALIF. – A six-unit apartment building in Oakland has sold to an unnamed buyer for $1.2 million. The community is located at 416 Staten Ave. near Interstate 580. It was built in 1925. The seller, a bank/financial institution, was represented by David Wolfe of Marcus & Millichap’s Oakland office.
The boom times of retail development in Metro Phoenix, which started in the mid-‘90s, have long been considered the “good ol’days.” The market peak of 2007, when 11.2 million square feet of new retail was delivered, was followed by development plummet. Between 2010 and 2012, the region averaged less than 1 million square feet per year. Phoenix’s retail recovery began in 2011, and has experienced a steadily increasing demand for existing space. Though few are singing “Happy Days are Here Again,” times are looking up. Retail and restaurant sales are increasing in Phoenix. This, combined with an availability of quality retail locations at attractive rents, has inspired national and regional retailers and restaurants to increasingly think about Phoenix when they’re looking to expand. Much of the demand for new retail and restaurant space has occurred in mature areas since the start of the recovery. As reports of new home sales increase in the outlying areas, however, some of the troubled retail centers that were built between 2006 and 2008 are experiencing an increase of activity. Retail vacancy rates dropped in the past nine months by almost 1 percent, settling at 10.5 percent for the third quarter of this year. The …
SAN RAMON, CALIF. — A joint venture between Sunset Development Company and MetLife Inc. has purchased the 2-million-square-foot AT&T campus in San Ramon for a reported $250 million. The campus is located at 2600 Camino Ramon in the Bishop Ranch business park. The JV plans to redevelop the property into a modern office space. The transaction included a significant leaseback by AT&T, though about 1 million square feet of space will be available to new tenants once the redevelopment is completed later this year. The property includes four wings that each contain nearly 500,000 square feet of space. Pacific Bell acquired the undeveloped property from Sunset Development Company in 1983. Eastdil Secured advised Sunset Development on the current acquisition and helped arrange debt and equity capitalization. The transaction was financed by Wells Fargo. This is Sunset’s first time purchasing an existing asset, as well as its first equity partnership through MetLife’s 49 percent stake in the property.
SEATTLE — Hudson Pacific Properties has acquired Merrill Place, a 179,000-square-foot office and ground-floor retail center in Seattle, for $57.7 million. The center is located at 411 1st Ave. in Downtown’s Pioneer Square. Merrill Place contains four interconnected brick-and-beam buildings that span an entire city block. The property is currently 93 percent leased. About 52 percent of the leases are scheduled to expire over the next four years. Hudson estimates in-place rents to be about 22 percent below current market rents. The company plans to reposition the property, which may soon be home to a second development. Current zoning would also allow for the potential development of a new office building that would front the Alaskan Way waterfront, which will soon undergo improvements itself. Hudson intends to begin the entitlement process immediately in the hopes of delivery the new office building by 2017. The Eastdil Secured group of Wells Fargo Securities, LLC advised both Hudson and the seller, a joint venture between Angelo Gordon, Nitze-Stagen and Mile Rock Capital, in this transaction.
LOS ANGELES — Kennedy Wilson has purchased Victory Plaza, a 132,995-square-foot retail center in Los Angeles. The acquisition also included an adjacent 2.4-acre site that is zoned for multifamily. The plaza is located on Victory Boulevard near Coldwater Canyon Avenue. Kennedy Wilson purchased the debt on the properties this past December from an Irish financial institution for $30 million. It invested $12 million of equity into the transaction, while Pacific Western Bank provided $18 million of financing. The company obtained the title to the properties via foreclosure subsequent to its debt purchase.
PASADENA, CALIF. – A 23,776-square-foot office building in Pasadena has sold to Markwood Enterprises, Inc. for $7 million. The office/medical office building is located at 66 Hurlbut Street. It is net leased to Pacific Clinics through June 2023. Markwood was represented by Marie Taylor and Dan Bacani of NAI Capital’s Pasadena office. The seller was Robert Leonard.
LOS ANGELES – The 16-unit Don Carlos Residences in Beverly Hills has sold to a private family trust for $6.7 million. The community is located at 132 South Bedford Drive, next to Saks Fifth Avenue. It was built in 1930. The property was recently approved for Phase I condo conversion. The buyer was represented by Michael Hanassab and Elliot Hassan of Marcus & Millichap. The seller, Christina Development Corporation, was represented by Richard Ringer of the same firm.
GRESHAM, ORE. — Furniture Connexion has signed a 22,108-square-foot lease at Burnside Commons in Gresham. The family operated furniture retailer will open a new showroom at the center, which is located at1776 NW Fairview Drive. Furniture Connexion was represented by the Stalick Company. The landlord, FMK Properties – Burnside, LLC, was represented by Jack Gallagher and Chris Schneider of NAI Norris, Beggs & Simpson.
SAN FRANCISCO — Newmark Grubb Knight Frank (NGKF) has agreed to acquire Cornish & Carey Commercial, a full-service commercial real estate company based in Northern California. Cornish & Carey currently houses more than 275 brokers. The firm had about $135 million in revenue in 2012. Cornish & Carey specializes in tenant and landlord representation, investment sales, finance, global corporate services, and property and facilities management. The firm originally partnered with NGKF in 2010. Cornish & Carey will now be referred to as Newmark Cornish & Carey. Its offices are located in Emeryville, Hayward, Marin, Palo Alto, Pleasanton, Roseville, Sacramento, San Francisco, San Mateo, Santa Clara, Santa Rosa and Walnut Creek. Chuck Seufferlein, Cornish & Carey’s president and CEO, has been named president of NGKF’s Western region. Scott Carey will remain Chairman and general counsel. The acquisition is expected to close by mid-year. The purchase price was not disclosed. NGKF is based in New York. It is part of BGC Partners.