AURORA, COLO. – The 420-unit Sommerset Gardens in Aurora has received $31.6 million in acquisition financing. The Class B community is located at14304 E. Tennessee Ave. The community was built in two phases between 1981 and 1983. It has undergone minor renovations over the years. Sponsor Kennedy Wilson plans to invest $5 million to further upgrade the property. The loan features a 12-year term with five years interest-only at a fixed rate of 4.27 percent. Financing was provided by Berkeley Point Capital LLC under the Fannie Mae Delegated and Underwriting and Servicing (DUS) program.
Western
LIVERMORE, CALIF. — Granada Shopping Center, a 69,325-square-foot shopping center in Livermore, has sold to Retail Opportunity Investments Corp. for $17.5 million. The center is located at 1951 Holmes Street. It was 91 percent leased at the time of sale. Granada is anchored by Lucky Supermarket. Other tenants include Fairmont Bank, Cosmo Prof, Curves, Subway and Country Waffles. The seller was Granada Retail, LLC. Edward B. Hanley of Hanley Investment Group Real Estate Advisors assisted with the sale.
Technology growth in the southern portion of the Salt Lake Valley is prompting additional development of multifamily properties. A new Adobe campus in Lehi, located between Utah’s major employment areas, has led to further technology sector investment in this region. The company expansions and job creation that is occurring in Lehi is certainly driving the need for new housing. In Bluffdale, located about 20 miles south of Salt Lake City, several hundred acres are being developed into two mixed-use apartment projects. The recently acquired Aclaime at Independence development is expected to include 1,000 residential units and 21 acres designated for mixed-use commercial structures. Adjacent to this development is Independence at the Point, a master-planned community containing 294 acres. This project will include 1,900 single-family homes, townhomes and apartments, as well as 27 acres of commercial development. Overall, steady demand for housing will continue to draw investors and developers to the region as vacancy remains limited and rent growth outpaces the rest of the metro. Metro employers are expected to add 29,900 new jobs by the end of 2013, an annual growth of 4.6 percent, which pushes employment nearly 6 percent above the pre-recession peak. Completions are set to total 2,100 …
A multi-speed economic and real estate recovery is occurring in Northern California’s office markets. San Francisco and Silicon Valley have been in recovery mode for more than two years with strong growth in both rents and occupancies. The technology industry is the driving force and has produced about 50,000 jobs in the Bay Area since 2010, according to CBRE’s analysis of data provided by the state of California. This has generated high volumes of office space demand that is concentrated mostly in San Francisco and Silicon Valley. These two markets have seen overall average rents grow by more the 60 percent in the most popular submarkets like South of Market (SOMA) in San Francisco, where prices have reached $53.91 per square foot, and Sunnyvale/Mountain View in Silicon Valley, where they hover at $54.36 per square foot. As conditions tightened, activity fanned out to neighboring submarkets, causing new development in popular submarkets to ramp up. The southern portions of the San Francisco Peninsula, northern portions of San Jose and southern portions of the East Bay markets adjacent to Silicon Valley have all benefited from overflow demand. San Francisco has not yet produced significant overflow demand, although further rental rate increases are …
SAN FRANCISCO — Uber Technologies has signed a 10-year lease for 88,134 square feet at 1455 Market Street in San Francisco’s Mid-Market district. The affordable luxury transportation provider will backfill space currently occupied by the property’s largest tenant. That lease was scheduled to expire in 2017. Uber’s new lease will commence in the first quarter of 2014. It will occupy the entire fourth floor of the 1,012,012-square-foot, Class A office building. The landlord is Hudson Pacific Properties.
HERMOSA BEACH, CALIF. – A four-parcel property in Hermosa Beach that recently sold for $19.5 million is now slated to become a 104-room luxury beachfront hotel. The property was acquired by a joint venture between Bolour Associates and Provenance Hotels. Bolour plans to serve as the hotel’s developer, while Provenance will operate the hotel. The property is located at the intersection of Pier Avenue and the Strand and features 200 linear feet of beachfront access. The parcels were formerly occupied by the Mermaid Restaurant, among other tenants. The hotel is scheduled for completion in 2016.
REDONDO BEACH, CALIF. — Body Glove International has received a $3-million loan to renovate and convert its Redondo Beach Dive n’ Surf store into its new corporate headquarters. The company’s headquarters will occupy the second floor, while the renovated Dive n’ Surf store will remain on the ground floor. The space, which is located at 504 N. Broadway, will expand from 6,464 square feet to nearly 14,800 square feet. This expansion will allow Body Glove to consolidate its operations and recommit to the South Bay while it continues to grow its brand globally. As part of the renovations efforts, Body Glove will also make enhancements to the surrounding streets to improve accessibility and aesthetics. The project is scheduled for completion in August 2013, which will coincide with the company’s 60th anniversary. Founded in 1953 by twin brothers Bill and Bob Meistrell, Body Glove is one of the last original Southern California surf companies to remain under family ownership. Financing was arranged by Jeff Spinelli of Farmers & Merchants Bank.
SAN FRANCISCO — Uber Technologies has signed a 10-year lease for 88,134 square feet at 1455 Market Street in San Francisco’s Mid-Market district. The affordable luxury transportation provider will backfill space currently occupied by the property’s largest tenant. That lease was scheduled to expire in 2017. Uber’s new lease will commence in the first quarter of 2014. It will occupy the entire fourth floor of the 1,012,012-square-foot, Class A office building. The landlord is Hudson Pacific Properties.
HERMOSA BEACH, CALIF. – A four-parcel property in Hermosa Beach that recently sold for $19.5 million is now slated to become a 104-room luxury beachfront hotel. The property was acquired by a joint venture between Bolour Associates and Provenance Hotels. Bolour plans to serve as the hotel’s developer, while Provenance will operate the hotel. The property is located at the intersection of Pier Avenue and the Strand and features 200 linear feet of beachfront access. The parcels were formerly occupied by the Mermaid Restaurant, among other tenants. The hotel is scheduled for completion in 2016.
REDONDO BEACH, CALIF. — Body Glove International has received a $3-million loan to renovate and convert its Redondo Beach Dive n’ Surf store into its new corporate headquarters. The company’s headquarters will occupy the second floor, while the renovated Dive n’ Surf store will remain on the ground floor. The space, which is located at 504 N. Broadway, will expand from 6,464 square feet to nearly 14,800 square feet. This expansion will allow Body Glove to consolidate its operations and recommit to the South Bay while it continues to grow its brand globally. As part of the renovations efforts, Body Glove will also make enhancements to the surrounding streets to improve accessibility and aesthetics. The project is scheduled for completion in August 2013, which will coincide with the company’s 60th anniversary. Founded in 1953 by twin brothers Bill and Bob Meistrell, Body Glove is one of the last original Southern California surf companies to remain under family ownership. Financing was arranged by Jeff Spinelli of Farmers & Merchants Bank.