SEATTLE — Hudson Pacific Properties has acquired a four-building office portfolio in Seattle for $367.5 million. The portfolio contains a total of 836,419 square feet. It includes a two-building, 472,881-square-footwaterfront office property located at 505 First Street & 83 King. This property was originally renovated and developed by Starbucks Coffee Company, though it is now occupied by tenants like Capital One/ING Direct, EMC Corporation and Nuance Communications. The buy also includes Met Park North, a 189,762-square-foot building in South Lake Union that is primarily occupied by Amazon. The final property included in the transaction is Northview Center, a 173,776-square-foot office building in Northend that is leased to tenants like ADP and FEMA. The seller, Spear Street Capital, was represented by the Eastdil Secured group of Wells Fargo Securities, LLC.
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SAN FRANCISCO – A two-tower, 655-unit luxury condominium development in Downtown San Francisco has received $371.7 million in construction financing. The project is located at – and referred to as – 201 Folsom. It will feature two high-rise towers consisting of 42 and 37 stories, as well as two mid-rise podiums arranged around a private courtyard. It will also contain10, 963 square feet of ground-floor retail space. The project is scheduled for completion in January 2016. It is being developed by Tishman Speyer. The non-recourse financing was secured by HFF’s Mike Tepedino, Bruce Ganong, Michael Gigliotti, Jennifer Keller and Brandon Roth. The loan was provided by a single source lender at Cornerstone Real Estate Advisers.
PERRIS, CALIF. – Sares-Regis is set to break ground on the SRG Perris Logistics Center, a 580,000-square-foot distribution in Perris. The Class A distribution building will be located at 3900 Indian Ave.near the former March Air Force Base. The $40-million project will be situated on 28.8 acres in a prime distribution corridor that contains major consumer brands and retailers, including Whirlpool, Hanesbrands Inc., Home Depot, Lowe’s and Ross.Construction will begin this summer. It should be complete by the end of the year. The center will built to LEED specifications. It is being marketed by Thomas Taylor, Steve Bellitti and Summer Colter of Colliers International. This team also represented both SRG and the land’s seller, Ridge Realty, in the land transaction.
SEATTLE — Hudson Pacific Properties has acquired a four-building office portfolio in Seattle for $367.5 million. The portfolio contains a total of 836,419 square feet. It includes a two-building, 472,881-square-footwaterfront office property located at 505 First Street & 83 King. This property was originally renovated and developed by Starbucks Coffee Company, though it is now occupied by tenants like Capital One/ING Direct, EMC Corporation and Nuance Communications. The buy also includes Met Park North, a 189,762-square-foot building in South Lake Union that is primarily occupied by Amazon. The final property included in the transaction is Northview Center, a 173,776-square-foot office building in Northend that is leased to tenants like ADP and FEMA. The seller, Spear Street Capital, was represented by the Eastdil Secured group of Wells Fargo Securities, LLC.
SAN FRANCISCO – A two-tower, 655-unit luxury condominium development in Downtown San Francisco has received $371.7 million in construction financing. The project is located at – and referred to as – 201 Folsom. It will feature two high-rise towers consisting of 42 and 37 stories, as well as two mid-rise podiums arranged around a private courtyard. It will also contain10, 963 square feet of ground-floor retail space. The project is scheduled for completion in January 2016. It is being developed by Tishman Speyer. The non-recourse financing was secured by HFF’s Mike Tepedino, Bruce Ganong, Michael Gigliotti, Jennifer Keller and Brandon Roth. The loan was provided by a single source lender at Cornerstone Real Estate Advisers.
PERRIS, CALIF. – Sares-Regis is set to break ground on the SRG Perris Logistics Center, a 580,000-square-foot distribution in Perris. The Class A distribution building will be located at 3900 Indian Ave.near the former March Air Force Base. The $40-million project will be situated on 28.8 acres in a prime distribution corridor that contains major consumer brands and retailers, including Whirlpool, Hanesbrands Inc., Home Depot, Lowe’s and Ross. Construction will begin this summer. It should be complete by the end of the year. The center will built to LEED specifications. It is being marketed by Thomas Taylor, Steve Bellitti and Summer Colter of Colliers International. This team also represented both SRG and the land’s seller, Ridge Realty, in the land transaction.
RESEDA, CALIF. – The 138-unit Villa La Paloma in Reseda has sold to La Paloma LLC for $14.5 million. The community is located at 7722 Reseda Blvd. in the Los Angeles submarket. The seller, 1439 Curson Partners LP, was represented by Jeff Louks of Marcus & Millichap’s Encino office.
CHULA VISTA, CALIF. — The 55-unit Vista Pacific Villas in the San Diego submarket of Chula Vista has sold to Masaaki Shintaku for $9.6 million. The community is located at 1035 Fourth Ave. Masaaki Shintaku was represented by Norio Kanai of Cosmo Investments. The seller, Vista Pacific Villas, L.P., was represented by Steve Huffman of Hendricks-Berkadia’s San Diego office.
SAN DIEGO – An 8,000-square-foot building in San Diego has sold to Field Ironworkers Apprenticeship & Training Program for $2.5 million. It is located at 3888 Beech Street. The buyer plans to use the property as a training facility. Field Ironworkers was represented by James Duncan of Cushman & Wakefield. The seller, iStar Busco, was represented by Linda Greenberg of Lee & Associates in this all-cash transaction.
CYPRESS, CALIF. — Hybrid Promotions LLC has signed a five-year lease for 331,376 square feet at Cypress Technology Center. The lease is valued at about $6 million. The 173,990-square-foot industrial building is located at 5757 Plaza Drive in Cypress. The new lease has brought the building to full capacity. Hybrid Promotions was represented by CBRE’s John Privett, Steve Youngand Cameron Merrill. The landlord, Deutsche Asset & Wealth Management, was represented by Rick McGeagh, Bob Goodmansonand Dave Desper, also of CBRE.