DENVER — RiverRock Real Estate Group has expanded its property management and leasing services into Denver. The firm was recently awarded the management of a 630,000-square-foot of portfolio office and industrial space in and around the metro. RiverRock will oversee the property management and engineering of five properties. It will also add about eight employees to the area.
Western
SAN DIEGO – Alliance Residential has purchased the 549-unit Coronado Bay Club for $160 million. The community is located at 1515 Second Street on the island of Coronado, just across from Downtown San Diego. The deal was brokered by Jones Lang LaSalle on behalf of LaSalle Investment Management. Alliance's joint venture partner in this acquisition was a large institutional pension fund investor with MetLife Real Estate Investors serving as lender.
EVERETT, WASH. – The Daily Herald has relocated its headquarters in Everett. The newspaper, which is owned by Sound Publishing, will move to 1800 Forty First Building this March. It is relocating from Commando Road. The newspaper will occupy 15,915 square feet. The two-building property formerly served as the headquarters for Verizon/Frontier Communications. The property was sold earlier this year, though its seller, Frontier, still occupies one of the buildings. The landlord was represented by Daniel Seger,Brent Jacksonand Pat McCabe ofJones Lang LaSallein this lease transaction.
PROVO, UTAH – MJW Investments has acquired the 816-bed Liberty Square apartment complex near Brigham Young University (BYU) for $27 million. The complex is located at 448 E. 556 North. MJW purchased the complex in partnership with MHE Enterprises. MJW is currently expanding its student housing portfolio. Since 2007, it has acquired student housing portfolios at the University of Oregon, the University of California, Santa Barbara and BYU. The partnership has established a $200-million fund to invest in value-add student housing facilities in markets with high barriers to entry. It is targeting B- and C-level assets within walking distance of college campuses.
SAN DIEGO – Alliance Residential has purchased the 549-unit Coronado Bay Club for $160 million. The community is located at 1515 Second Street on the island of Coronado, just across from Downtown San Diego. The deal was brokered by Jones Lang LaSalle on behalf of LaSalle Investment Management. Alliance's joint venture partner in this acquisition was a large institutional pension fund investor with MetLife Real Estate Investors serving as lender.
EVERETT, WASH. – The Daily Herald has relocated its headquarters in Everett. The newspaper, which is owned by Sound Publishing, will move to 1800 Forty First Building this March. It is relocating from Commando Road. The newspaper will occupy 15,915 square feet. The two-building property formerly served as the headquarters for Verizon/Frontier Communications. The property was sold earlier this year, though its seller, Frontier, still occupies one of the buildings. The landlord was represented by Daniel Seger, Brent Jackson and Pat McCabe of Jones Lang LaSalle in this lease transaction.
PROVO, UTAH – MJW Investments has acquired the 816-bed Liberty Square apartment complex near Brigham Young University (BYU) for $27 million. The complex is located at 448 E. 556 North. MJW purchased the complex in partnership with MHE Enterprises. MJW is currently expanding its student housing portfolio. Since 2007, it has acquired student housing portfolios at the University of Oregon, the University of California, Santa Barbara and BYU. The partnership has established a $200-million fund to invest in value-add student housing facilities in markets with high barriers to entry. It is targeting B- and C-level assets within walking distance of college campuses.
International trade is a driving force behind one of the most vibrant industrial markets in the nation. There are more than 1.7 billion square feet of industrial space in Los Angeles County, Orange County and the Inland Empire, with 18.2 million square feet of additional space under construction at the end of the third quarter. The South Bay and Central Los Angeles markets are leading the way in new development in Los Angeles County. The LA Basin’s occupancy gains of 12.7 million square feet during the first nine months of the year dropped its overall vacancy rate to 4.9 percent, from 5 percent last quarter and 5.3 percent a year ago. As the logistics hub of Southern California and the big-box capital of the U.S., international trade is especially critical to the Inland Empire’s industrial market. As a result of increased demand for modern warehouse facilities, warehouse construction in the Inland Empire more than doubled from a year ago to 16.4 million square feet. It was the most active in the nation. Increased demand for industrial space in the Inland Empire lowered the overall vacancy rate to 6.2 percent in the third quarter. This was 60 basis points lower than …
PALO ALTO, CALIF. — Rockwood Capital has acquired a 50,000-square-foot office building in downtown Palo Alto for $53 million. The building is located at 130 Lytton across from the city’s Caltrain Station. It is fully leased to A9, a subsidiary of Amazon, which uses the facility as its headquarters. The four-story building has outdoor patios on every floor. Rockwood teamed up with Tarlton Properties on this acquisition. The seller, KG-Lytton, LLC, was represented by Kevin Cunningham of Cornish and Carey Commercial Newmark Knight Frank, and Hernan Santos and Charlie McCabe of CBRE.
RANCHO CUCAMONGA, CALIF. — Inland Empire Health Plans (IEHP) has purchased Atrium at Empire Lakes, a 392,702-square-foot office complex in Rancho Cucamonga, for $50.8 million. The complex is located at 10801 E. 6thStreet. The building was at 42 percent occupancy when it went into receivership in 2012. Its occupancy is now above 90 percent. IEHP took up residency at the building in mid-2013. It currently occupies 207,307 square feet in a lease that is valued at $100 million. Other notable tenants at the complex include State Farm, Parsons Construction and Chicago Title. Trigild was the property’s appointed receiver. The firm worked with Cushman and Wakefield and Fernando Landa of CGS3 law firm to close the distressed asset sale. Trigild will continue to act as the complex’s property manager.