PALO ALTO, CALIF. – Bill.com, a business bill pay company, has leased 22,683 square feet at Palo Alto Technology Center. The 259,157-square-foot center is located at 1800-1850 Embarcadero Road in Silicon Valley. Bill.com was represented by Chase Lyman, Mike Saign and Ben Stern of Cornish & Carey Commercial Newmark Knight Frank. The landlord, KBS Realty Advisors, was represented by Lyman, Randy Gabrielson and John McKenna of the same firm.
Western
LOS ANGELES – A 15,053-square-foot industrial building within the Burbank Airport Commerce Center has sold to 7663 San Fernando, LLC, for an undisclosed sum. The center is located at 7663 N. San Fernando Road. It was built in 2006. David Young and Chad Gahr of NAI Capital’s Encino office represented both the buyer and the seller, Zero G Studios, LLC, in this transaction.
SCOTTSDALE, ARIZ. – Financial planning company LearnVest has leased 5,160 square feet at SkySong 2 in Scottsdale. The company is expanding and relocating from its original space in Tempe. It has signed a three-year lease at the property, which is also home to jobing.com, recruiting.com, Yodlee, ASU and Webfilings. LearnVest was represented by Matt Coxhead and Ryan Bartos of Cushman & Wakefield. The landlord, Holualoa Capital Management, was represented by Andrew Cheney of Lee & Associates Arizona.
PORTLAND, ORE. – A 1.6-acre site known as Block 37 in Portland has sold to Mack Urban and Connell Real Estate and Development Company for $7 million. The site is located on River Parkway and SW Gaines Street in the South Waterfront District. It is the last developable block available for multifamily developmenton the Willamette River. The partners plan to build a six-story, mid-rise apartment building with up to 281 units. The parcel was marketed by Javier Rivera, Mark Friel, Paige Morgan, David Young, Joe Leon, Seth Heikkila and Corey Marx of Jones Lang LaSalle’s Capital Markets, and financing expert Reid McGlamery.
SAN FRANCISCO — CIM Group has acquired a five-story office building in San Francisco’s South Financial District for an undisclosed sum. The building is located at 246 1st Street. This is CIM’s fifth office acquisition in San Francisco.
LA VERNE, CALIF. – The La Verne Courtyard, an 84,796-square-foot shopping center, has sold to a private Beverly Hills investor for an undisclosed sum. The center is located at 2204-2278 Foothill Blvd. in La Verne. Notable tenants include Orchard Supply Hardware, Office Depot, Citi Financial, Pizza Hut, Rubio's Baja Grill, Quiznos and Magic Wok. Both the buyer and seller, a private San Clemente investor, were represented by Edward B. Hanley, William B. Asher and Kevin T. Fryman of Hanley Investment Group.
COSTA MESA, CALIF. – A 4,830-square-foot retail center in Costa Mesa has sold to a private San Clemente investor for $3 million. The center is located at 2800 Harbor Blvd., next to Orange Coast College. It is fully leased to Yoshinoya, AT&T and GoldMax. The buyer was represented by Dennis Vaccaro of Faris Lee Investments. The seller, a private Wyoming investor, was represented by Edward B. Hanley and Eric P. Wohl of Hanley Investment Group.
PORTLAND, ORE. — Ode to Roses, a 5,780-square-foot, mixed-use building in Portland, has sold to 4440 NE Fremont, LLC for $1.2 million. The building is located at 4440 NE Fremont. It is named for the former site of Rose's Famous 24 Flavors ice cream shop. Grand Central Bakery currently anchors the center. The unnamed seller was represented by Robert Black of NAI Norris, Beggs & Simpson.
Strong recent job growth in Orange County has led to a major pickup in demand for quality retail space. The county’s low development profile has resulted in correspondingly high long-term occupancy levels. Thus, the recent recession with its negative absorption drove the local community neighborhood shopping center rate no higher than the 7 percent peak it reached in the first quarter of 2010. Descent has been the trend ever since. The rate has dropped to 5.5 percent by the end of the second quarter, down 40 basis points year-over-year amid modest additions to supply. The second quarter National Community neighborhood sector rates, by comparison, were notably higher at 10.5 percent. Orange County power centers’ vacancy rates are also lower than the national rate. There have been no power center projects completed in the county since 2007. The vacancy rate for power centers in Orange County is 3.9 percent, compared to 5.7 percent nationally. Orange County’s typically strong economy, positive population growth and high levels of affluence bode well for local retailing and the local retail real estate market. All of Orange County’s cores will see new retail development delivered in 2014 and beyond. Some of the new development will be …
CUPERTINO, CALIF. – A six-property office portfolio in Silicon Valley has received $200 million in refinancing. Microsoft occupies five of the portfolio’s buildings, for a total of 500,000 square feet. They serve as the firm’s primary Silicon Valley campus. Apple occupies the remaining 211,000-square-foot building in Cupertino. All of the borrowing entities are controlled by Carl Berg, who developed the Microsoft campus in 1999 and the Apple property in 1981. Financing was arranged by Dennis Sidbury of NorthMarq Capital’s San Francisco office. It was provided by Prudential Mortgage Capital Company for a 130-month term.