OAKLAND, CALIF. — Harvest Properties and Prudential Real Estate Investors have purchased the 490,000-square-foot, Class A office building located at 555 City Center in Oakland. The purchase price was $132.3 million, or $270 per square foot, according to The Registry. The 20-story, trophy-quality asset is the flagship of the Oakland City Center development. Jeffrey Weber, Stephen Van Dusen, Mark Penrod, Darin Rodriguez and Daniel Cichocki of Eastdil Secured executed the transaction. The seller was CBRE Investors. Harvest will manage the property, while John Dolby and Dane Hooks of CTBT will oversee the building's leasing efforts.
Western
SAN DIEGO — The San Diego Community College District (SDCCD) Board of Trustees has signed a 99-year ground lease at a new mixed-use project that is being developed in San Diego’s Upper East Village. The 1.3-acre project will envelop a full city block. It will contain creative office space, apartments, and street-level shops and restaurants. The project is being developed by Lowe Enterprises and I.D.E.A. Partners, LLC. It will be designed by Gensler. SDCCD will pay $56,625 per month, for a total lease value of about $67.2 million. The new project is an inaugural component of the 95-acre I.D.E.A. (Innovation Design Education Arts) District, which looks to marry design and technology with the creative fields. The new district hopes to entice educational institutions, arts and artists. It is being designed as a walkable, sustainable environment.
BELLEVUE, WASH. – A joint venture between Trammell Crow Company and Principal Real Estate Investors has purchased a 1.5-acre land site in Bellevue’s Washington Square. The purchase price was not disclosed. The land is situated along 108th Ave. NE in the city’s Central Business District. The JV plans to develop a 462,000-square-foot, Class A office building with street-level retail on the site. The groundbreaking is scheduled for next April. The project will be built by Lease Crutcher Lewis and designed by LMN Architects. Leasing will be overseen by Tom Bohman, Pete Hollomon and Lennon Atteberry of CBRE’s Bellevue office.
SAN DIEGO — Liberty Station Marketplace, a 152,495-square-foot, dual grocery-anchored retail center in the San Diego submarket of Point Loma, has received $47 million in permanent financing. The center is located at 2640 Historic Decatur Road. It is 93 percent leased. Vons and Trader Joe’s anchor the center, which is also occupied by Starbucks, Sammy’s Woodfired Pizza, Five Guys, Verizon Wireless, Panera Bread, Cold Stone Creamery, Tender Greens and Luna Grill. The loan was secured by HFF’s Tim Wright, Nick Psyllos and Zack Holderman on behalf of The Corky McMillin Companies. The loan was placed with a major fund advisor.
LOS ANGELES – The 669-unit Crenshaw Village Apartments in Los Angeles has received $42.5 million in acquisition financing. The community is located at 4220 Santa Rosalia Drive in the Los Angeles submarket of Baldwin Hills. Upside Investments purchased the Class B/C asset for $60 million. It was built in 1948, and has only undergone minor renovations. Though renovation plans have not yet been finalized, Upside intends to install new appliances and laundry facilities. It will also update the landscaping and add more parking options. The loan was secured by Steve Bram and David Pascale of George Smith Partners (GSP). Financing was provided by a GSP correspondent FNMA lender. Ron Harris, Paul Darrow and Michael DiSimone of Investments at Institutional Property Advisors represented both the buyer and the seller, a private investor, in the sales transaction.
BUENA PARK, CALIF. – The 184-unit Brookstone Apartments in Buena Park has sold to Patrick Cadigan for $38 million. The community is located at 7400 Artesia Blvd. Cadigan was represented by Carl Greenwood and Jim McKenzie of Greenwood & McKenzie. The seller, L&B Realty Advisors, was represented by Shane Shafer, Dean Zander and Vince Norris of Hendricks|Berkadia.
SAN DIEGO — Liberty Station Marketplace, a 152,495-square-foot, dual grocery-anchored retail center in the San Diego submarket of Point Loma, has received $47 million in permanent financing. The center is located at 2640 Historic Decatur Road. It is 93 percent leased. Vons and Trader Joe’s anchor the center, which is also occupied by Starbucks, Sammy’s Woodfired Pizza, Five Guys, Verizon Wireless, Panera Bread, Cold Stone Creamery, Tender Greens and Luna Grill. The loan was secured by HFF’s Tim Wright, Nick Psyllos and Zack Holderman on behalf of The Corky McMillin Companies. The loan was placed with a major fund advisor.
LOS ANGELES – The 669-unit Crenshaw Village Apartments in Los Angeles has received $42.5 million in acquisition financing. The community is located at 4220 Santa Rosalia Drive in the Los Angeles submarket of Baldwin Hills. Upside Investments purchased the Class B/C asset for $60 million. It was built in 1948, and has only undergone minor renovations. Though renovation plans have not yet been finalized, Upside intends to install new appliances and laundry facilities. It will also update the landscaping and add more parking options. The loan was secured by Steve Bram and David Pascale of George Smith Partners (GSP). Financing was provided by a GSP correspondent FNMA lender. Ron Harris, Paul Darrow and Michael DiSimone of Investments at Institutional Property Advisors represented both the buyer and the seller, a private investor, in the sales transaction.
BUENA PARK, CALIF. – The 184-unit Brookstone Apartments in Buena Park has sold to Patrick Cadigan for $38 million. The community is located at 7400 Artesia Blvd. Cadigan was represented by Carl Greenwood and Jim McKenzie of Greenwood & McKenzie. The seller, L&B Realty Advisors, was represented by Shane Shafer, Dean Zander and Vince Norris of Hendricks|Berkadia.
SCOTTSDALE, ARIZ. — Sentinel Real Estate Corporation has purchased The Paragon at Kierland, a 276-unit luxury apartment complex in Scottsdale, for $57 million. The Class A community is located at 15608 N. 71st Street on the Westin Kierland Golf Course. It is currently 98 percent occupied. This transaction represents the highest per-unit sale in Greater Phoenix so far this year. It also represents the highest per-unit sale in the past five years for properties without an active condo map in this region, according to Colliers International in Greater Phoenix. The firm’s Southwest Multifamily Advisors’ team represented the seller, Sunstone Realty Advisors, in this transaction. The team includes Jerry Tenge and Tristan Charlesworth.