NEWPORT BEACH, CALIF. — Sabal Financial Group has launched Sabal Third Party Servicing, a new business division offering commercial real estate and acquisition, development and construction (ADC) loan primary servicing and special servicing. It will also offer construction loan administration. The new division will generally target large loan portfolios with a core focus on risk management while maximizing repayment and returns for lender, bank, fund and insurance company clientele nationwide.Vartan Derbedrossian, head of loan servicing, will lead Sabal Third Party Servicing out of the company’s Pasadena office.
Western
CORONA, CALIF. – Atkinson/Walsh has signed a lease for 50,000 square feet at a Coronaoffice building. The lease is valued at about $3.2 million. The building is located at 2455 Anselmo Drive. The design-builder joint venture will occupy two-thirds of the space. The company recently secured a contract with the Riverside County Transportation Commission (RCTC) for the SR-91 Corridor Improvement Project.The contract is valued at $632 million. The RCTC also plans to occupy a portion of the building during its collaboration with Atkinson/Walsh. The tenant was represented by Randy Parkerand Steve Cardof Travers Realty. The 75,000-square-foot office building was recently purchased by Bixby Land Company for an undisclosed sum. Bixby represented itself in the lease transaction.
POMONA, CALIF. — Seventh Street Development has purchased a 22.5-acre parcel in Pomona for an undisclosed sum. The land, which is located on the western side of the 71 Corona Expressway at Mission Boulevard, will eventually house the final phase of the two-million-square-foot Mission 71 Business Park. The $40-million Mission 71 West will include four industrial buildings that will range in size from 65,000 square feet to more than 200,000 square feet for a grand total of about 500,000 square feet. The initial two phases of Mission 71 included a renovated 750,000-square-foot former General Dynamics building and 11 newly constructed buildings ranging in size from 16,000 square feet to 42,000 square feet. The new buildings are all occupied by owners-users, including food and industrial product manufacturers, as well as a variety of importers and distributors. This final phase will round out the private development of the former General Dynamics Naval Industrial Reserve Ordinance Plant, which was shuttered in 1994. Many of its buildings were demolished, while the others sat vacant until the Mission 71 redevelopment efforts commenced.
CARLSBAD, CALIF. — Ocean Terrace Corporate Center, a 177,149-square-foot, Class A office park in Carlsbad, has sold to BBL Commercial Real Estate for an undisclosed sum. The four-building park is located at 5740-5770 Fleet Street. It is currently 77 percent leased to tenants like Invensys Systems, Island Restaurants, BVK Direct Inc. and Farmers Insurance Exchange. It also houses Jenny Craig’s corporate headquarters. Rick Reeder, Brad Tecca, Matty Sundberg and Aric Starck of Cassidy Turley San Diego represented both the buyer and the seller, Regent Properties, in this transaction. Sundberg and Stark will also handle the park’s leasing efforts, along with Dennis Visser, also of Cassidy Turley.
NEWPORT BEACH, CALIF. — Sabal Financial Group has launched Sabal Third Party Servicing, a new business division offering commercial real estate and acquisition, development and construction (ADC) loan primary servicing and special servicing. It will also offer construction loan administration. The new division will generally target large loan portfolios with a core focus on risk management while maximizing repayment and returns for lender, bank, fund and insurance company clientele nationwide. Vartan Derbedrossian, head of loan servicing, will lead Sabal Third Party Servicing out of the company’s Pasadena office.
CORONA, CALIF. – Atkinson/Walsh has signed a lease for 50,000 square feet at a Coronaoffice building. The lease is valued at about $3.2 million. The building is located at 2455 Anselmo Drive. The design-builder joint venture will occupy two-thirds of the space. The company recently secured a contract with the Riverside County Transportation Commission (RCTC) for the SR-91 Corridor Improvement Project. The contract is valued at $632 million. The RCTC also plans to occupy a portion of the building during its collaboration with Atkinson/Walsh. The tenant was represented by Randy Parker and Steve Card of Travers Realty. The 75,000-square-foot office building was recently purchased by Bixby Land Company for an undisclosed sum. Bixby represented itself in the lease transaction.
HONOLULU– The 399-room Courtyard by Marriott Waikiki Beach in Honolulu has sold to RLJ Lodging Trust for $75.3 million. The company acquired the long-term leasehold interest in this property through cash it had available on its balance sheet.
ASPEN, COLO. — The St. Regis Aspen Resort, a 179-room, five-star Aspen resort, has received $75 million in financing. This resort is the only internationally branded luxury hotel in Aspen. It is located at 315 East Dean Street. The St. Regis recently underwent a $46-million renovation. The floating-rate loan was secured by Mathew Comfort, Mike Huth and Jeff Davis of Jones Lang LaSalle’s Hotels & Hospitality Group and provided by an overseas bank. The hotel is managed by Starwood Hotels & Resorts, though OptAsia Capital is the asset manager and owner’s representative.
TEMPE, ARIZ. – A 118,355-square-foot office property in Tempe has sold to ViaWest Group for $3 million. It is located at 8375 River Parkway in ASU Research Park. The property is fully occupied by NXP Semiconductors and Wells Fargo. ViaWest plans to renovate the building once current leases expire. The seller, Blue Vista Capital Partners, was represented by Mark Detmer and Bo Mills of Jones Lang LaSalleand Don Rodie of Cushman & Wakefield.
POWAY, CALIF. – Jinx has leased 32,500 square feet at Poway Tech Center. The building is located at 13465 Gregg Street in Poway. The Internet-based clothing and accessories company will occupy the building around September. The transaction was executed by Brian Mulvaney and Matthew Bean of Voit Real Estate Services’ San Diego office.