RANCHO CUCAMONGA, CALIF. — Inland Empire Health Plan (IEHP) has leased 207,000 square feet at the Atrium at Empire Lakes in Rancho Cucamonga. It will move into its new headquarter space in the second quarter of 2013. The company is relocating from San Bernardino. IEHP was represented by Studley’s Joshua Gorin, Steve Pisarik, Mark Sullivan, and Roi Shleifer and Tom Pierik of Lee & Associates. The landlord, Torchlight Investors/Kelly A. McLaren, was represented by Phil Woodford, John Oien and Vindar Batoosingh.
Western
SAN JOSE, CALIF. – Nutanix has subleased 31,000 square feet of space at 1740 Technology Drive in San Jose. The company had previously occupied about 15,000 square feet at neighboring 1735 Technology Drive. The new sublease will allow Nuatnix to expand its headquarters. The new space is located in a Class A, 206,876-square-foot office building. Nutanix was represented by Joe Brady and Mike Mordaunt of Cresa San Jose. The sub-landlord, Namco Bandai, was represented by Paul McNamus and John McMahon of Colliers International.
TEMPE, ARIZ. — Portillo’s has purchased a 2.38-acre parcel at the 1.3 million-square-foot Tempe Marketplace where it plans to open an outpost. The famous Chicago hot dog eatery will open a 7,000-square-foot location on the marketplace’s southwest corner in the summer of 2013.
The San Francisco apartment market is exceptionally active. It features extremely low vacancies, rapidly rising rents and tremendous demand for a very limited inventory of assets. Fueling this demand is San Francisco’s thriving technology sector and young professionals, which will maintain the metro’s stature as one of the premier rental markets in the country well into 2013. While nearby Silicon Valley lures large software and information companies, San Francisco has become the incubator for tech start-ups. More than 94,000 people in the metro area have jobs pertaining to the tech industry, which is up 10 percent from last year. Small but influential firms such as Zynga, Dropbox and Airbnb are continuously hiring young professionals in the core of the metro. These high-paid individuals prefer renting, and are waiting longer to enter the single-family home market. Employment this year has been primarily driven by San Francisco’s technology industry. Major firms such as Facebook and Twitter continue to hire as their businesses evolve. By year’s end, employers will have hired a total of 29,000 workers, a 3 percent increase in total employment. Vacancies are currently some of the lowest on record, as the tech industry flourishes. In the last 12 months, the …
EMERYVILLE, CALIF. — Public Market, a 272,000-square-foot, mixed-use development in the East Bay submarket of Emeryville, has received $42.5 million in financing. The acquisition financing was provided to a joint-venture between Angelo, Gordon & Co. and City Center Realty Partners, LLC. The non-recourse loan features a floating interest rate and a six-year term. It also allows for a one-year extension and a future funding component t cover property renovations, leasing commissions and tenant improvements. Public Market contains 153,000 square feet of retail space, including a 10-screen Regal theater. Other notable tenants include Urban Outfitters, Guitar Center, Peet’s Coffee & Tea, Regal Cinemas and In-Shape Health Club. It also contains a 119,000-square-foot, Class A office tower that is occupied by Random House, Silicon Valley College and Rocket Software, among others. The Bank of America loan was secured by HFF’s Peter Smyslowski and Kevin Redford.
TEMPE, ARIZ. – The 209-room Sheraton Phoenix Airport Hotel in Tempe has sold to Tempe Hospitality Ventures LLC for an undisclosed sum. The all-cash purchase includes a new 20-year Sheraton franchise. The hotel will undergo significant capital improvements starting next summer. The seller, JER Tempe Hotel LLC, was represented by Bill Murney of HREC Investment Advisors’ Phoenix office.
SAN MARCOS, CALIF. — The Golden Door Spa, a 41-room luxury spa resort in San Marcos, has sold to an unnamed buyer for $24.8 million. The acquisition also includes ownership of The Golden Door brand, as well as any future resort expansion opportunities. The seller was represented by Dan Peek, Bill Stadler, Scott Hall and Alexandra Lalos.
BURBANK, CALIF. – A joint venture partnership that includes KBS Strategic Opportunity REIT has purchased The Burbank Collection, a 39,428-square-foot retail property in Burbank. The purchase price was not disclosed. The Burbank Collection was built in 2008 and features 12 retail units. Notable tenants include Pinkberry, Barney’s Beanery, Verizon and Panera Bread.
EMERYVILLE, CALIF. — Public Market, a 272,000-square-foot, mixed-use development in the East Bay submarket of Emeryville, has received $42.5 million in financing. The acquisition financing was provided to a joint-venture between Angelo, Gordon & Co. and City Center Realty Partners, LLC. The non-recourse loan features a floating interest rate and a six-year term. It also allows for a one-year extension and a future funding component t cover property renovations, leasing commissions and tenant improvements. Public Market contains 153,000 square feet of retail space, including a 10-screen Regal theater. Other notable tenants include Urban Outfitters, Guitar Center, Peet’s Coffee & Tea, Regal Cinemas and In-Shape Health Club. It also contains a 119,000-square-foot, Class A office tower that is occupied by Random House, Silicon Valley College and Rocket Software, among others. The Bank of America loan was secured by HFF’s Peter Smyslowski and Kevin Redford.
TEMPE, ARIZ. – The 209-room Sheraton Phoenix Airport Hotel in Tempe has sold to Tempe Hospitality Ventures LLC for an undisclosed sum. The all-cash purchase includes a new 20-year Sheraton franchise. The hotel will undergo significant capital improvements starting next summer. The seller, JER Tempe Hotel LLC, was represented by Bill Murney of HREC Investment Advisors’ Phoenix office.