RIVERSIDE, CALIF. — Market Street Corporate Center I & II and Riverside Gateway I & II have sold to Alliance Commercial Partners for $41.5 million. The parks are located at 2190, 2280, and 2300 Market Street and 3480 & 3550 Vine Street, respectively, in downtown Riverside. Market Street contains three Class A office buildings totaling 133,468 square feet. Riverside Gateway includes two Class A office buildings totaling 90,154 square feet. The centers were 92 percent leased at the time of sale. They feature a mix of tenants, including the County of Riverside, American Express, Metro PCS, Caremore Health Plan, Brandman University, FBI, Fidelity National Title, Robert Half International and Merrill Lynch. The sellers, Pacific Coast Capital Partners and the Muller Company, were represented by CBRE’s Michael Kendall, Philip Woodford, Kevin Shannon, Scott Schumacher, Ken White and Rebecca Perlmutter Finkel.
Western
COMMERCE, CALIF. – A 105,000-square-foot building in Commerce that is leased to Home Depot has received a $7.9-million refinance. The property is located at 7015 Telegraph Road. The seven-year loan features a 3.6 percent interest rate and a 25-year amortization schedule. Financing was arranged by Blake Melstrom of Pacific Southwest Realty Services through an undisclosed life insurance correspondent.
NORTH HOLLYWOOD, CALIF. – A 9,856-square-foot office building in North Hollywood has sold to Xtetic World/Mesoestetic USA for $2.5 million. The building is located at 11313 Weddington Street. The transaction includes two additional parcels at 5305 and 5313 Bakman Ave. They will be used for parking. The office building will serve as the medical skin care company’s new U.S. headquarters. Xtetic was represented by Adam Comora and Jeremy Barbakowof NAICapital’s Encino office. The seller, Hurley Properties, LLC, was represented by Marty Agnew and Jessica Kelley of Marcus & Millichap.
HONOLULU – The 132-room Aqua Waikiki Pearl in Honolulu has sold to DeBartolo Development, LLC for an undisclosed sum. The hotel is located at 415 Nahua Street just one block from Waikiki Beach. It underwent an extensive 13-month repositioning and rebranding in 2008. DeBartolo is also gearing up to break ground on Ka Makana Ali‘i, a 1.4-million-square-foot, mixed-use regional shopping center in Kapolei. The $350-million project will be the first regional shopping center built on Oahu in more than 30 years. It is expected to break ground early next year
RIVERSIDE, CALIF. — Market Street Corporate Center I & II and Riverside Gateway I & II have sold to Alliance Commercial Partners for $41.5 million. The parks are located at 2190, 2280, and 2300 Market Street and 3480 & 3550 Vine Street, respectively, in downtown Riverside. Market Street contains three Class A office buildings totaling 133,468 square feet. Riverside Gateway includes two Class A office buildings totaling 90,154 square feet. The centers were 92 percent leased at the time of sale. They feature a mix of tenants, including the County of Riverside, American Express, Metro PCS, Caremore Health Plan, Brandman University, FBI, Fidelity National Title, Robert Half International and Merrill Lynch. The sellers, Pacific Coast Capital Partners and the Muller Company, were represented by CBRE’s Michael Kendall, Philip Woodford, Kevin Shannon, Scott Schumacher, Ken White and Rebecca Perlmutter Finkel.
COMMERCE, CALIF. – A 105,000-square-foot building in Commerce that is leased to Home Depot has received a $7.9-million refinance. The property is located at 7015 Telegraph Road. The seven-year loan features a 3.6 percent interest rate and a 25-year amortization schedule. Financing was arranged by Blake Melstrom of Pacific Southwest Realty Services through an undisclosed life insurance correspondent.
NORTH HOLLYWOOD, CALIF. – A 9,856-square-foot office building in North Hollywood has sold to Xtetic World/Mesoestetic USA for $2.5 million. The building is located at 11313 Weddington Street. The transaction includes two additional parcels at 5305 and 5313 Bakman Ave. They will be used for parking. The office building will serve as the medical skin care company’s new U.S. headquarters. Xtetic was represented by Adam Comora and Jeremy Barbakow of NAICapital’s Encino office. The seller, Hurley Properties, LLC, was represented by Marty Agnew and Jessica Kelley of Marcus & Millichap.
SAN FRANCISCO — SoMa Studios, a 23-micro-unit apartment building in San Francisco’s South of Market (SoMa) district has sold to a buyer that was in a 1031 exchange for $7.5 million. The community is located at 38 Harriet Street. It is leased to California College of the Arts, which uses the 295-square-foot micro-apartments as a dormitory. CBRE’s Michael Thomas and Toby Costello represented both the buyer and the seller, a partnership led by Patrick Kennedy of Panoramic Interests, in this all-cash transaction.
IRVINE, CALIF. – The Alzheimer’s Association has purchased a 30,000-square-foot office building in Irvine for $5.1 million. The association will use the office building as its new Orange County headquarters. The property is located at 2515 McCabe Way. The building is set to begin a five-month renovation in September 2013. The transaction was executed by David Girty and Marty Stradtman of Coldwell Banker Commercial.
TEMECULA, CALIF. – A 13,630-square-foot retail building in Temecula has sold to Aro Partners for $3.5 million. The free-standing building is located at 40810 Winchester Road. It is 75 percent leased to Hallmark and Beauty One Cosmetics Supply store. The property fronts the Promenade Temecula. The 1031 exchange buyer was represented by Nick Frasco of Voit. The seller, Temecula Pad H LLC, was represented by Jeff Conover of Faris Lee Investments.