LYNNWOOD, WASH. — Colony Park Business Center, a six-building, flex office portfolio in Lynnwood, has sold to a local investor for $7.8 million. The portfolio contains a total of 82,467 square feet in the Northend submarket that sits north of Seattle. The center is located at 19011-19029 36thAve. West. It was 86 percent leased to 20 tenants at the time of sale.The buyer was represented by Ken Butler of Butler Commercial Investments, LLC. The seller, Colony Park I & II LLC, was represented by Daniel Seger, Ann Chamberlin,Mark Flippoand Brent Jacksonof Jones Lang LaSalle’s Capital Markets group.
Western
SAN DIEGO — Copley Business Center, a 102,000-square-foot office campus in San Diego, has sold to Highbrook Investment Management, LP for $22.5 million. The three-building campus resides in the northwest portion of Kearny Mesa. It was 87 percent leased at the time of sale. Notable tenants include XO Communications and Reva Medical, which houses its corporate headquarters at the campus. HFF’s CJ Osbrink and Nick Psyllos represented both the buyer and the seller, a private tenant-in-common entity sponsored by Thompson National Properties. The off-market transaction includes the assumption of an existing CMBS loan.
SAN FRANCISCO — An 11-story, 140,657-square-foot office building in Downtown San Francisco has received a $14-million mezzanine loan. The building is located at 1155 Market Street. The loan was structured as subordinate financing because of a pre-existing CMBS loan that was in the first lien position when Laurus Corporation acquired the property in 2011. The new loan will be used for leasing costs, tenant improvements and property upgrades. The building was previously occupied by the City of San Francisco Public Utilities Commission. It is now 82 percent leased to the City and County of San Francisco. The loan was funded by Buchanan Street Partners.
LYNNWOOD, WASH. — Colony Park Business Center, a six-building, flex office portfolio in Lynnwood, has sold to a local investor for $7.8 million. The portfolio contains a total of 82,467 square feet in the Northend submarket that sits north of Seattle. The center is located at 19011-19029 36th Ave. West. It was 86 percent leased to 20 tenants at the time of sale. The buyer was represented by Ken Butler of Butler Commercial Investments, LLC. The seller, Colony Park I & II LLC, was represented by Daniel Seger, Ann Chamberlin, Mark Flippo and Brent Jackson of Jones Lang LaSalle’s Capital Markets group.
SAN LUIS OBISPO, CALIF. – A 10-property retail and office portfolio in downtown San Luis Obispo totaling 223,000 square feet has sold to Jamestown for an undisclosed sum. The retail portion contains seven assets, including Court Street Centre and Downtown Centre, and totals 195,000 square feet. Notable tenants throughout the properties include Barnes & Noble, Urban Outfitters, Pottery Barn, Abercrombie & Fitch, Express, Gap, Banana Republic, Victoria’s Secretand Apple. An additional 25,000 square feet is still available for lease. The office portion contains three properties bounded by Chorro, Osos, Monterey and Marsh streets that total 28,000 square feet.
CORONA, CALIF. – The 203-unit Valencia Terrace seniors housing facility in Corona has received $30.5 million in financing. The community is located at 2300 South Main Street. It is currently 98 percent occupied. It provides both independent and assisted living options for residents. The 10-year, fixed-rate loan was used to refinance an existing construction loan by BBVA Compass. It features a 67 percent loan-to-value and a 30-year amortization schedule. The Fannie Mae loan was originated by Heidi Brunet of Berkadia Commercial Mortgage, LLC on behalf of Kisco Senior Living.
SAN DIEGO – The 60-unit Prospect 400 apartment community in the San Diego submarket of La Jolla has sold to unnamed buyers for $29 million. The community is located at 400 Prospect Street. The site used to serve as the summer home to famous newspaperman and La Jolla Beach and Tennis Clubdeveloper Frederick William Kellogg and his wife Florence Scripps before it was redeveloped in 1970. The seller, The Carolyn M. Holmer Irrevocable Trust, was represented by Jim Neil, Eric Comer and Merrick Matricardi of CBRE San Diego. The buyers represented themselves in this transaction.
LOS ANGELES — The 58-unit Avondale Apartments in Hollywood has sold to Avondale Hollywood LLC for $6 million. The community is located at 1825 North Cahuenga Blvd. The vintage property was built in 1928. Darin Beebower of Madison Partners represented both the buyer and the seller, 1825 N. Cahuenga LLC, in this transaction.
SAN LUIS OBISPO, CALIF. – A 10-property retail and office portfolio in downtown San Luis Obispo totaling 223,000 square feet has sold to Jamestown for an undisclosed sum. The retail portion contains seven assets, including Court Street Centre and Downtown Centre, and totals 195,000 square feet. Notable tenants throughout the properties include Barnes & Noble, Urban Outfitters, Pottery Barn, Abercrombie & Fitch, Express, Gap, Banana Republic, Victoria’s Secret and Apple. An additional 25,000 square feet is still available for lease. The office portion contains three properties bounded by Chorro, Osos, Monterey and Marsh streets that total 28,000 square feet.
CORONA, CALIF. – The 203-unit Valencia Terrace seniors housing facility in Corona has received $30.5 million in financing. The community is located at 2300 South Main Street. It is currently 98 percent occupied. It provides both independent and assisted living options for residents. The 10-year, fixed-rate loan was used to refinance an existing construction loan by BBVA Compass. It features a 67 percent loan-to-value and a 30-year amortization schedule. The Fannie Mae loan was originated by Heidi Brunet of Berkadia Commercial Mortgage, LLC on behalf of Kisco Senior Living.