SAN FRANCISCO – The final 12 apartment buildings in San Francisco that were part of CIM Group’s 22-property portfolio have sold to multiple buyers. The other 10 properties were sold this past September and October. The purchase prices were not disclosed. The portfolio contained a total of 418 units that were acquired by CIM Group in June 2009 through a deed in lieu of foreclosure. The purchase was sourced through CIM’s off-market proprietary network.
Western
LOS ANGELES — The Refinery has leased 19,200 square feet at a 30,662-square-foot office building in the Los Angeles submarket of Sherman Oaks. The advertising agency will occupy two full floors of the three-story building. The firm plans to consolidate and relocate to the space in April. The Refinery was represented by Stacy Vierheilig-Fraser of Charles Dunn Company’s Sherman Oaks office. The landlord, a private family trust, was represented by Scott Silverstein and Tom Specker of Lee & Associates.
OAKLAND, CALIF. – Cerexa has expanded and extended its lease at 2100 Franklin in Oakland. The biopharmaceutical company has leased an additional 12,000 square feet on the building’s 8th floor. It now occupies the entire 8th and 9th floors of the nine-story tower, which resides within the Lake Merritt district. The building is owned by CIM Group.
FLAGSTAFF, ARIZ. – The Woodlands Village Shopping Center in Flagstaff has signed four new leases. Café Rio and Miracle Ear hearing aids will be added to the tenant roster, while Maytag-Just-Like-Home-Laundry has found a new space at the center and Buffalo Wild Wings has expanded at the center. The shopping center is located at the southeast corner of McConnell Drive and Woodlands Boulevard. Mike Polachek of SRS Real Estate Partners serves as the leasing agent for Woodlands Village, which is owned by PDC Community Centers, LLC.
ONTARIO, CALIF. – The 736-unit Archstone Terracina in Ontario has sold to MG Properties for $95 million. The community was built in 1988 at 3303 South Archibald Ave. The seller, Archstone, was represented by Cushman & Wakefield’s Multifamily Advisory Group, which was led by Ed Rosen and John Chu.
DENVER – A pair of contiguous, Class A office buildings in Denver have received $74 million in refinancing. The buildings are located at 1400 Wewatta and 1401 Wynkoop in the city’s Lower Downtown Denver (LoDo) District. The Wewatta property contains a 202,000-square-foot office building with ground-floor retail. The Wynkoop property contains a 98,000-square-foot office building with ground-floor retail and residential condominiums on the top four floors. The condos were not included in the collateral. The properties are connected by a sky bridge. They also share a parking garage.Notable tenants at the properties include Chipotle Mexican Grill’s world headquarters, Kilpatrick, Townsend & Stockton, LLC, Dorsey & Whitney LLP, Milliman and George K. Baum & Company. HFF’s Eric Tupler, Josh Simon and Jake Young worked on behalf of the borrower, Wewatta and Wynkoop PT LLC, a GE Asset Management and Crestone Partners managed entity. The team secured a permanent loan through a national life insurance company correspondent lender.
COSTA MESA, CALIF. – The eight-property Westbay Portfolio in Costa Mesa has sold to multiple buyers for a total of $59.3 million. The portfolio contained a total of 295 units. It was sold by the Praedium Group and its local operating partner, Ocean West Capital Partners. The partners had acquired the portfolio in 2010. The final five assets were sold in December 2012.
ONTARIO, CALIF. – The 736-unit Archstone Terracina in Ontario has sold to MG Properties for $95 million. The community was built in 1988 at 3303 South Archibald Ave. The seller, Archstone, was represented by Cushman & Wakefield’s Multifamily Advisory Group, which was led by Ed Rosen and John Chu.
DENVER – A pair of contiguous, Class A office buildings in Denver have received $74 million in refinancing. The buildings are located at 1400 Wewatta and 1401 Wynkoop in the city’s Lower Downtown Denver (LoDo) District. The Wewatta property contains a 202,000-square-foot office building with ground-floor retail. The Wynkoop property contains a 98,000-square-foot office building with ground-floor retail and residential condominiums on the top four floors. The condos were not included in the collateral. The properties are connected by a sky bridge. They also share a parking garage. Notable tenants at the properties include Chipotle Mexican Grill’s world headquarters, Kilpatrick, Townsend & Stockton, LLC, Dorsey & Whitney LLP, Milliman and George K. Baum & Company. HFF’s Eric Tupler, Josh Simon and Jake Young worked on behalf of the borrower, Wewatta and Wynkoop PT LLC, a GE Asset Management and Crestone Partners managed entity. The team secured a permanent loan through a national life insurance company correspondent lender.
COSTA MESA, CALIF. – The eight-property Westbay Portfolio in Costa Mesa has sold to multiple buyers for a total of $59.3 million. The portfolio contained a total of 295 units. It was sold by the Praedium Group and its local operating partner, Ocean West Capital Partners. The partners had acquired the portfolio in 2010. The final five assets were sold in December 2012.