HONOLULU – A pair of Honolulu-based office buildings have sold to KZ DevCo LP for a total of $15.2 million. The buildings, which are located at 1026 & 1030 King Street, were purchased on behalf of Longs Drugs Stores. Longs plans to develop a 19,960-square-foot drugstore with a drive-thru on the sites. Construction began in April and should be complete by summer 2014.Longs also recently leased an 8,860-square-foot space at the Davies Pacific Center in Downtown Honolulu. This store is currently under construction and is scheduled to open in the fourth quarter of 2013. Finally, Longs is also completing construction on a 23,008-square-foot, free-standing drive-thru location in Waimea on the Big Island. It is scheduled to open this June. KZ DevCo also assisted with these lease negotiations and construction processes.
Western
SAN FRANCISCO – A 353,269-square-foot, Class A office building in San Francisco has received $81 million in financing. The building is located at 475 Sansome Street in the city’s North Financial District. It is 90 percent leased to tenants including Oracle, Amazon.com, Bank of the West and Yahoo! The 10-year, fixed-rate loan was arranged for Multi-Employer Property Trust (MEPT) by HFF’s Bruce Ganong, Cary Abod and Chris Gandy. It was provided by Prudential Mortgage Capital Company. Bentall Kennedy served as MEPT’s real estate advisor.
SAN JOSE, CALIF. – Ebay’s four-building, 250,000-square-foot office campus in San Jose has received a $50-million refinance. The campus is located within the Golden Triangle. The refinance will allow the borrower to secure a 10-year, fixed-rate mortgage at a competitive interest rate, as well as pay off its existing maturing debt. The loan request also featured a 1st Trust Deed and mezzanine financing components. It was placed by Alex Chenarides and John Souza of Barry Slatt Mortgage’s Los Angeles office. Financing was arranged through one of the company’s correspondent CMBS relationships. It will be serviced by Barry Slatt.
SUNNYVALE, CALIF. — Apple Inc. has leased a 53,000-square-foot office and R&D building in Sunnyvale. It is located at 455 De Guigne. The free-standing facility contains a few “creative” amenities that have become commonplace on tech campuses, including basketball and volleyball courts. Apple was represented by Andy Poppink and Craig Krammerer of Jones Lang LaSalle’s Silicon Valley office. The landlord, Westcore Properties, was represented by Dan Hollingsworth and Steve Pace of Cassidy Turley San Jose in this lease transaction.
HONOLULU – A pair of Honolulu-based office buildings have sold to KZ DevCo LP for a total of $15.2 million. The buildings, which are located at 1026 & 1030 King Street, were purchased on behalf of Longs Drugs Stores. Longs plans to develop a 19,960-square-foot drugstore with a drive-thru on the sites. Construction began in April and should be complete by summer 2014. Longs also recently leased an 8,860-square-foot space at the Davies Pacific Center in Downtown Honolulu. This store is currently under construction and is scheduled to open in the fourth quarter of 2013. Finally, Longs is also completing construction on a 23,008-square-foot, free-standing drive-thru location in Waimea on the Big Island. It is scheduled to open this June. KZ DevCo also assisted with these lease negotiations and construction processes.
SALT LAKE CITY — Big O, an automotive tire distributor, has signed a lease renewal for more than 100,000 square feet at Summit Distribution Center in Salt Lake City. The 275,000-square-foot facility is located just south of the Salt Lake City Airport. The center is owned by Chambers Street Properties.
ELOY, ARIZ. — ElrusUSA Limited has signed a five-year lease for a 71,708-square-foot manufacturing building in Eloy. The building is located at 924 N. Tweedy Road. Elrus was represented by Kevin Lange of Cushman & Wakefield in Phoenix. The landlord, Sky Cast Properties LLC, was represented by Pat Feeney, Dan Calihan and Rusty Kennedy in CBRE’s Phoenix office.
LOS ANGELES – CohnReznick has leased 22,000 square feet in Century City. The new lease will allow the accounting firm to consolidate its former JH Cohn operations, which currently resides at Wilshire Landmark in Brentwood. The new office space is located at 1900 Avenue of the Stars in the Los Angeles submarket of Century City. CohnReznick will occupy the entire 28th floor of the building. The firm was represented by Dave Toomey, Carlo Brignardello and Brian Davies of Cresa Los Angeles. The landlord, Duesenberg Investment Company, was represented by Darren Bell of Topa Management Company.
SALT LAKE CITY — Big O, an automotive tire distributor, has signed a lease renewal for more than 100,000 square feet at Summit Distribution Center in Salt Lake City. The 275,000-square-foot facility is located just south of the Salt Lake City Airport. The center is owned by Chambers Street Properties.
ELOY, ARIZ. — ElrusUSA Limited has signed a five-year lease for a 71,708-square-foot manufacturing building in Eloy. The building is located at 924 N. Tweedy Road. Elrus was represented by Kevin Lange of Cushman & Wakefield in Phoenix. The landlord, Sky Cast Properties LLC, was represented by Pat Feeney, Dan Calihan and Rusty Kennedy in CBRE’s Phoenix office.