KEARNY MESA, CALIF. – CP Kelco has signed a five-year lease renewal for a 27,605-square-foot office and R&D building in Kearny Mesa. The lease renewal is valued at $2.2 million. The space is located at 8225 Aero Drive. CP Kelco, which has occupied the building for 10 years, uses the space for manufacturing, customer service, sales and technical support. The space is owned by Westcore Properties. Neither party retained broker representation.
Western
LOS ANGELES — Kilroy Realty Corporation (KRC) has purchased Columbia Square, a historic Hollywood media campus, and Tribeca West, a West Los Angeles entertainment-oriented office property, for a total of $138 million. Columbia Square sold for $65 million, while the acquisition of Tribeca West is expected to close early in the fourth quarter for $73 million. Tribeca West is a 151,000-square-foot, three-story office campus that is currently 96 percent leased. The Columbia Square acquisition included a 96,000-square-foot campus that contained three historic office buildings. It was the former home of the CBS network’s Los Angeles radio and television operations. The 4.7-acre site is fully entitled for an office, retail and multifamily mixed-use project under a 15-year development agreement. KRC is planning a multi-phase redevelopment and development that would upgrade its existing office buildings and add 550,000 square feet of office, retail and residential space to the campus. The $300-million project is scheduled to begin in mid-2013. Phase I is expected to be complete in 2015.
PHOENIX, AVONDALE, MESA, ARIZ. — The Bascom Group has purchased three apartment complexes in Arizona for $77.1 million. The acquisition includes 301-unit Coldwater Springs Apartments at 12115 W. Van Buren Ave. in Avondale for $27.2 million; 256-unit Madera Point at 445 S. Dobson Road in Mesa for $14.3 million; and the 528-unit Foothills at 4424 E. Baseline Road in Phoenix for $35.5 million. Bascom was represented in these transactions by Jim Crews, Brett Polachek and Tara Lewis of Cushman & Wakefield of Arizona.
MESA, ARIZ. — Village Square at Dana Park, a 310,979-square-foot community center in Mesa, has sold to Whitestone REIT for $50.5 million. This represents a 45 percent discount to estimated replacement cost. The center contains 292,714 square feet of open-air retail space, as well as 18,265 square feet of office space. It is currently 71 percent leased. Notable retail tenants include AJ’s Fine Foods, Barnes & Noble, Z Gallerie, Anthropologie, Coldwater Creek, Jared Galleria of Jewelers, Chico’s, California Pizza Kitchen, White House Black Market, Bath & Body Works, Talbots, Ann Taylor Loft, Five Guys Burgers and Fries, RA Sushi, Sauce and Pei Wei.
KEARNY MESA, CALIF. – CP Kelco has signed a five-year lease renewal for a 27,605-square-foot office and R&D building in Kearny Mesa. The lease renewal is valued at $2.2 million. The space is located at 8225 Aero Drive. CP Kelco, which has occupied the building for 10 years, uses the space for manufacturing, customer service, sales and technical support. The space is owned by Westcore Properties. Neither party retained broker representation.
LANCASTER, CALIF. — MG Properties Group(MGPG) has purchased a four-property, 1,190-unit multifamily portfolio in Lancaster for $91.75 million. The acquisition includes 416-unit Cordova Park, 320-unit Granada Villas, 314-unit Sienna Heights and 140-unit Woodlands West. The acquisitions were financed separately with a 10-year, fixed-rate loan of $75.60 million that was provided by Rob Prouty at KeyBank Real Estate Capital and Fannie Mae.MGPG plans to upgrade the properties’ exterior and common areas, as well as address any deferred maintenance issues. The firm represented itself in this transaction, while the private seller was represented by Greg Harris, Ron Harris, Kevin Green and Joseph Smolen of Institutional Property Advisors.
SAN FRANCISCO – Jamestown has purchased 799 Market Street, a 142,902-square-foot, mixed-use property in Downtown San Francisco, for an undisclosed sum. The Class A retail and office building is located on the northeastern corner of Market and Fourth streets at the intersection of the city’s Union Square shopping district and South of Market (SOMA) tech corridor. The building’s 55,000 square feet of retail space is fully occupied by a Ross Dress for Less flagship store. The eight-story property also includes five floors of creative office space. It is currently 89 percent leased. The seller, a partnership between Urban Realty and Commonfund, was represented by Eastdil Secured, which also helped Jamestown secure financing.
BRENTWOOD, CALIF. — The Streets of Brentwood, a 305,428-square-foot lifestyle center in the West Los Angeles submarket of Brentwood, has sold to a partnership between DRA Advisors and RED Development for $72.1 million. It is located at 2565 Sand Creek Road. The acquisition also included a parcel of land approved for Phase II development and 110,000 square feet of additional retail space. Notable tenants at the center include REI, Banana Republic, DSW, Ulta Cosmetics, Ann Taylor and Jos. A. Bank. It is anchored by a 14-screen Rave Theater. Alfred Hackbarth of SRS Real Estate Partners represented both the buyer and the seller, Brentwood Specialty Center, LLC, in this transaction.
OCEANSIDE, CALIF. – A 45,000-square-foot industrial property in Oceanside has sold to Precision One Ventures for $3.9 million. The property is located at 3923 Oceanic Drive. Precision One will occupy about 70 percent of the building. A new tenant signed a lease for the balance of the property during the transaction. Precision One was represented by Greg Pieratt and David Howard of Lee & Associates’ North San Diego County office.
LANCASTER, CALIF. — MG Properties Group (MGPG) has purchased a four-property, 1,190-unit multifamily portfolio in Lancaster for $91.75 million. The acquisition includes 416-unit Cordova Park, 320-unit Granada Villas, 314-unit Sienna Heights and 140-unit Woodlands West. The acquisitions were financed separately with a 10-year, fixed-rate loan of $75.60 million that was provided by Rob Prouty at KeyBank Real Estate Capital and Fannie Mae. MGPG plans to upgrade the properties’ exterior and common areas, as well as address any deferred maintenance issues. The firm represented itself in this transaction, while the private seller was represented by Greg Harris, Ron Harris, Kevin Green and Joseph Smolen of Institutional Property Advisors.