LAS VEGAS – A joint venture between Hines and a subsidiary of real estate funds managed by Oaktree Capital Management has acquired a 32-building office portfolio in the Las Vegas submarket of Summerlin. Vegas Inc. reported the sales price to be about $127 million. The portfolio contains 1,110,500 square feet of institutional-quality office space that is spread out among 13 campuses. The acquisition also includes two additional development parcels totaling 19 acres. Some of the properties’ notable tenants include AT&T, Diamond Resorts, Expedia, Williams-Sonoma and Wyndham Worldwide. Hines has assumed property management responsibilities on behalf of the joint venture. The seller, General Growth Properties, was represented by CBRE’s Kevin Shannon, Tom Bohlinger and Charles Moore.
Western
CITY OF INDUSTRY, CALIF. – The Walnut Business Center has sold to Cook Walnut Property LLC for $6.6 million. The 57,412-square-foot center is located at 19555-19575 E. Walnut Drive South. Cook Walnut was represented by Jeff Bethel of Lee & Associates’ City of Industry office and Peter Bacci of the firm’s Los Angeles – Central office. Bethel also represented the seller, Catesgarb Holdings.
BRENTWOOD, CALIF. – The 137-unit TownCentre Commons Apartments in Brentwood has sold to Ridge Capital Investors for $19.6 million. TownCentre Commons is currently 97 percent occupied. Ridge Capital plans to invest an additional $1 million in property renovations. The community is managed by FPI Management.
PHOENIX — A 131,000-square-foot industrial building in Phoenix has sold to Grand Canyon University for $6.4 million. The single-story flex building is located at 5115 N. 27th Ave. Grand Canyon was represented by Todd Noel of Colliers International’s Phoenix office. The seller, Crown Realty & Development, was represented by Will Strong of Cushman & Wakefield.
SAN DIEGO – Construction has commenced on The Headquarters, a $40-million, adaptive re-use and renovation of the Old Police Headquarters building in San Diego’s Seaport District. The new project will transform the building into a 100,000-square-foot retail, dining and entertainment destination. The space is located at 525 Pacific, adjacent to Seaport Village. The property was originally developed in 1939 and served as the San Diego Police Headquarters until 1987. The Headquarters is scheduled for completion in fall 2013. It is being developed by Terramar Retail Centers and built by Legacy Building Services.
PHOENIX – The Consulate General of the United Mexican States has signed a five-year lease for 24,216 square feet of office space at McDowell Corporate Center in Phoenix. The Mexican Consulate is expanding and relocating from a building near 15th Avenue and West Camelback Road. It will occupy about 70 percent of McDowell Corporate Center. The Consulate was represented by Tivon Moffit of Colliers International in Phoenix. The landlord, Abart Properties 26 LLC, was represented by Luke Walker and David Carder of CBRE’s Phoenix office.
PHOENIX — A 131,000-square-foot industrial building in Phoenix has sold to Grand Canyon University for $6.4 million. The single-story flex building is located at 5115 N. 27th Ave. Grand Canyon was represented by Todd Noel of Colliers International’s Phoenix office. The seller, Crown Realty & Development, was represented by Will Strong of Cushman & Wakefield.
SAN DIEGO – Construction has commenced on The Headquarters, a $40-million, adaptive re-use and renovation of the Old Police Headquarters building in San Diego’s Seaport District. The new project will transform the building into a 100,000-square-foot retail, dining and entertainment destination. The space is located at 525 Pacific, adjacent to Seaport Village. The property was originally developed in 1939 and served as the San Diego Police Headquarters until 1987. The Headquarters is scheduled for completion in fall 2013. It is being developed by Terramar Retail Centers and built by Legacy Building Services.
PHOENIX – The Consulate General of the United Mexican States has signed a five-year lease for 24,216 square feet of office space at McDowell Corporate Center in Phoenix. The Mexican Consulate is expanding and relocating from a building near 15th Avenue and West Camelback Road. It will occupy about 70 percent of McDowell Corporate Center. The Consulate was represented by Tivon Moffit of Colliers International in Phoenix. The landlord, Abart Properties 26 LLC, was represented by Luke Walker and David Carder of CBRE’s Phoenix office.
SAN FRANCISCO — Kilroy Realty Corporation (KRC)has announced its plan to build a $200-million, 400,000-square-foot office building in San Francisco’s South of Market (SOMA) district. The 0.43-acre development site, which is located at 350 Mission Street, was purchased by KRC for $52 million. The 27-story tower is being designed by Skidmore, Owings & Merrill LLP. It is targeting LEED-Platinum certification. If successful, it will be the first ground-up commercial development inSan Franciscoto achieve this feat. The building is slated for completion in early 2015. Christopher Roeder,David ChurtonandTed DaviesofJones Lang LaSallewill act as the project’s listing brokers.