SAN FRANCISCO – The West dominated CBRE’s recently published list of the top 20 submarkets with the most high-tech service jobs and office rent growth. The region claimed 10 of the 20 spots, while San Francisco nabbed the top honor on this list, dubbed the “Tech-Twenty,” which was compiled using data from CBRE Research and the Bureau of Labor Statistics. The study examined job growth from 2009 to 2011 and office rent growth from the second quarter of 2010 to the second quarter of 2012. Silicon Valley (3), Portland, Ore. (6), Seattle (8), Salt Lake City (9), Denver (12), San Diego (15), the San Francisco Peninsula (16), Los Angeles (18) and Orange County (20) rounded out the Tech-Twenty. The study notes that Silicon Valley’s Mountain View and San Francisco’s South of Market (SOMA) submarkets experienced two-year rent growth above 10 percent. The submarkets experienced an 83 percent and 59 percent increase, respectively.
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SURPRISE, ARIZ. — The Surprise City Council has approved plans for the largest building ever constructed within the city limits, a $10-million, 418,000-square-foot spec manufacturing facility at Skyway Business Park. It will be developed by Skyway LLC on 24 acres at the Skyway Business Park just south of Cactus Road and west of Dysart Road. Skyway LLC is headed by Moshi Silagi, a commercial real estate developer from Thousand Oaks, Calif.
NEWPORT BEACH, CALIF. — Sabal Financial Group has purchased a $96-million portfolio of performing and non-performing loans from Bank of the West. The portfolio is secured by commercial real estate and land in California, Colorado, Arizona, Oklahoma and Iowa. In addition to this acquisition, Sabal also recently established a residential builder-lending platform that provides non-recourse acquisition and development loans to homebuilders throughout California, Seattle and the Portland metro areas.
WOODLAND HILLS, CALIF. — Warner Center Towers, a 1.9-million-square-foot office campus in the Los Angeles submarket of Woodland Hills, has received a new loan for $285 million. Half of the loan was provided to Douglas Emmett by Northwestern Mutual Life Insurance Company, while the other half was supplied by Prudential Mortgage Capital Company. This is a new seven-year, fixed-rate loan. Warner Center consists of five office towers, along with a gym and a restaurant that are all situated on 21.1 acres. This is the largest office complex in the San Fernando Valley.
IMPERIAL BEACH, CALIF. – A 14,884-square-foot retail property occupied by CVS in Imperial Beach has sold to Drooz Trust for $7 million. It is located at 800 Palm. Drooz was represented by Hamid Soroudi and Kimberly Roberts Stepp of Charles Dunn Company. The seller, Imperial Beach Promenade, LLC was represented by Alvin Mansour and Sam Hanna of Marcus & Millichap.
REDLANDS, CALIF. – Medline Industries has leased a 147,677-square-foot industrial building in Redlands. The facility is located at 1455 Research Drive. Medline plans to fully occupy the building. The company was represented by Chuck Belden of Cushman & Wakefield. The landlord, BlackRidge Real Estate Group/ Verde Realty, was represented by Juan Gutierrez, Frank Geraci, Walt Chenoweth and Patrick Wood of Voit’s Inland Empire office.
LOS ANGELES – Garment manufacturer Ginger Green has purchased a 37,607-square-foot industrial building in Los Angeles for an undisclosed sum. The building is located at 3616 Noakes Street. Richard Horn and Philip T. Attalla of NAI Capital represented the seller, Tan Atlantic Petrolia, LLC, in this transaction.
COLMA, CALIF. – Office Depot has leased 14,446 square feet of space at the 280 Metro Center in Colma. The space was previously occupied by Magnolia Hi-Fi. Other tenants at the center include Bed, Bath & Beyond, Best Buy, Home Depot Pro, Marshall’s, Nordstrom Rack, Old Navy and Ulta. Office Depot was represented by Todd Oliver with Terranomics Retail Services. The center is owned by Kimco Realty Corporation.
IMPERIAL BEACH, CALIF. – A 14,884-square-foot retail property occupied by CVS in Imperial Beach has sold to Drooz Trust for $7 million. It is located at 800 Palm. Drooz was represented by Hamid Soroudi and Kimberly Roberts Stepp of Charles Dunn Company. The seller, Imperial Beach Promenade, LLC was represented by Sam Hanna of Marcus & Millichap.
LOS ANGELES – The Alexan, an 18-unit apartment complex in Los Angeles, has sold to an individual/personal trust for $3.4 million. The community is located at 724 South Berendo Street. Neema Ahadian of Marcus & Millichap’s West Los Angeles office represented both the buyer and the seller, a limited liability company, in this transaction.