SAN DIEGO – A 359,218-square-foot, 24-story office building in Downtown San Diego has sold to a joint venture between Lincoln Property Companyand Angelo, Gordon & Companyfor $49 million. The high rise is located at 600 B Street. It is 85 percent occupied. Notable tenants include the City of San Diego and Bridgepoint Education, as well as several law firms. This is Lincoln’s first acquisition in the area since it opening a San Diego office this past May.
Western
REDONDO BEACH, CALIF. — Gourmet Trading has signed a 10-year lease for a 54,212-square-foot industrial facility in Redondo Beach. The lease is valued at $5 million. The space is located at 2580 Santa Fe Ave. The company plans to relocate to the new facility in early 2013. Gourmet Trading was represented by Luke Staubitz and Harvey Beesen of Klabin/CORFAC’s Los Angeles office. The landlord, CRC Investments, was represented by Jim Sullivan and Brad Vickrey of DAUM Commercial Real Estate Services.
OAKLAND, CALIF. – The 264-unit Domain Apartments in Oakland has received a $55-million recapitalization. The bridge loan was arranged for Berkshire Property Advisors by Centerline Capital Group. The loan was completed with Centerline’s origination partner, C-III Commercial Mortgage LLC.
SAN DIEGO – A 359,218-square-foot, 24-story office building in Downtown San Diego has sold to a joint venture between Lincoln Property Company and Angelo, Gordon & Company for $49 million. The high rise is located at 600 B Street. It is 85 percent occupied. Notable tenants include the City of San Diego and Bridgepoint Education, as well as several law firms. This is Lincoln’s first acquisition in the area since it opening a San Diego office this past May.
REDONDO BEACH, CALIF. — Gourmet Trading has signed a 10-year lease for a 54,212-square-foot industrial facility in Redondo Beach. The lease is valued at $5 million. The space is located at 2580 Santa Fe Ave. The company plans to relocate to the new facility in early 2013. Gourmet Trading was represented by Luke Staubitz and Harvey Beesen of Klabin/CORFAC’s Los Angeles office. The landlord, CRC Investments, was represented by Jim Sullivan and Brad Vickrey of DAUM Commercial Real Estate Services.
SAN JOSE, CALIF. – The 508-unit Willow Lake Apartment Homes in San Jose has sold to Essex Property Trust for $148 million. The seller, the Sobrato Organization, was represented by Stan Jones, Phil Saglimbeni and Sal Saglimbeni of Institutional Property Advisors, a division of Marcus & Millichap.
SAN DIEGO – The 317-room Courtyard San Diego Mission Valley/Hotel Circle has sold to Carey Watermark Investors for $85 million. The hotel is located on San Diego’s Hotel Circle in Mission Valley. The seller was a private investment group that employed Tarsadia Investments as its agent. The sale was executed by John Strauss, James Stockdale and Samantha Fisher of Jones Lang LaSalle Hotels.
HAYWARD, CALIF. — Well Luck Company has purchased a 101,376-square-foot warehouse and distribution facility in Hayward. It is located at 26599 Corporate Ave. The company will be relocating to the new facility in early 2013. It plans to occupy 65,000 square feet. It will lease out the remaining 35,000 square feet. Well Luck was represented by Joe Yamin and Chet Barney of Colliers’ Oakland office. The seller was represented by Kevin Hatcher, Mark Maguire and Greig Lagomarsino of the same office.
LAS VEGAS – A 17,123-square-foot retail property in Las Vegas that is leased to CVS has received $3.7 million in first-mortgage refinancing. The property is located at 4810 West Ann Road. Financing was based on a 10-year term and a 20-year amortization schedule. It was arranged by Ory Schwartz of NorthMarq’s Los Angeles office, in cooperation with the firm’s Las Vegas office.
SAN JOSE, CALIF. – The 508-unit Willow Lake Apartment Homes in San Jose has sold to Essex Property Trust for $148 million. The seller, the Sobrato Organization, was represented by Stan Jones, Phil Saglimbeni and Sal Saglimbeni of Institutional Property Advisors, a division of Marcus & Millichap.