THOUSAND OAKS, CALIF. – The 191-unit Archstone Thousand Oaks Crest has sold to IMT Capital, LLC for $51.37 million. The community is located at 491 W. Gainsborough Road in Thousand Oaks. Archstone contains 18 buildings that were constructed in the 1970s. Jim Fisher, Mike Smith and Craig Stevens of Lee & Associates-LA North/Ventura represented the seller, Archstone, in this transaction.
Western
SAN JOSE, CALIF. — Almaden Financial Plaza, a 415,000-square-foot, Class A office complex in downtown San Jose, has received $46 million in refinancing. The five-year, fixed-rate loan was used to refinance a maturing securitized loan. Some of the funds will also be used for building improvements and leasing costs. The loan includes a three-year, interest-only period and a 30-year amortization schedule. It is open to pre-payment at par after 18 months. Financing was arranged for an affiliate of Embarcadero Capital Partners LLC by HFF’s Peter Smyslowski, Gerry Rohm, Kevin Redford and James Fowler through Guardian Life Insurance Company of America.
RANCHO CUCAMONGA, CALIF. – A 180,035-square-foot industrial building in Rancho Cucamonga has sold to DCT Industrial Trust for $11.04 million. The building is located at 11167-11177 White Birch Drive. It is fully occupied by Steelscape and Puratos Bakery. DCT was represented by Mark Zorn, Richard Schwartz and Brad Yates of Colliers’ Ontario office. The seller, Quagletti M J & P Trust, was represented by Mike Quagletti with Industrial Realty.
ANAHEIM, CALIF. – A single-tenant industrial building in Anaheim has received $3.5 million in permanent financing. The 32-year-old building contains 74,000 square feet. The 10-year loan with a 25-year amortization period was arranged by Carl Fuller of the Alison Company through a correspondent life insurance company.
It is important to understand that the mid-2000s did not reflect a sustainable level of industrial leasing activity. Real estate in general — and Phoenix in particular — has always been subject to cycles. The past few years have seen a flight to quality with tenants moving from older buildings to newer, more modern facilities. They were able to lease new space at bargain rates that were at or below what they were paying for their older facilities. The initial signs of an improving economy have already manifested themselves in an industrial demand increase. This trend is expected to continue and gradually gain momentum, albeit not along the same steep trajectory of recent growth patterns. At the end of the first quarter of 2012, the national industrial market consisted of 289,117,054 square feet. It currently has 39,089,600 square feet of vacant space. At the beginning of 2011, the industrial vacancy rate stood at 15.5 percent. With 6,993,112 square feet of positive net absorption in 2011 and 302,468 square feet in the first quarter of 2012, the vacancy rate now registers at 13.5 percent. Despite positive absorption, the overall average rental rates have seen little improvement over 2011 with the exception …
EVERETT, WASH. — The 120-unit Woodbrook Apartments in Everett has received nearly $6.2 million in first-mortgage refinancing. The property is located at 525 112th Street SE. The 10-year loan boasts a 30-year amortization schedule. It was arranged for Woodbrook Investment Partners, LP by John Kinser and James DuMars of NorthMarq’s Phoenix regional office through the firm’s seller-servicer relationship with Freddie Mac.
SANTA ANA, CALIF. — Corinthian Colleges has renewed its lease for 163,734 square feet of office space at Griffin Towers in Santa Ana. The towers are located at 5 & 6 Hutton Centre Drive. The space serves as Corinthian’s corporate headquarters. Corinthian Colleges was represented by Ronda Clark, Ryan Hawkins and Joe Bevan of Jones Lang LaSalle Orange County.
ENCINITAS, CALIF. — The Plaza at Encinitas Ranch has received $43 million in refinancing. The 145,303-square-foot power retail center is located at 1550-1590 Leucadia Blvd. in Encinitas. It was built in 2002 and is fully occupied by tenants like REI, Starbucks, Pei Wei, Subway and AT&T. Walmart anchors the center. The 13-year, fixed-rate loan was arranged for a joint venture between Zelman Development Company and Carltas Company by HFF’s Paul Brindley. It was secured through a life insurance company.
SAN DIEGO — Bernardo Executive Center, a 173,244-square-foot, Class B office property in San Diego, has sold to Brookwood Financial Partners for $21.55 million. The center is located at 16835, 16855 and 16875 W. Bernardo Drive. It was 78.2 percent occupied at the time of sale. Brookwood plans to invest $1.4 million-worth in capital improvements at the property, which was built in 1984. Louay Alsadek, Evan August, Jeb Bakke, Scott Kincaid and Mike Corbosiero of CBRE San Diego represented both the buyer and the unnamed seller in this transaction. Scott Peterson and Mark McGovern of CBRE Debt & Equity Finance assisted Brookwood with financing services. CBRE was also retained to lease the remaining space at the property. Alsadek notes this was the first institutional office sale of more than $10 million to occur in the Rancho Bernardo submarket since 2009.
HONOLULU – The Gentry Pacific Design Center in Honolulu has sold to the Office of Hawaiian Affairs (OHA) for about $21 million. The 185,787-square-foot center is located at 560 N. Nimitz Highway. The property was built in the 1930s and had previously been the headquarters for the Gentry companies. It is managed by Colliers International Hawaii. The sale was executed by Michael “Skip” Schuman of Bishop Street Commercial (BSC). Matt Bittick, BSC’s president and CEO, notes that OHA plans to honor the leases that are currently in place with about 40 tenants at the Gentry Pacific Design Center.