CARLSBAD, CALIF. – A 75,160-square-foot, Class A office building in Carlsbad has received $10.2 million in financing. The building is located at 5791 Van Allen Way. It was built in 1999 and is fully leased on a triple-net lease basis to Life Technologies. The loan was arranged for Mararisk Carlsbad, LLC by Mararisk Carlsbad, David Bleiweiss and John Chun of HFF.
Western
DINUBA, CALIF. – Mercantile Row Shopping Center, a 98,520-square-foot shopping center in Dinuba received $2.85 million in first-mortgage financing. The center is located at 2100-2242 E. El Monte Way. Financing was based on a one-year, interest-only term for about 73 percent of the discounted payoff amount. Financing was arranged by Michael Elmore and David Blum of NorthMarq’s Los Angeles office through its relationship with a hard money lender. .
SAN DIEGO – Spanky’s Portable Services has signed a six-year lease renewal and expansion at Rancho San Diego Industrial Center. The renewal includes 7,200 square feet of warehouse space and 36,000 square feet of adjacent yard space. Ron Bement of Cushman & Wakefield represented the landlord, BCL Inc., in this lease transaction.
Employment and population growth is spurring apartment demand in Phoenix, encouraging developers to ramp up construction. Although Class A rents are above mortgage payments on a median-priced home, many potential homebuyers will be unable to compete against investors that purchase bank-owned houses to operate as rentals. The metro is a target for these well-capitalized buyers, as home prices have dropped nearly 60 percent since the peak, while the local economy is gaining traction. By the close of this year, more than 80,000 positions will have been recouped in Phoenix, marking three consecutive years of job gains. The rental pool is poised to grow as many lower-priced homes are purchased by cash buyers and residents contend with qualifying hurdles due to short employment histories. As a result, strong apartment demand will enable most operators to boost rents to all-time highs, pushing residents down the quality ladder. Distant headwinds are starting to form, however, as builders recently broke ground on multiple projects that will add thousands of inventory units over the next few years. This, combined with competition from houses employed as rentals, could mean apartment owners may face significant competition as early as 2013. A sharp rise in leasing activity during …
VALENCIA, CALIF. – Arvato Digital Services has renewed its lease for a 165,141-square-foot industrial property in Valencia. The five-year lease is valued at $6.3 million. The property is located at 29011 Commerce Center Drive. Arvato was represented by John DeGrinis, Patrick DuRoss and Jeff Abraham of Colliers’ Encino office. The landlord, Sares Regis Group, was represented by CBRE’s Craig Peters.
LIVERMORE, CALIF. — A 36,400-square-foot R&D building in Livermore has sold to Globalhawk Insurance for $3.87 million. The property is located at 2525 Colliers Canyon Road within the Shea Business Center. Globalhawk will be relocating from nearby 3090 Independence Drive. The buyer was represented by Mark Dowling and Matt Manos of Cassidy Turley. The seller was Shea Center Livermore Office, LLC.
SAN FRANCISCO – Sun Life Assurance of Canada has purchased 660 Market Street, a 52,842-square-foot office building in San Francisco. The building features ground-floor retail along the Market Street Corridor. The seller, Union Property Capital and Heitman, was represented by Tony Crossley, Tim Maas and Erik Hanson of Colliers’ San Francisco Investment Services Group.
ESCONDIDO, CALIF. – Oak Creek Energy Systems has leased 7,526 square feet at La Terraza Corporate Plaza in Escondido. The seven-year lease is valued at $1.44 million. The 78,477-square-foot, Class A office building is located at 500 La Terraza Blvd. Oak Creek was represented by Joseph Portelli of Marubeni America Corporation and in-house by Carina Leegaard. The landlord, Cypress La Terraza, LLC, was represented by CBRE’s Larry Cambra and Dan Yielding.
REDONDO BEACH, CALIF. – A 103,000-square-foot industrial property in Redondo Beach has sold to Terreno Realty Corporation for $14.2 million. The property is located at 2475-2477 Manhattan Beach Blvd. It is fully leased to one tenant.
PORTLAND, ORE. – New Relic has leased 19,482 square feet at the US Bancorp Tower in Portland. The new space will allow the company to expand and relocate from the nearby Commonwealth Building this November. New Relic will initially house a 45-person engineering team at the new facility, but eventually plans to grow its presence to about 200 employees. The tenant was represented by Jake Lancaster of Jones Lang LaSalle’s Portland office. The landlord, Unico Properties, was represented by Joe Vaughn, also of JLL.