SAN JOSE, CALIF. — Relectric Supply Company has leased a 76,972-square-foot industrial building in North San Jose that is located at 2390 Zanker Road. Relectric is relocating from a 26,000-square-foot facility it had leased on nearby Rogers Avenue. The new space will provide Relectric with warehouse/manufacturing and office space. The company was represented by Steve Horton and Kelly Yoder with Cassidy Turley. The building is owned by RREEF.
Western
CITRUS HEIGHTS, CALIF. – The 124-unit Antelope Woods Apartments in Citrus Heights has received $7,260,000 in financing. The refinance loan includes a seven-year term and a 30-year amortization under Fannie Mae’s Early Rate Lock Program. It was written to a 75 percent loan-to-value with a 1.43x debt-service coverage ratio. The property was built in 1986 and is situated on more than five acres. Financing was provided by Jeff Burns and Verne L. Murray of Walker & Dunlop. The loan was originated by Ron Peters of Preferred Capital Advisors.
SANTA MONICA, CALIF. — A six-unit apartment building located at 1247 Berkeley Street in Santa Monica has sold to a private investor for $1,975,000. The community was built in 1961 and contains 8,990 rentable square feet. The buyer was represented by Robert Narchi of Marcus & Millichap’s West Los Angeles office. The seller, also a private investor, was represented by Tony Azzi from the same office.
SAN JOSE, CALIF. — Flextronics International USA has leased 130,455 square feet of Class A office space at the new America Center campus in North San Jose. This will allow the electronics manufacturing services provider to expand its U.S. headquarters, which is currently based in nearby Milpitas. The firm will occupy more than half of the six-story, 213,800-square-foot building, which is located at 6201 America Center Drive. Flextronics was represented by Dan Hollingsworth, Tom McGovern, Steve Pace and Karen Sigl with Cassidy Turley in this transaction.
SHERMAN OAKS, CALIF. – An office building commonly known as the “Wallace Library” along the Ventura Boulevard corridor in Sherman Oaks has been leased by a private record label. The 2,500-square-foot boutique office building is located at 15464 Ventura Blvd. It is named after Randall Wallace, a legendary producer and director who worked on “Braveheart,” “We Were Soldiers” and “Secretariat.” Wallace, the trustee of the Randall Wallace Family Trust, was represented by Ash Joshi of Capital Realty Solutions in this lease transaction.
HOLLYWOOD, CALIF. — Champion Real Estate Company has purchased a 1.14-acre commercial parking lot in Hollywood where it plans to develop a mixed-use project. The firm will continue to operate the parking lot, located at 1717 Cherokee and 1718 Las Palmas, until construction commences. This is Champion’s second Hollywood acquisition within a year. It also recently purchased a $20-million, 2.76-acre redevelopment site for another mixed-use development.
HILLSBORO, ORE. – A 12,000-square-foot retail building in Hillsboro's Tanasbourne area has sold to an unnamed buyer for $4.5 million. The building is currently fully leased to two medical tenants, including Aspen Dental and Concentra Health. Both recently signed 10-year leases at the property after the building was retrofitted. Chris Johnson, MaryKay West, Denis O'Neill and J.J. Unger of NAI NBS represented the seller, Quattro Hillsboro LLC, in this transaction.
DENVER, TEMPE, ARIZ. — Morrison Street Capital has recently closed three transactions in the Denver and Tempe areas for a total of $5,661,000 in invested equity for Morrison Street Fund IV and Morrison Street Debt Fund II. The investments included $2,661,000 of preferred equity for the 312-unit Greenwood Point Apartments in Englewood, Colo.; $1.4 million for the 230-unit Peachtree Apartments in the Denver metro area; and $1.6 million in the 172-unit The Park in Tempe. Morrison Street utilized the preferred equity investment to finance the Colorado acquisitions and to recapitalize the Tempe property.
SANTA CRUZ, CALIF. — Forever 21 will occupy the 22,508-square-foot space in downtown Santa Cruz that was previously home to Borders bookstore. The fashion retailer will move into the building in August after the remodeling has been completed. Stuart Zall of the Zall Company and Neal Berkowitz of Newmark Knight Frank represented the landlord, Redtree Properties, L.P., in this transaction.
LOS ANGELES – NRI, the Canada-based third-party logistics firm, has ventured into Southern California. NRI USA, a strategic partnership between Canada’s NRI Distribution Inc. and Westlife Distribution, has leased 64,000 square feet at 13200 S. Broadway Ave. in Los Angeles. NRI USA was represented by Cushman & Wakefield’s Los Angeles South team of Rusty Smith, Steve Bohannon and Rooney Daschbach. Prologis, the building’s landlord, was represented in-house in this transaction.