ROWLAND HEIGHTS, CALIF. – Johnson Capital has arranged an $11-million loan for the 225,808-square-foot Mandarin Plaza retail center in Rowland Heights. Located at 18900 – 18932 E. Gale Ave., Mandarin Plaza was built in 1984 and renovated in 2010. It is fully leased. Tenants include 99-Ranch Market, a 135-room Best Western Hotel, and more than 20 additional shops and restaurants. The debt was provided by John Hancock Life Insurance Company. Financing was arranged by Greg Richardson, managing director, and Scott Watson, vice president of Johnson Capital’s Irvine, Calif., office.
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SAN JOSE, CALIF. — Nimble Storage has relocated and expanded to a 34,395-square-foot office in San Jose that it is subleasing from StarCite. The Class A space resides within the Valley Technology Centre office park. Nimble Storage’s current operation is across the street from its future home. It occupies 13,500 square feet at 2645 Zanker Road. The company believes its move will be complete by October 2011. Nimble Storage was represented by Dave Tipton and Steve Lico of CresaPartners in Palo Alto. StarCite was represented by Colliers Parish in this transaction. Valley Technology Centre’s landlord is Equity Office Properties.
LOS ANGELES — Colliers International has sold a 34,320-square-foot, mixed-use building in Los Angeles to E-Tokyo Gateway LLC for $3,935,000. The five-story office and retail building is located in Downtown Los Angeles’ Little Tokyo neighborhood. The seller, Little Tokyo LLC, was represented by Kathleen A. Silver and Kay Thorpe of Colliers’ West Los Angeles office.
SANTA ANA, CALIF. — U.S. Lines, LLC has signed a lease expansion and extension for its current headquarters in Santa Ana. The shipping company will now lease the entire second floor, totaling 18,345 square feet, at 3601 Harbor Blvd. This is a 5,006-square-foot expansion for the company. The lease is estimated to be valued at $1.2 million. U.S. Lines was represented by Bruce Schuman, a senior vice president in Studley’s Orange County office. The landlord, Arden Realty, was represented by John Gallivan of Cushman & Wakefield.
PALO ALTO, CALIF. — Invesco Real Estate has purchased a 23,605-square-foot, multi-tenant office/retail building at 490 California Ave. in Palo Alto for an undisclosed sum. The four-story building is composed of three floors of pure office space atop a mix of ground-floor office and retail space. The building was 100 percent leased at the time of sale. The lease expirations ranged from 2011 through 2021. The seller, 490 CA – TMI, LLC, was represented by Laurence Blickman, Sam Wright, Michael Courson and Jamie D’Alessandro with Cassidy Turley Palo Alto.
TUSTIN, CALIF. — Jones Lang LaSalle’s Capital Markets experts have been selected by Nevis Homes to market the sale of Tustin Cottages, a 93-unit, Class A multifamily property in Tustin. Tustin Cottages contains 24 three- and four-story buildings. The 153,169-square-foot property is currently 82 percent occupied. Managing director Joe Leon and vice president Javier Rivera will lead the JLL team on this transaction.
SAN BERNARDINO, CALIF. — Simpson Strong-Tie is relocating to a 396,600-square-foot industrial building in the Agua Mansa redevelopment area in San Bernardino County. The structural product manufacturer is relocating from Brea, Calif., to increase plant capacity and improve efficiency. Simpson Strong-Tie was represented by CBRE’s Erik Wanland and Tom Dorman.
POMONA, CALIF. — Hager Pacific Propertieshas purchased an 184,455-square-foot industrial property in Pomona that previously served as a commercial bakery for an undisclosed sum. Dirk Aulabaugh of Alvarez and Marsal represented both the buyer and the seller, Interstate Brands Corporation, in the transaction.
ORANGE, CALIF. — Access Insurance Company has leased about 31,000 square feet of space at Orange City Square in the City of Orange. The property, located at 770 The City Drive, consists of three mid-rise buildings totaling more than 386,000 square feet. Access Insurance was represented by David Giglio of Grubb & Ellis. The property’s landlord, CBRE Investors, was represented by CBRE’s Rick Warner. The property is managed by CBRE’s Asset Services group.
PHOENIX – The 214-unit Palazzo Townhomes has obtained a $16.3-million loan to replace its existing loan, which was scheduled to mature this year. The long-term, fixed-rate loan was arranged by CBRE Capital Markets Debt & Equity Finance team with Fannie Mae at a competitive interest rate through its Delegated Underwriting and Servicing (DUS) platform. The financing was secured by CBRE’s Rocco Mandala, Brad Miner and Brett Behnke. Mandala also secured the original financing when the property was acquired in 2004. The borrower was a tenant-in-common real estate investment group led by Carolyn Kutzke of Signature Properties.