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.
Western
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.
LOS ANGELES — Love Funding has arranged a $4.54-million loan refinancing for the 62-unit Hollywood Gardens apartments in Los Angeles. The loan was arranged by Tammy Tate, a vice president out of Love’s Knoxville, Tenn., office, who utilized the Federal Housing Administration’s 223(a)(7) loan program. This enabled the owners to lock in a lower, fixed interest rate and extend the terms of its nonrecourse loan to 35 years, generating more than $50,000 in annual debt service savings.The Section 8 apartment complex was originally built in 1929 and underwent a major renovation in the 1980s.
CHINO, CALIF. — Selco Associates has signed a new lease for a 93,522-square-foot industrial building in Chino that it had previously been subleasing from Las Vegas Express for the past 15 months. The third-party logistics provider was represented by Jones Lang LaSalle’s Southern California Industrial Tenant Representation Team, which is led by executive vice presidents Mike Fowler and Tim O’Rourke. The building’s owner was represented by Steve Belletti and Josh Hayes of Colliers International.
LOS ANGELES — West Elm, a division of Williams Sonoma, has leased a 10,909-square-foot, single-tenant building at 8366 Beverly Blvd. in Los Angeles. The 15-year lease is valued at $6.5 million. Epsteen & Associates represented West Elm in the transaction. David Ickovics and David Aschkenasy of Commercial Asset Group represented the landlord, Brand Art LLC. CAG will also provide property management services to the building.