LOS ANGELES — Johnson Capital has arranged $47.3 million in permanent financing for eight industrial warehouse/distribution buildings in the Los Angeles area. The facilities, which are owned by a privately held entity, contain a total of 927,000 square feet. Terms for the 25-year loan include a sub-5% net fixed interest rate with a 25-year amortization schedule. This excludes prepayment costs tied to an early refinancing with the same lender. Johnson Capital also negotiated a flat one percent prepayment option after the 15th year of the loan term. Financing was arranged by Kevin Burkhalter, a senior vice president out of Johnson Capital's Los Angeles office and manager of the Burkhalter Group.
Western
LAS VEGAS — The price of vacant land in Southern Nevada continues to drop, according to the Q1 '11 Southern Nevada Vacant Land Report. The report, which includes commentary from Nevada-based advisory service firm Applied Analysis, notes that non-resort property worth decreased to an average of $156,700 per acre in the first quarter of this year. This is a 6.3 percent drop over the fourth quarter of 2010, and a 14.1 percent drop over the first quarter of 2010. The report states that prices for non-resort land deteriorated by 83.3 percent from Q4 '07 to Q1 '10.
BOISE — The Benaroya Company has purchased the 60,252-square-foot Boise Data Center. The facility's previous owner was Hewlett Packard. This center used to be one of HP's key national data centers until recent consolidation efforts led to its sale. The center is ready for immediate occupancy. RFR Properties' Bob Runyan represented the Benaroya Company. Cushman & Wakefield's Rick Ingwers represented Hewlett Packard.
VICTORVILLE, CALIF. — Red Bull has signed a five-year lease for 12,500 square feet of space at the Southern California Logistics Centre (SCLC). This facility will act as a regional warehouse and distribution center for Red Bull's energy drinks. SCLC is master planned for 60 million square feet of industrial and commercial development. The center is in the midst of Phase I development, which includes 6.5 million square feet. So far, 3,000,000 square feet have been constructed. Red Bull was represented by Cushman & Wakefield's Kyle Kehner and Robin K. Dodson. SCLC's owner, Stirling Capital Investments, was represented in-house by Anita Tuckerman.
SAN FRANCISCO — An entity controlled by Green Leaf Partners of San Ramon, CA, has acquired the 64-unit Meadowood Apartments in Vacaville, CA, for $5,550,000. The seller was an entity controlled by Bridge Partners of Walnut Creek, CA. The low-density property was originally built in 1976, and underwent major renovations in 2007 and 2008. Green Leaf Partners plans to add the property to its existing portfolio under the name Green Leaf Meadows. The seller was represented by Nathan Blair of Arroyo & Company. The buyer acted on its own behalf.
DENVER — Johnson Capital has arranged a $1,145,000 debt placement for a local investor to purchase a 40-unit multifamily complex in Brighton, CO. This is a recourse senior loan with a five-year term and a 30-year amortization schedule. The loan features an 80 percent loan-to-cost ratio and an interest rate below 5.80 percent, with no prepayment penalty. It was provided by a local bank. Johnson Capital's David Treadwell arranged the note. He works out of the firm's Denver office.
PHOENIX — The 172,690-square-foot Camelback Executive Park has been purchased by Lincoln Property Company and a subsidiary of a real estate fund managed by Oaktree Capital Management, L.P. The three-story building is located at 6991 E. Camelback Rd. in Scottsdale, AZ. Lincoln Property will act as the property and construction manager for Camelback Executive Park. CBRE's Barry Gabel, Mindy Korth, Jim Fijan and Jerry Roberts handled the transaction. CBRE's Jerry Roberts and Corey Hawley will be in charge of new tenant leasing for the property.
SAN DIEGO — CB Richard Ellis has sold a two-story, 19,796-square-foot office building to Destiny Real Estate, LLC, for $2,813,505. This LLC is owned by Marwaha Group, which is a multi-unit franchisee and development agents with the Subway sandwich chain. The structure, which is located at 6863 Friars Rd. in Mission Valley, CA, was originally built in 1980. Destiny plans to remodel the building before moving its San Diego Subway Development offices to its second floor. CBRE's Dick Balestri and Mike Alessio represented the sellers, AK Partners Company LLC, 535 S. Catalina Company LLC, 345 S. New Hampshire Company and AK Partners II LLC. Coldwell Banker Commercial's Jim Karlovsky represented Destiny.
MANHATTAN BEACH, CA — Investcorp Real Estate has acquired the 176-room Residence Inn Manhattan Beach. Investcorp has entered into a franchise agreement with Marriott, which includes the Residence Inn brand. The alternative asset manager has created a capital investment plan that will include a new gatehouse, as well as renovations and upgrades to the property's exterior and guest rooms. Total consideration for the acquisition was about $40 million, a large portion of which is capital reserved for the renovation. Morgan Stanley provided the mortgage financing. Interstate Hotels & Resorts, an existing Investcorp operating partner, will continue providing management and operation services for the property.
VANCOUVER, WASH — Lionbridge Technologies has signed a five-year lease for 34,000 square feet of flex space at Columbia Center. This transaction follows Hewlett Packard’s lease agreement for 160,000 square feet at the center, which was signed in late 2010. Lionbridge, which is a provider of testing solutions for technology applications and Web content, is a contractor for laboratory services for HP. Paul Carlson and Tom Usher from Cushman & Wakefield’s Portland, OR, office represented Columbia Center’s owner, PacTrust Realty. Lionbridge Technologies was represented by CresaPartners.