PHOENIX – CB Richard Ellis has welcomed brokerage sales professionals Mark Krison, Luke Denmon and Scott German to its Critical Environment Practice. Krison specializes in office and flex-industrial; Denmon specializes in mission-critical data center space and project management; and German specializes in corporate client leases and relocations. CBRE's Critical Environment Practice focuses on project and facility management as it relates to 24/7 data centers and other mission-critical facilities.
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ANAHEIM, CALIF. – Cypress Office Properties has purchased the two-building, 103,000-square-foot Anaheim Crossroads office plaza for $5.1 million in a loan-to-own transaction. It was purchased from a special servicer. Cypress has taken possession of the property through a deed in lieu with the previous ownership. Anaheim Crossroads is a Class B, atrium-style property that is 15 percent leased. CBRE’s Paul Jones and Louay Alsadek represented the buyer in the note purchase.
SUNNYVALE, CALIF. – Adesto Technologies has leased 20,000 square feet at 1250 Borregas Ave. in Sunnyvale. The technology company was previously located at 1221 Innsbruck Drive, also in Sunnyvale, but moved to the Class A office building to maximize its space and support its R&D needs. Adesto will relocate this September. CresaPartners' Sushma Malhotra represented the tenant, while the landlord, Dollinger Properties, represented itself in this transaction.
STERLING, COLO. – NorthMarq’s Denver regional office has arranged $1,133,000 in permanent financing for the 39,868-square-foot Applewood Shopping Center in Sterling. Situated on 4.17 acres, the property was built in 1976 and underwent a renovation in 2008. NorthMarq’s John M. Stewart, senior vice president, and Brock Yaffe, senior investment analyst, arranged the financing for the borrower.
SANTA ANA, CALIF. – Marcus & Millichap Capital Corporation has arranged $7,175,000 in financing for a 60-unit apartment community in Santa Ana. This is a five-year, fixed-rate loan with a 4.65 percent interest rate and a small sliding prepay. It also contains a 30-year amortization schedule and a 77 percent loan-to-value. M&M's Michael Derk, a senior director and vice president of capital markets, arranged the financing.
SACRAMENTO, CALIF. – California's commercial loan delinquency rate for the second quarter of 2011 has fallen by more than half, from 0.78 percent to 0.38 percent, according to the California Mortgage Bankers Association's Quarterly Commercial Loan Delinquency Survey. The survey notes that no retail, R&D or mobile home properties were delinquent. The three largest delinquent loans, as reported by the mortgage banking firms, included a $21.3-million land loan in Fresno County, a $20.5-million office loan in Los Angeles County and a land loan with a remaining balance of $19.5 million in San Diego County.
NEWPORT BEACH, CALIF. – Lee & Associates has added Judd Hietbrink, Wyatt Prichard and Justin Wegnes to its office and industrial brokerage. Hietbrink was previously with CIP Real Estate where he specialized in multi-tenant industrial and office properties. Prichard was also previously with CIP Real Estate, where he leased and marketed its 1.5-million-square-foot Southern California portfolio. Wegnes specializes in office and industrial properties.
LAS VEGAS – An auto dealership situated at 6770 Redwood Street in Las Vegas has been sold to B.G.D., LLC, for $18.5 million. The 86,270-square-foot dealership also contained a service and collision center. Grant Traub of Colliers International represented the seller, Thomas Saitta and Alice M. Saitta, who are trustees of the Saitta Family Trust.
LOVELAND, COLO. – The 111-unit Buttes Apartments in Loveland has been purchased by a local investment group for $12.1 million. The complex was 97 percent occupied at the time of sale. The transaction also included an adjoining 0.86-acre parcel that was purchased for $125,000. The buyer doesn't yet know whether the parcel will be sold or incorporated into the Buttes. ARA Denver-based principals Doug Andrews, Jeff Hawks and Terrance Hunt, along with senior vice president Shane Ozment, represented the seller, Griffis/Blessing, in this transaction.
LAS VEGAS – MIG Real Estate has sold the 100,000-square-foot, Class A Sunset Pilot Plaza in Las Vegas to Ameriprise Financial for an undisclosed sum. The office property, which is situated within the 3.3-million-square-foot Hughes Airport Center business park, was built in 2008 and acquired by MIG in 2010. CBRE's Darren Lemmon represented MIG. CBRE's Charles Snyder and Randy Broadhead represented Ameriprise Financial.