SAN DIEGO — Lowe Enterprises has completed the $188.5 million first phase of the County Operations Center and Annex redevelopment located along Overland Avenue in the Kearny Mesa area of San Diego. Designed by RJC Architects, the first of three phases consists of two 150,000-square-foot, four-story, steel-frame office buildings and a seven-level, 1,800-space parking structure. Approximately 1,100 employees from nine county departments, including General Services, Library, Aging & Independence Services, Sheriff, Purchasing & Contracting, Public Works, Auditor, Environmental Health and Parks & Recreation, have begun to relocate to the new buildings. Construction of the project’s next phase is slated to begin in January 2011.
Western
LOS ANGELES — NorthMarq Capital has arranged $21 million in first mortgage financing for a 354,809-square-foot industrial building with special improvements located 1444 Alameda Street in downtown Los Angeles. Financing was based on a 7-year term and a 25-year amortization schedule, and was arranged for the borrower by NorthMarq’s Michael Elmore through the company’s correspondent relationship with The Prudential Insurance Co. of America.
ARIZONA — Hendricks & Partners has closed the sale of the seven-property, 2,759-unit apartment portfolio known as Bethany Kingdom I Arizona in a $133.1 million transaction facilitated through the restructuring of existing CMBS bonds. The Arizona apartment communities consist of the 320-unit Alante at the Islands, the 374-unit Crosswinds and the 460-unit Laguna Village in Chandler; the 395-unit Sienna Springs in Phoenix; the 196-unit Tela Verde in Glendale; and the 582-unit Tuscany Palms and 432-unit Whispering Meadows in Mesa. Hendricks & Partners’ Mark Forrester and Ric Holway spearheaded the marketing of the portfolio, an effort that resulted in more than 1,100 executed confidentiality agreements from buyers worldwide and 181 offers. One of the largest lender-facilitated portfolio apartment sales in the southwestern United States was completed by Hendricks & Partners on behalf of the seller, LaSalle Bank National Association c/o Trigild Inc. of San Diego. The buyer was Standard Portfolios II LLC. The properties averaged 90 percent occupancy at close of escrow.
SANTA ANA, CALIF. — Rexford Industrial LLC has acquired the 101,187-square-foot Grand Commerce Center, a multi-tenant industrial complex located at 600 South Grand Ave. in Santa Ana, from Shook Properties for $7.8 million. The six-building, 80 percent-leased property is the first purchase for the newly formed Rexford Industrial Fund V REIT. Sperry Van Ness’ Frank Kosi represented both the buyer and the seller in the lender-mandated, short-sale transaction.
CITY OF INDUSTRY, CALIF. — Lee & Associates has negotiated the $4.7 million sale of a 37,719-square-foot office/industrial warehouse located at 18130 E. Rowland Street in City of Industry. Lee & Associates’ Patrick Bogan and Steve Coulter represented DBDK LLC, owner of the Elegant Footwear shoe brand, in the transaction; and the brokerage firm’s Chris Bonney represented the sellers, Cu Family Trust and the Lau Family trust.
SANTA FE, N.M. — Healthcare Trust of America has acquired a 33,631-square-foot medical office building in Santa Fe for approximately $9.56 million. Located adjacent to the 268-bed CHRISTUS St. Vincent Hospital, the St. Vincent 440 MOB is 100 percent leased to CHRISTUS St. Vincent Regional Medical Center, with a remaining lease term of 9 years.
CALABASAS, CALIF. — PCCP LLC and Dallas-based Lincoln Property Co. have acquired a two-story, 51,654-square-foot suburban office building located within Calabasas Corporate Center in Calabasas. Built in 2008 and only about a 20-minute drive from Malibu, the vacant, newly constructed Class A building includes two levels of parking. The joint venture purchased the property in an off-market, short-sale transaction involving the existing construction lender.
SPARKS, NEV. — Morrissey Realty presided over the nearly $6.65 million sale of a trucking facility located at 1050 Coney Island Dr. in Sparks. FedEx Freight acquired the 17,578-square-foot building, which was constructed on 10.12 acres in 1980. The buyer will expand company operations from its adjacent, existing facility. Morrissey Realty’s Pat Morrissey and James Lowey were the sole brokers in the transaction.
GARDEN GROVE, CALIF. — Marcus & Millichap has announced the $1.25 million sale of the 7,718-square foot G.I. Plaza, a 13 percent-vacant shopping strip located at 11512 Magnolia Street in Garden Grove. Marcus & Millichap’s Michael Woolbright represented the Los Angeles-based private-investor seller in the transaction, and the brokerage firm’s Ron Duong represented both the seller and the buyer, an Orange County-based investor.
SAN FRANCISCO — Hudson Pacific Properties has acquired a 144,440-square-foot office property, located at 222 Kearny Street in San Francisco’s North Financial District, from an affiliate of Canyon Capital Realty Advisors for $34.9 million. The two-building property consists of a 10-story office tower built in 1986 and a five-story structure built in 1915.