SAN DIEGO — Wereldhave USA has purchased DiamondView Tower for $161 million. Located in downtown San Diego, the 15-story, 305,255-square-foot office tower features an elaborate penthouse suite, 12 floors of Class A office space and two levels of high-end amenities. Kraig Kristofferson and Stacy Meronoff of CB Richard Ellis represented the buyer; Eastdil Secured represented the seller, a partnership between Cisterra Partners and The Prudential, in the transaction.
TORRANCE, CALIF. — Thompson National Properties LLC served as an intermediary and facilitator on behalf of TA Associates Realty and Storm Properties in the disposition and acquisition of a 13-property industrial portfolio. Located primarily in Torrance, the portfolio comprises 545,000 square feet. TA Associates acquired the portfolio for $52 million. Kevin Shannon of CB Richard Ellis introduced TA Associates to Thompson National Properties.
ORANGE COUNTY, CALIF. — Orange County-based Innovative Property Partners LLC et al. has acquired a 15-property portfolio in a $24 million sale-leaseback transaction. The properties, which are located in Arizona, California and Nevada, are entirely occupied by Del Taco. Del Taco Corp. executed 20-year absolute NNN leases with the buyer and will continue to operate the properties. Richard Walter and Dennis Vaccaro of Irvine, Calif.-based Faris Lee Investments represented the buyer; Del Taco Corp. was represented in-house.
DENVER AND SALT LAKE CITY — Cornerstone Real Estate Advisers LLC, on behalf of the Cornerstone Hotel Income & Equity Fund II LP, has acquired a three-hotel portfolio for an undisclosed price. The portfolio consists of the 189-room Hotel Monaco Denver, the 225-room Hotel Monaco Salt Lake City and the 192-room Hotel Monaco Chicago. Alan Tantleff, Tom Fisher, John Strauss represented the seller, PREI® (Prudential Real Estate Investors), in the transaction. Ben Singer and Jeff Davis, also of Jones Lang LaSalle, arranged financing for the acquisition.
AURORA AND THORNTON, COLO. — Barry Silver of The Silver Group has completed the sales of two Walgreens properties in Colorado. In Aurora, a 14,820-square-foot property sold for an undisclosed price. The seller and buyer were not disclosed. Additionally, a Walgreens property in Thornton sold. The property was built in 1994. Terms of the transaction were not released. The Silver Group represented all parties in both transactions.
What area is your expertise? Salt Lake Valley, Utah What trends do you see presently in industrial development in your area? Large flex office, warehouse and light industrial centers are planned for the northwest quadrant of the Salt Lake Valley near the new Pacific Railroad’s Salt Lake City Intermodal hub at Highway 201 and Bangerter Highway. What type of industrial product is doing well in your area? With vacancy less than 5 percent, all industrial products are doing will. First generation product landlords will continue to push for increasing rates of $.55+ psf/mo/nnn (warehouse) and $1.00+ psf/mo/nnn (office). Second generation industrial buildings remain occupied with some softening of lease rates. Who are the active industrial developers in your area? Argent Group, Roderick Enterprises, and Rockefeller Group Development Co, Please name one or two significant industrial developments in your area. What impact will these projects have on the market? Two developments are planned to be constructed at Bangerter Highway and Highway 201. When completed, The Commerce Center, developed by The Argent Group, will add 1.8 million square rentable square feet. The Rockefeller Group will increase available space by 930,000 rentable square feet. Where is the majority of development taking place? Why …
GERSHAM, ORE. — Portland-based Carrington Investments LLC has purchased Carrington Square Apartments for $2.7 million or approximately $50,000 per unit. Located at 637 SE 182nd in Gresham, the 2-acre property offers 54 units and a private pool. Portland-based Hagerman Frick O’Brien represented the seller, Gresham-based P. Carlson, in the transaction.
POWAY, CALIF. — Josam Properties LLC has acquired a 21,000-square-foot industrial building in Poway. Sebco Inc. sold the property for $4.2 million. Built in 1998, the two-story, single-tenant facility was leased to Clean Air Power for 10 years in September 2007. Paul Lafrenz and Bill Dolan of CB Richard Ellis represented the seller; Mike Moser of CB Richard Ellis represented the buyer in the transaction. The property is located at 13615 Stowe Dr.
LONG BEACH, CALIF. — Regency Centers LP has purchased Marina Shores Shopping Center, a 67,727-square-foot retail center in Long Beach. Located at 6600 Pacific Coast Highway, the three-building center is occupied by Whole Foods Market, Petco and Boaters World Marine Center. Additionally, a restaurant operated by Mimi’s Café occupies a freestanding pad. The seller was Marina Shores Shopping Center. Chris Jackson and Todd Lorber of Encino, Calif.-based NAI Capital represented both parties in the transaction.
SACRAMENTO, CALIF. — Grove Investment Co. has leased 285,016 square feet of office space to the California Highway Patrol (CHP). Located at 591, 601 and 611 N. 7th St. in Sacramento, CHP will use the property for a state headquarters campus. The three-building property comprises Continental Plaza. Bill Newland, Clyde Rawlings and Toss Vallentine of Grubb & Ellis represented the lessor, Newport Beach, Calif.-based Grove Investment Co., in the transaction; Cornish & Carey represented the lessee. Terms of the 20-year lease were not disclosed.
