IRVINE, CALIF. — Maguire Properties has sold Main Plaza to Shorenstein Properties LLC for $211 million. The transaction includes nearly $10 million of cash reserves and assumption of approximately $161 million of project-level financing. The sale is subject to the assumption of the existing project financing and customary closing conditions. The transaction is expected to close third quarter 2008. Main Plaza is located in the heart of the airport area submarket of Irvine. It features two 12-story, Class A office buildings and two free-standing buildings totaling approximately 607,000 square feet. “This transaction demonstrates our commitment to our stated objective of disposing of certain Orange County properties to accomplish our balance sheet objectives,” says Nelson C. Rising, president and CEO of Maguire Properties. “We are extremely pleased with the timing and the results of this disposition.”
TUKWILA, WASH. — The Westfield Group has completed the renovation of Westfield Southcenter, a shopping center located in Tukwila. The $240 million renovation featured a three-level, approximately 400,000-square-foot expansion of retail space, which brings the total to 1.7 million square feet. The center is anchored by Nordstrom, JC Penney, Macy’s and Sears. The revitalized center also features a 16-screen, stadium-seating AMC cinema and more than 75 new specialty shops, including a flagship H&M, Gilly Hicks and a Borders® concept store. Additionally, the center offers a restaurant promenade that features five new signature restaurants.
PORTLAND, ORE. — InterContinental Hotels Group has opened Crowne Plaza Portland-Downtown, which is located at 1441 NE 2nd Ave. in Portland. The hotel is in the final stages of a $3 million conversion from a Holiday Inn. Renovations include a new lobby, new exterior paint, new furniture throughout the hotel, upgraded mattresses in the guestrooms and an upgraded bathroom package. The 10-story, 241-room hotel features a state-of-the-art fitness center, complimentary wireless high-speed Internet access, an indoor pool, a business center and complimentary airport shuttle, as well as a restaurant and lounge. The property is managed by Hollander Investments, under a license agreement with a company in the InterContinental Hotels Group.
SEATTLE — Allstate Real Estate Investment Group, through its commercial mortgage division, has provided a $28.65 million loan for the refinancing of Northgate North Shopping Center in Seattle. The borrower, Inland Western Retail Real Estate Trust Inc., acquired the 303,255-square-foot property in 2004. Currently the center is 97 percent leased and anchored by Target, Best Buy and Ross Dress For Less. Joel Simmons of Cohen Financial arranged the financing on behalf of Allstate.
NATIONAL CITY, CALIF. — Vancouver, Canada-based Amir Khalili has purchased a 68,084-square-foot shopping center, which is located at the intersection of Euclid Avenue and East Plaza Boulevard in National City. Tiburon, Calif.-based National Properties VII LLC sold the property for $15 million. At the time of acquisition, the property was 100 percent occupied by Ralphs, Walgreens, Blockbuster Video and Firestone Tires. Edward Hanley of Hanley Investment Group Real Estate Advisors represented both parties in the transaction.
SAN DIEGO — Metzler North America has acquired Paseo Del Mar in San Diego for $147.9 million. The three-building complex offers 232,435 square feet of Class A office space. Located at 12255 El Camino Real, the complex features Class A interior finishes, lockers, shower facilities and one level of below-grade executive parking. Lynn LaChappelle, Bob Prendergast, John Nesbitt and Ryan Dunigan of Jones Lang LaSalle represented the seller, KBS Realty Advisors, in the transaction.
SANTA ANA, CALIF. — Heery International, serving as construction manager at risk, has completed the topping out of the Fourth Appellate District, Division Three State Court of Appeal facility in Santa Ana. The more than $24 million project is slated for completion in May 2009. Designed by Carrier Johnson, the three-story, 52,000-square-foot facility will house the appellate courtroom, judges’ chambers and administrative offices. Located on West Santa Ana Boulevard, the building is situated in the heart of the civic district, which includes city hall and the Ronald Reagan Federal Building and Courthouse. This is the first new construction to be handled exclusively by the Administrative Office of the Courts.
AGOURA HILLS, CALIF. — Holualoa Realty Advisors has completed the disposition of a 61,000-square-foot industrial building, which is located at 28720 Roadside Dr. in Agoura Hills. Shamrock Plaza LP purchased the property for $12 million. At the time of acquisition, the property was leased to a variety of tenants, including legal professionals, financial services and investment industries. Bruce Frasco with NAI Capital and Tom Specker of Lee & Associates represented the seller; Frasco also represented the buyer in the transaction.
TEMPE, ARIZ. — Bill Bayless, Andrew Brigham and Don Mitchell of CB Richard Ellis (CBRE) represented San Diego-based Wax Properties Ltd. in the sale-leaseback of a 47,000-square-foot industrial building in Tempe. Redondo Beach, Calif.-based Santa Ana #164 acquired the property, which is located at 2810 S. Roosevelt St., for $4.65 million. The seller has signed a 16-month lease for Waxie Sanitary Supply, which is the property’s sole tenant. Tom Louer of Lee & Associates represented the buyer. Exact financial terms of the lease transaction were not disclosed.
PORTLAND, ORE. — Portland-based Guardian Management LLC, through a newly formed corporation, will acquire the Southern California and Arizona offices of Sperry Van Ness. With the acquisition, Guardian will hold the development and franchise rights for Sperry Van Ness in Southern California, Arizona and Oregon; and the company’s president, Tom Brenneke, will become a member of the Sperry Van Ness board of advisors. The transaction is slated to close no later than August 29. The purchase includes seven regional offices in Southern California and one office in Phoenix, totaling 190 commercial real estate advisors. Guardian is planning to expand Sperry Van Ness’ presence in Oregon and Arizona.