SAN DIEGO — Jamison Properties has acquired The Chamber Building, a 23-story, 177-725-square-foot office tower in downtown San Diego, from Barker Pacific Group and PNC Realty Advisors for $29.25 million. Located at 110 West C St. and built in 1963, the property is 86 percent leased by major tenants including Legal Reprographics, Alternate Public Defender, First Choice Executive Suites and law firm Stock Stephens. Louay Alsadek, Kevin Shannon, Ken White, Evan August and Scott Schumacher of CB Richard Ellis, along with Tim Cowden of Colliers International, represented both parties in the transaction.
Western
DUPONT, WASH. — First Industrial Realty Trust has acquired a 261-acre land site in DuPont for development. The acquisition and development are being completed through First Industrial’s Strategic Land and Development Joint Venture, FirstCal 3, with the California State Teachers’ Retirement System (CalSTRS), the second-largest public pension fund in the nation. The company plans to develop First Park Northwest Landing on the site, which is located along the Interstate 5 corridor. First Industrial had already started work to entitle the site for development. Initial plans call for the addition of new roads and improved utilities. The company plans to develop build-to-suit distribution and light industrial space. Tom Pehl, Tom Abbott and Milt Reimers of CB Richard Ellis represented First Industrial in the transaction.
CITY OF INDUSTRY, CALIF. — Rexford Industrial LLC has completed the final phase of the redevelopment of Rexford Industry Center, a 241,428-square-foot industrial park located at 15241-15277 and 15317-15339 Don Julian Rd. in City of Industry. The company converted an outmoded 147,370-square-foot manufacturing building on the site into a modern, highly functionally multi-tenant distribution facility, and constructed an additional 94,000-square-foot multi-tenant distribution building on excess land. The new building is fully leased, and the repositioned building is approximately 79 percent occupied.
CARLSBAD, CALIF. — La Salle has purchased Ocean Ridge, a Class A office property located at 5796 Armada Dr. in Carlsbad, for $27.5 million. Built in 2006 and 69 percent occupied, the three-story property offers 74,891 square feet of office space with 25,000-square-foot floor plates and state-of-the-art energy management. Lowe Enterprises Real Estate Group developed the property, which was designed by Brian Paul & Associates. Ron Jacobson and Bob Safai of Madison Partners represented the seller, Palomar Lowe, in the transaction.
LAS VEGAS — The City of Las Vegas has acquired The Atrium, a nine-story, 139,110-square-foot building in Las Vegas. McHenry Commons Partners LLC sold the property, which is located at 333 N. Rancho Dr., for $26.5 million. Charles Moore and Christina Roush of CB Richard Ellis represented the seller in the transaction.
DENVER — Baxter Fain and Eric Tupler of CB Richard Ellis|Melody have arranged $4.93 million in owner-occupied permanent financing for the acquisition of a newly constructed industrial property in Denver. The 66,008-square-foot property, which is 100 percent leased to Pella Windows, features a large portion of office finish, 30-foot clear height in the warehouse, an ESFR sprinkler system and 200 dock-high doors. A portfolio lender provided the financing on behalf of Bevis Investment Company LLC, an entity related to the tenant. Terms of the financing include 85 percent loan-to-purchase price, 10-year loan term with a 30-year amortization at a fixed-rate of 7.25 percent.
KENMORE, WASH. — Bellevue, Wash.-based Longwell Timbers LLC has acquired The Timers at Kenmore, a 163-unit apartment community located at 18930 68th Ave. NE in Kenmore. The property was sold by San Francisco/Irvine, Calif.-based Bascom Kenmore Estates LLC for $20 million or $122,699 per unit. Constructed in 1978 and recently renovated, the property consists of 11 two- and three-story buildings with a community clubhouse and an outdoor swimming pool. Kenny Dudunakis of Hendricks & Partners’ Seattle office represented both parties in the transaction.
MORENO VALLEY, CALIF. — Dayville, Conn.-based United Natural Foods plans to lease a new 613,200-square-foot state-of-the-art distribution center in Moreno Valley. The company has signed a 10-year lease, featuring two additional 5-year options, for the distribution center. Located in Southern California’s Inland Empire, the property features 27,900 square feet of refrigerated storage, which is expandable to 49,700 square feet; 48,100 square feet of frozen storage, expandable to 75,300 square feet; a 32,800-square-foot refrigerated receiving/shipping dock; and 22,700 square feet of warehouse mezzanine space. Operations at the facility are slated to commence this summer. Blackrock is managing the property, which was developed by Overton Moore Properties.
CHINO HILLS, CALIF. — Faris Lee Investments has completed the $6.25 million sale of two retail pads located within Crossroads Entertainment Center at the intersection of State Route 71 and Chino Avenue in Chino Hills. One pad includes a 5,500-square-foot building that will be occupied by Buffalo Wild Wings, which is slated to open in February. The second pad consists of a 5,600-square-foot building that includes a Starbucks Coffee and two other tenants. Built in 2006, the pads are each situated on a 1.3-acre site. Richard Walter and Donald MacLellan of Faris Lee Investments represented the seller/developer, Irvine, Calif.-based LNR Properties, as well as the buyer, Southern California-based Chino Starbuck/Wings LLC, in the transaction.
HENDERSON, NEV. — Wyndham Hotel Group has opened Wingate by Wyndham, a 99-room hotel located in Henderson. The property features 22 suites, 3,000 square feet of meeting space, 24-hour fitness and business centers, an outdoor heated pool and spa, and high-speed-wired and wireless Internet access. All guestrooms feature an office space with a desk, speakerphone and cordless phone with voicemail and conference call capabilities; a safe; an ironing board and an in-room coffeemaker. The hotel is the first to be built since the Wingate brand affiliated with the Wyndham Hotels and Resorts brand in May 2007.