CARLSBAD, CALIF. — RF Darwin LP has purchased Darwin Court, a 52,260-square-foot office building located at 5935 Darwin Ct. in Carlsbad, for $15.25 million. The recently renovated property serves as the global headquarters for Reef, a leading surf brand. Dennis Visser and Mark Emerick of Grubb & Ellis|BRE Commercial represented the seller, Cruzan|Monroe, dba 5935 Darwin Court LLC, in the transaction; Greg Lewis, Bill Barnett and Doug Hogan of Cushman & Wakefield represented the buyer.
Western
LAS VEGAS — Vancouver, Canada-based The Solterra Group of Companies received approval from the Las Vegas City Council to build two residential projects in downtown Las Vegas. Located at the intersection of First Street and Hoover Avenue, the loft-style residence will be a 14-story, mixed-use development offering 130 condominiums, as well as commercial space. The second project, located at the intersection of First Street and Grass Avenue, is planned to be a twin 50-story, mixed-use project offering 350 residential units per tower and commercial space.
LAS VEGAS — San Francisco-based California Mortgage & Realty Inc., through its CMR Commercial Mortgage Fund, has closed a $25.5 million bridge loan for the development of a mixed-use project. Nevada Towers LLC holds entitlements to convert the property from a 200-unit apartment complex into a high-rise, mixed-use project. The new development will feature a hotel, residential units and retail space.
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.
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.