SAN DIEGO — Falcon Real Estate Investment Co. has acquired University Pacific Centre, a four-story, 96,581-square-foot office building located at 8899 University Center Ln. in San Diego’s University Towne Center. The company purchased the property for $42 million, on behalf of GEM University Pacific LLC, an overseas private investor in a 1031 exchange. At the time of acquisition, the property was 87 percent leased to tenants, including Pharmaceutical Research Associates, EpiCept Corp. and the Merrill Corp. Adam Edwards, Daniel Broderick and Rick Stumm of Eastdil Secured represented the seller, San Francisco-based Alecta Real Estate USA LLC, in the transaction; Falcon represented the buyer.
SAN DIEGO — WNM Properties LLC has purchased Citibank Office Plaza, a five-building, multi-tenant office complex located at 11818-11858 Bernardo Plaza Ct., for $12 million. The 51,830-square-foot property is currently 47 percent occupied by eight tenants, including Citibank, Architects BPA Associates, Southwest Consulting Group and Prime Structural Engineers. Steve Rowland, Michael Roberts, Chris Hobson and Robert Kuzman of Grubb & Ellis|BRE Commercial represented the seller, Citibank, in the transaction; Triwell Properties represented the buyer. Citibank plans to lease back the bank branch building on a long-term basis.
INDIO, CALIF. — Beaty Pacific Development Inc. is developing Pacific Industrial Park, an industrial park located at the intersection of Indio Boulevard Madio Street in Indio. The property will offer eight buildings for sale or lease ranging in size from 5,000 to 7,500 square feet. Additionally, the park will feature secured fenced yards that will allow users to store excess materials in outside storage. Try Kudlac and Brian Ward of CB Richard Ellis are marketing the property on behalf of the developer.
SAN DIEGO — Abrams Westview Plaza is developing the 96,500-square-foot Abrams Westview Plaza, a Class A office building located in the Scripps Ranch area of San Diego. Slated for completion in October, the three-story building is suited for high-tech or corporate headquarters office users. Designed by Peter Bassett of Smith Consulting Architects, the property features fiber optic infrastructure for high-speed communications, a two-level parking structure, showers, lockers, a sports court and an outdoor patio/break area. Bycor Construction is acting as general contractor; Ahles Landscape Architecture is providing landscape architectural services for the project.
SAN DIEGO — Abrams Westview Plaza is developing the 96,500-square-foot Abrams Westview Plaza, a Class A office building located in the Scripps Ranch area of San Diego. Slated for completion in October, the three-story building is suited for high-tech or corporate headquarters office users. Designed by Peter Bassett of Smith Consulting Architects, the property features fiber optic infrastructure for high-speed communications, a two-level parking structure, showers, lockers, a sports court and an outdoor patio/break area. Bycor Construction is acting as general contractor; Ahles Landscape Architecture is providing landscape architectural services for the project.
IRVINE, CALIF. — BRIDGE Housing Corp. has completed Woodbury Walk, a 150-unit apartment community located at 99 Talisman in Irvine. Situated within the Woodbury master-planned development, Woodbury Walk features 30 one-bedroom, 74 two-bedroom and 46 three-bedroom units. Additionally, the community features outdoor play space for children and a community/classroom space for all residents. KTGY Group Inc. provided architectural services, while Wermers Multifamily Corp. served as general contractor for the project. Financing for the project was provided by City of Irvine, County of Orange HCS, MMA Financial, Wells Fargo Bank and the California Community Reinvestment Corp.
IRVINE, CALIF. — BRIDGE Housing Corp. has completed Woodbury Walk, a 150-unit apartment community located at 99 Talisman in Irvine. Situated within the Woodbury master-planned development, Woodbury Walk features 30 one-bedroom, 74 two-bedroom and 46 three-bedroom units. Additionally, the community features outdoor play space for children and a community/classroom space for all residents. KTGY Group Inc. provided architectural services, while Wermers Multifamily Corp. served as general contractor for the project. Financing for the project was provided by City of Irvine, County of Orange HCS, MMA Financial, Wells Fargo Bank and the California Community Reinvestment Corp.
CARLSBAD, CALIF. — Carltas Co. has partnered with Finest City Realty Advisors Inc. to develop ECR Corporate Center, a two-building, 90,000-square-foot medical office complex located at 6250 and 6260 El Camino Real in Carlsbad. The $20 million center consists of a two-story, 63,000-square-foot building, which will house Tri-City Wellness Center, and a two-story, 27,000-square-foot medical office building. The Tri-City Wellness Center is a health club and rehab facility that offers lap, exercise and therapy pools; spas; a walking and running track; exercise studios; locker rooms; and physical therapy rooms. The medical office building will be managed by Tri-City Medical Center. Smith Consulting Architects provided architectural and design services; Lusardi Construction is serving as general contractor for the project, which is slated for completion in November.
LAS VEGAS — The Siegel Group Nevada Inc., a commercial real estate and business development company, has acquired Mark Twain Apartments, a 228-unit apartment complex in Las Vegas. The company purchased the property from an undisclosed seller for $14.5 million. SASCO Properties, a division of The Siegel Group Nevada Inc., will assume operational control of the property and rename the community Siegel Suites Twain II. The company also plans to convert the property into its flexible-stay program, which offers residential accommodations to tenants seeking short- or long-term lease agreements.
HENDERSON, NEV. — Forest City Enterprises, on behalf of a subsidiary, has closed on a 10-year, $160 million loan with the New York State Teachers Retirement System. The loan will refinance The Galleria at Sunset, an approximately 1 million-square-foot retail center in Henderson. Current tenants of the center include Dillard’s, Macy’s, Mervyn’s, Dick’s Clothing and Sporting Goods and JC Penney.