Regions West
Charles Dunn Opens Orange County Office
Aug. 20, 2008
GVA Worldwide partner Charles Dunn Co. is setting its sights on Orange County--it has just opened a new office there, it has announced. GVA Charles Dunn and the Advisory Services group has taken their offices at Knobbe Martens building at Main Plaza in Irvine.
Douglas Emmett Nabs $365M Loan
Aug. 19, 2008
Douglas Emmett Inc. has announced that it has obtained a non-recourse $365 million term loan to refinance the bridge loan that was obtained in connection with the REIT's acquisition of a six-office portfolio on March 26, 2008. This new loan is secured by the six-office portfolio.
Thompson National Nabs $110M Portfolio from Storm
Aug. 15, 2008
Thompson National Properties has agreed to purchase a $110 million commercial and industrial portfolio from Storm Properties. The transaction, one of Southern California’s biggest deals in 2008, is for a total of approximately 1.5 million square feet of property.
Suburban San Diego Office Building Trades in $25M Deal
Aug. 15, 2008
A $25 million transaction has left Mira Oberlin Plaza in Sorrento Mesa, Calif., with a new owner. Pacific Sorrento L.L.C. acquired the 77,300-square-foot office building from Westcore Oberlin L.L.C., an entity of Westcore Properties.
Construction Begins on $24M JV in La Quinta, California
Aug. 15, 2008
Marinita Development and Regency Centers are breaking ground on Jefferson Square, a commercial development of 90,000 square feet in La Quinta, a city near Palm Springs in the Coachella Valley . The project is being planned in sections. Phase One, a shopping center, is expected to be completed by the end of the first quarter of 2009.
First Industrial Continues to Expand in Metro Seattle
Aug. 14, 2008
Having entered the Seattle market only last year, Chicago-based First Industrial Realty Trust has grown its presence there steadily, its most recent transaction being the just-announced acquisition of a three-building distribution portfolio in the Kent Valley. The Class A buildings total 233,000 square feet and are 100 percent leased.
Mixed-Use Project Housing Fireman’s Fund Aims for Carbon Neutrality in 10 Years
Aug. 13, 2008
American Assets Inc. has revealed plans for The Commons at Mount Burdell, a green mixed-use project on a 65-acre site in Novato, Calif., about 30 miles north of San Francisco. According to the San Diego-based real estate company's calculations, the 1.5 million-square-foot development and redevelopment endeavor will be able to achieve carbon neutrality within a 10-year period. The Commons will evolve on the site of a Class A office complex on San Marin Drive. Home to the headquarters of the Fireman's Fund Insurance Co., American Assets acquired the property last year and will incorporate the existing buildings into the project. Ultimately, The Commons will encompass 800,000 square feet of new development that will include a premier hotel, retail space, meeting venues, a fitness facility and daycare accommodations. Additionally, 710,000 square feet of existing space will undergo renovation.
HFF Arranges $56M Funding for $80M SFO Logistics Center Buy, Development
Aug. 13, 2008
Centrum Properties Inc. and Angelo, Gordon & Co. have secured $56.3 million in financing to acquire and reposition the SFO Logistics Center, a 572,000-square-foot warehouse-distribution center and adjacent 5.2-acre land parcel in south San Francisco that had been owned by the federal government for decades. An HFF executive who arranged the financing told CPN today the entire deal is worth $80 million.
Vallarta Supermarkets Buys Distribution Center in Sylmar
Aug. 12, 2008
Vallarta Supermarkets Inc. has acquired a 89,693-square-foot corporate headquarters and
distribution center at the strategic Golden Triangle of Sylmar, Calif. The property is located on 4.3 acres at 12881 and 12883 Bradley Avenue. A fall occupancy is scheduled.
West Los Angeles Office Property Added to Aslan Portfolio
Aug. 12, 2008
Taking advantage of a location surrounded by a network of high volume freeways leading to downtown Los Angeles, Beverly Hills, Santa Monica, and the Los Angeles International Airport in the popular West Los Angeles area, Transwestern Investment Co. has picked up Corporate Pointe in Culver City for an undisclosed price on behalf of Aslan Realty Partners IV L.L.C., a fully-discretionary institutional equity fund.
Solar Power Contracted to Power 2 Los Angeles Landmarks
Aug. 12, 2008
Solar Power Inc. has entered into a design build agreement with venue owner-operators AEG to design and install photovoltaic solar systems for two sports and entertainment venues -- STAPLES Center and NOKIA Theatre L.A. LIVE.
SLS Hotel at Beverly Hills Gets $33M in Preferred Equity from Lowe Enterprises Investors
Aug. 11, 2008
As it nears the November opening of its luxury SLS Hotel at Beverly Hills, SBE has received $33 million in preferred equity from the Lowe Structured Investment Fund, a discretionary investment fund managed by Lowe Enterprises Investors. A source close to the deal told CPN that the total price tag is roughly $229 million, including acquisition and renovations.
Tech Firm Renews Lease of Orange County Home
Aug. 08, 2008
TechSpace will be able to call the buildings at 65 and 75 Enterprise in Aliso Viejo, Calif., home for quite some time now that the company has signed a long-term lease with property owner RREEF.
Construction Kicks Off on Tech Firm's Office Building in Loveland
Aug. 08, 2008
Ground has broken on Waltham, Mass.-based Constant Contact Inc.'s new 50,000-square-foot office building in Loveland, Colo. Located near the intersection of Rocky Mountain Ave. and Test Dr. in Precision Office Park at Centerra, the build-to-suit facility will mark the e-mail marketing provider's first foray beyond its corporate headquarters home in Massachusetts. McWhinney is on board to oversee development activity, and Dohn Construction is serving as general contractor. Work is scheduled to reach completion in early 2009.
JV Shells Out $40M for LA-Area Business Park
Aug. 08, 2008
The joint venture buyer has agreed to purchase College Business Park in Upland, Calif., just east of Los Angeles. The 314,000-square-foot business park sold for $39.9 million to Koll/PER, a limited liability company owned by Koll and the Public Employee Retirement System of Idaho.
Newcastle-RREEF JV Acquires Former Boeing Land in Long Beach for $350M Project
Aug. 06, 2008
Despite economic woes that have caused delays or outright cancellation of many projects, Newcastle Partners Inc., and RREEF Alternative Investments have purchased 54.5 acres at the former Boeing aircraft manufacturing site in Long Beach, Calif., with plans for a 4 million-square-foot mixed-use business park with an estimated value of $350 million at build out.
Meruelo Maddux Closes on $84M to Finish L.A. Residential Tower
Aug. 05, 2008
Unlike a bevy of construction projects across the country, development of the upscale 214-residence apartment high-rise at 717 W. Ninth St. in Los Angeles will not fall victim to the credit crunch, as Meruelo Maddux Properties Inc. has just closed on an $84 million construction loan. The 35-story structure, located across from the Staples Center sports arena and the $2.5 billion L.A. Live mixed-use project, is part of a long list of developments that are contributing to the multi-billion remake of downtown Los Angeles.
Commercial Mortgage Delinquencies in California Up Only Slightly
Aug. 04, 2008
The bad news is that commercial real estate loan defaults in California have tripled since last quarter and doubled since a year ago, according to the latest quarterly report from the California Mortgage Bankers Association. The good news is that even the latest, higher figure is only 0.06 percent, nearly a record low. The second-quarter CMBA survey found only seven loans that were more than 30 days delinquent, out of 10,794 commercial real estate loans included in the survey. In addition, 15 of the 17 commercial lenders that responded to the survey reported no loans more than 30 days delinquent.
Morgans Hotel to Delay Las Vegas Echelon Project
Aug. 01, 2008
Morgans Hotel Group Co. issued a statement regarding the announcement by Boyd Gaming Corp. that it will delay the entire Echelon project due to the difficult environment surrounding today’s capital markets and current economic conditions.
Denver
Denver Apartment Community Commands $31M
Aug. 15, 2008
After four years, the for-sale sign at Orchard Crossing has finally come down. Oakwood Homes sold the 420-unit Class A apartment complex to multifamily property developer and manager Dominium for just over $31 million, as per an article by CREFeed.com.
Construction Kicks Off on Tech Firm's Office Building in Loveland
Aug. 08, 2008
Ground has broken on Waltham, Mass.-based Constant Contact Inc.'s new 50,000-square-foot office building in Loveland, Colo. Located near the intersection of Rocky Mountain Ave. and Test Dr. in Precision Office Park at Centerra, the build-to-suit facility will mark the e-mail marketing provider's first foray beyond its corporate headquarters home in Massachusetts. McWhinney is on board to oversee development activity, and Dohn Construction is serving as general contractor. Work is scheduled to reach completion in early 2009.
Bascom Acquires Denver-Area M-F for $60M
July 29, 2008
The Bascom Group has acquired Gleneagles Apartments, a 562-unit property in Northglenn, Colo., a northern suburb of Denver, for $60.8 million. The seller was Principal Life Insurance Co.
Los Angeles
Douglas Emmett Nabs $365M Loan
Aug. 19, 2008
Douglas Emmett Inc. has announced that it has obtained a non-recourse $365 million term loan to refinance the bridge loan that was obtained in connection with the REIT's acquisition of a six-office portfolio on March 26, 2008. This new loan is secured by the six-office portfolio.
West Los Angeles Office Property Added to Aslan Portfolio
Aug. 12, 2008
Taking advantage of a location surrounded by a network of high volume freeways leading to downtown Los Angeles, Beverly Hills, Santa Monica, and the Los Angeles International Airport in the popular West Los Angeles area, Transwestern Investment Co. has picked up Corporate Pointe in Culver City for an undisclosed price on behalf of Aslan Realty Partners IV L.L.C., a fully-discretionary institutional equity fund.
Solar Power Contracted to Power 2 Los Angeles Landmarks
Aug. 12, 2008
Solar Power Inc. has entered into a design build agreement with venue owner-operators AEG to design and install photovoltaic solar systems for two sports and entertainment venues -- STAPLES Center and NOKIA Theatre L.A. LIVE.
Orange County
Charles Dunn Opens Orange County Office
Aug. 20, 2008
GVA Worldwide partner Charles Dunn Co. is setting its sights on Orange County--it has just opened a new office there, it has announced. GVA Charles Dunn and the Advisory Services group has taken their offices at Knobbe Martens building at Main Plaza in Irvine.
Tech Firm Renews Lease of Orange County Home
Aug. 08, 2008
TechSpace will be able to call the buildings at 65 and 75 Enterprise in Aliso Viejo, Calif., home for quite some time now that the company has signed a long-term lease with property owner RREEF.
San Diego
Suburban San Diego Office Building Trades in $25M Deal
Aug. 15, 2008
A $25 million transaction has left Mira Oberlin Plaza in Sorrento Mesa, Calif., with a new owner. Pacific Sorrento L.L.C. acquired the 77,300-square-foot office building from Westcore Oberlin L.L.C., an entity of Westcore Properties.
San Francisco
Mixed-Use Project Housing Fireman’s Fund Aims for Carbon Neutrality in 10 Years
Aug. 13, 2008
American Assets Inc. has revealed plans for The Commons at Mount Burdell, a green mixed-use project on a 65-acre site in Novato, Calif., about 30 miles north of San Francisco. According to the San Diego-based real estate company's calculations, the 1.5 million-square-foot development and redevelopment endeavor will be able to achieve carbon neutrality within a 10-year period. The Commons will evolve on the site of a Class A office complex on San Marin Drive. Home to the headquarters of the Fireman's Fund Insurance Co., American Assets acquired the property last year and will incorporate the existing buildings into the project. Ultimately, The Commons will encompass 800,000 square feet of new development that will include a premier hotel, retail space, meeting venues, a fitness facility and daycare accommodations. Additionally, 710,000 square feet of existing space will undergo renovation.
HFF Arranges $56M Funding for $80M SFO Logistics Center Buy, Development
Aug. 13, 2008
Centrum Properties Inc. and Angelo, Gordon & Co. have secured $56.3 million in financing to acquire and reposition the SFO Logistics Center, a 572,000-square-foot warehouse-distribution center and adjacent 5.2-acre land parcel in south San Francisco that had been owned by the federal government for decades. An HFF executive who arranged the financing told CPN today the entire deal is worth $80 million.
Sports Network to Relocate HQ to 32,000-SF Digs
Aug. 01, 2008
With the signing of a lease for 32,000 square feet in the 450,000-square-foot office building at 370 3rd Street in San Francisco, Comcast SportsNet Bay Area will forsake its current Union Square locale for larger digs in the South of Market district.
Seattle/Portland
First Industrial Continues to Expand in Metro Seattle
Aug. 14, 2008
Having entered the Seattle market only last year, Chicago-based First Industrial Realty Trust has grown its presence there steadily, its most recent transaction being the just-announced acquisition of a three-building distribution portfolio in the Kent Valley. The Class A buildings total 233,000 square feet and are 100 percent leased.
Featured Real Estate Market in the West
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