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DENVER-Bridgeport Education of San Diego has signed a 10-year lease for 151,331 square feet at the 550,440-square-foot Park Central office building at 1515 Arapahoe St. in this week’s roundup of sales, leases and other news in the West. The deal is the largest Downtown Denver office lease in three years, according to SVP Doug Wulf of Cassidy Turley Fuller Real Estate, who represented the building owners Walton Street Capital LLC and Means-Knaus Partners LP, along with Robert Knisely of Cassidy Turley. Wulf, in a Cassidy Turley news release, commented: “The new generation of workers that these companies are hiring is seeking out the vibrancy of urban areas; it’s certainly a trend we see today and probably for the foreseeable future. Large, high-density employers traditionally have located in less costly suburban markets, but now are willing to pay higher rents to be in city centers with access to public transportation for their employees.” In addition, Lee Diamond and Ty Ritchie of CB Richard Ellis worked with Chris Hobson of Cassidy Turley BRE Commercial in San Diego to represent Bridgepoint. With this transaction, 1515 Arapahoe St. is now fully leased. Terms of the lease were not disclosed. Publicly held Bridgeport, in its latest annual report, says it expects to begin occupying the new space in August and will use it for administrative offices, meeting rooms and online support services.
Los Angeles County
CW Investment Group LLC has acquired a 71,360-square-foot warehouse at 18747 S. Laurel Park Rd. in Compton from TA Realty Associates for $5.3 million. SVP Sean O’Donnell of Grubb Ellis, who represented the buyer, says that CW Investment plans to renovate and add loading doors to the building, which originally constructed in 1973, and will occupy it as an owner-user. TA Realty was represented by Frank Schultz of the Klabin Co.
Owner-user North Fairfax LLC bought a 9,233-square-foot former First Federal Bank Building at 464 N. Fairfax Ave. in Los Angeles from the FDIC for $2.785 million, with Fariba Kavian of NAI Capital’s West Los Angeles office representing the buyer and the seller. North Fairfax plans to convert the building into a retail flooring store. Kavian says that, thanks to the prime location on Fairfax between Beverly Boulevard and Melrose Avenue, the property generated multiple offers and sold above asking price.
Centre Place Walnut Creek LLC has secured an $11 million mortgage for its 17,707-square-foot Centre Place retail center at 231-1255 S. California Blvd. in Walnut Creek. SVP Dennis Williams of NorthMarq Capital’s San Francisco Regional office arranged the financing, which is a five-year loan on a 25-year amortization schedule, through NorthMarq’s relationship with Wells Fargo Bank. Williams notes that the loan, $621 per square foot, reflects Walnut Creek property values. “The $621 loan per-square-foot on this deal would likely scare off most lenders who are not familiar with the market,” Williams said. Charles Schwab is the major tenant at the center.
An LLC has acquired the 61-unit La Palma Apartments at 317 E. La Palma Ave. in Anaheim from a private investor for $6.31 million. The buyer and the seller were both represented by vice president Hiu Chan in Marcus Millichap’s Long Beach office. The property, built in 1970, comprises 19 two-bedroom/one-bath units and 42 one-bedroom/one-bath units and is 95% occupied. Chan says that Marcus Millichap conducted 40 tours and generated 15 offers for the property, which was marketed unsuccessfully by other firms for the past two years. Despite roof problems, high expenses, low occupancy history and an interest rate increase, the building sold as-is without renegotiations.
Garden Grove Town Center Plaza acquired a 44,066-square-foot retail property situated on four acres at 9912-9952 Katella Ave. in Garden Grove from LNR Partners Inc. for $5.64 million. The seller was represented by Fariba Kavian of NAI Capital’s West Los Angeles office. She says that the buyer bought a portion of the Albertson’s-anchored center to open an ethnic market. Kavian noted that the property was listed at $4.185 million and garnered multiple offers resulting in a sale substantially above asking price. The buyer was represented by Ahmed Alam of Flag Financial Realty.
KB Sheetmetal Inc. has acquired a 20,360 square-foot industrial property at 17371 Mount Wynne Circle in Fountain Valley from 24-7 Internet Inc. for $2.36 million as KB’s new headquarters. SVP Greg Velastegui of Voit Real Estate Services represented both the buyer, a sheet metal fabricator, and the seller, a company that offers CD and DVD distribution services. Voit worked with 24-7 Internet on an acquisition in 2006, and “the company sought our expertise once more when it was ready to sell,” Velastegui said. “In addition, we identified a buyer that would benefit from the free-standing, owner-user manufacturing facility. The building, which offers a rare 2,800 amps of power, was the right fit for KB Sheetmetal.”
MIG Real Estate has acquired the 177-Room, 11-story Courtyard Marriott Downtown Edmonton at One Tornton Court in Edmonton, Alberta. It’s the fourth hotel buy in the past year for MIG, formerly known as Stoneridge Capital Partners, and its first outside of its primary target markets in the Western US. Terms of the sale were not disclosed. MIG has retained Concord Hospitality Enterprises Co. of Raleigh, NC as the hotel operator. Adam Greenstone and Louis Stervinou of Eastdil Secured and Alan Pirani of Colliers International represented the seller.
San Diego County
Andover Properties LLC (Storage King USA) bought $21 million worth of loans for four self-storage properties in Florida and Missouri that comprise more than 420,000 square feet and 2,880 units. Steve Bruce and Clifford Crowe of Lee Associates National Self Storage Group brokered the off-market transaction, representing both the seller and the buyer. Ed Indvik, a principal in the Los Angeles Lee Associates office, referred the seller. Andover president Brian Cohen completed the purchase of the loans in an all-cash transaction. The deal adds to Andover’s two previous loan pool purchases made over the past year. Andover, a developer and owner/operator of self-storage facilities on the East Coast, continues to partner with Angelo, Gordon Co., a privately held alternative-investment adviser with approximately $23 billion under management across various disciplines. Bruce and Crowe are both principals at Lee Associates’ North San Diego office and are the Self Storage Specialists for each of Lee’s 41 nationwide offices.
NV Chartwell Investments LP bought a 67,718 square-foot industrial building at 1709 La Costa Meadows Dr. in San Marcos from DEI LLC for $6.35 million. The seller was represented by Chuck McNary, Erik McNary and Greg Lewis of Colliers International. The buyer was represented by Barry Hendler and Mike Erwin of Cassidy Turley BRE Commercial. The building tenant is Jacques Gourmet LLC.
Bob Howard Bob Howard is a Southern California-based reporter for GlobeSt.com who has specialized in the commercial real estate industry for nearly 20 years. Before that, he was a business reporter in Los Angeles. Before specializing in business and real estate, he was a reporter for daily newspapers in California and Pennsylvania. Contact Bob Howard.
Article source: http://www.globest.com/news/1878_1878/denver/308384-1.html