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Real Estate Bisnow Real Estate Bisnow
   
January 7, 2012  
 
 
The Deal Sheet

 

Lincoln Property in partnership with Artemis Real Estate Partners, a real estate investment management firm, purchased the Cornerstone Heights Corporate Center in San Diego for just over $14M.

 

The transaction marked Lincoln’s second San Diego acquisition in December. The twin office buildings (5959 and 6059 Cornerstone Court West) total 98k SF and were renovated in 2007. Cassidy Turley San Diego’s Rick Reeder and Brad Tecca represented the seller, The Realty Associates Fund VI LP, while Lincoln repped itself. Lincoln, which opened its San Diego office in May, acquired 600 B St downtown earlier last month.

SALES

Westcore Properties bought an 11M SF industrial portfolio in California and the Midwest from the Joe Benvenuti Co for $600M, increasing its US commercial RE holdings to more than 24M SF. The 110 buildings range from multitenant to flex to bulk, and include 8M SF in Sacramento. Westcore acquired the properties in a JV with a fund managed by DRA Advisors. Jones Lang LaSalle’s Mark Demetre, Bill Niethammer, Matt Lofrano, and Mike Zimmerman repped all parties. According to JLL, this was largest industrial acquisition in California and the second-largest in the country iin 2012.

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The Douglas Wilson Cos completed the $11.3M receivership sale of 3,240 acres in the Sierra Nevada to the Truckee Donner Land Trust and The Trust for Public Land, working together as part of the Northern Sierra Partnership. The sale included the Royal Gorge Cross Country Ski Resort near Lake Tahoe, the largest US cross-country operation in the US. (Everybody was in the lodge having fondue and cocoa when this was taken.) Armed Forces Bank, the successor to Bank Midwest, sought the appointment of a receiver after developers planning a 950-unit community defaulted on a $16.7M loan. Tom Olson and Alan Scott of Douglas Wilson’s brokerage division handled the sale.

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A private investor bought a 3,123 SF retail building, 1459 Garnet Ave, from Thomas Owens for just over $1M. Cassidy Turley San Diego’s Danny Fitzgerald, Michael Burton, and Pasquale Ioele repped the seller, while Voit Real Estate Services’ Rick Wu represented the buyer.

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PRPB Holdings bought an 8,960 SF industrial building, 929 Rancheros Dr in San Marcos, from Sage Family Trust and Lambert Family Trust for just over $851k. Cassidy Turley San Diego’s Justin Beattie represented the buyer, while Colliers International’s Daniel Knoke repped the seller.

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Corder Family Emeryville Properties bought a 5,170 SF office building, 2741 Alpine Blvd in Alpine, from Tysma Family Trust for $850k. Cassidy Turley San Diego’s Brian Jinings represented the seller.

LEASES

VS Direct leased 2,800 SF of retail space at the NE corner of Dogwood Avenue and Danenberg Drive in El Centro from The Russ Group. Cassidy Turley San Diego’s Joe Yetter and Mike Clark repped the landlord.

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Buffalo Exchange Ltd leased 3,416 SF of retail space at 1079 Garnet Ave from Ralph V. Patrick Family Trust. Cassidy Turley San Diego’s Joe Yetter, Mike Clark, and Brent Williams represented the landlord.

CONSTRUCTION

Besides hospitals, emergency responders, and clerks at gift exchange departments, who works the day after Christmas? The folks building Poseidon Resources’ nearly $1B desalination plant in Carlsbad, that’s who. Construction of the project, which will be the largest desal plant in the Western Hemisphere, launched on Dec. 26, Dickstein Shapiro partner Fred Lowther told us yesterday. Next week, we’ll have more about this key infrastructure project—one of the largest project finance deals in the US in 2012.

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Turner Construction hit 50% completion on Fowler Park at the University of San Diego. The project, which includes a revamped stadium for the top 25-ranked USD Toreros, is slated to top out later this month. Turner has achieved a 94% recycle rate on the project, which was designed for LEED Silver. The contractor is managing the project from its onsite EcoPort trailer, featuring nontoxic and formaldehyde-free plywood, solar and wind power, and a composting toilet.


FINANCINGS

George Smith Partners’ Malcolm Davies secured a $13M JV equity investment for a ground-up redevelopment project in Carlsbad. The borrower plans to convert an existing 51-unit apartment property into 35 luxury condos. The financing was done under an equity introduction program developed by Davies to match sponsors needing equity capital with investors to “lay the groundwork and help mold a mutually agreeable platform” before projects have been identified.

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Richard Caterina of Johnson Capital’s San Diego office arranged a $6.8M refi secured by a 76-room Hampton Inn & Suites hotel in Peoria, Ill. on behalf of a private regional owner. The 10-year, non-recourse loan was funded by a CMBS lender for 60% of the value in the mid-4% range.

EXECUTIVE NEWS

Jeff Turner, VP and San Marcos district manager for HOCHTIEF subsidiary Flatiron, was elected president of the Associated General Contractors of America’s San Diego chapter. He’ll be installed along with the other 2013 board members on Jan. 24.

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Daniel Bradbury, managing member of BioBrit LLC, a life sciences consulting and investment firm, was named to the board of directors at BioMed Realty Trust. He also served in executive positions with Amylin Pharmaceuticals, most recently as CEO from 2007 until its acquisition by Bristol-Myers Squibb last August.

 
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