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3/10/2010 - Two Vornado Realty Properties Go into Special Servicing
A subsidiary of Vornado Realty Trust notified the master servicer of the debt secured by its 2 million-square-foot High Point Furniture Mart in High Point, NC, that neither the subsidiary nor Vornado is prepared at this time to fund any shortfalls in...
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3/10/2010 - CalSTRS Buys Soon-Maturing Mezz Debt on City National Plaza
The California State Teachers' Retirement System (CalSTRS) acquired all of the mezzanine debt on City National Plaza at 505-555 S. Flower St. in downtown Los Angeles. Thomas Properties Group Inc., CalSTRS' partner in City National Plaza, completed the...
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3/10/2010 - Investors Picking Up Unfinished Condo Projects
LeaseFlorida LLC in Miami Lakes, FL, foreclosed on two failed residential condominium projects. In the first deal, Cypress Bay condo project in the Sunset Harbor area of Miami Beach. Cypress Bay was a planned 20-unit with ground floor retail at 1225...
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3/10/2010 - Revitalization Project Near Ontario International Airport Gets Under Way
A key redevelopment project in the Inland Empire city of Ontario, CA, is under way with the first step in a multi-phase revitalization project. Preservation work has begun on nine buildings near Ontario International Airport totaling about 175,000 square...
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3/10/2010 - Lease Up/Lease Down (Mar. 7-13): UBS Renews, Postal Service Unveils 10-Year Plan
CoStar compiles news of corporate expansions, relocations, extensions, closures, layoffs, lease cancellations and mergers in the weekly Lease Up/Lease Down news report, a concise read keeping you updated on major corporate moves affecting commercial...
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3/10/2010 - Rancho Cucamonga Industrial Trades for $1.4M
A private buyer purchased the industrial building at 9030 Rancho Park Court in Rancho Cucamonga, CA, from Jeli Properties LLC for $1.4 million or about $90 per square foot.
Built in 2004, the 15,288-square-foot warehouse is part of the 12-building...
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3/10/2010 - Law Firm Leases 30,000 SF at Merrill Lynch Tower
Lewis Brisbois Bisgaard & Smith LLP signed a 10-year lease for 29,940 square feet at 701 B St. in downtown San Diego, also known as Merrill Lynch Tower. The law firm, which is relocating from 550 Corporate Center in the second quarter, is taking the entire...
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3/10/2010 - Orange County Office Sells for $1.5M
Total Spectrum Advertising purchased an office building in the Orchard Executive Office Park in Orange, CA, from a private trust for $1.46 million, or $223 per square foot.
The 6,547-square-foot building at 2522 N. Santiago Blvd. was built in 1982...
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3/9/2010 - Irvine Industrial Land Sells for $2.3M
A private party purchased 2.28 acres of industrial land at 47 Tesla in Irvine, CA, from Calvary Chapel of Laguna Beach for $2.2 million or about $965,000 per acre.
The buyer plans to construct an industrial or storage building on the land. It is located...
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3/9/2010 - Hohenstein & Boyle Join Colliers International
Former Cushman & Wakefield brokers Tucker Hohenstein and Conor Boyle have joined Colliers International's office in Carlsbad, CA. They will be focusing on the leasing and sale of industrial properties in North San Diego County.
Hohenstein received...
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3/9/2010 - RB Dwyer Renews 104,000-SF Lease in Anaheim
RB Dwyer Co. has renewed its full-building lease at 2881-2899 Miraloma Ave. in Anaheim, CA. The leader in tamper-evident packing materials will continue to occupy the entire building on a seven-year, $5.4 million lease.
The 104,000-square-foot of distribution...
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3/9/2010 - Ontario Industrial Sells for $1.7M
Promarks Inc. acquired the industrial facility at 1915 Acacia St. in Ontario, CA, from Toner Charge Inc. for $1.7 million, or $82 per square foot. The buyer plans to operate its vacuum-packaging machine business at the subject property.
Built in 2002...
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3/9/2010 - CoStar's Deals of Note for Wednesday
NEW YORK
CBS Renews 108,000 SF at IFF Bldg.
By Sean Glenn
CBS Broadcasting signed a 107,726-square-foot renewal at the International Flavors & Fragrances Building in New York. The network will continue to occupy the ground and second floors, as well...
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3/9/2010 - Westwood Apts. Goes for $2M
Westwood Apartments in Buena Park, CA, sold for $1.99 million, or about $117,300 per unit, in a sale between private investors.
The 17-unit apartment complex at 6742 Western Ave. was fully occupied at the close of escrow. The cap rate was 6.63 percent...
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3/8/2010 - Retail Property Sells for $2.7M in Sonoma
Cachita LLC purchased the retail property at 19249 Sonoma Highway in Sonoma, CA, from Hak Chin Choe and Bo Young Choe for $2.68 million, or about $837 per square foot.
The property, which includes a corner gas station, full service car wash and food...
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