NKF Brings Three Tenants to Newly Revitalized 3000 South Robertson
Newmark Knight Frank (NKF) has completed three new leases totaling 22,724 square feet of space at 3000 South Robertson, a four-story, 109,184-square-foot office building in Culver City. The new tenants include: Michelson Foundation for 11,699 square feet; Universal Protection Services for 6,689 square feet; and Complete Care for 4,336 square feet. The new leases come on the heels of a recently completed $5 million plus creative office renovation of the property by owner Watt Investment Partners, a Santa Monica-based investment firm.
NKF Completes Sale of Business Park Property Portfolio in San Diego, CA
Newmark Knight Frank (NKF) has completed the sale of a portfolio of two industrial flex properties in San Diego. Totaling 132,335 square feet in nine buildings, the portfolio is 60 percent occupied and includes five-building Kearny Mesa Executive Park located at 7827 to 7867 Convoy Court and four-building Kearny Mesa Corporate Center located at 9303 to 9323 Chesapeake Drive and 9320 to 9340 Hazard Way. NKF’s Capital Markets President, West Coast Kevin Shannon, Executive Managing Directors Ken White and Bret Hardy, Senior Managing Director Brunson Howard and Managing Director Rick Stumm represented the seller, Colony Capital.
REIT pays $96.5 million for two retail shopping centers on the West Coast
JLL announced Retail Opportunity Investment Corporation’s (ROIC) successful acquisition, via OP units, of Fullerton Crossroads in Fullerton, California and Riverstone Marketplace in Vancouver, Washington from the Uhlmann Family Trust. ROIC paid $96.5 million in this stock transaction. JLL’s Executive Vice President Geoff Tranchina represented the seller in the transaction. The buyer represented itself.
Fullerton Crossroads is a 221,636-square-foot grocery-anchored community center located at 3200–3362 East Yorba Linda Boulevard in Fullerton, California. Built in 1971 and renovated in 1996 and 2005, the center is 98 percent leased to several national and local retailers including Ralphs, Kohl’s Department Stores, JoAnn Fabric & Craft and Daiso Japan.
CBRE Research Finds Tokyo, New York and Los Angeles are World’s Largest Real Estate Investment Markets
Tokyo, New York and Los Angeles are the world’s largest commercial real estate investment markets, with the global stock of investable assets standing at $27.5 trillion, according to the latest research from CBRE. CBRE examined the relationship between city market size and capital flows into real estate for 122 cities around the world. The research found that there is a high correlation between the size of a city’s real estate stock and the volume of investment into that city.
The largest five cities in the Americas (New York, Los Angeles, San Francisco, Chicago, Houston) represent $2 trillion of investable real estate, a figure that can be attributed to the free market nature of its economy and cities.
PCCP, LLC Provides $41.2 Million Senior Loan for Class A Carlsbad Creative Office Campus
PCCP, LLC provided a $41.2 million senior loan for the refinance and lease-up of a Class A creative office campus totaling 176,900 square feet in Carlsbad. The financing was arranged by Mark McGovern and Scott Peterson of CBRE. Located at 5600 Avenida Encinitas, Cruzan acquired the 1960s vintage warehouse property in 2013. The San Diego-based development and investment company embarked on an extensive program to transform the asset into one of region’s most coveted creative office campuses. Cruzan has successfully renovated the asset and increased occupancy from full vacancy to nearly 70 percent occupancy with tenants including GoPro, GoDaddy, Verve Wireless, and Canyon Bicycles.