Four Tenants Sign on at 530,000-SF Center

Portland, OR

CB Richard Ellis Inc. has inked leases with four new tenants at Wilsonville Business Center pushing the landmark project to 91% occupancy levels. Wilsonville Business Center is a 530,000-square-foot industrial/distribution and flex park, located in Wilsonville, OR, west of Interstate 5 at SW Hillman Court and SW 95^th Avenue. The project is best known for its ability to offer prospects and tenants a versatile mix of high-cube warehouse/distribution space, smaller multi-tenant incubator spaces, and office/flex suite opportunities, and is easily identified by the towering pillars that overlook I-5 just south of the Stafford Road/Wilsonville exit, according to a prepared statement. Andy Kangas and Stuart Skaug, sales professionals at CBRE, represented the landlord, BIT Holdings Fifty-Seven Inc. in all transactions. Deals were consummated with SAM Medical for 17,000 square feet; Perceptive Pixel for 4,800 square feet; Cascade Wind Corp. for 13,500 square feet and Velocitel Inc. for 4,700 square feet.

Seattle

GVA Kidder Mathews’ investment brokers Stan Snow and Rick Osterhout revealed that they are representing the sale of the 23,571-square-foot Harbor Vista development site, one of the first Mastro properties to be listed by the bankruptcy trustee in cooperation with the lender. “The public perception is that many of the Mastro properties will need to go through foreclosure before they can be sold, however, lenders who elect to work in cooperation with the bankruptcy trustee have the opportunity to expedite a sale more quickly and at a lower transaction cost,” says Snow. The two-parcel development site is located at the intersection of Terry Avenue and E. Jefferson Street, just east of Harborview Medical Center. The property can be held for future development and has an income stream from the San Juan Apartments, a 42-unit apartment building. A 3,150-square-foot office building is located on the second parcel. Development potential is also enhanced by the new Highrise multifamily zoning standards, which the City of Seattle adopted last December, to increase both density and efficiency to the First Hill area. The property is offered on a competitive bid basis.

Waianae, HI

TNP Strategic Retail Trust Inc. acquired the Waianae Mall, a 92% occupied multitenant retail center, consisting of 11 buildings and approximately 170,275 square feet, located in Waianae, HI, 32 miles northwest of Honolulu. The company purchased the Waianae Mall for approximately $25.7 million, including assuming a 5.4% fixed rate first mortgage due by October 2015. The property is anchored by a Long's Drug Store and features retailers' including Starbucks, Pizza Hut, Subway, RadioShack, Payless ShoeSource, Jamba Juice, Goodyear and Fantastic Sams. "Waianae Mall is a perfect example of the type of prime real estate that our REIT is targeting. The loyalty of the tenants, strategic location and lack of competition all magnify the value in this rare fee-simple opportunity on the Island of Oahu," says Thompson National Properties' director of acquisitions, Charles Osbrink.

San Francisco

Door to Door Storage Inc. has consolidated three warehouses in Newark into 105,062 square feet at 2391 West Winton in Hayward, CA with Principal Life Insurance. CB Richard Ellis represented Door to Door in the five-year lease. Colliers represented the landlord. Locating a class A warehouse in this size range is a challenge and there were only a few buildings that could have fit the criteria of being “under one roof,” according to a prepared statement. Door to Door specializes in portable containers that can be used for home or business storage and moving. Other recent transactions in Hayward CBRE include a 48,960-square-foot lease with GE Appliance in South Hayward; a 36,000-square-foot renewal with Spirit Delivery with Prologis in North Hayward; as well as a 26,100-square-foot early “blend and extend” with National Oak Distributors with UBS in North Hayward.

San Diego

The San Diego office of Holliday Fenoglio Fowler LP has arranged $18 million in financing for the Highlands, a 306-home-site manufactured housing community in Santee, CA. HFF senior managing director Tim Wright and associate directors Zach Koucos and Zack Holderman worked exclusively on behalf of the borrower, the Highlands Mobile Home Community Assoc., to secure the 10-year, fixed-rate loan through Northwestern Mutual Life Insurance Co. The loan proceeds enabled the borrower to purchase the fee simple interest in the property and recapitalize existing debt. The Highlands is located at 7467 Mission Gorge Rd. in close proximity to State Route 52 in the City of Santee just east of San Diego. “We were pleased to have a number of lenders compete for the financing of the Highlands in a challenging capital marketplace,” says Koucos.

Placer County

Rreef America REIT II leased 44,746 square feet to York Insurance Services at 1101 Creekside Ridge Dr. in Roseville, CA, for 10 years. The insurance company will use the office space to process claims. York Insurance Services will take occupancy on Jan. 1, 2011 in the two-story, 88,000-square-foot building. Located within close proximity to Interstate 80 and State Route 65, the property is adjacent to Creekside Town Center. Jones Lang LaSalle represented York Insurance Services in the transaction. Grubb & Ellis Co. represented Rreef.

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