Bridgepoint Education Takes 80,000 SF

San Diego

Bridgepoint Education Inc. will begin operations later this month in its sixth San Diego building.

The company’s newest location is at 5855 Copley Dr. in the Kearny Mesa area. The 80,000-square-foot office space will house more than 400 Bridgepoint employees. It will be used for administrative space to support Bridgepoint's Ashford University and University of the Rockies online learners. “As Bridgepoint Education continues to grow, we are pleased to expand our presence in San Diego,” says Bridgepoint Education chief executive officer Andrew Clark. “This is our hometown and we are proud to employ thousands of San Diegans. The new facility will give us an opportunity to have an even greater impact in our community.” The new location on Copley Drive will add to Bridgepoint Education’s presence in San Diego. The company also occupies three buildings at its Sabre Springs headquarters on Evening Creek Drive North, the Sunroad Spectrum building in Kearny Mesa and a location in downtown San Diego at 600 B Street. Bridgepoint Education now occupies nearly 672,000 square feet of office space in San Diego and employs 2,900 full-time, non-faculty personnel in the San Diego area.

Commercial real estate investment banking firm George Smith Partners has completed a $15 million senior permanent loan for three warehouse distribution buildings totaling 230,000 square feet in San Diego, according to Gary Mozer, co-founder, principal and managing director of George Smith Partners. Mozer was assisted by George Smith Partners’ Josh Roseman and Steve Orchard on the transaction. “The loan terms in this transaction were unique,” Mozer explains. “Lenders are commanding premiums, even on high-quality stabilized products like this one. A 4% interest rate on loan proceeds sized to 12% debt yield is a testament to the strength of our client. They are a great operator and very well capitalized, so the bank wanted to establish a relationship.” The senior five-year floating rate loan was closed at a 4% start-rate, 65% loan-to-value, and top-25% personal recourse. The buildings are currently 97% leased to five tenants with leases expiring from 2011 through 2016.

Orange County

Irvine, CA-based Premier Business Centers has signed a long-term lease for the entire 9th floor consisting of 18,649 square feet in order to create a new executive office suite at the Conexant Building, which is located at 4000 MacArthur Blvd., Suite 900, in Newport Beach, CA. This is Premier Business Centers' fourth executive office suite in Newport Beach and the 56th location in the USA.

Cohen Financial has arranged a $17.9-million loan in connection with the acquisition of the Torrey Ridge apartment complex. The property is an apartment community located at 222 S. Clovis Ave. near downtown Fresno, California. It is less than two miles south of the Fresno International Airport and four blocks south of the new 180 freeway. Torrey Ridge features 418 units. Mark Strauss, managing director and Kevin Greenberg, director at Cohen Financial’s Irvine office, secured the seven-year, fixed-rate loan at 80% loan-to-value with a 30-year amortization schedule. The sponsor is Real Estate Opportunity Capital Fund LP. The lender is Wells Fargo Multifamily Capital via its Fannie Mae program.

Los Angeles

Tishman Speyer revealed that Miller-DM Inc., which operates as Mercedes-Benz of Beverly Hills, has signed a 15-year lease renewal for 60,894 square feet of office, showroom and other space at Beverly Mercedes Place in Beverly Hills. The lease transaction retains the region’s premier Mercedes-Benz auto dealer at the same prime location where it has been since 1990. Beverly Mercedes Place is a three-story office building located on Beverly Boulevard in the heart of Beverly Hills. Completed in 1990, the property totals 130,000 square feet and has a three-level below grade parking structure. The property is managed by Tishman Speyer on behalf of the Australia-based Tishman Speyer Office Fund. In addition to Beverly Mercedes Place, Tishman Speyer Office Fund owns two adjacent trophy office buildings, for a total of nearly 600,000 square feet in its Beverly Hills portfolio. Jonathan Larsen of Transwestern represented the tenant in the lease transaction. Mark Laderman and Paul DeMartini represented the building’s ownership.

San Francisco

Spectrum Realty has selected Trigger Reital and Knute Bucklew, both vice presidents of Grubb & Ellis Co., and Jeff Bracco, associate, of the company’s office group, as the leasing agents of the Atrium, a 75,000-square-foot office building in Pleasanton, CA. Located at 5776 Stoneridge Mall Rd., the three-story building is within walking distance to Stoneridge Mall, offering tenants numerous retail and restaurant amenities. It is also located within close proximity to Interstates 580 and 680. Currently 72% leased, space availability at the Atrium ranges in size from 412 to 9,549 square feet.

Portland

Johnson Creek Shopping Center, located in the Portland east side suburb of Clackamas just off of I-205, sold for $21.5 million, which is $193 per square foot. GVA Kidder Mathews’ commercial real estate investment brokers Bill Burton and Craig Spinks represented both the buyer, Phillips Edison, and the seller, Hawkins Cos., in the all-cash transaction, which was the first non-portfolio deal of its magnitude in Greater Portland since 2008, according to a prepared statement. The Johnson Creek Shopping Center is anchored by Trader Joe’s, Walgreens, Bank of America, and Wholesale Sports. The center’s anchor tenancy and prime location make it an attractive institutional-grade investment. “Things are finally loosening up in the multi-tenant retail sector of the commercial real estate market. Where willing and motivated sellers can be found, there are public and private funds ready to make deals,” says Bill Burton, vice president at GVA Kidder Mathews. “Would-be sellers of multi-tenant retail shopping centers appear to have been trying to wait out the market downturn before selling. However, the lack of quality institutional product on the commercial market has caused an inverse reaction in that prices have remained steady at reasonable market levels and created an overwhelming demand for the product due to a lack of supply.”

Seattle

Hooters of America Inc. and Colliers International jointly recently revealed that the restaurant company is undertaking a worldwide expansion, with plans to increase its location count by at least 15% to 20% annually over the next several years. The high profile chain currently has more than 455 locations worldwide with restaurants in 29 countries on six continents. To expedite the expansion plan and increase its global presence, Hooters has selected Colliers International as its preferred real estate provider, to both identify new locations and negotiate lease terms, as well as advice on tactical planning for optimal branding exposure.

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