TMG Continues to Invest in San Fran

San Francisco

TMG Partners has acquired 208 Utah St., a 75,000-square-foot office building in San Francisco’s South Of Market. TMG purchased the asset from LUI SF 208 Utah LP “The 208 Utah St. building is the 14th property TMG has owned or developed South of Market since 1990,” says TMG Partners chairman and chief executive officer Michael Covarrubias. “It exemplifies the continuity of our strategy in seeking assets that are well located, tenant-focused and appropriately priced here in the City.” The four-story building, specifically located in the in the Showplace Square district of SOMA, is occupied by several high tech companies, including Flixter, Trulia and Workshare Technologies. As a number of the leases are scheduled to roll over in the coming months, there is significant opportunity to improve the asset and structure new tenancies, says TMG. TMG will first renovate the building lobby while focusing on leasing to growth-oriented companies seeking creative “brick and timber” space in this active neighborhood. Frank Wheeler of Colliers International represented the seller, and TMG has hired John Jensen of Grubb and Ellis to handle the leasing of the project.

Arroyo & Coates has acted as adviser to a private partnership in the $7-million disposition of Renaissance Villas, a mixed-use property of 34 apartments and 2,200 square feet of retail space in Berkeley, CA. The property was acquired by Equity Residential of Chicago. The property is composed of one- and two-bedroom apartment units that average 723 square feet, and two retail spaces that total an additional 2,200 square feet. The project’s amenities include full-size washer/dryer units in all apartment units and 37 gated garage parking spaces. The seller was represented in the transaction by Nathan Blair of Arroyo & Coates. The buyer acted on its own behalf.

San Diego

Seaside Home has signed a seven-year lease for over 32,000 square feet at the Gaines Building, 1055 Wall St. in La Jolla. The lease represents the largest square footage transaction in the home furnishings industry in San Diego County for 2010. It also revitalizes one of La Jolla’s landmark buildings, formerly occupied by Sak’s Fifth Avenue, at the corner of Wall Street and Herschel Avenue in the heart of the village of La Jolla. The lessee was represented by Phil Wise, senior vice president of Colliers International and the lessor, Madison Marquette, was represented internally by Kelley Maher. The financial value of the lease was not disclosed. The new location will allow Seaside Home to merge its Rancho Santa Fe and Girard Avenue locations into one incredible venue, expanding its existing combined space of approximately 11,000 square feet into a space roughly three times larger. The company plans to open the 7,500-square-foot first-floor level and 7,500 square feet on the second level of the new Seaside Home this November; the remaining 17,500-square-foot second-floor level will open in the spring. Both levels will have extensive tenant improvements constructed internally by the award-winning multi-disciplinary design firm, the Jackman Group, sister company of Seaside Home.

Inland Empire

Regency Centers has leased retail space in Granada Hills, CA at Granada Village shopping center to Sprouts Farmers Market, which leased 25,000 square feet and is slated to open in fall 2011. An Arizona-based grocer, Sprouts Farmers Market is one of the nation’s fastest growing retailers with locations in Arizona, California, Colorado and Texas. The Granada Village store will be the only location within a 20-mile radius. To make way for the new Sprouts Farmers Market, the existing 21,440 square foot Rite Aid will be relocated to a 15,570-square-foot end-cap location with a drive-through lane at the northeast corner of the building. Located 21 miles northwest of downtown Los Angeles, the 224,648-square-foot shopping center features a 35,000-square-foot TJ Maxx, a 32,276-square-foot Stein Mart alongside national retailers such as Sally Beauty Supply, the UPS Store, H&R Block, Burger King and RadioShack. The center is located at 10823 Zelzah Ave. in Granada Hills, CA.

Los Angeles

The Denver regional office of NorthMarq Capital arranged permanent financing of $22 million for the Metro Art Apartments located at 11771 Montana Ave. in the Brentwood District of West Los Angeles. The recently constructed apartment facility has 62 luxury units of six different style floor plans. Community amenities include controlled building access, private and gated underground parking, state-of-the-art fitness center and weight room. Unit amenities feature large balcony or patio, wood style laminate flooring, large gourmet open kitchens with maple cabinets, granite counters, under-cabinet lighting and stainless steel appliances. Master bathrooms have travertine counters as well as large oval soaking tub and separate shower. There are also washers/dryers in all units. Paul Bruder, vice president; and Chris Williams, senior investment analyst, arranged the financing for the borrower.

San Diego-based Douglas Wilson, owner of Douglas Wilson Cos., has been appointed receiver for Laurelwood LLC, a 24-unit condominium building approximately 75% complete in Studio City. “This is an attractive property, nicely appointed and excellently located within a desirable area,” says Wilson. “Some of the units have great views of the valley.” The scope of the receivership includes a review of the insurance coverage and preservation of the $11 million property. Resolution is expected to be complete before the end of the year.

Orange County

Suffolk Holding Co. sold 1830 S. Santa Fe St., a 13,200-square-foot industrial building in Santa Ana, to Cornerstone Operating Partnership LP for $1.3 million. John Suggs of Grubb & Ellis’ Newport Beach office represented the seller in the transaction. Shawn Kelter of the company’s Anaheim office, in conjunction with Patrick Murphy of PLM Realty and Investments, represented the buyer.

Marway Power & Marteq Process Solutions leased 26,143 square feet of industrial space for 64 months at 1721 Grand Ave. in Santa Ana, from Catellus Finance 1 LLC. Wade Tift, Nick Carey and Byron Foss of Grubb & Ellis’ Newport Beach office represented the lessee in the transaction. Dave Desper and Nick Spatafore of CB Richard Ellis represented the lessor.

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