Soon after the judge issued his decision CalTrans and the SFCTA signed the long standing proposed P3 contract with Golden Link Partners, paving the way for construction to begin later this year. Meyer concludes by saying that CalTrans had acted in a prudent manner on behalf of California taxpayers in signing the agreement today in order to ensure the project stays on schedule and budget.

Kayne Anderson Real Estate Advisors LLC and Flagship Investment Group, a Central Florida based developer, owner and operator of commercial property, have together acquired a portfolio of six operating self storage facilities totaling 3,803 units located in California’s Central Valley Region. The acquisition was an opportunistic purchase of bank owned assets, which acquired the properties through foreclosure. Through its partnership with an experienced operator like Flagship, KAREA is able to expand upon its niche market strategy to take advantage of opportunistic situations in the self storage sector and other non-core real estate sectors, according to a prepared statement. “This acquisition builds on our strategic partnership with Flagship and leverages our combined expertise with carefully evaluated market conditions, to add value in a well-rounded portfolio of niche real estate to investors,” says Al Rabil, managing partner at Kayne Anderson Real Estate Advisors. “KAREA’s agility in negotiations and ability to provide a quick close coupled with Flagship’s operational strength worked well for all parties involved. The bank was able to offload the properties within their desired timeframe, enabling us to secure a solid discount on the asking price.” The properties are all located in strong growth markets in California including Ceres (1,104 units), Elk Grove (386 units), Escalon (614 units), Riverbank (600 units), Soulsbyville (547 units) and Stockton (552 units) with strong upside potential.

Los Angeles

Lucent Capital, a Los Angeles-based real estate investment banking firm, has arranged a recapitalization of a 200,000 square-foot office complex in El Segundo that is owned by a privately held company in the media industry, announced Lucent managing director Steven Yazdani. The $20.75 million, non-recourse, five-year, fixed-rate financing was provided by CorAmerica Capital LLC. "The deal was complex, time-sensitive and particularly challenging because multiple tranches of debt were structured," said Lucent Capital managing director Steven Yazdani. "This required all parties to work through some complex issues in a very short period of time in order to stay on schedule while achieving our client's business goals." The owner-occupied office complex is composed of a six-story and a three-story office tower along with a single-story office building totaling approximately 200,000 square feet. According to recent market information from Jones Lang LaSalle, the greater Los Angeles office market has an overall vacancy rate of 18.2% with average asking rents of $31 per square foot; the South Bay office market has an overall vacancy rate of 19% with average asking rents of $25 per square foot. The borrower was represented by Bob Baradaran, a real estate partner and chair of the Real Estate Group with Los Angeles-based law firm Greenberg Glusker.

San Fernando Valley

The Robin Group has sold a 47-unit apartment complex. Built in 1961, the 48,123-square-foot multi-residential income property is situated in a densely populated community in the San Fernando Valley. The seller was a large partnership of private individuals. The buyer was a local owner/operator of many similar properties in the area. The Robin Groups multifamily specialist, Jesse Stamps, represented the seller in the transaction. The ownership tried selling and fielded off-market offers for over 12 months. The buyer was represented by Prudential California Realty.

Seattle

Berkadia Commercial Mortgage originated $23.73 million through its Freddie Mac program for the acquisition of Madison Sammamish, a multifamily property in Sammamish, WA. Madison Sammamish is a 266-unit garden-style multifamily community originally developed in 1988. The property has undergone significant renovations in recent years. The loan was originated by the Berkadia San Francisco office. The borrower was a newly formed joint venture between Pacific Property Company and Trecap Partners.

Security Properties Inc., has formed Madrona Ridge Residential, its new affiliated property management firm. As an affiliate of Security Properties, Madrona Ridge Residential will provide property management services for apartment communities in markets across the US. “Our role as multifamily owners, investors and third party fiduciary trustees for over four decades gives us extraordinary insight and market knowledge into the rental housing sector. Re-establishing our in-house property management capabilities enhances our ability to improve every aspect of our multifamily investment management and property performance,” says John Orehek, president and CEO of Security Properties and CEO of Madrona Ridge Residential. “We’re pleased to welcome Gail Duke as managing director. Gail’s wealth of industry expertise and valuable talents will help create exceptional living environments for residents and outstanding value for our investors.”

Portland

Grubb & Ellis Co. hired Andrea Coomes and Tracey Gedlich to the company’s property management subsidiary, as senior property managers. They are joined by Kagney Kohne, who will work with Gedlich as an assistant property manager. Coomes will be based in Grubb & Ellis’ Portland office and will be responsible for helping to grow the company’s regional management portfolio. Gedlich and Kagney will work offsite at EastRidge Business Park, a 446,000-square-foot 27-building master-planned mixed-use development in Vancouver, WA, owned by AEGON USA Realty Advisors and managed and leased by Grubb & Ellis.