San Diego

MIG Real Estate LLC has acquired two office buildings totaling 138,000 square feet. The buildings are located within the University Town Center submarket of La Jolla, CA. The all-cash transaction marks MIG Real Estate’s third and fourth San Diego office acquisitions since June 2010 and continues the firm’s expansion strategy focused on opportunistic investments. Terms of the sale were not disclosed.

Silicon Valley, CA

The Matteson Cos. Has acquired 5200 Patrick Henry Dr., a 90,120-square-foot office building for $20 million located in the highly sought-after “Golden Triangle” of Silicon Valley in the City of Santa Clara, CA. 5200 Patrick Henry Dr. is a single-tenant class B+, commercial office/R&D building that has recently been leased for 10 years to Coherent Inc. Coherent owns its global headquarters located adjacent to the property. “Opportunities and activity in the Silicon Valley tech corridor are clearly improving, and we feel strongly this trend will continue,” says Matt Matteson, president of the Matteson Cos. “This property features a high quality tenant with a long-term commitment to the building in an ideal location.”

Las Vegas

Court-appointed receiver Paul Carlson of Strategic Property Services has chosen Insight Realty Associates and its retail group vice president Joe Bonifatto to market and lease Tropicana Centre, a retail center located on the southwest corner of Tropicana Avenue and Pecos Road in Las Vegas. Insight and Bonifatto will now market and negotiate long-term and short-term leases with prospective tenants in an effort to stabilize the center. “The focus is to aggressively market to new tenants and increase occupancy,” Bonifatto says. “This unique property presents a great opportunity for retailers to establish themselves and benefit from the changes in the market,” he says. The center has two anchor tenants, Walmart and Sam’s Club. Walmart has just renewed its lease, which Bonifatto said makes the busy corner an attractive retail location. He said currently there are a handful of national credit tenants actively looking at the center. “We are very motivated to recruit new tenants that will add value to the center as well as to the consumer’s shopping experience,” Bonifatto says.

Salt Lake City

The Salt Lake City office of CB Richard Ellis has closed a 10-year fixed-rate loan—under 6%—on Millrock Park East, a 125,000-square-foot class A office building located in Holladay. The $21.5-million loan was originated by a Wall Street lender and is expected to be securitized as part of a commercial mortgage-backed security issuance in the coming weeks. Since the summer of 2010, the CMBS industry has begun to experience a resurgence in lending, according to a prepared statement. “This property is a prime example of what it takes to obtain favorable financing in today’s lending environment,” says Trent Snarr, vice president of CBRE capital markets debt and equity finance, who arranged the financing. “This property is nearly completely occupied and boasts a fantastic rent roll with several credit quality tenants. CMBS lenders’ ability to crawl up the capital stack make them an attractive debt option for owners of commercial real estate with stabilized assets.” Snarr adds that the reemergence of the CMBS market will be critical as the commercial real estate market braces for billions of dollars in loan maturities set to occur over the coming years. The Millrock Park transaction is a good example of CMBS debt benefiting Utah’s commercial real estate market.

Denver

Hoff Companies Inc. purchased 15000 E. 39th Ave., an 86,214-square-foot industrial building in Aurora, from Subaru of America Inc. for $4 million. Mike Wafer of Grubb & Ellis represented the buyer in the transaction. Murray Platt and Jim Bolt of CB Richard Ellis represented the seller.

ProLogis leased 21,602 square feet of office space located at 4555 Airport Way, to Parsons Services Co. Scott Garel, Joe Heath and Don Misner of Grubb & Ellis represented the lessor in the transaction. Sam DePizzol and Randy Brown of CB Richard Ellis represented the lessee.

DCT Industrial Trust Inc. has acquired a rail-served, bulk industrial building totaling 189,990 square feet in Chino, CA. Chino is a submarket of the Inland Empire West and is highly desirable due to its proximity to the ports of Los Angeles and Long Beach, according to a prepared statement. The building, constructed in 1988, was purchased for $8.5 million, or $44.79 per square foot, which is approximately 30% below replacement cost. DCT Industrial plans to create additional value by repositioning the vacant building, purchased from a former user.