(Save the date: RealShare Industrial 2012 comes to The Bankers Club, Miami, December 5 - 6.)
BURBANK, CA-Those who follow @GlobeStcom on Twitter and @GlobeStLIVE may have seen a post teasing the announcement, but GlobeSt.com has learned that Hudson Pacific Properties Inc. has entered into a joint venture with M. David Paul & Associates/Worthe Real Estate Group to acquire the Pinnacle, a two-building, 625,640-square-foot, class-A office property located in the Burbank Media District. The MDP/Worthe entities will be contributing their existing ownership in the Pinnacle to the newly formed joint venture. The JV acquired the 393,776-square-foot Pinnacle I building for $212.5 million, $129 million of which was financed with a new 10-year project loan. MDP/Worthe currently owns 100% of the 231,864-square-foot Pinnacle II building, which it has agreed to contribute to the JV for a purchase price of $130 million by the end of first-quarter 2013, subject to certain closing conditions. Upon completion of the transaction, the joint venture will own both buildings for a combined purchase price of $342.5 million, subject to $218.6 million of project-level financing. HPP expects to own approximately 65% of the JV and will serve as its managing member.
BAKERSFIELD, CA-An offshore investor is selling a 166,565-square-foot government-leased office complex here. The list price of $33,185,000 equates to $199 per square foot. Marcus & Millichap Real Estate Investment Services’ Michael Lawrence, a SVP investments, and Blake Bokosky, an associate, both in the Newport Beach office, have the exclusive listing to market the property and are representing the seller. The three-building complex is situated on 17.48 acres at the signalized corner of East California and Union avenues, a prominent commercial intersection.
RIVERSIDE, CA-The Regents of the University of California has purchased the Intellicenter office center, a three-story, 150,000-square-foot building located at 14350 Meridian Parkway here, for $17.4 million from KDC Real Estate Development and Investments. Lee & Associates’ SVPs Rich Erickson, David Mudge and Tom Pierik represented the seller. The building was constructed in 2008 and is LEED Gold Certified. It will be used to consolidate the University of California’s payroll and human resources operations. At this time, UC only has plans to occupy the third floor.
TORRANCE, CA-Los Angeles-based Torrance Gateway LP has sold a single-tenant, big-box, triple-net-leased retail property occupied by Sports Authority at 3610 Torrance Blvd. here in an off-market transaction for $11.11 million to RPM Investments, also from Los Angeles. Jeff Conover with Faris Lee Investments represented the seller. Built in 1994 with a complete rehab in 2012, the 46,000-square-foot property is situated on 4.03 acres. The closing cap rate on the transaction was 7.4%.
ORANGE, CA-Turner Real Estate Investments has purchased a 29,330-square-foot, single-tenant industrial building at 1130 W. Trenton Ave. here for an amount undisclosed to GlobeSt.com. The distressed building was purchased via foreclosure; Chris Migliori of Daum Commercial Real Estate represented TREI in the transaction. The new owner will provide necessary, modest deferred maintenance to the building and plans to reset the building to market in order to create a successful sell to a user.
DEVELOPMENT
LOS ANGELES-The USC Annenberg School for Communication and Journalism here has broken ground on Wallis Annenberg Hall, an 88,000-square-foot building that will feature a high-tech, fully converged newsroom and studios. The groundbreaking on the $56.5-million project launches a $150-million fundraising drive aimed at raising money for capital projects to enhance the hall—labs, studios, technology—as well as student scholarships, fellowships, chaired professorships and funding or start-ups led by students and faculty. The initiative is part of the broader Campaign for the University of Southern California, a multi-year effort to raise $6 billion for the university’s academic, community and capital priorities. Plans for the five-floor building, scheduled to open in Fall 2014, call for a “technologically transformative jewel” in the center of USC’s campus.
SAN DIEGO-Alexandria Real Estate Equities Inc. has completed construction of Nautilus, a nearly fully leased, approximately 220,000-square-foot, world-class life-science campus located in the heart of the Torrey Pines submarket here. The project is leased to tenants including Novartis AG, Sequenom Inc., the Scripps Research Institute and Verenium Corp. Alexandria transformed the property from a collection of underutilized buildings into a fully integrated, life-science campus. It is a highly sustainable facility which has been designed to achieve LEED
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
