For the past five years, industrial tenants have enjoyed a dominant position in Southern California because space was plentiful and landlords were eager to keep their buildings full. Those days are coming to an end as occupancy rates edge higher and landlords push rents.
Rancon Realty Fund V has disposed of Three Carnegie Plaza. The buyer, a 1031 Exchange Partnership made up of 1250 Fairfax LLC and 521 East 11th St. LLC, paid $8 million for the 85,846-sq.-ft. office property located in San Bernardino, Calif....More
Construction has begun on Argyle Apartments, a 40-unit affordable housing project at 1600 N. Western Ave in Hollywood. The four-story structure is meant to house both seniors and young families. AMCAL Multi-Housing is developing the property, which will be LEED certified....More
Artemis Real Estate Partners has partnered with Los Angeles-based Primestor Development, on behalf of the $300 million real estate emerging manager program of the New York Common State Retirement Fund. Primestor has been brought on as a retail operating partner for the California region....More
A newly formed private real estate investment company has closed its first fund. Tryperion Partners LLC now has $50 million of fully discretionary committed capital in its Tryperion RE Fund I. The company plans to use up to 75% leverage to give the fund a $200 million investment potential....More
IKEA surpasses 85 percent solar power for its U.S. buildings. In other news, the U.S. Government Services Administration officially advocates sustainable building. JPMorgan Chase joins NYC Mayor's Carbon Challenge. And Partners Group invests in a green building alternative to Hong Kong Island's offices....More
The 200,000-sq.-ft. office campus at 2100 E. Grand Ave. in El Segundo, Calif. has sold to a joint venture made up of Rockwood Capital and Marshall Property & Development for $25 million. The property was sold in an off-market transaction by 2100 Grand LLC, a related entity of the visual effects company Rhythm & Hues Studios....More
Coldwell Banker’s Northern California residential real estate headquarters will be moved from San Ramon, Calif. to Concord, Calif. with its lease of 16,000 sq. ft. in Concord Gateway. The move away from Bishop Ranch Business Park will situate the firm closer to employees living in Contra Coasta County....More
There has been $30.3 billion in new CMBS issuance to date in 2013, according to Commercial Mortgage Alert. That puts the industry on pace to smash last year’s volume of $48.4 billion and will make 2013 the busiest year for CMBS issuance since 2007. Where do you think total CMBS issuance volume will end up in 2013?