Daily market intelligence on mortgages, equity raising, investment sales, and CMBS.

Monday, 28 January 2002

West Regional Digest (1/29/02): Irvine, Calif., Office Building Fetches $70Mln

Written by 
Rate this item
(0 votes)
January 29, 2002

Irvine, Calif., office building fetches $70Mln
Los Angeles Times

IRVINE, Calif. – An institutional real estate fund, managed by Prudential Real Estate Investors, has purchased Opus Center Irvine I for an estimated $70 million. The 268,000-square-foot building at 2020 Main St. opened in late 1999 and is home to such corporate and professional tenants as Sun Microsystems, New York Life, PricewaterhouseCoopers, Harvey & Co. and Miller Brewing. The real estate investment advisory arm of Prudential Financial bought the property from developer Opus West Corp. and its minority partner, an affiliate of SPI Holdings.

Oxnard Financial Plaza purchased for $100/sf
Los Angeles Times

LOS ANGELES – An affiliate of Duesenberg Investment Co. has agreed to buy the 13-building Oxnard Financial Plaza that features the 21-story Morgan Stanley Tower and the 14-story City National Bank Tower. The transaction is expected to close in mid-February. The Duesenberg group is buying the 580,000-sf development along the Ventura Freeway for about $58 million – about $100/sf. The price is said to be barely half of what it would cost to develop the property today. The late Martin "Bud" Smith, one of Ventura County's most prolific builders, developed the 27-acre complex during the 1970s and 1980s.

UC signs $16Mln lease at Airport Spectrum complex in LA
Los Angeles Times

LOS ANGELES – The University of California's medical billing group will consolidate its local operations into 81,000 sf at the renovated Airport Spectrum complex. The group's 10-year lease with an affiliate of Decron Corp. is valued at nearly $16 million. Decron purchased the 488,000-sf property at 5757 Century Blvd. for about $20 million about one and a half years ago and planned to invest $10 million or more in needed upgrades. Robert Gray and Dean Heck of Beitler Commercial Realty Services negotiated on UC's behalf.

Opus to develop Colo. offices for Siemens
Denver Rocky Mountain News

JEFFERSON COUNTY, Colo. – Opus Northwest will develop an office building for Siemens Building Technologies Inc., which is part of an $84 billion, Berlin-based global conglomerate. The building in the Ken Caryl Business Center in southwest Jefferson County likely will be the first phase of a two-building office campus for the company. In the first phase, Siemens will lease 33,386 sf in the $7.8 million, single-story, 62,000-sf building near C-470 and West Ken Caryl Avenue in southwestern Jefferson County. Cushman & Wakefield brokers Mitch Zatz and Paul Kahn will be leasing the rest of the building.

$10.3Mln acquisition loan provided for Long Beach, Calif., office building

LONG BEACH, Calif. – An undisclosed lender has provided $10.3 million in acquisition financing for the seven-story, 115,407-sf Park Tower office building. The fixed-rate mortgage has a 10-year term. Johnson Capital Group arranged the financing.

Robertson Properties begins construction on Ventura, Calif., retail complex

VENTURA, Calif. – Robertson Properties Group has begun construction of the 276,000-sf Ventura Gateway, an open-air retail center here. Kohl's department has already signed up to lease space in the center. Ventura Gateway's tenant roster also includes Barnes & Noble, Pier 1, Linens and Things, Macaroni Grill and Applebee's as well as 30,000 sf of smaller shop space ranging in size from 1,200 to 8,000 sf. The center is set on 26 acres adjacent to 101 Freeway.

Commercial Real Estate Direct provides links to full stories where available.


“The Weekly”

“The Weekly” is Commercial Real Estate Direct’s PDF newsletter, sent to subscribers every Friday morning. With over 100 news stories published on Commercial Real Estate Direct each week, “The Weekly” features the top stories in commercial real estate that industry participants need to know first. “The Weekly” also contains:

  • Breaking mortgage, CMBS, and REIT news

  • Quarterly league tables with rankings of B-piece buyers, book runners, and lenders

  • Industry moves and changes in “The Insider“

Additional Info

  • Syndicate to Realpoint: No
  • Subject: West Regional Digest (WDIG)
Read 553 times

Data Digest







Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44




cppichart FP



CMBS 2.0 Spreads


Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41





  • Challenging Retail Environment Weights on REITs
    Mixed economic news is weighing on retail markets, pushing REIT performance down in 2015. This week, the National Retail Federation announced that back-to-school spending is expected to be down 9.3% in 2015. This news came on the heels of a report from the Commerce Department stating that retail sales declined 0.3%...
  • US REITs Feeling Effects from Turmoil in Greece and China
    International economic forces have taken center stage this week, affecting both US stock markets and REITs. The crash in the Chinese stock market and ongoing concerns about the future of Greece in the eurozone drove markets down during the first half of the week. REITs fared better than the overall market...

  • What Does Increased Construction Mean for Apartment REITs?
    REITs so far this year have raised $17.1 billion of capital through the sale of unsecured notes, bringing the total raised over the past two and a half years to just more than $75 billion. That’s more than they raised during the previous five years. The massive volume shouldn’t be a surprise as it comes while the yield from 10-year Treasury bonds, the benchmark...
shouldn’t be a surprise as it comes while the yield from 10-year Treasury bonds, the benchmark against which most REIT’s price their bonds