Sunday, May 8, 2016

Continental Funding Group Secures $11.5 Million in Financing for Three Sacramento, CA Assets Totaling 136,197 SF

J.M. Grimaldi

LOS ANGELES, CA  – Commercial real estate investment banking firm Continental Funding Group has successfully secured $11.5 million in mini-perm debt refinancing for one retail and two office properties encompassing 136,197 square feet in Sacramento on behalf of its client, a regional investment firm that specializes in acquiring and repositioning underperforming assets. 

The financing was arranged by Continental Funding Group Executive Vice President J.M. Grimaldi.

            “Despite the wide availability of capital in today’s market, many lenders are exercising extreme caution when it comes to financing smaller deals, especially distressed assets in secondary markets,” explains Grimaldi.

“While value-add investments offer a tremendous opportunity to generate returns, securing a lender that is willing to place debt on these types of assets is difficult and requires a significant degree of creativity.”

            The assets were acquired in three all-cash transactions, and the sponsor was initially seeking bridge debt for the two office properties, according to Grimaldi.

For a complete copy of the company’s news release, please contact:

Katie Kea / Lexi Astfalk
Brower, Miller & Cole
(949) 955-7940

Olive Hill Group Acquires Two Class A Office Towers in Sought-After Silicon Beach, CA Office Market for $65.6 Million

Culver City, CA Office Campus

LOS ANGELES, CA– Olive Hill Group, LLC, a Los Angeles-based private investor, operator and developer of commercial real estate, has acquired two Class A office towers encompassing 206,538 square feet in Culver City for $65.6 million.

Situated on the east side of the 405 Freeway near Jefferson Boulevard, the campus-style property is located in close proximity to Playa Vista, a burgeoning technology market home to national tech giants such as Google, Microsoft and Facebook.

“Our investment strategy is to capitalize on the growth of the tech-centric area of Silicon Beach by transforming this institutional quality office campus into a creative office space, providing a value oriented alternative to offices in Playa Vista,” says Michael Cho, President of Olive Hill Group.

“This will allow us to attract emerging technology start-up companies and ancillary service providers by catering to their demand for creative office space near Playa Vista and the rest of Silicon Beach.”

For a complete copy of the company’s news release, please contact:

Katie Kea / Lexi Astfalk
Brower, Miller & Cole
(949) 955-7940

Dustex, LLC Signs 16,535-Square-Foot Lease Renewal and Expansion at Chastain Center in Kennesaw, GA

Matt Davis
ATLANTA, GA– Dustex, LLC has signed a lease renewal and expansion at Chastain Center office park, located at 60 Chastain Center in Kennesaw, Georgia. The company expanded its lease by 8,483 square feet, and now occupies 16,535 square feet in the park.

Matt Davis and Jeff Henson of Lincoln represented the landlord, TerraCap Management, LLC in the transaction, and Tim Palmer of ICON Commercial represented the tenant.

“We are very excited about Dustex’s expansion and continued commitment to Chastain Center,” Davis said. “It is in large part a tribute to the outstanding job TerraCap Management has done since acquiring the property earlier year, and to the relationships they have developed with the existing tenants.”

Real estate fund manager TerraCap purchased the six-building, 301,000-square-foot office park in Kennesaw, Georgia, in February.

 Located on Chastain Road, Chastain Center features easy ingress and egress to major roadways, all set in an attractive, 27-acre office park. Lincoln assisted TerraCap in the acquisition, and was retained to lease and manage the property.

For a complete copy of the company’s news release, please contact:

Laura Rispin • The Wilbert Group
1720 Peachtree St., Suite 350 • Atlanta, Ga. 30309
M: 404-630-0148
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On Par: Three New Office Leases, Golf Amenity Push Occupancy at Stonecreek Pointe in Phoenix, AZ

Stonecreek Pointe, Paradise Valley, Phoenix, AZ
John Bonnell
PHOENIX, AZ– Golf course-facing views and significant property renovations at Stonecreek Pointe have attracted three new tenants to the Paradise Valley office project.

 On behalf of building owner HighBrook Investment Management/Cypress Office Properties, the Phoenix office of JLL has completed almost 30,000 square feet in new leases to Premier Business Centers, Vertical Measures and People’s Mortgage. The leases bring the building (formerly Anasazi Plaza II) to 75 percent occupied.

JLL Managing Director John Bonnell, Senior Vice President Brett Abramson and Vice President Chris Latvaaho represented the landlord in all three transactions:

·  Premier Business Centers, a leading national operator of executive suites and office centers, leasing 15,000 square feet.
·  Vertical Measures, an award-winning, Phoenix-based SEO and content marketing firm, leasing 10,808 square feet.
·  Peoples Mortgage Company, a national real estate financing firm established in Arizona in 1998, leasing 3,679 square feet.

In the past 12 months, JLL has completed 27,882 square feet of additional leases at the project, for a total of 57,369 square feet in new commitments. This activity includes digital marketing and internet advertising company Zog Digital (19,511 square feet), law firm Begam & Marks (5,203 square feet) and Churchill Mortgage (3,168 square feet).

For a complete copy of the company’s news release, please contact:
 Stacey Hershauer
 +1 480 600 0195