Voit Real Estate Services Directs New 105,000-SF Industrial Lease in Riverside, CA

RIVERSIDE, CA (March 29, 2012) – Voit Real Estate Services’ Inland Empire office has directed a new five-year, 105,000 square-foot industrial lease in the Meridian Business Park (top left photo), on behalf of the lessor.

Voit was successful in securing a tenant within six months for this industrial property located at 14751 Meridian Parkway in Riverside, California, according to Patrick Wood (middle right photo), Senior Associate in Voit’s Inland Empire office.  

Wood worked with Walt Chenoweth, Frank Geraci, and Juan Gutierrez (lower left photo) of Voit’s Inland Empire office to represent the lessor, GE Capital Real Estate, a premier commercial real estate company with U.S. $60 billion in assets globally.

“The Voit team drew upon our knowledge of the region to successfully market the strategic location of this vacant space, and ultimately secured a tenant within six months,” said Wood.  “This was definitely a joint effort. GE Capital’s ability to spec tenant improvements in the building coupled with their understanding of current market dynamics helped make this a successful transaction.” 

 The lessee, Russell Sigler, Inc., is the sole distributor of Carrier products in the Western U.S. and is headquartered in Tolleson, Ariz. The company plans to use this location for its operations in Riverside. Russell Sigler, Inc. was represented by Herrick Johnson and Rocky Moran of Lee & Associates, Riverside in the transaction.

The property is one of three buildings the lessor owns in the Meridian Business Park, totaling 315,000 square feet. 

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  Contact:

Jenn Quader/ Judith Brower

 Brower, Miller & Cole

(949) 955-7940

JQuader@browermillercole.com

HFF named to market for sale Riverside Plaza in Riverside, CA

LOS ANGELES, CA – HFF announced that it has been named to market for sale Riverside Plaza (top left photo), a 475,211-square-foot dual-grocery/drug and entertainment-anchored center in Riverside, California.

HFF is marketing the property on behalf of the seller, The Westminster Funds.  The property is a core-plus opportunity and is listed for sale without an asking price and will be sold free and clear of debt.

Riverside Plaza is situated on nearly 33 acres at 3545 Central Avenue adjacent to State Highway 91 in Riverside. 

The property is a landmark in the region and was renovated in 2004 and is approximately 93 percent leased to tenants including Von’s (not included in the collateral), Trader Joes, CVS Pharmacy, Regal Cinemas, Stadium 16, Forever 21, El Torito California Pizza Kitchen, Panera Bread and many more national tenants.

The shopping center offers investors a large upside opportunity in below market leases and future development opportunity, which compliments the already existing strong center.  

The HFF investment sales team representing the seller is led by managing director Bryan Ley,  senior managing director Ryan Gallagher (middle right photo) and director John Crump (lower left photo).

The Westminster Funds are diversified real estate investment partnerships for private investors and their foundations.

Contacts:

BRYAN LEY                                       RYAN GALLAGHER                      

CA Lic. #01458927                           Ca Lic. #01269918                       

 HFF Managing Director                   HFF Senior Managing Director       

 (310) 407-2100                                 (949) 253-8800                                   

bley@hfflp.com                                  rgallagher@hfflp.com 

KRISTEN MURPHY

HFF Associate Director, Marketing

(713) 852-3500

krmurphy@hfflp.com

HFF secures $7.5 million refinancing for multi-housing complex near UC Riverside campus in California

  

 IRVINE, CA –HFF announced today that it has secured a $7.5 million refinancing for University Hills (top left photo), a 116-unit multi-housing complex near the University of California at Riverside in Riverside, California.

Working on behalf of the borrower, Riverside University Hills Apartments, LLC, HFF placed the 10-year, 4.38 percent, fixed-rate financing including two years of interest-only with Freddie Mac (Federal Home Loan Mortgage Corporation). 

HFF will service the securitized loan through its Freddie Mac Program Plus® Seller/Servicer program.  Loan proceeds replaced the existing floating rate debt on the property and included a cash-out component.

University Hills has four residential buildings situated on a 2.5-acre site at 140, 160, 180 and 200 West Big Springs Road in Riverside.  The property is across the street from Goodwin’s, an organic grocery store, and close to the 60 and 91 Freeways. 

Community amenities include a pool, recreation room and laundry rooms.  Overall the property is 91.3 percent leased with 23 percent occupied by students.

The HFF team representing the University Hills Apartments, LLC was led by director Mark Erland and associate director Charles Halladay (middle right photo).

“The borrower was able to take advantage of an extremely low rate environment and lock in long-term fixed-rate financing,” said Halladay.

Contacts:  

Mark J. Erland, HFF Director, (949) 253-8800, merland@hfflp.com                                                                                         

Charles W. Halladay, HFF Associate Director, (949) 253-8800,  challaday@hfflp.com                                                                                              

Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500,

krmurphy@hfflp.com