Posted By: Brad Martin

Fri Nov 10, 9:14 PM ET

San Diego Training and Conference Center, a full-service classroom facility, has signed an eight-year lease for 5,300 square feet at DiamondView Tower under construction in downtown San Diego. It is the first lease signed after the preleasing phase. DiamondView Tower's office tenants to date include Cox Communications, Comerica Bank and CB Richard Ellis, and one retail tenant, It's A Grind Coffee House. Mike Gallagher, vice president of the Irving Hughes Group, represented San Diego Training and Conference in the lease negotiations.

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Innovative breaks ground in Bullhead City

San Diego-based Innovative Communities, a residential and lifestyle development company with projects throughout the western United States, broke ground on its newest community, Rio Brisas at The Canyons in Bullhead City, Ariz., directly across from Laughlin, Nev.

At the groundbreaking, Tom Dobron, president and CEO of Innovative, unveiled the three neighborhoods being offered at Rio Brisas: Portofino, Santalina and Tierra de Sel.

Portofino will feature patio-style, single-family homes with two or three bedrooms and two bathrooms in floor plans from 1,090 to 1,494 square feet. The Santalina courtyard single-family homes will feature two and three bedroom models ranging from 1,671 to 1,811 square feet. The largest homes are in the gated neighborhood of Tierra de Sel, where single-family courtyard homes feature three and four bedrooms with floor plans from 1,797 to 2,394 square feet.

Rio Brisas will feature a community center with a pool, courtyard and indoor recreation area, extensive pedestrian walkways throughout the neighborhoods, boat and RV storage, and community parks and tot lots.

Westcore sells Silicon Valley portfolio

San Diego-based Westcore Properties LLC announced it has completed the $352.5 million sale of a 1.6-million-square-foot real estate portfolio to Houston-based Hines Interests LP, a privately held development and property management company. The 44-building portfolio includes office, research and development, industrial and flex buildings in San Jose, Fremont, Foster City, Sunnyvale, Santa Clara, Redwood City and Campbell. Eastdil Secured represented Westcore in the transaction.

"The sale of this portfolio was a tactical move for Westcore Properties," said Donald Ankeny, president and CEO. "A strong area of our team's expertise lies in identifying properties where value can be added, then renovating, repositioning and aggressively leasing space.

"We accomplished these objectives with this portfolio and felt that the time was right to sell a sizeable amount of our Bay Area holdings. We plan to reinvest some of the capital into other properties in the Northern California region as well as key markets throughout the western states."

Westcore had purchased the properties in the portfolio two to three years prior and completed 550,000 square feet of leases. In addition, the firm conducted improvements to common areas and improved the vacant tenant spaces.

Westcore is expected to close escrow late this year on two Class A San Francisco office buildings for $126 million from Mack-Cali Realty Corp., a New Jersey-based real estate investment trust. The company also recently acquired a 178,000-square-foot research and development and manufacturing building in San Jose from Flextronics International Ltd., which signed a 10-year lease with Westcore. Once the company closes on the $126 million Mack-Cali transaction, Westcore will own and manage approximately 1.23 million square feet of Northern California properties.

Over the next 12 months, Don Ankeny projects that the company will continue its rapid growth by acquiring in excess of $750 million in assets through large portfolios from institutional sellers as well as single core-plus and value-add assets.

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