RIVERSIDE, CALIF. — Riverwalk office building, a 40,361-square-foot office space in Riverside, has sold to California Riverside LLC for $7.1 million. The Class A building is located at 11801 Pierce Street. Notable tenants include US Bancorp Real Estate, Regus Workplaces and American College of Healthcare. Riverwalk was built in 2007. California Riverside was represented by Traci Thomas of Continental Property Group. The seller, Turner Real Estate Investments, was represented by CBRE’s Mike Kendall, Darla Longo and Barbara Emmons, along with Tom Pierik and Dave Mudge of Lee & Associates.
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WILMINGTON, MASS. — Waltham, Mass.-based Vantage Builders Inc. has completed a 23,000-square-foot office renovation project for Trane, on behalf of Griffith Properties LLC. Vantage has completed the $925,000 tenant fit-up for Trane at 181 Ballardvale St., which is part of Ballardvale Office Park. The project required the complete demolition of the existing space prior to the reconstruction of seven offices, three conference rooms, two training rooms, an employee lounge and a kitchen. The new offices feature new carpeting, lighting, paint, custom millwork, glass walls and new doors. Vantage also installed a new energy management system, including five rooftop units to help Trane reduce overall heating and cooling costs. The project team included Design-Science as architects and Engineered Systems as mechanical engineering services.
GLENDALE, CALIF. – The Osborn Office Building, an 8,762-square-foot office space in Glendale, has sold to 320 Harvard LLC for $4.1 million. The space is located at 320 East Harvard Street. The seller, the Osborn Family Trust, was represented by Shari Baner of NAI Capital’s Encino office.
RICHARDSON, TEXAS — Spear Street Capital has acquired the Galatyn Park Office Portfolio, an 800,000-square-foot, four-building office campus located in the Galatyn Park mixed-use development in Richardson. The development currently includes 600,000 square feet of available office space. Galatyn Park is an 80-acre, mixed-use development located in central Richardson. Construction on the Galatyn Park office portfolio began in 1997 and now includes a 336-room Renaissance Hotel, a performance arts center, nature preserve, 285-unit apartment complex and the 1 million-square-foot Blue Cross Blue Shield headquarters. Galatyn Park is served by a DART light rail station and is adjacent to the 186-acre CityLine mixed-use development.
OXNARD, CALIF. – PODS has leased 65,000 square feet in Oxnard. The lease is valued at nearly $2 million. The company will be relocating and expanding from nearby Ventura, where it was based for eight years. The new space is located at 301 S. Rose Ave. CBRE’s Paul Farry, Jim Meaney, Doug Shaw represented both PODS and the landlord, One Miracle Property, in this transaction.
NEW YORK CITY — Starwood Capital Group, on behalf of a controlled affiliate, has sold the leasehold interest in an office building to an affiliate of Ross Stores Inc. Located at 1372 Broadway, the 21-story building offers 572,000 square feet of office space. The building serves as the East Coast buying office for Dublin, Calif.-based Ross Stores. Terms of the sale for were not disclosed. Starwood Capital Group, through its Starwood Distressed Opportunity Fund IX, originally purchased the leasehold interest in the property in June 2012. Kasowitz, Benson, Torres & Friedman LLP advised Starwood Capital Group in the transaction.
HOUSTON — Big Brothers Big Sisters Lone Star has purchased a site near downtown Houston for its new headquarters. The site, totaling 23,505 square feet, is located at 1003 Washington Ave. An existing building on the site will be demolished to make way for the headquarters. Randy Hopper of The Weitzman Group negotiated the sale on behalf of Big Brothers Big Sisters Lone Star. Big Brothers Big Sisters is leaving their current headquarters in the Sharpstown area of Southwest Houston, which has already been sold.
CONCORD, N.H. — NorthMarq Capital has secured a $2.5 million loan for the refinancing of One Pillsbury Street in Concord. The property offers 27,253 square feet of office space. The commercial mortgage was structured with a seven-year term and features a 25-year amortization schedule. NorthMarq arranged the financing for the borrower through its relationship with a regional bank. Michael Chase of NorthMarq Capital’s Boston office handled the transaction.
DALLAS — Henry S. Miller Brokerage’s multifamily investment team has arranged the sale of High Point Centre, a 257,099-square-foot office building in Dallas. High Point Ricchi LLC purchased the building, which is located at 12225 Greenville Ave. Lew Wood, Andrew Doster and Darden Orand of Henry S. Miller represented the buyer. Eric Mackey and Gary Carr of CBRE represented the seller, Riversource REO 1 LLC.
While the industrial recovery in the Phoenix area has been slow, market indicators show signs of steady improvement. Average rental rates for the Phoenix metro industrial market have remained consistent, hovering around $0.52 per square foot for the past year. In the Southwest Valley, however, which constitutes almost one-third of the entire valley’s industrial space, average rental rates are much lower at $0.36 per square foot. Lease rates at Sky Harbor Airport are averaging about $0.59 per square foot, and $0.66 per square foot in the Southeast Valley. The highest average rental rates are predictably seen in the Northeast Valley, which reported an average of $0.85 per square foot. More than 2.9 million square feet was leased in the second quarter, representing 593 transactions. Leases remain steady compared to the first quarter of this year, but the rate will likely fall short of 2013 when 16.7 million square feet was leased. Vacancy rates continue to fall after the spike seen last year. The second quarter of 2014 reported a 12.6 percent vacancy, down from the high of 13.2 percent in the third quarter of 2013. While a positive indicator, vacancy rates in the industrial sector swing on such a pendulum …