Property Type

Pacific Center Office Building in Torrance Sells for $68.5M

by Nellie Day May 6, 2015

TORRANCE, CALIF. — Stream Realty Acquisition has purchased Pacific Center, a 291,711-square-foot office building in Torrance, for $68.5 million. The eight-story building is located at 21250 Hawthorne Blvd. Pacific Center is currently 80 percent leased. Notable tenants include All Nippon Airways, Living Social, Morgan Stanley, Bank of America and Wells Fargo Insurance. The seller, Bixby Land Company, purchased the asset in July 2012 for $52 million. At that time, the building – formerly known as South Bay Tower – was only 63 percent occupied. The building underwent significant renovations and a rebranding. Stream Realty represented itself in this transaction, while Bixby was represented by CBRE’s Kevin Shannon.

May 6, 2015

Arizona Industrial Western

First Industrial, Merit Partners Buy Land Near Phoenix for New Distribution Center

by Nellie Day May 6, 2015

PHOENIX — First Industrial Realty Trust and Merit Partners have joined forces to purchase 21.1 acres of land in Tolleson for a 386,100-square-foot distribution building. The project will be located at the northeast corner of 94th Avenue and Buckeye, just west of Phoenix. The cross-dock distribution building is slated for completion this December. It will be fully owned by First Industrial, which expects to invest about $21.1 million into the Class A facility. Mattress Firm is the first tenant to sign on at the project. Its new 170,000-square-foot lease will allow the mattress store chain to expand from its neighboring location. The building will be constructed by Sun State Builders. The land sale transaction was executed by Payson and Don MacWilliam and Jimmy Leaf of Colliers International.

May 6, 2015

California Retail Western

Juanita Tate Marketplace in Los Angeles Receives $22M Refinance

by Nellie Day May 6, 2015

LOS ANGELES — Juanita Tate Marketplace, a 77,000-square-foot shopping center in Los Angeles, has received a $22 million refinance. The center is located at the intersection of East Slauson and South Central avenues in the city’s South Central neighborhood. Juanita Tate is anchored by CVS and Northgate González Markets. It was recently purchased by the borrowers, Optimus Properties and Infinity Redevelopment, who plan to make minor upgrades and modifications to the newly built property. The 10-year, fixed-rate loan features a 4.1 percent interest rate with two years of interest-only and a 30-year amortization schedule. It was arranged by Shahin Yazdi of George Smith Partners. The center was originally developed in partnership with the City of Los Angeles and the non-profit organization Concerned Citizens of South Los Angeles (CCSCLA) to bring retail options and jobs to the region. The property’s construction loan was a city-funded Section 108 loan. This kind of loan is provided by cities for projects that will help revitalize neighborhoods through new low-income housing or job creation. The deal was made a little easier by the fact that the center’s purchase price “far exceeded” its valuation, according to Yazdi. He notes the property value was estimated in the …

May 6, 2015

California Multifamily Western

Glen Garden Apartments in Los Angeles Sells for $5M

by Nellie Day May 6, 2015

LOS ANGELES – The 32-unit Glen Garden Apartments in Los Angeles has sold to a private investor for $5 million. The community is located at 15225 Victory Blvd. It was built in 1964. The buyer, who also owns the neighboring property, plans to remodel the asset. The unnamed seller was represented by Warren Berzack of Berzack Investment Property Advisors.

May 6, 2015

Market Reports New York Northeast Northeast Market Reports Retail

Brooklyn Retail Grew 80 Percent in Just Two Years

by Jaime Lackey May 6, 2015

It’s no longer a secret that Brooklyn is booming, particularly the borough’s retail scene. Retail rents have climbed continuously over the last five years. Retail density has increased almost exponentially. A recent study by CPEX of Brooklyn’s notable retail corridors (meaning areas with rents averaging more than $35 per square foot) found the number of these corridors has increased 80 percent in just two years. But what’s driving Brooklyn’s record pace of retail growth? Several market factors have created a perfect storm for Brooklyn’s retail resurgence. Development in the borough has peaked over the past two years, with permits for new residential developments up 116 percent in that timespan. Nearly 20,000 new units are in the pipeline, almost twice the number of permits in Manhattan and 149 percent more than the other outer boroughs combined. The office vacancy rate has dropped to 4.2 percent in Brooklyn, the lowest in the United States. Tourism continues to spike thanks to the borough’s noteworthy parks, the year-round arts and cultural events in the Brooklyn Academy of Music (BAM) Cultural District, and the Barclays Center’s sporting and concert events. In the meantime, hotel developments are trying to keep pace with the influx of tourists …

May 6, 2015

California Industrial Western

Globe Con Freight System Leases Industrial Facility in Los Angeles

by Nellie Day May 5, 2015

LOS ANGELES – Globe Con Freight System has leased 169,957 square feet of distribution space in the Los Angeles submarket of Rancho Dominquez. The two-building center is located at 18301 and 18420 Broadwick Street. The five-year lease is valued at $5.8 million. The firm provides transportation services, including harbor drayage, transloading services, retail distribution, fulfillment and nationwide trucking. The center is owned by Carson Companies, which was represented in-house by Todd Burnight. Globe Con was represented by Don Smith of Lee & Associates Los Angeles – Long Beach.

May 5, 2015

California Retail Western

Northsight Village Shopping Center in Scottsdale Sells for $11.5M

by Nellie Day May 5, 2015

SCOTTSDALE, ARIZ. – Northsight Village Shopping Center, an 88,031-square-foot retail center in Scottsdale, has sold to Arizona Partners for $11.5 million. The center is located just north of Raintree Drive. It is anchored by Savers. The seller was GDA Real Estate Services. The transaction was executed by Ari Spiro and Sean Stutzman of ORION Investment Real Estate.

May 5, 2015

California Retail Western

Sycamore Terrace Shopping Center in Vista Changes Hands

by Nellie Day May 5, 2015

VISTA, CALIF. – Sycamore Terrace, a 10,543-square-foot shopping center in Vista, has sold to Sycamore Terrace Vista CA LLC for an undisclosed sum. The center is located at 316 and 320 Sycamore Ave. It is anchored by Panda Express. Other notable tenants include My Kid’s Dentist, the U.S. Army and Fred Loya Insurance. CBRE’s Reg Kobzi and Matt Shope represented both the buyer and seller, WS Sycamore Terrace LLC, in this transaction.

May 5, 2015

California Retail Western

Naree Thai Leases Retail Space in Long Beach

by Nellie Day May 5, 2015

LONG BEACH, CALIF. – Naree Thai has signed a 10-year lease for 2,343 square feet of retail space in Long Beach. The space is located at 555 E. Ocean Blvd. Naree Thai also owns the nearby Thiptara Thai Restaurant. The company was represented by Sean Lieppman of Lee & Associates in Long Beach. The landlord, 555 Ocean LP, was represented by Shaun McCullough and Jeff Coburn of the same firm.

May 5, 2015

Retail Texas

HopFusion Ale Works Brewery to Renovate Former Industrial Space in Fort Worth

by Haisten Willis May 5, 2015

FORT WORTH, TEXAS — HopFusion Ale Works, a new Fort Worth brewery, has leased 8,500 square feet of industrial space in the building located at 200 E. Broadway St., known as the Texaco Building, in Fort Worth’s Southside. Located one block east of South Main between Vickery Boulevard and Pennsylvania Avenue, the building was constructed in 1950. LHS 200 Broadway LLC owns the property. HopFusion Ale Works will be leasing the larger of the two spaces available in the building, and construction will soon start on the brewery, which is set to open later this year. Co-owners Macy Moore and Matt Hill plan to use the space not only as a production brewery, but also as an art gallery featuring local artists. Four beers will be featured when the brewery opens, with additional beers to follow soon after the opening.

May 5, 2015

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