IRVINE, CALIF. — Lincoln Property Company has purchased Michelson Marketplace, a 32,560-square-foot shopping center within the Irvine Business Center. Though the final selling price was not disclosed, the publicly listed asking price was $13 million. The marketplace is located at 2222 and 2272 Michelson Drive. It is 90 percent occupied. Lincoln plans to renovate the 29-year-old shopping center. Lincoln Property represented itself in this transaction, while the private seller was represented by Michelle Schierberl, Donald Ellis, Jereme Snyder and Mark Joens of Colliers.
LAS VEGAS – A 1,040-unit self-storage facility in Las Vegas has sold to Strategic Storage Growth Trust (SSGT) for $6.1 million. The facility is located at 4349 South Jones Blvd. The site is 55 percent occupied. The 92,000-square-foot property is located about nine miles from SSGT’s recent acquisition on Russell Road. It will be re-branded under the SmartStop Self Storage trade name.
SAN DIEGO – A 33,715-square-foot office and industrial building in San Diego has sold to Ingold Family Investments for $5 million. The building is located at 7740 Kenamar Court within the Centerpointe Court in the Miramar submarket. It is situated near Interstates 805 and 15. The space is fully leased to California Comfort Systems, USA, a mechanical and plumbing contractor. Ingold was represented by Lee & Associates. The seller, Providence II Centerpointe, was represented by Dan Vittone and Alan Pekarcik of Avison Young’s Irvine office.
PHOENIX – A 20,040-square-foot industrial building in Phoenix has sold to Air Services International for $2.3 million. The building is located at 1025 E. Salter Drive within Turner Spectrum Ridge. The seller, Turner Real Estate Investments, was represented by Eric Bell and Mike Ciosek of Voit Real Estate Services’ Phoenix office.
We are seeing several trends emerge in the Los Angeles multifamily development sector as we move into the second half of 2014. These trends are influenced by several factors, including job growth, local economy and public infrastructure. The unemployment rate in Los Angeles County has continued to tick downward with true job growth across all sectors, which, in return, has had a direct influence on multifamily project starts. Job growth has been exponential in certain markets, including West Los Angeles, Downtown Los Angeles and Tri-Cities (Glendale, Burbank and Pasadena), creating natural household formations to accommodate the swell of rental demand. Job growth, along with the creation of a comprehensive public transportation system, will continue to drive multifamily development and construction in a way the City of Los Angeles has never seen before. The construction pipeline has swelled to 14,500 rental units, including 12,200 market-rate units. At the end of the first quarter, nearly 29,000 rentals were planned in the county, which is roughly 50 percent higher than the number of units on the drawing board one year ago. With the subway expansion, areas of town that were once deemed undesirable by developers and residents are now being sought after in …
LOS ANGELES – The 88-unit Azusa Apartments in Los Angeles has received $30.1 million in financing. The affordable housing community is located in the San Gabriel Valley. The debt financing included an FHA Section 221(d)(4) mortgage of $16.5 million provided by RED Mortgage Capital; $12.1 million of 9 percent Low Income Housing Tax Credit (LIHTC) equity; and $1.5 million invested by sponsor Community HousingWorks, utilizing resources from NeighborWorks America.
LOS ANGELES – A 39-unit apartment complex in Studio City has sold to Raintree Partners for $9.5 million. The community is located at 4250 Coldwater Canyon Ave. It was fully occupied at the time of sale. Jim Fisher and Mike Smith of Lee & Associates-LA North/Ventura represented both the buyer and unnamed seller.
PORT ARTHUR, TEXAS — Marcus & Millichap Capital Corp. (MMCC) has arranged a $5.1 million interest-only acquisition loan for a 226-unit apartment complex in Port Arthur. Michael Laurencelle and Jonathan Vollinger of MMCC’s Austin office arranged the financing. Mark Diebold of MMCC’s San Antonio office marketed the property on behalf of the seller, a limited liability company. Diebold also secured the buyer, another limited liability company. The property was built in two phases in 1968 and 1972 and underwent a $2 million renovation in 2013. The complex was 78 percent occupied at the time of sale.
HOUSTON — NAI Houston represented Profill Holdings LLC in the renewal of the company’s lease of 57,098 square feet at 7200 Gateway Drive in Houston. John Ferruzzo and Darren O’Conor of NAI Houston represented the tenant, Profill Holdings LLC. Jude Fillipone of Transwestern represented the landlord, Teachers Insurance and Annuity Association of America (TIAA-CREF).
TYLER, TEXAS — Monmouth Real Estate Investment Corp. has acquired a 163,378-square-foot industrial building located at 800 Lindale Industrial Parkway in Lindale, a suburb of Tyler, for $10.3 million. The property is net leased for 10 years to FedEx Ground Package System Inc. and sits on 18 acres near I-20 and the Union Pacific rail hub.