CAMARILLO, CALIF. — Marcus Adams Properties has acquired an eight-property industrial portfolio in Camarillo for $23.4 million. The portfolio contains a total of 205,669 square feet within the Flynn Road Industrial Park. The transaction includes six multi-tenant and two single-tenant industrial buildings. The portfolio is 96 percent leased to 28 tenants. The properties were all built between 1986 and 1999 by a local developer. The same family had owned and managed the properties since completion. Sam Wagner of Told Partners represented the family, and Mitch Conlee of Daum Commercial represented Marcus Adams Properties.
LA MIRADA, CALIF. — All-Ways Pacific LLC has leased a Class A, 254,718-square-foot industrial building located at 15300 Desman Road in the Los Angeles submarket of La Mirada. The warehouse and distribution building has direct access to Interstate 5 and the 91 Freeway. It is 30 minutes from the ports of Los Angeles and Long Beach. Daum Commercial represented the third-party logistics firm in the lease transaction. JLL’s Luke McDaniel and Cameron Driscoll represented the landlord, TA Associates Realty.
INGLEWOOD, CALIF. — Inglewood Plaza, a 101,329-square-foot community shopping center in the Los Angeles submarket of Inglewood, has sold to two buyers for a total of $27.4 million. The four-building center is located at 3100 – 3180 W. Imperial Highway. Three of the plaza’s four buildings sold to CCPT IV for $25.1 million. These buildings contain a total of 96,874 square feet. The remaining 4,455-square-foot building sold to G3H Investments LLC for $2.3 million. The seller, Howard Building LLC, was represented by Darrell Levonian, Justin D. Mendelson and Fred A. Sheriff of Charles Dunn Company. The team also worked directly with the two buyers. The center was built in 2008. It is situated near the Hollywood Park redevelopment project. That site will eventually include a hotel, renovated casino, offices, residences and two lakes.
SAN DIEGO – A 12-unit apartment building in the San Diego submarket of La Mesa has sold to Ginsburg Family Trust for $1.9 million. The community is located at 4345 Lowell Street. The trust was represented by Aaron Bove of Marcus & Millichap’s San Diego office. The seller was Wahl Property Group LLC & Wahl Parker LLC.
ONTARIO, CALIF. — A new retail duo has joined CBRE’s Ontario office. Ryan Gast and Dan Samulski will focus on projects of more than 100,000 square feet throughout the Inland Empire. The team has represented a variety of landlords in shopping centers throughout Southern California.
SAN JOSE, CALIF. — Lowe Enterprises Investors (LEI) has acquired the 100-room Hotel De Anza in San Jose for an undisclosed sum. The hotel is located at 233 W. Santa Clara Street in the city’s downtown area. The hotel originally opened in 1931. It is listed on the National Register of Historic Places. Hotel De Anza was designed by famed architect H.H. Weeks. Notable guests have included Eleanor Roosevelt, The DuPonts, Henry Kaiser, Jack Dempsey, Susan Hayward, Paulette Goddard and Fred MacMurray. The AAA-Four Diamond hotel was last renovated in 1990. LEI plans to further renovate the property next year. De Anza LLC has owned and operated the property for the past 24 years. The current iteration features La Pastaia Italian restaurant, Caffe La Pastaia grab-and-go concept, and the Hedley Club, which offers live jazz music and 5,800 square feet of meeting/function space. LEI acquired the hotel on behalf of an investment client. Destination Hotels, an LEI affiliate, will continue to operate the property as an independent, boutique hotel. De Anza LLC was represented by CBRE Hotels.
SAN JOSE, CALIF. — Shorenstein Properties LLC has acquired Champion Station, a 426,000-square-foot office and R&D campus in North San Jose, for an undisclosed sum. The low-rise campus is located at 110-180 West Tasman Drive. The acquisition includes the first phase of the station, which contains four buildings that are fully leased to Cisco on a short-term basis. The property is located less than two miles from Levi’s Stadium, the new home of the San Francisco 49ers. The seller was TMG Partners. Champion Station is the first investment completed by Shorenstein Realty Investors Eleven, a closed-end investment fund formed earlier this year with $1.22 billion in committed capital from Shorenstein and its investors.
It should come as no surprise at this point that Orange County is on course with a robust economic recovery. Furthermore, there are favorable indicators for a steady increase in value over the next few years. Even though industrial product is limited in the county, development is picking up now that vacancy rates have been on a downward slope and rental rates continue their course on a gradual upturn. While all sectors in Orange County are seeing movement in a desirable direction, quality industrial space is becoming even more of a premium. The larger industrial spaces are drying up in Orange County. Most of the industrial spaces available today are smaller than 20,000 square feet. Meanwhile, many older buildings are being converted or remodeled to invite a variety of other property uses like residential, creative office and self-storage. The average asking price for investment-grade industrial properties of more than 20,000 square feet in Orange County is at $147 per square foot, as of the halfway point through the second quarter of 2014. This number has been on the rise year-over-year since the drop at the end of 2010 when the average asking price dipped to $120 per square foot. The …
Southern California has one of today’s strongest retail markets in the nation. Orange County has fared particularly well recently, showing resilience to the tough economic period of the past six to seven years. According to CBRE research, the average per capita income in Orange County is 20 percent above the national average, while its unemployment rate stands at 5.8 percent. This is well below the State of California’s rate at 8 percent, and below the nation’s rate of 6.7 percent. The overall retail vacancy rate of 4.9 percent has reduced 50 basis points since the first quarter of 2013 and has shown three consecutive quarters of positive net absorption. While the overall retail numbers in Orange County are improving, certain fundamental changes in the personality of the market are evolving after the recession: E-commerce: Bricks-and-mortar stores in Orange County are responding to unprecedented levels of online sales. According to CBRE research, national online sales are up 185 percent over the past 10 years. They’re projected to grow between 10 percent and 14 percent annually through 2017. Many of the region’s retailers are actively enhancing their customer’s in-store shopping experience to create an environment that e-commerce is unable to offer. Customer …
The Los Angeles/Southern California industrial real estate market ended the first quarter of 2014 with the lowest vacancy since early 2008, at an average rate of 3.8 percent. This latest positive trend in activity signifies a full recovery by the end of the year. Asking rents have climbed dramatically over the past 36 months. The Los Angeles industrial market rents have increased by as much as 20 percent to $.55 triple net, from a low mark of $.44 triple net in the first quarter of 2011. They are predicted to grow another 5 percent by year end. This rental increase is due to the robust economic recovery in Southern California, in addition to major tenants’ pent-up demand and a lack of supply for Class A distribution space. To enhance this recovery, the region’s unemployment has dropped to a low of 7.5 percent, or 50 basis points lower than the first quarter of 2013. Los Angeles/Southern California has the largest industrial base in the nation, with more than 1.6 billion square feet of product in all classes. Coupled with the lowest vacancy rate nationally at 3.8 percent – not to mention 18 consecutive quarters of positive net absorption – and this …