SANTE FE SPRINGS, CALIF. — Colliers International and CB Richard Ellis have negotiated THARCO’s 261,910-square-foot industrial lease renewal across three buildings in Santa Fe Springs. The tenant plans to occupy the buildings for the duration of the 40-month lease, which expires in March 2013. Colliers’ Adam Deierling and CBRE’s Chris Ehrlich, Mark Latimer and Mark Baranick represented THARCO in the transaction.
Western
HUNTINGTON BEACH, CALIF. — Whole Foods Market will occupy the 32,000-square-foot former Circuit City space at the 800,000-square-foot Bella Terra retail center in Huntington Beach. Redesign plans are in the works for both the exterior and interior of the building, with completion scheduled for fall 2010.
WELLTON, ARIZ. — CDC Commercial has brokered the $1.96 million purchase of a Jack in the Box fast-food restaurant located at 28882 Commerce Way in Wellton. Represented by CDC Commercial’s Don Zech, Jimenez 1987 Family Trust purchased the approximately 2,654-square-foot, freestanding building from Delaware-based Jack in the Box Inc. in a 1031 exchange. Brent Hensley of Net Leased Real Property represented the seller.
SAN DIEGO — Apartment Consultants Inc. has brokered the $1.75 million acquisition of a 24-unit studio apartment building located at 1541 8th Ave. in downtown San Diego. ACI’s Terry Taylor represented Scott Smith in his purchase of the property from Ralph Garner, who was represented by Allan Frostrom of Mission George Realty.
There's no doubt that the Mile High City has been reeling lately from the country’s current economic downturn. At a time when other cities have experienced a significant decline, Denver has held on to a majority of its retail due in large part to business sectors, such as renewable energy and governmental agencies, choosing Denver for their headquarters and the unemployment rate remaining at around 7 percent, which is below the national average. While vacancy rates also remain below national averages, hovering around 10 to 12 percent, supply for retail space remains higher than demand. Although construction projects are happening downtown and in areas with high residential populations, developments have slowed greatly. Most projects currently under construction started either before the downturn with tenants already committed or were put on hold. One such project in the final stage of completion is the redevelopment of SouthGlenn Mall in Centennial. The entire mall—except for anchor stores Sears and Macy’s—was demolished in 2006 and completely rebuilt as a mixed-use center called The Streets at SouthGlenn. With nearly 1 million square feet of retail space, 140,000 square feet of office space and 200 luxury residences, the first phase of The Streets at SouthGlenn opened …
THOUSAND OAKS, CALIF. — A new 125-room Hampton Inn & Suites has opened at 510 N. Ventu Park Rd. in Thousand Oaks. The hotel’s opening completes the first phase of Thousand Oaks Marketplace, a development of NewMark Merrill Cos. Owned and operated by OTO Development LLC, the hotel offers free Wi-Fi and HD flat-panel TVs as well as a pool and an exercise room.
KAPOLEI, HAWAII — Colliers International’s Honolulu and downtown Los Angeles offices teamed up to negotiate the $19.2 million sale of 91-315 Hanua Street in Kapolei. The 189,000-square-foot property is the largest, single-tenant, cold/freezer food distribution facility in the Aloha State. Tower Plaza Associates LP, a private investor represented by Colliers’ Fred Cordova, Mark Bratton and Scott Mitchell, sold the property to KDI Investments Inc., which was unrepresented.
LOS ANGELES — G. A. Gertmenian & Sons’ new 150,000-square-foot design and build headquarters facility has been completed at 300 W. Ave. 33 in the Lincoln Heights area of Los Angeles. Whittier, Calif.-based Oltmans Construction Co. was the general contractor on the project, which revitalized a former industrial site that had been vacant and dormant. HPA was the architect.
With a population of 2.2 million, Portland is the 28th largest metropolitan area in the country, the fourth largest city on the West Coast and the largest city in Oregon. Sportswear and equipment businesses Nike, Adidas-America and Columbia Sportswear are all headquartered in Oregon. National publications often cite the Portland area for its coolness factor. In 2009, Men’s Journal named Portland the third “Best Beer Town in the U.S.,” the Wall Street Journal dubbed it the fourth best “Youth Magnet City” and it was third in the Forbes annual list of safest major cities. Unfortunately, it’s not all positive news for the area. Oregon has the fourth highest statewide unemployment rate in the country. During the past year, Oregon has lost 100,000 jobs, and the unemployment rate is now holding steady at 11.5 percent. However, for the real estate sector, the state had the foresight to have well thought out land-use planning laws, and this has benefited the region in these tough times. In the early 1970s, Governor Tom McCall commissioned a study on the future of the Willamette Valley, whose farms and forests were being threatened by a wave of new growth and poorly planned development. Knowing that Oregon’s …
TUCSON, ARIZ. — Ryan Cos. US Inc. will develop an approximately 150,000-square-foot corporate headquarters for UniSource Energy Corporation on a 2-acre site at Broadway Boulevard and Scott Avenue in downtown Tucson. The building is expected to be completed by fourth quarter 2011 and achieve LEED certification at the Gold or Platinum level.