SACRAMENTO, CALIF. — Hunt Mortgage Group has provided a $5 million loan to Promise Keeper LLC for the acquisition of the 72-unit Arden Villas apartment community in Sacramento. The community is located at 2043-2045 Wyda Way. Arden Villas is currently 96 percent occupied. Units were recently updated with new flooring, countertops, cabinetry and hardware. Select units also contain a washer and dryer, central HVAC and/or small yards and patio spaces. The loan was a Freddie Mac Small Balance Loan.
LOS ANGELES — Omninet Capital LLC has purchased the four-building Los Angeles Corporate Center in the Monterey Park submarket for an undisclosed sum. The office campus is located at 900, 1000, 1200 and 1255 Corporate Center Drive. The Class A campus contains a total of 394,524 square feet. It is 95 percent occupied with tenants like the State of California, Los Angeles County, State Compensation Insurance Fund, Synermed and AT&T. Sean Fulp, Kevin Shannon, Ken White and Brunson Howard of NGKF Capital Markets represented the seller, Equity Office Properties, in this transaction.
SAN DIEGO — A private investor has acquired Paseo Palomar, a 60,649-square-foot office building in the San Diego submarket of Vista, for $12.8 million. The low-rise building is located at 3220 Executive Ridge. Paseo Palomar is fully leased to tenants like Jaguar Mobile Inc., Chandler Signs and 101domain.com. The property is less than two miles from Bressi Ranch Village Center, one of the area’s major shopping centers. CBRE’s Gary Stache, Anthony DeLorenzo, Matt Pourcho and Doug Mack represented the seller, Rialto Capital/Birtcher Anderson Realty, in this transaction.
LOS ANGELES — Best Buy has signed a 10-year lease for 479,310 square feet of industrial space at the Brickyard South Bay in the Los Angeles submarket of Compton. The site is just south of downtown Los Angeles, east of Los Angeles International Airport and north of the nation’s two biggest ports. The project’s two Class A buildings are located at 1701 N. Central Ave. and 1430 N. McKinley Ave. UPS signed a 10-year lease for 521,816 square feet at the site this past September. The project is now fully leased. Brickyard South Bay is a 58-acre site that was formerly home to a brick manufacturing facility. A joint venture between Clarion Partners and Trammell Crow Company is converting the site into a state-of-the-art industrial facility. CBRE Group’s Bret Quinlan and John Schumacher serve as the leasing agents.
TUALATIN, ORE. — Cracker Barrel Old Country Store has opened a store in the Portland suburb of Tualatin, the first Cracker Barrel location in Oregon. William Morrison has been named general manager of the new location and has worked at Cracker Barrel for nearly 20 years. Established in 1969 in Lebanon, Tenn., Cracker Barrel Old Country Store Inc. and its affiliates operate 643 Cracker Barrel Old Country Store company-owned locations in 44 states and own the fast-casual restaurants Holler & Dash.
With nearly 3 million square feet of industrial space under construction, and climbing lease rates averaging $5.64 per square foot, it is safe to say the industrial market along Utah’s Wasatch Front is alive and well. The primary Salt Lake County market reports an overall industrial vacancy level of 5.08 percent. In the fast-growing Utah County submarket that’s just south of Salt Lake City, the vacancy rate is 3.44 percent. This is in line with the pre-recession levels experienced in the mid-2000s. The most noticeable difference in today’s environment is the scale of buildings being built on spec, as well as who is carrying out these projects. We continue to see construction starts and announcements on buildings larger than 300,000 square feet — many of which are speculative — by out-of-state development or investment groups. This includes companies like Clarion Partners, Exeter Property Group and Seefried Industrial Properties. This represents a new resurgence of interest by many of the “brand name,” major-market players who want to be part of the dynamic growth occurring in Utah. This is a growing trend nationally as well, which is interesting to see in the relatively smaller, 170-million-square-foot Wasatch Front market.Activity from the local players …
GOLETA, CALIF. — PSRS has arranged an $80 million loan for a 266-unit apartment complex in Goleta. The luxury complex is situated on a 13.7-acre lot. It features 18 buildings and amenities such a business center, clubhouse, fitness center, swimming pool, barbecue, fire‐pits and spa. The loan was used to pay off construction costs. PSRS’ Mike Thorp arranged the financing. The 10‐year, fee-simple loan will amortize in 30 years. One of PSRS’ correspondent life companies provided the capital for the loan.
OXNARD, CALIF. — E&E Trust has purchased a 3.8-acre parcel of land within the McInnes Ranch Business Park in Oxnard for an undisclosed sum. The land is located at 500 N. Elevar St. The parcel will soon house a 52,500-square-foot speculative warehouse distribution building. Mitch Conlee of Daum Commercial represented the buyer and seller, a local developer, in this transaction.
SUN CITY, ARIZ. — Montecito Medical Real Estate has purchased a 35,420-square-foot medical office building in Sun City for an undisclosed sum. The Class A building is situated within a 12-acre plaza originally that was built as a retail center in 1974. The space was renovated in 2012. The building is fully leased to specialty practices, including neurology, urology, dermatology, opthalmology, internal medicine, digestive health and an ambulatory surgery center for endoscopy.
SALT LAKE CITY — Capital Freight Management has leased an 88,000-square-foot industrial building in the Pioneer Business Center in Salt Lake City. The building is located at 1855 S. Fremont Drive and is situated on 5.6 acres. Capital Freight Management buys local hay and barley, which it ships to China and other Asian countries. Eli Priest of Newmark Grubb Acres represented the renter. The firm’s Jeff Heaton and Lucas Burbank represented the landlord, Colony Industrial, in this transaction.