OCEANSIDE, CALIF. — Kellermeyer Bergensons Services LLC, an Oceanside-based provider of retail and grocery technology, has purchased Image by J&K LLC, a provider of facilities maintenance services. Image was founded in 2006 and operates in 34 states. GI Partners, a private equity investment firm, is the majority owner of Kellermeyer Bergensons Services.
With record-low cap rates dipping as far as 2.9 percent, the nation’s top multifamily markets have become expensive. In response, investors have turned to secondary markets like Phoenix, where upside potential is still strong, pricing is manageable and cap rates are hovering in the high 4 percent to mid-5 percent range. Although multifamily sales have maintained their accelerated pace nationwide, that pace is being driven by secondary markets — particularly in the West. Metro Phoenix captured more than $5.2 billion of this activity, up significantly from its previous peak of $4.6 billion in total multifamily sales in 2006. As of year-end 2016, the average multifamily price per unit in Phoenix was $110,000, compared to a national average of $145,000 for properties valued at more than $2.5 million. In the eyes of investors, Phoenix offers a stable inventory of existing Class A and B product, and a wave of new Class A units that have taken luxury in the market to a new level. This high-end product provides a key benefit for investors: it attracts residents who are willing and able to pay premium rents for a better lifestyle. The Valley is in a good position to support luxury product, with …
SAN DIEGO — The Kashani Family has purchased The Scripps Collection, a 47,302-square-foot office property in the San Diego submarket of Scripps Ranch, for $10 million. The property is located at 9775 Businesspark Ave. and 10021 Willow Creek Road. It was built in the mid- to late 1980s. The Scripps Collection is fully leased. Peter Curry and Duncan Dodd of Cushman & Wakefield represented both the buyer and seller, HighBrook, in this transaction.
SAN DIEGO — Retail Opportunity Investments Corp. has acquired Torrey Hills Corporate Center, a 23,595-square-foot office property in the San Diego submarket of Del Mar Heights, for $9.8 million. The property is located at 11250 El Camino Real. It was about two-thirds vacant at the time of sale. Peter Curry and Duncan Dodd of Cushman & Wakefield represented both the buyer and seller, HighBrook Investors, in this transaction.
EL SOBRANTE, CALIF. — El Sobrante Partners LLC has acquired a 30-unit apartment building near Berkeley for $6.5 million. The community is located at 4350 San Pablo Dam Road in the Contra Costa submarket of El Sobrante. Matt Ziegler, Jeff Louks and David Wolfe of Marcus & Millichap represented both the buyer and seller, another LLC, in this transaction.
PORTLAND, ORE. — Moovel has relocated its North American headquarters from downtown Portland to the Historic Overland Building in Old Town. The mobility solutions provider has leased 17,176 square feet within the building, located at 213 N.W. 4th Ave. The property was originally built as a warehouse in 1889. CBRE’s Ajay Malhotra and Kristin Hammond represented Moovel. The landlord is Urban Development Partners.
DUBLIN, CALIF. — Ross Stores recently opened 23 Ross Dress for Less and five dd’s DISCOUNTS stores across 15 different states in February and March. These new locations are part of the company’s plans to add approximately 70 Ross and 20 dd’s DISCOUNTS locations during 2017. With these recent openings, Ross Stores Inc. now operates 1,561 Ross Dress for Less and dd’s DISCOUNTS stores across 37 states, the District of Columbia and Guam. Looking ahead, Ross hopes to grow to 2,000 locations with dd’s DISCOUNTS becoming a chain of 500 stores.
LOS ANGELES — Red Mountain Group Inc. has acquired La Cienega Triangle, an 8.6-acre property located at the three-pronged intersection of La Cienega Boulevard, Centinela Avenue and La Tierja Boulevard in Los Angeles. The price was not disclosed. The local trade area is home to more than 826,000 residents in a five-mile radius, employs 321,000 and sees over 135,000 cars a day. A 117,838-square-foot urban redevelopment project calls for an immediate adaptive reuse of the existing 43,138 square feet of streetfront retail along La Tierja Boulevard. The redevelopment will be followed by an additional 42,700 square feet of ground-up improvements on the balance of the site. The development will include a grocery store, entertainment, soft goods carriers, sit-down food service facilities and four drive-thru operators. A 30,000-square-foot office building is also located on the site. Bill Bauman of Savills Studley and Luke Palmo of Coldwell Banker Commercial brokered the transaction.
PASADENA, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the sale of a fee-simple ground lease underlying The Shops on Lake Avenue retail complex on South Lake Avenue in Pasadena. Macy’s anchors the property, but was not included in the sale. The price was not disclosed. Hanley Investment Group’s Carlos Lopez and Lee Csenar represented the seller, Macy’s Inc. The buyer, a private investor in San Diego, was self-represented. Other tenants at The Shops on Lake Avenue include T.J.Maxx, Trader Joe’s, Jos. A Bank, Orvis, Sola Salon, Paul Martin’s, Breakthru Fitness, Corner Bakery, Gymboree, AT&T, Nekter Juice Bar, Pieology Pizzeria, Tokyo Shabu Shabu, Coffee Bean & Tea Leaf, Yogurtland and Massage Envy. The property consists of two parcels totaling 5.3 acres with a total of 131,153 square feet at 345 and 401 S. Lake Ave. Over 61 years remain on the lease term, including two 10-year renewal options and rent increases every five years. All improvements on the property revert to the landowner upon expiration of the ground lease.
LOS ANGELES — Burbank Property Management LLC has acquired a 12-unit apartment building in the Los Angeles submarket of Sherman Oaks for $3.9 million. The community is located at 15059 Burbank Blvd. Janette Monfared of Marcus & Millichap represented the seller, an LLC, in this transaction.