MANTECA, CALIF. – Mission Ridge, a 96,393-square-foot shopping center in Manteca, has sold to Argonaut Investments for an undisclosed sum. The center is located off Highway 120. It is anchored by Safeway and shadow-anchored by Burlington Coat Factory and Walmart. John DuBois, Mark Denholm and Jon Gianulias of Core Commercial represented both the buyer and seller in this transaction.
SEATTLE – Community Health Plan of Washington has leased 91,816 square feet of office space in Downtown Seattle. The space is located at 1111 Third Ave. The local not-for-profit health plan will be relocating from its current space in late 2016. The company was represented by Larry Almeleh and Pat Pendergast of Washington Partners. The landlord, Ivanhoe Cambridge and Callahan Capital Properties, was represented by Lisa Stewart and Jim Allison of Urbis Partners.
FREMONT, CALIF. – Rooflifters USA has just completed a 30,000-square-foot roof raising on a building near San Jose. The building, newly owned and occupied by ProExhibits, will be the location of its new main office and manufacturing operation. Originally constructed with a 16-square-foot clear height, the roof was raised fully intact to a 27-square-foot clear. The renovation process added more than 300,000 usable cubic feet to the structure. Toeniskoetter Construction served as the general contractor.
Improvement in apartment fundamentals has remained strong and is expected to continue over the next two quarters. The unemployment rate in Los Angeles County was 7.6 percent in March 2015, which represents a 100 basis point decrease from the same period last year. Supported by steady job growth, more than 108,000 new jobs are forecast for Los Angeles County in 2015, representing a 2.6 percent improvement over last year’s performance. A significant amount of units are currently under development and more are expected to come on line later this year. Issuance for about 7,446 multifamily units is forecast for 2015, and issuance is expected to rise to more than 17,000 units in 2016 and 2017 with the anticipated absorption of about 11,800 units over that same period. That said, developers are likely to relax their efforts to obtain new permits into the latter half of 2015 based on an expected modest uptick in vacancy. Currently standing at 3.2 percent, the overall vacancy rate will likely increase to 3.5 percent by year-end. The average year-over-year rent increased about 2.5 percent depending on the individual submarket. The greatest level of appreciation was represented in the South Glendale/Highland Park submarket where asking rents …
SEATTLE — Retail Properties of America (RPA) has acquired Woodinville Plaza, a 171,000-square-foot shopping center near Redmond, for $35.3 million. The center is located at 14001 – 14235 NE Woodinville Duvall Road in Woodinville, on the eastside of the Puget Sound region. Woodinville Plaza was 91 percent occupied at the time of closing. It is anchored by County Market, a SuperValu concept. Other notable tenants include T.J. Maxx and Rite Aid.
RIDGECREST, CALIF. – Ridgecrest Town Center, a 204,709-square-foot community center northeast of Bakersfield, has sold to El Rey Properties for $5.8 million. The center is located at the corner of North China Lake Boulevard and Drummond Avenue. It is fully leased to Jo-Ann Fabrics & Crafts, Marshalls, and DSS Shoes. The seller was China Lake 700 LLC. The buyer was represented by Steve Heri and Steve Gim of NAI Capital.
ONTARIO, CALIF. – Airport Wineville Business Park has sold to Wohl Investment Company for $4.5 million. The 53,937-square-foot park is located at 5140 Airport Dr. and 151-181-201 S. Wineville Ave. It was built between 1988 and 1990. The seller was McLellan Estate Company. It was represented by Patrick Barnes of Colliers and GM Properties’ Jason Jamison and Dustin Wheelan.
SACRAMENTO, CALIF. – Riverpoint Marketplace in west Sacramento has sold to Excel Trust for an undisclosed sum. The power center is anchored by Ikea, Walmart Supercenter, Home Depot, Petco and Ross. John DuBois, Mark Denholm and Jon Gianulias of Core Commercial represented both the buyer and seller, Buzz Oates Group of Cos., in this transaction.
ESCONDIDO, CALIF. – An 18-unit apartment building in Escondido has sold to Vista International for $2 million. The community is located at 333 N. Juniper Street. It was built in 1962. The buyer was represented by Peter Scepanovic and Corey McHenry of Colliers International’s Multifamily Advisory Group. The seller, Ricardo Duron, was represented by Gary Weddle and Chris Zorbas of Marcus & Millichap.
LAKE FOREST, CALIF. — Bailard Inc. and CT Realty have acquired Palm Terrace, a 155,795-square-foot property office complex in Lake Forest, for $30 million. The three-building property is located at 25521, 25531 and 25541 Commercentre Drive. Palm Terrace is 90 percent leased. Notable tenants include Del Taco, Portfolioco, Anyone Home Inc. and Parsons. The property features a campus environment with an outdoor eating area and courtyard. CT Realty represented the joint venture in this transaction. The seller, LaSalle Investment Management, was represented by JLL’s Bob Prendergast and Baker Morphy. CT Realty will act as property manager. JLL’s Jay Nugent and Greg Puccinelli will retain the leasing assignment.