Western

JV Buys Buildings at Cotton Center Business Park in Phoenix

by Nellie Day May 12, 2015

PHOENIX – A joint venture between True North Management Group and Crown West Realty has purchased three buildings within the Cotton Center business park in Phoenix. The sales price was not disclosed. The acquisition included Corporate Cotton Center I, II and III, located at 4645, 4625 and 4675 E. Cotton Center Parkway. Two of the spaces are flex office buildings, while the third is a corporate office building. Cotton Corporate Center I is a 116,858-square-foot, Class A office property. The building includes a two-story lobby, fitness center, men’s and women’s bathrooms with locker rooms, a cafeteria/restaurant and a break room. The building was constructed in 2001 as a build-to-suit for Aetna, though it’s currently vacant. Cotton Corporate Center II and III is a Class A flex office complex that contains two single-story buildings that were constructed in 2000. The complex totals 147,627 square feet. It was 87 percent occupied at the time of sale.

May 12, 2015

California Multifamily Western

Camden Glendale Mixed-Use Project Opens in Los Angeles

by Nellie Day May 12, 2015

LOS ANGELES – Camden Glendale, a 315,391-square-foot, mixed-use project in Los Angeles, has opened its doors. The development includes 16 live-work units and six ground-floor retail spaces. It is located at 3924 San Fernando Road in the Glendale submarket. Notable employers in the area include Disney and DreamWorks. The project’s multifamily component features a pool and spa, two roof decks, four courtyards, a fitness center with yoga rooms and a barbecue area. It was designed by TCA Architects and built by Bernards.

May 12, 2015

California Multifamily Western

Imperial Crest Apartments in San Diego Sells for $6M

by Nellie Day May 12, 2015

SAN DIEGO – The 44-unit Imperial Crest Apartments in the San Diego submarket of Imperial Beach has sold to Rodney A. Johnson for $6 million. The community is located at 1030-1042 15th Street. It was fully occupied at the time of sale. Johnson was represented by Dave Savage of ACI Apartments. The seller, Imperial Crest Apartments II LLC, was represented by Anton Burman of ACI Apartments.

May 12, 2015

Market Reports New Mexico Retail Western Western Market Reports

Retailers Expand, Enter New Mexico

by Nellie Day May 12, 2015

The New Mexico retail market is continuing to change in a positive manner, which bodes well for property owners and businesses. There are new national, regional and local tenants looking at this market, moving in and around the shopping centers of New Mexico. New shopping centers are being built, while existing shopping centers are being redeveloped and traded. Some of the most significant transactions include Columbus Pacific acquiring Sierra Vista Shopping Center in Albuquerque and moving Stein Mart and Hobby Lobby into a former K-Mart space. Pete Daskalos Properties has also purchased Four Hills Village Shopping Center on Central and Tramway in the Southeast Heights submarket. The center now has a new movie cinema, among other changes to its anchors and tenant roster. A K-Mart building at Rio Rancho at Hilltop Plaza Shopping Center was also sold after the store vacated. The new landlord is looking to re-anchor that space as well. These big box vacancies have created redevelopment opportunities for existing shopping centers located in established trade centers while rents are increasing as the larger spaces are subdivided and leased to other tenants. This has created momentum in the market and upward pressure on asking lease rates. Other retailers …

May 12, 2015

Arizona Multifamily Western

Tesoro Apartments in Phoenix Sells for $8.9M

by Nellie Day May 11, 2015

PHOENIX – The 150-unit Tesoro apartments in Phoenix has sold to Werner Investments for $8.9 million. The community is located at 8603 North 22nd Ave. It was built in 1983. Cliff David and Steve Gebing of Institutional Property Advisors represented both the buyer and seller, AION Partners, in this transaction.

May 11, 2015

California Industrial Western

Custom Goods Renews Lease for Industrial Space in Rancho Cucamonga

by Nellie Day May 11, 2015

RANCHO CUCAMONGA, CALIF. – Custom Goods has renewed its lease for 240,249 square feet of industrial space in Rancho Cucamonga. The warehouse and distribution center is located at 12200 Arrow Route. The third-party logistics firm was represented by JLL’s Louis Tomaselli and Jordan Quinn. The landlord was not named.

May 11, 2015

California Multifamily Western

Southwinds Apartments in San Diego Sells for $3.7M

by Nellie Day May 11, 2015

SAN DIEGO – The 22-unit Southwinds Apartments in the San Diego submarket of El Cajon has sold to the Johnson Family Trust for $3.7 million. The community is located at 909 Sunshine Ave. The fully occupied property was built in 1977. The trust was represented by Dave Plunter of DP Properties. The seller, Southwinds Apartments LLC, was represented by Peter Scepanovic and Corey McHenry of Colliers International’s Multifamily Advisory Group.

May 11, 2015

California Multifamily Western

Oxnard Art Lofts Sells for $2.9M

by Nellie Day May 11, 2015

OXNARD, CALIF. – The 18-unit Oxnard Art Lofts has sold to 2201 Statham LLC for $2.9 million. The live-work complex is located at 2201 Statham Blvd. The project was 90 percent vacant at the time of sale. The project was an adaptive reuse of an old industrial building. The 25,610-square-foot complex contains units ranging from 978 square feet to 1,615 square feet.

May 11, 2015

California Industrial Western

Power Edge Solutions Buys Anaheim Industrial Facility for $2.1M

by Nellie Day May 11, 2015

ANAHEIM, CALIF. – Power Edge Solutions has purchased a 12,000-square-foot industrial building in Anaheim for $2.1 million. The building is located at 1910 East Via Burton. This is the highest price paid per square foot within this building size range since 2008, according to CBRE, which represented the seller, the Huber Family Trust. The trust was represented by the firm’s Steve Young and Tom Dorman. Gibson Company also provided advisory services to the trust.

May 11, 2015

Arizona Office Western

BH Properties Buys Office, Industrial Portfolio in Phoenix for $22.8M

by Nellie Day May 10, 2015

PHOENIX – BH Properties has acquired a three-property office and industrial portfolio in the Phoenix area for $22.8 million. The portfolio, known as DMC Portfolio, contains two office buildings and an industrial park that total 230,524 square feet. The 65,857-square-foot Tempe Commerce Park is located at 7420 S. Kyrene Road in Tempe. The 62,115-square-foot ADP Building is located at 7474 W. Chandler Blvd. in Chandler. The 102,552-square-foot Ocotillo Business Center is located at 7910, 7970 and 8060 S. Kyrene Road in Tempe. The portfolio was 72.2 percent occupied at the time of sale. The seller, Buchanan Street Partners, was represented by DTZ’s Bob Buckley, Tracy Cartledge, Steve Lindley and Ben Geelan.

May 10, 2015

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