SAN DIEGO – Spike LLC has purchased a 50,220-square-foot industrial building in the San Diego submarket of San Marcos for $5.4 million. The building is located at 495 Enterprise Street. The buyer plans to hold the property as a long-term investment. The seller, Thornton Technology, leased back 50 percent of the property for an undisclosed period of time. Spike was represented by Justin Beattie of Palomar Commercial. Thornton Technology was represented by Daniel Knoke, Peter Merz, Marko Dragovic and Isaac Little of Lee & Associates-North San Diego County.
TEMPE, ARIZ. – The 58-unit Arizona Sun apartment community has sold to a limited liability company for $3.6 million. The community is located at 1895 & 1901 East Don Carlos Ave. Pete Te Kampe of Marcus & Millichap’s Phoenix office represented both the buyer and seller, another LLC, in this transaction.
PHOENIX – The Pizza Studio has opened a 2,111-square-foot location in Phoenix. This is the restaurant’s second location in the valley and fourth in Arizona. It is located at 2375 E. Camelback Road. The landlord, Hines, was represented by DTZ’s Brent Mallonee.
SAN DIEGO — Invesco Real Estate and Cruzan have acquired a 311,305-square-foot office campus in the Sorrento Mesa submarket of San Diego for $85.5 million. The two-building campus is located at 6450 Sequence Drive. Amenities at the campus include secured lobbies, a cafeteria, gym, showers, basketball and volleyball courts, and several patios that serve as outdoor lounge and dining areas. Cruzan plans to renovate the campus. Renovations will include a contemporary café, a fully integrated fitness center, an outside amphitheater, and new passive and active spaces. The buyers represented themselves in this transaction. The seller, a publicly traded company, was represented by CBRE’s Louay Alsadek, Justin Parsonnet, Hunter Rowe, Chris Pascale and Mike Hoeck. Mark McGovern and Scott Peterson of CBRE Debt & Structured Finance secured a $70-million, four-year, variable rate loan for the buyers. It was provided by Cornerstone RE Advisors.
The Las Vegas office market continues to recover and stabilize, capping off 2014 with the 12th consecutive quarter of positive net absorption. Initially slow to recover following the recession, the area’s rebound has recently quickened. The market has an unemployment rate of 7.1 percent, with 2014 being the first year since 2008 to see a rate below 8 percent. Office-related jobs represented 20 percent of the workforce, second only to hospitality, proving the office market is an important part of the area’s growth and vitality. Class A office space along the I-215 Beltway currently shows strong activity. Las Vegas is home to two suburbs that historically were among the fastest-growing communities in the nation: Green Valley in the southeast and Summerlin in the west. Initially built as a means to connect the populations of these communities, the Beltway now extends around the city, connecting to I-15 in the northern valley. Notable recent developments along the Beltway include Krausz Companies’ and WGH Partners’ Gramercy, a mixed-use office, retail and multifamily project in the southwest that added 175,000 square feet of Class A office space in the third quarter of 2014, and The Howard Hughes Corporation’s Downtown Summerlin, a mixed-use project that …
PALM SPRINGS, CALIF. – The 121-unit Whispering Palms apartments in Palm Springs has sold to Latitude 33 LLC for $6.8 million. The community is located at 449 E. Arenas Road. The buyer was represented by Milburn Stevens of Lee & Associates Palm Desert. The seller, Metropolitan Management Company and City Center Real Estate, was also represented by Stevens.
LOS ANGELES – A 143,000-square-foot office park in the Los Angeles submarket of Northridge has sold to a local developer for $6.1 million. The building is located at 8350–8454 Reseda Blvd. It is currently occupied by three tenants in six buildings. The buyer, Harridge Capital Group, was represented by Lynwood Fields of Madison Partners. The seller, Lehr Properties, was represented by David Young and Chad Gahr of NAI Capital.
SAN DIEGO – A 9,157-square-foot retail portfolio in the San Diego submarket of Pacific Beach has sold to Dayani Partners for $4.6 million. The property is located at 1036-1038, 1757-1765 and 1775 Garnet. It includes five bungalows adjacent to the PB Fish Shop and an additional parcel several blocks to the west. Kipp Gstettenbauer and Ryan King represented both the buyer and seller in this transaction.
SANTA CLARA, CALIF. – Admiral Capital Group has sold a 74,276-square-foot office property in Santa Clara for an undisclosed sum. The buyer was not named. The building is located at 4500 Great America Parkway. It was built in 1983. Admiral’s joint venture partner in this transaction was South Bay Development Company.
PHOENIX – A 61,729-square-foot industrial building in Phoenix has sold to MLCY Investment for $3.1 million. The property is located at 3000 E. Chambers Street. It was built in 1987. The space was previously occupied by Fluoresco. The seller, WE Valoroso Holding Corporation, was represented by DTZ’s Paul Boyle, Rick Danis and Pete Klees. The firm’s Andy Cloud represented the buyer.