DENVER – The 42-unit Emerson Lofts has sold to an unnamed buyer for $11.5 million. The community is located at 777 Emerson Street. It was built in 2013. Notable area employers include Colorado State University, Denver Health, Denver Water and the Denver Police Department. The sale was executed by John Laratta and Frank Farrell of Berkadia.
SAN FRANCISCO – A two-story mixed-use property in a San Francisco Bay submarket has sold to an East Bay developer in a 1031 exchange for $9.5 million. The property is located at 329 Primrose Road in Burlingame. It is currently occupied by the U.S. Post Office and One Medical. The mixed-use asset’s interiors were fully renovated in 2012 and 2015. It is known around town as the Postcard Building. The buyer was represented by Eduardo Vergara of Marcus & Millichap. The seller was represented by Thomas Doglio and Richard Reisman of Marcus & Millichap’s National Land Group.
PHOENIX – DLS Worldwide has leased 78,843 square feet of office space at a new speculative building in Phoenix. The third-party logistics provider will use the space for its new headquarters, light manufacturing, and as an assembly and distribution facility. It will be situated in Building B. Phase I of the Airport I-10 speculative project will contain 600,000 square feet. It is being developed by Wentworth Property Company and Clarion Partners. The developer was represented by JLL’s Pat Harlan, Steve Sayre and Kyle Westfall. DLS was represented by Mike Gordon of Cresa.
LOS ANGELES – A pair of multifamily properties in Los Angeles has sold to local investors for a total of $13 million. The acquisition includes the 44-unit Parc Regency Apartments in the Canoga Park submarket and the 23-unit VUE Apartments in Koreatown. The properties are located at 7500 Mason Ave. and 700 S. Berendo Street, respectively. The seller, Mason & Berendo Parc Regency Apartments Associates LLC, was represented by Darin Beebower of Madison Partners.
LOS ANGELES – A 19-unit apartment building in West Hollywood has sold to an unnamed buyer for $8.2 million. The community is located at 526 North Orlando Ave., just east of La Cienega Boulevard and south of Melrose Avenue. It was built in 1964 and renovated in 2012. The buyer was represented by represented by Michael Hanassab and Elliot Hassan of Marcus & Millichap. The seller was represented by Richard Ringer of the same firm.
AURORA, COLO. – The 38,970-square-foot Hancock Park Office Building in Aurora has sold to an unnamed buyer for $2.6 million. The building is located at 15200 East Girard Ave. The seller was represented by Rob Edwards and Tom Ethington of Pinnacle Real Estate Advisors.
BEND, ORE. – Ascend Holdings has acquired a 50,000-square-foot, mixed-use property in Bend for $8 million. The property is located at 1133 NW Wall Street. Ascend plans to convert a portion of the building’s second floor office space into residential units. The property’s two buildings house a mix of residential, office, retail and restaurant space. It was 86 percent leased at the time of the sale. The seller, a San Francisco-based investment group, was represented by Ron Ross, Erich Schultz, Terry O’Neil and Jay Lyons of Compass Commercial Real Estate Services.
MESA, ARIZ. – Addictive Desert Designs has signed a three-year lease for two warehouse buildings in Mesa. The property is located at 308 S. Extension Road. It contains a 44,004-square-foot building and a 22,706-square-foot building. The off road truck and SUV design and parts manufacturer will be expanding from its nearby 40,000-square-foot warehouse. Matt McDougall and Matt Fredrick of Lee & Associates represented both Addictive Desert and the landlord, Presson Corp., in this transaction.
It is great to be in Las Vegas and witness the city’s strong recovery from the economic lows of a few years ago. Exciting projects like the $500-million LINQ entertainment and retail promenade, the 1.6-million-square-foot Downtown Summerlin lifestyle center and the market’s first IKEA, now under development, are filling the region with promise. Las Vegas added more than 25,000 jobs between 2013 and 2014, a 3.3 percent increase, representing the third highest growth rate in the country during that time. As opposed to the previous economic boom that was largely driven by construction growth, the job growth in this recovery has been evenly spread across several sectors like general services (retail), professional/business, education, healthcare and leisure/travel. Las Vegas also hit a milestone in 2014 when it reached a record-setting 41.1 million visitors for the year. Those visitors included 5.2 million conventioneers, the highest total since 2008. As the Las Vegas economy continues to expand, retail is leading the pack with taxable sales that have already increased an astounding 29.4 percent from the recession low, including an 8.1 percent year-over-year increase in the past 12 months. Total taxable spending in the region is near its highest levels in history, reaching $36.2 …
LINDON, UTAH – Colmena Capital has acquired the Vivint Industrial Complex, a 366,710-square-foot complex in Lindon, for an undisclosed sum. The complex is located at 500 South 500 West. It is home to Vivint, Aquatherm, Cornerstone and Emergency Essentials. The seller is Stag Industrial. The transaction was executed by Bryce Blanchard of Newmark Grubb ACRES.
