SAN FRANCISCO – A 12-unit apartment building in San Francisco has sold to a limited liability company for $3.6 million. The community is located at 312 Baker Street. It was built in 1905. The buyer and seller, private investors, were represented by Clinton Textor and Marques Fields of Marcus & Millichap’s San Francisco office.
LOS ANGELES – A 37,962-square-foot office building in Los Angeles has sold to a medical group. The price was not disclosed. The nine-story building is located at 8436 West 3rd Street. It is situated a half-block east of La Cienega. The medical group intends to occupy a portion of the property. The seller, CIM Group, was represented by Lynwood Fields and Bob Safai of Madison Partners.
LAS VEGAS – Flip N Tag has leased 41,500 square feet at The Mall at Grand Canyon in Las Vegas. The family fun center will be located at 4245 S. Grand Canyon Drive. The 120-month lease is valued at $3.3 million. The landlord, E-Grand Ventures LLC, was represented by Nelson Tressler and Michael Zobrist of Newmark Grubb Knight Frank.
The Phoenix retail market ended 2014 on a promising note, with vacancy rates dipping below 10 percent for the first time since the Great Recession ended. It also experienced net absorption of more than 2 million square feet of retail space. Expectations for 2015 are positive, and continued improvement is anticipated, albeit slower than we might have hoped. While many segments of the market have improved, lackluster job growth and housing sales have slowed the recovery. However, both areas show signs of improvement for the coming year. Forecasts estimate Phoenix will add about 70,000 jobs in 2015, bringing the total number close to the pre-recession total. The demand for single-family housing should improve with the continuance of low interest rates, job growth and investor interest. The market is finally showing signs it is on the upward path to recovery. Leasing activity for Class A space remains strong, while rental rates are on the rise. We have seen marked improvement in some areas like Scottsdale where rates for Class A space in centers like The Marketplace at Lincoln & Scottsdale and Hilton Village are approaching or surpassing $40 per square foot, and where vacancy rates are below 6 percent. In contrast, …
NEWARK, CALIF. – HealthyPets has purchased a 70,000-square-foot e-commerce facility in Newark for more than $10 million. The facility is located at 7000 Gateway Blvd. The property will serve as the pet industry wholesaler’s corporate headquarters and as its third warehouse. It will be situated near Google and Facebook, adjacent to the former Sun Micro Campus. HealthyPets was represented by Dan Bergen of Colliers International and Bob Ferraro of CBRE.
OAKLAND, CALIF. – Coasters Company of America has signed a 10-year lease for a 232,881-square-foot warehouse building in Oakland. The Class A building is located at 8350 Pardee Drive. The furniture importer and distributor was represented by Tim Cronin and Craig Hagglund of Lee & Associates. The developer and landlord, Goodman Birtcher, was represented by JLL’s Jason Ovadia.
LONG BEACH, CALIF. – The 40-unit Bixby Park Apartments in Long Beach has sold to a local private investor for $6.2 million. The community is located at 1132 San Antonio Drive and 4481 Orange Ave., in the Bixby Knolls submarket. Robert Stepp of Stepp Commercial represented both the buyer and sellers, Pathfinder Partners and Ryanik, in this transaction.
LONG BEACH, CALIF. – City Logistics and Transport has leased a 104,453-square-foot industrial building in Long Beach. The building is located at 2888 E. El Presidio Street. City Logistics will utilize the space as its new headquarters on March 1. It will be relocating from nearby Rancho Dominguez. The 64-month lease is valued at $3.9 million. The transportation and warehousing company was represented by Frank Schulz, Todd Taugner and David Prior of Klabin Co. The landlord, Invesco Realty Advisors, was represented by CBRE’s John Schumacher and Brett Quinlan.
LAGUNA HILLS, CALIF. – A Chevron gas station and convenience store in Laguna Hills has sold to a Southern California-based buyer for $4.5 million. The property is located at 23991 El Toro Road. It was built in 1973 and renovated in 2012. The buyer is also the current operator. The investor was represented by C-Store Realty. The seller, also a private investor, was represented by Donald MacLellan and Tom Chichester of Faris Lee Investments.
LOS ANGELES — A 28-story office tower in the Los Angeles submarket of Century City has received $125 million in financing. The Class A tower was built in 1969. The 596,856-square-foot tower contains a mixture of FIRE (finance, insurance, real estate) and legal tenants. The non-recourse, fixed-rate loan features a 10-year, interest-only term. It was arranged by George Mitsanas and Doug Tisdale of Newmark Realty Capital’s Los Angeles office through the firm’s correspondent life insurance company lenders. Mitsanas has previously financed this property twice for the borrower.
