Western

Freedom Financial Network Leases 45,000 SF at Tempe 10/60 Corporate Center

by Nellie Day April 28, 2015

TEMPE, ARIZ. – Freedom Financial Network has leased 45,000 square feet of office space at Tempe 10/60 Corporate Center. The recently redeveloped office project is located at 4415 – 4625 S. Wendler Drive. The property was originally built in 1985. The building is now 50 percent leased. The remaining 45,000-square-foot building is still vacant. This is the financial solutions services company’s second office. Its first is in San Mateo, Calif. Tempe 10/60 Corporate Center was redeveloped by Greenlaw Partners and the Broe Group. Freedom Financial was represented by JLL’s Pat Williams, Steve Corney, Vicki Robinson, Andrew Medley and Chris Corney.

April 28, 2015

California Retail Western

Black Equities Buys Los Angeles Retail Center

by Nellie Day April 28, 2015

LOS ANGELES – Black Equities has purchased a retail center at 7300 Melrose Ave. in Los Angeles for $5.3 million. The center is home to Floyd’s Barbershop and the Dark Room bar and restaurant. The seller, Ness Holdings, purchased the center for $3.8 million in 2013. At that time, the firm renegotiated the anchor tenants’ leases and re-tenanted the additional spaces. The repositioning program was completed and the asset was sold in less than two years.

April 28, 2015

California Office Western

The Board of Equalization Renews Lease at Gateway Corporate Center in Sacramento

by Nellie Day April 28, 2015

SACRAMENTO, CALIF. – The Board of Equalization, the State of California’s elected tax commission, has renewed its lease for 66,593 square feet at Gateway Corporate Center in Sacramento. The Class A building is located at 160 Promenade Circle, near the downtown region. It is situated within Sacramento Gateway, a mixed-use development that includes a hotel and a 655,000-square-foot retail center. The Board was represented by Newmark Cornish & Carey. The landlord was represented by Ron Thomas and Sean Mullen of Cushman & Wakefield’s Sacramento’s office.

April 28, 2015

Market Reports Retail Utah Western Western Market Reports

Grocery Tenants Drive SLC’s Retail Market

by Nellie Day April 28, 2015

The retail market in Utah continues to build steam and has expanded over the past 12 months. With these gains, tenants are in abundance and new construction is on the rise. Vacancy continued to improve through 2014, as the overall vacancy rate declined by 0.7 percentage points on a year-over-year basis to end at 6.2 percent. This represents the lowest vacancy rate of the past decade. With supply constrained and demand improving, average asking lease rates jumped by 9 percent on a year-over-year basis, to $18.98 per square foot. New construction continued across the valley, with 548,577 square feet of space added to the market. The local housing market drives retail development in Utah. About 18,573 building permits have been issued throughout the state in the past two years, including multifamily projects. This construction pushed many retailers into expansion mode, looking to take up shop in locations that cut off the competition. This is particularly true in one segment of the market that now stands supreme in the Utah retail ecosystem: grocery. Grocers have expanded at a breakneck rate. Sprout’s Farmers Market opened new stores in Holladay and South Jordan. A Smith’s Marketplace opened its doors in West Jordan at …

April 28, 2015

Arizona Office Western

Gateway Four Office Building in Phoenix Sells for Nearly $23M

by Nellie Day April 27, 2015

PHOENIX – Gateway Four, a 137,069-square-foot office building in Phoenix, has sold to VanTrust Real Estate for nearly $23 million. The building is located at 444 N. 44th Street. It is fully leased by State Farm Insurance, though the company is scheduled to vacate the building late next year when it consolidates its local operations. Gateway Four is part of the larger Phoenix Gateway Corporate Center. The seller was LBA Realty. The sale was executed by CBRE’s Tom Adelson and Jim Fijan.

April 27, 2015

California Multifamily Western

Glendora Park Place Apartment Homes Sells for $14.5M

by Nellie Day April 27, 2015

GLENDORA, CALIF. – The 50-unit Glendora Park Place Apartment Homes has sold to a private, out-of-state investor for $14.5 million. The community is located at 633-641 West Route 66 in the Los Angeles submarket of Glendora. It is currently 95 percent occupied. The property also contains three ground-level commercial spaces. The seller was Glendora Park Place. The transaction was executed by Peter M. Hauser of Berkadia.

April 27, 2015

Colorado Retail Western

Denver-Area 7-Eleven Portfolio Sells for $12M

by Nellie Day April 27, 2015

DENVER – A portfolio of five 7-Eleven properties in the Denver area has sold to a Northern California buyer in a 1031 Exchange for $12 million. The single-tenant, net-leased properties are under corporate guarantees from 7-Eleven. The seller, a Colorado-based private real estate investment company, was represented by JLL’s Matt Berres and Jason Schmidt.

April 27, 2015

Retail Utah Western

Three Zaxby’s Restaurant Locations Change Hands in Utah

by Nellie Day April 27, 2015

WEST JORDAN, UTAH – Three Zaxby’s restaurant locations have recently sold in Utah. The franchised fast food chain restaurants included in these sales are situated in West Jordan, Lehi and Cedar City. The transactions were valued at a total of more than $10 million. Zaxby’s has more than 600 locations nationwide. Its first outpost opened in Georgia in 1990. The franchise opened 10 new stores in Utah over the past year, including the three that recently sold. Lance Pendleton of Mountain West Retail and Investment represented the unnamed seller in those three transactions.

April 27, 2015

California Retail Western

LemonPop Leases 5,900 SF at Azalea Regional Shopping Center in Los Angeles

by Nellie Day April 27, 2015

LOS ANGELES – LemonPop has leased 5,900 square feet of space at Azalea Regional Shopping Center in the Los Angeles submarket of South Gate. The center is located at 4827 Firestone Blvd. LemonPop is an apparel store that serves children and adults of all ages. The center is owned by Primestor Development.

April 27, 2015

California Multifamily Western

Greystar Buys Ballpark Village Parcel in San Diego for Multifamily Development

by Nellie Day April 24, 2015

SAN DIEGO — Greystar has acquired a development parcel within the new master-planned development of Ballpark Village in San Diego. The mixed-use project sits adjacent to Petco Park in the city’s Ballpark District. Greystar’s site is slated for a 37-story, 446-unit multifamily tower. The purchase price was not disclosed. The asset will offer views of the Pacific Ocean, San Diego Bay, Coronado Island and bridge, Balboa Park, Point Loma and the Downtown skyline. Community amenities will include a rooftop pool, clubhouse, spa, fire pit and barbecue area. The property will also feature a three level parking garage and 24,000 square feet of retail space. The seller, a joint venture between JMI and Lennar, was represented by JLL’s Darcy Miramontes, Lynn LaChapelle, Bob Prendergast and Kip Malo. Ballpark Village is slated for completion in 2018.

April 24, 2015

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