SANTA ANA, CALIF. — Goodwill Industries of Orange County has leased 37,228 square feet of industrial space in Santa Ana. The property is located at 2250 S. Yale Street. It will serve as the company’s e-commerce and retail warehousing center. Goodwill was represented by JLL's Matt Christensen. The landlord, Skeffington Enterprises, was represented by CBRE.
Western
Hawaii has been immersed in an economic recovery over the past two years. This recovery has exceeded the overall U.S. performance in regards to total employment growth and total personal income growth. These figures have grown in Hawaii by 2.2 percent and 3.4 percent, respectively. Such economic growth has spurred strong performance from retail centers, while healthy spending from domestic and international shoppers has advanced the retail recovery in Hawaii. According to the Hawaii Tourism Authority, total visitor expenditures for 2013 were a record high of $14.5 billion, a 2 percent increase over 2012. The total visitor arrivals increased 2.6 percent, to 8.2 million, exceeding the previous record of eight million in 2012. International tourism is a strong factor in Hawaii’s economy as well. According to the Office of Travel and Tourism, Honolulu ranks as the fourth-largest port for total overseas arrivals. Honolulu received almost two million non-domestic arrivals in 2012, not including those from Canada and Mexico. Not only is the level of overseas visitor arrivals placing Hawaii close to the top of the pack, but its growth has exceeded the U.S. (on a year-over-year growth basis) every quarter since 2011. International tourism arrivals to Hawaii have grown an …
CHANDLER, ARIZ. — Chandler Corporate Center I, a 67,561-square-foot office property, has sold to Palisades Capital Realty Advisors for $13.9 million. The center is located at 585 N. Juniper Drive in Chandler, near Price the Road technology corridor. The seller, Chandler HFP LLC, an affiliated entity of Held Properties, was represented by JLL’s Dennis Desmond. Dave Seeger assisted with the sale and serves as the property’s exclusive leasing agent.
NEWARK, CALIF. – The 127-room TownePlace Suites by Marriott has sold to Moody National REIT 1 for $11.4 million. The hotel is located at 39802 Cedar Blvd., just off Interstate 880. It caters to extended-stay travelers in East Bay and Silicon Valley. TownePlace opened in 2000. The seller was MN Newark, LLC. The sale was executed by Scott Griemsmann of Paramount Lodging Advisors.
RENO, NEV. – The 224-unit Creekside Apartments in Reno has received a $13-million refinance. The community is located at 4600 Mirea Loma Drive. Financing includes a 10-year term and 30-year amortization schedule. It was arranged by Ory Schwartz of NorthMarq Capital through the firm’s seller/servicer relationship with Freddie Mac.
SAN DIEGO – An 83,335-square-foot industrial building in San Diego has sold to Solana Enterprises for $8 million. The building is located at 7455-7465 Carroll Road. It is fully occupied by Rhino Linings and Westside Building Supplies. The buyer’s financing was provided by Pete Carr and Derek Adams of California Bank & Trust. Bryce Aberg, Brant Aberg and Ryan Spradling of Cassidy Turley’s San Diego office represented both the buyer and the seller, Drake West LLC, in this transaction.
MOUNTAIN VIEW, CALIF. — Wong’s International, a 9,570-square-foot office property in Mountain View, has sold to a local owner-user for $3 million. The property is located at 891 West Maude Ave. It was vacant at the time of sale. About 55 percent of the building’s space is dedicated to research and development, while the remaining 45 percent was intended for office. The new owner plans to occupy the building once modifications are complete. The seller, a corporation, was represented by Chris Hansen and Brian Thorn of Marcus & Millichap’s Palo Alto office.
IRVINE, CALIF. – The 210-room Courtyard by Marriott has opened in Irvine. The $50-million hotel is located at 7955 Irvine Center Drive. It sits across the street from the Irvine Spectrum Center. The new hotel features a 25-meter salt water lap pool, an 1,800-square-foot fitness center, lounge area, bistro, a 5,000-square-foot ballroom, 3,000-square-foot events lawn for outdoor activities and 8,500 square feet of meeting space. The hotel was developed by R.D. Olson Development. It was designed by WATG and built by R.D. Olson Construction. R.D. Olson Development will retain ownership of the hotel, while Marriott International will provide management services. R.D. Olson has plans for an additional 175-room hotel on the parcel adjacent to the Courtyard by Marriott Irvine Spectrum, with a groundbreaking expected in early 2015.
SACRAMENTO, CALIF. – Pacific Castle has acquired four shopping centers in the Sacramento area for $40 million. The acquisitions include Waterman Grove Plaza in Elk Grove, Willow Creek Town Center in Folsom, Zinfandel in Rancho Cordova and Strawberry Creek in Sacramento. The 44,090-square-foot Waterman Grove Plaza is located at 9304-9332 Elk Grove Blvd. in the Elk Grove retail submarket. Major tenants include Panda Express, Subway, T-Mobile and Gamestop. Willow Creek is located at 1001-1011 E. Bidwell Street. It is anchored by SaveMart and CVS. Other notable tenants include IHOP, Chipotle, Golden One Credit Union, Wingstop and Anytime Fitness. The 39,737-square-foot Zinfandel is located at 2817-2863 Zinfandel Drive. It is scheduled to undergo a major renovation and repositioning. Strawberry Creek is located at 8211-8251 Bruceville Road. It is anchored by a Super Target, in addition to tenants like Panda Express, Subway, UFC Gym, Starbucks and Comcast. Pacific Castle also owns the Rancho Cordova Town Center, a power center anchored by a Super Target.
PHOENIX – Walmart has announced plans to open a 148,000-square-foot Walmart Supercenter at Metrocenter Mall in Phoenix. The project is expected to break ground next year. It is scheduled for completion in 2016. Metrocenter Mall is located at 9617 North Metro Parkway E. in the northwestern portion of the city.The 40-year-old mall is set to undergo a major redevelopment. The new Supercenter store will be situated on the site of the former Broadway building, which has been vacant since 2006. That building will be demolished in the first quarter of next year. Metrocenter Mall is owned by Carlyle Development Group. The new store will feature a full-service pharmacy and complete line of groceries, including organic selections, fresh dairy, meat departments and local favorites.