PORTLAND, ORE. – The 70-unit Central Eastside Lofts in Portland has sold to an out-of-state private investor participating in a 1031 exchange for $18.9 million. The lofts are located at NE 6th and Couch, near the Burnside Bridgehead. The property also includes 11 retail spaces. The seller was Andrews Management. The transaction was executed by HFO Investment Real Estate.
LOS ANGELES – A three-property multifamily portfolio in Los Angeles has sold to an unnamed buyer for a total of $13.4 million. The communities included in the acquisition are the 34-unit Strohm Apartments in North Hollywood; the 30-unit Ratner Apartments in Sun Valley; and the 21-unit Hollywood Way Apartments in Burbank. Warren Berzack, Stephen Geiger, Jim Fisher and Mike Smith of Lee & Associates-LA North/Ventura represented both the buyer and unnamed sellers in this transaction.
SANTA FE SPRINGS, CALIF. – 7-Eleven has signed a seven-year lease for 146,326 square feet of warehouse and distribution space in the Los Angeles submarket of Santa Fe Springs. The space is located at 12330 Lakeland Road. It will include 35,000 square feet of new cooler space. The convenience store operator was represented by Chuck Wilson and Jon Thys of Colliers International. The landlord, Carson Companies, was represented by CBRE’s Rick McGeagh.
FREMONT, CALIF. – Bayside Technology Park, a 46,944-squre-foot industrial facility in Fremont, has sold to Crest Properties for $5.3 million. The park is located at 46107-46127 Landing Parkway. The unnamed seller was represented by Steve Kapp of Cornish & Carey Newmark Knight Frank and Jim and Craig Kovaleski of Cassidy Turley.
GOODYEAR, ARIZ. – A 6,810-square-foot building in Goodyear that is net leased to Romano’s Macaroni Grill has sold to an unnamed buyer for $3 million. The building is located at 1828 North Litchfield Road. The seller, a limited liability company, was represented by Jamie Medress and Mark Ruble of Marcus & Millichap’s Phoenix office.
Construction on the 73-story Wilshire Grand Hotel, office and retail complex in Downtown Los Angeles’ Financial District, coupled with Google’s recent purchase of 12 acres for development in Playa Vista prove the region’s office market is alive and well. It may even be enjoying a bit of a rebirth in this post-recovery period. Los Angeles, unlike many other comparable U.S. metropolitans, is composed of several distinct business centers that make it difficult to generalize about the overall market. Separated by only a few miles, there are nonetheless very distinct markets that comprise LA, due, in no small part, to the lack of a fully integrated public transportation system and long-standing traffic that remain a barrier to full connectivity between the various areas. With that in mind, there are some very evident trends emerging out of Downtown and the Westside, which includes Century City, Westwood, Santa Monica, Playa Vista and adjacent cities. Downtown is enjoying a resurgence. It now has a real live-work vibe due, in large part, to the highly successful LA Live mixed-use hotel, retail and entertainment development adjacent to Staples Center. A variety of high-rise condominiums and apartments now make it possible to actually live Downtown. With new …
CAMPBELL, CALIF. – The Carlyle Group has acquired Vasona Technology Park, a 314,256-square-foot office/flex center in Campbell, for an undisclosed sum. The seven-building center is located at 200-250 E. Hacienda and 1315-1357 Dell Ave. The seller, Hines Interests L.P., was represented by DTZ’s Eric Fox, Robert Gilley and Steve Hermann.
SCOTTSDALE, ARIZ. – Holiday Inn has debuted the new 117-room Holiday Inn Hotel & Suites Scottsdale North-Airpark. The 75,000 square-foot hotel is located at 14255 N. 87th Street. The property was formerly a Wingate by Wyndham. The new hotel is owned by Northsight Hospitality and managed by Henderson Hospitality Management. The hotel is franchised by an affiliate of IHG.
PHOENIX – Metro Commons, a 17,755-square-foot retail center in Phoenix, has sold to Roseben MC LLC for $7.7 million. The Class A center is located at 3121 W. Peoria Ave. It is fully leased to tenants like Verizon, Smashburger, the Joint, Potbelly’s, Menchie’s, Mod Pizza and Yogi’s Grill. The seller, an entity formed by Jacor Partners, was represented by CBRE’s Andrew Fosberg, Cam Stanton, Chris Ackel and Molly Busch.
PLEASANTON, CALIF. – Meridian Property Company has purchased the Atrium, a 74,000-square-foot office building in Pleasanton, for an undisclosed sum. The building is located at 5776 Stoneridge Mall Road. It was built in 1982. Meridian was represented by Simon Vogt of Lee & Associates-East Bay. The seller, Downtown Properties, was represented by CBRE’s Katherine J. Kelleher.
