CITY OF INDUSTRY, CALIF. – A 26,650-square-foot industrial building in the City of Industry has sold to Mygrant Glass for $3.5 million. The concrete, tilt-up building is located at 14235 Lomitas Ave. It was built in 1980. Mygrant Glass was represented by Nick Arnst and Tom Holland of Heger Industrial, and Michael Jeppesen of IPG. The seller, Weiss Industrial Holdings LLC, was represented by Charles A. Johnson of Daum Commercial Real Estate Services.
TACOMA, WASH. – Sound Physicians has signed an 11-year lease for space at the Umpqua Bank Building in downtown Tacoma. The building is located at 1498 Pacific Ave. The office serves as the central hub for the hospitalist and transitional care organization. The company manages hospitalist, critical care and skilled nursing care for nearly 190 hospitals and close to 100 skilled nursing facilities that work in conjunction with these hospitals in 34 states. The administrative support staff in Tacoma includes 150 colleagues.
Before raising the curtain on 2015, it is important to understand how the stage has been set. The Phoenix industrial sector continues to build for changes in the market. Local and national developers delivered 6.3 million square feet of speculative industrial warehousing in the market last year, primarily due to big box projects. While most of these projects were in the Southwest Phoenix submarket, we have seen construction in the Sky Harbor and Southeast Valley submarkets as well. The national economy continues to improve slowly, and while activity levels during the numerous projects have been steady, closed deals for large blocks of space continue to be elusive. Although net absorption was positive by the end of last year, lease transaction volumes were mostly in the 50,000 to 200,000 square feet range. This prompted developers to modify their efforts by offering to divide their big boxes to accommodate partial building tenants, where prior expectations were geared toward single-tenant, full-building occupancy. There were still several big box projects under construction by the end of last year. This includes projects by Wentworth Properties, Trammel Crow/Clarion Partners, Conor Commercial, Hillwood and several other projects in shovel-ready position. Those ready to break ground include Prologis, …
SAN DIEGO – A 45,000-square-foot building in San Diego that is net leased to Dave & Busters has sold to Store Capital for $11.9 million. The building is located at 2931 Camino Del Rio N., at the intersection of the 805 and 8 freeways, near Downtown San Diego. Store Capital was represented by Patrick Luther and Matthew Mousavi of Faris Lee Investments. The seller, San Diego Food & Games LLC, was represented by Jeff Conover of the same firm in this leasehold interest sale.
LOS ANGELES – A 33,730-square-foot industrial building in the Los Angeles submarket of Compton has sold to Perera Family Trust for $4.7 million. The building is located at 2250 S. Central. It was built in 1990. The building also includes 12,000 square feet of Class A office space. The trust was represented by David Denitz of Gateway Business Properties. The seller, M&H Capital Investments LLC, was represented by Craig Poropat and Garen Ramyan of Lee & Associates’ Los Angeles – Long Beach.
TUCSON, ARIZ. – The 172-unit Quality Inn & Suites Tucson Airport North has sold to a partnership for $2.3 million. The hotel is located at 5251 South Julian Drive. The buyer was represented by Sam Hanna and Evan Taylor of Marcus & Millichap. The seller, a limited liability company, was represented by James I. Meng of the same firm.
GILBERT, ARIZ. – Rodeo Park Plaza, a 24,533-square-foot retail center in Gilbert, has sold to L.S.S. Inc. on Rodeo Park and Jabbell Holdings LLC on Val Vista Marketplace for $2.8 million. The center is located at 1659 & 1661 S. Val Vista Drive and 1663 E. Ray Road. The buyers purchased the asset through Auction.com. The sellers were WBCMT 2006-C29 Val Vista Retail LLC and JPMC 2005-CIBC13 East Elliot LLC. The LLCs are affiliates of LNR Partners. The transaction was executed by Darren Tappen and Matthew Ault of Voit Real Estate Services.
SAN DIEGO – A six-unit apartment building in the San Diego neighborhood of Crown Point has sold to Walnut Company LLC for $2 million. The community is located at 3704 Promontory Street, near Mission Bay. Walnut Company was represented by Nga Nguyen of Berkshire Hathaway Home Services. The seller, Plotts Real Estate, was represented by Terry Moore of ACI.
BREA, CALIF. — Clarion Partners and Pacific Industrial have purchased 17.6 acres in Brea for an undisclosed sum. The land is located at 1225 West Imperial Highway. The partners plan to redevelop the site to build a 367,194-square-foot logistics and distribution facility. The Class A facility will be known as Imperial Distribution Center. The center will feature 36-foot minimum clearance, 55 dock-high doors, a fully concrete truck court, 3 percent skylight coverage and 4,976 square feet of office space.
DENVER — Clayton Lane, a 335,000-square-foot lifestyle center in the Denver submarket of Cherry Creek, has received $48 million in financing. The center is located at the intersection of East 1st Avenue and University Boulevard, near Cherry Creek Regional Mall. Clayton Lane is 99 percent leased to notable tenants like Whole Foods, Crate & Barrel, Arhaus Furniture, Sur La Table, White House Black Market, A Pea in the Pod, Design Within Reach and Bose. Anchor Whole Foods, along with an adjacent Sears property, will be part of a massive redevelopment that is likely to include multiple uses like office and multifamily. The fixed-rate, 10-year, interest-only loan was arranged by Andrew Stewart and Allison Moravec of Cronheim Mortgage. It was placed with the American General Life Insurance Company and the National Union Fire Insurance Company on behalf of the borrower, AmCap Clayton. Cronheim acted as correspondent and servicer for both lenders.