IRVINE, CALIF. – Arbonne has renewed its lease for a 146,482-square-foot building in Irvine that serves as its world headquarters. The building is located at 9400 Jeronimo Ave. It is part of a four-building campus. Arbonne has resided at the building since 2000. The skincare products company also maintains offices in Canada, the United Kingdom and Australia. Its new 60-month lease commences this November. The company was represented by Michael Props, Royce Sharf and Jeff Cannon of Savills Studley’s Orange County office. The landlord, The Irvine Company, was represented in-house.
Western
CARSON, CALIF. – A 50,078-square-foot flex/office property in Carson has sold to a private investor for $7.3 million. The property is located at 16941 Keegan Ave. It was built in 1972 and renovated in 2002, 2009 and 2012. The building is fully leased to Timec Company and guaranteed by the Parent company, Transfield Services. The buyer was represented by Ryan Campbell of NAI Capital’s San Gabriel Valley East office and Tony Naples of Lee & Associates. The unnamed seller was represented by Colliers.
MISSION VIEJO, CALIF. — HighPark Corporate Center, a 37,579-square-foot office building in the Orange County submarket of Mission Viejo, has sold to CK HighPark LLC for $6.6 million. The building is located at 23351-23361 Madero. It is 93 percent leased to four tenants, including Holt Integrated Circuits. CK HighPark was represented by Bratun Real Estate. The seller, Madero LLC & Wyocal LLC, was represented by Dan Vittoneand Alan Pekarcik of Avison Young and Trent Walker of Voit Real Estate Services.
COSTA MESA, CALIF. — Haynes and Boone has leased 22,466 square feet at Plaza Tower in Irvine. The law firm will be located at 600 Anton Blvd., which is adjacent to South Coast Plaza and the Segerstrom Center for the Arts. The firm will occupy the space by September. It is relocating from Irvine Towers. Other tenants at the Class A tower include Dorsey and Whitney, Bingham McCutchen, Baker & Hostetler and Snell & Wilmer. Plaza Tower was represented by Rick Kaplan, Robert Lambert and Matt Moore of Cushman & Wakefield.
GLENDALE, ARIZ. — Talavi Business Park, a 24,180-square-foot office complex in Glendale, has sold to the Heart and Vascular Center of Arizona for $2.3 million. The Class B complex is located at 5810 West Beverly Lane. Ironwood Glendale LLC purchased the property on behalf of the heart and vascular center. The seller, the Coneen Family Trust, was represented by Cassidy Turley’s Eric Wichterman and Mike Coover.
New multifamily development in Seattle was robust through 2013. That trend is continuing into this year, as demand remains strong and interest rates stay favorable. Healthy job growth, specifically those with higher wages, has particularly benefitted the Seattle market, leading to declining vacancies and increased rental rates. Vacancy rates continue to remain low at just 3.9 percent, compared to the five-year average of 5.2 percent, according to CoStar. Decreasing vacancy, combined with newer product, has pushed rental rates higher. The current average rent for a one-bedroom unit in the Seattle area is $1,078, up $93 compared to the five-year average. In addition to higher rents, concessions are currently at 1.5 percent, compared to the five-year average of 3.2 percent. Absorption remains strong and is keeping pace with new construction. So far, 3,300 units have been absorbed year-to-date. New construction in 2013 and 2014 has been at one of its highest levels ever. This development is largely concentrated in the Seattle urban core. Job growth remains strong, which has kept this additional supply in check with new demand. A total of 6,171 new apartment units were added over the prior 12-month period. As further evidence of a strengthening market, even condo …
POMONA, CALIF. — Garey Tech Center in Pomona, a 134,500-square-foot tech facility in Pomona, has sold to an Orange County private investor for $16 million. The center is located at 2771 N. Garey. The space is home to aerospace and defense contractor Hamilton Sundstrand. The contractor is now part of UTC Aerospace Systems, a division of United Technologies Corporation. It has occupied the building as both an owner and tenant since it was built in 1962. The buyer was represented by Clyde Stauff of Colliers, as well as Mike Hartel and Mike Bouma of Voit. The seller, a joint venture between Lincoln Property Company and Morgan Stanley Real Estate Fund, was also represented by Stauff, along with Bret Hardy, Rick Putnam and Tony Phu.
GLENDALE, CALIF. – A 33,699-square-foot retail building in Glendale that is net leased to Jo-Ann Fabric and Craft has sold to Aria Investments LLC for $17.7 million. The building is located at 1000 South Central Ave. It was built in 1966 and renovated last year. Aria was represented by Sheila Alimadadian of Marcus & Millichap’s National Retail Group in Newport Beach.
VENTURA, CALIF. – A 6,619-square-foot retail space in Venture that is occupied by Citibank has sold to Hull LQ Properties LLC for $4.5 million. The building is located at 1011 S. Victoria Ave. Hull was represented by Chuck Klein and Kevin Held of Cassidy Turley. The seller was CP Sunshine LLC.
SAN DIEGO – The 65-unit Sungarden Terrace senior housing facility in San Diego has received a $2.9-million refinance. The facility is located at 2045 and 2049 Skyline Drive in Lemon Grove. The property contains an assisted living facility with a memory care unit. The loan includes a 15-year term and 15-year amortization schedule. It was secured by Steve Hollisterof NorthMarq Capital’s San Diego regional officethrough the lender, a life insurance company, as a servicing mortgage correspondent.