SPARKS, NEV. – Monsoon Pacific has expanded at the Spice Islands Industrial Center in Sparks. The company has absorbed an additional 20,400 square feet at the center, which is located at 945 Spice Island Drive, just east of Reno. Michael Nevis, Dave Simonsen, J. Michael Hoeck and Steve Kucera of the NAI Alliance Industrial Properties Group represented both the tenant and unnamed landlord in this transaction.
SAN DIEGO – A 128,531-square-foot industrial property in the San Diego submarket of Vista has sold to KI-Vista-LPSM LLC for $13.5 million. The Class A building is located at 2611 Business Park Drive. The single-tenant manufacturing and distribution building recently underwent a rehab and repositioning. It had served as Dimension One’s corporate headquarters until its leaseback agreement expired in November 2013. The buyer secured a lease with Stone Brewing Co. to use the space as its new national distribution center. The LLC was represented by Colliers International. The seller, SR Commercial, was represented by Joe McDermott, Ron King and Bob Willingham of Cushman & Wakefield.
CHANDLER, ARIZ. – The 40,952-square-foot Ocotillo Fiesta Shopping Center in Chandler has sold to Ocotillo Fiesta LLC for an undisclosed sum. The center is located at the southeast corner of Alma School and Queen Creek roads. It is shadow-anchored by Albertsons. The center is currently 97 percent leased. The landlord, Southgate Mall Associates, was represented by Mindy Korth and Kirk Kuller of Colliers International.
DENVER – Security Properties has acquired the 120-unit Dayton Meadows Apartments in Denver for an undisclosed sum. The affordable housing community is located at 1479 S. Dayton Street. The company recently secured an allocation of Low Income Housing Tax Credits from Colorado Housing and Finance Authority that will allow it to rehabilitate the community. Construction is slated to begin in December and wrap in June 2015.
SAN DIEGO – Viewridge Business Park, a 72,571-square-foot office complex in the Kearny Mesa submarket of San Diego, has sold to MIG Real Estate for an undisclosed sum. The park is located at 4711, 4715 and 4719 Viewridge Ave. It is currently 82 percent leased. Notable tenants include Coastal Credit, YARDI and Vericare. MIG Real Estate represented itself in this transaction, while the unnamed seller was represented by Bob Prendergast and Lynn LaChapelle of Jones Lang LaSalle.
SAN FRANCISCO – Smashburger has opened two new restaurants in the San Francisco Bay Area. The outposts are located at 1151 40th Street in Emeryville and 925 Blossom Hill Road, within the Westfield Oakridge shopping center in San Jose. Smashburger also recently opened stores at the Rivermark Village in Santa Clara and at Cherry Orchard Shopping Center in Sunnyvale. The quick-service restaurant was represented by Laura Tinetti of SRS Real Estate Partners. Federal Realty Investment Trust, the Emeryville landlord, was represented by AJ Schrader of Retail West. Westfield, the San Jose landlord, was represented by Daryn Gallaway of Westfield LLC.
The Phoenix industrial market is definitely following national trends in terms of recovery. Since 2010, U.S. industrial markets have seen rising demand trends with supply additions that have not kept pace. Demand for newer, Class A industrial space, as well as for use-specific space, is outpacing supply and encouraging more build-to-suit and speculative development activity across markets. Developers have shown discipline so far, however, as the amount of new supply added to the market since 2010 is well below the levels seen during previous expansionary periods. These trends are manifesting themselves in a variety of ways in Metro Phoenix. First, it’s clear that demand is definitely up. The industrial market has seen significant activity over the past several quarters. Leases for spaces between 20,000 and 200,000 square feet have totaled more than 10.5 million square feet since January 2013. Deals of this size have totaled more than 1.4 million square feet of absorption this year alone. This is important to note because the overall health of the Metro Phoenix industrial market has historically been supported by midsized users. This size range shows no signs of slowing as we round out 2014 and head into 2015. In fact, we know of …
DENVER – An 8,048-square-foot retail building at the Promenade at Denver West development has sold to an unnamed buyer for $4.3 million. The building is located at 14650 West Colfax in the Lakewood suburb. It contains three tenants, including Native Foods, Elements Message and Nekter Juice Bar. The newly constructed property is adjacent to Colorado Mills Mall. The unnamed seller was represented by Tom Ethington and Rob Edwards of Pinnacle Real Estate Advisors.
SAN DIEGO – An 11,686-square-foot office building in San Diego has sold to Jason R. Larson for $3 million. The building is located at 5925 Kearny Villa Road. The buyer plans to use the first floor of the building as the headquarters for Lars Remodeling and Design. The current tenant will continue to occupy the second floor. The building was constructed in 1991. Larson was represented by Jody VanSumer of San Diego Market Realty. The seller, 5925 Kearny LLC, was represented by Derek Hulse and Derek Applbaum of Colliers International.
CAMARILLO, CALIF. – Fitness 19 has signed a 10-year lease for 19,732 square feet at Camarillo Plaza shopping center. The center is located at 1775 Daily Drive. Fitness 19 will occupy more than 25 percent of Camarillo Plaza. Other tenants at the center include Urbane Café, the Habit Burger Grill, Baja Fresh, Presto Pasta, Hobby People, Revolution Surf Shop and Brendan’s Restaurant. Fitness 19 was represented by Rainier Commercial. The landlord, DP Grand Camarillo Center LLC, was represented by CBRE’s Larry Tanji, Scott Siegel and Lisa Engel.