MONTCLAIR, CALIF. — Montclair Town Center, a 96,989-square-foot shopping center, has sold to Montclair-ET LLC for $15.8 million. The center is located at 9710-9886 Central Ave. in Montclair. It was 80 percent leased at the time of sale. Montclair Town Center contains 27 tenants, including 24 Hour Fitness, Dollar General, Bank of America (ATM), Burger King, Liberty Tax, Century 21 and Yum Yum Donuts. Montclair-ET, a 1031 exchange buyer, was represented by Eric Treibatch of Ophir Management Services. The seller, Montclair Town Center LLC, was represented by William B. Asher of Hanley Investment Group and Frank Vora of Progressive Real Estate Partners.
Western
NEWARK, CALIF. — Futuris Automotive has leased a 160,000-square-foot industrial building in Newark. The Class A building is located at 6601 Overlake Place within the Prologis Overlake Industrial Center. The new facility has frontage on Highway 84. It was previously occupied by Staples. The landlord, Prologis, was represented by Greig Lagomarsino, Mark Maguire and Kevin Hatcher of Colliers’ Oakland office.
OAKLAND, CALIF. — Visual Supply Co. (VSCO) has leased 24,032 square feet of office space in Oakland. The building is located at 1500 Broadway. The office will serve as VSCO’s headquarters. It will also serve as a multi-purpose workspace, housing an art gallery, multiple meeting areas, an eating commons, outdoor deck and flexible workstations. VSCO was represented by Craig Hagglund and David McCarty of Lee & Associates Oakland and Chris Chavez of Orrick, Herrington & Sutcliffe LLP. The landlord, GSR 1500 Broadway Partners LLC, was represented by Michael Harrison of Equistone.
LOS ANGELES — Union Village, a new $50-million luxury community, has broken ground in Pasadena. The Class A community will be located on a 1.2-acre site at the intersection of Union Street and El Molino in the city’s Playhouse District. The two-building project will contain 118 residential units and 7,600 square feet of ground-floor retail space. It is scheduled for completion in January 2016. The community is being developed by a joint venture between Mack Urban and Mill Creek Development Company. Cigna Investment Management is also acting as an equity partner. This is the second project between Cigna and Mack Urban. Mack Urban will manage the development, along with Kenneth McCormick of Mill Creek Development Co., the site’s previous owner. Union Village will be designed by RTKL Associates.
PHOENIX — Cohen Asset Management has acquired a three-property industrial portfolio in Phoenix for $29 million. The portfolio includes three fully triple-net leased, single-tenant, high-tech assets that total 174,644 square feet. Microsemi occupies the 73,729-square-foot building at 3601 E. University, while FlipChip International occupies the adjacent 52,027-square-foot building at 3701 E. University in Phoenix. The buildings are located within the Southbank Business Park. MedPlast resides in the 48,908-square-foot building at 405 W. Geneva Drive inside the Broadway Industrial Park in Tempe. All three buildings have been institutionally maintained and managed. They were built between 1996 and 1998. Will Strong, Mike Haenel and Andy Markham of Cassidy Turley represented both the buyer and the seller, Alliance Commercial Partners, in this transaction.
VICTORVILLE, CALIF. — United Furniture Industries (UFI) has renewed its lease for 505,192 square feet at the Southern California Logistics Centre (SCLC) in Victorville. The 2,500-acre industrial and commercial complex is located off Phantom Street near the airport. The exclusive U.S. manufacturer of Simmons furniture upholstery signed on for another three years. UFI plans to expand its manufacturing and assembly lines to increase production. It will also hire 50 more employees. UFI has been a tenant of SCLC since 2012. In addition to UFI, Solar City Corporation has recently leased space at SCLC. Pacific Aviation Group also inked a renewal and expansion at the center. UFI was represented by Joe Brady of The Bradco Companies. The landlord, Stirling Capital Investments, was represented by CBRE’s Jay Dick.
PHOENIX — DCT Industrial Trust has acquired a 110,000-square-foot industrial building in Phoenix for $9 million. The building is located at 3405-3445 S. 5th Street. It is commonly referred to as 5th Street Industrial. JLL’s Mark Detmer and Bo Mills represented both the buyer and the seller, Clarion Partners, in this transaction.
SAN DIEGO — AltheaDx has leased a 69,808-square-foot corporate headquarters building at Torrey Ridge Science Center in San Diego. The building is located at 10578 Science Center Drive in Torrey Pines. AltheaDx will be relocating from nearby Sorrento Valley in the first quarter of next year. It was represented by Ted Jacobs, Brent Jacobs and Greg Bisconti of Cushman & Wakefield. The landlord, Legacy Partners, was represented by Rich Danesi and Ryan Egli of the CBRE Life Sciences group.
HONOKOWAI, HAWAII – The 34-unit Honokowai Plantation Inn apartment community in Maui has sold to an out-of-state private investment company for $4.4 million. The community is located at 3510 Lower Honoapiilani Highway, near Kaanapali. The buyer was represented by Keoni Fursse and Kara Heen of Kokua Realty. The firm will also manage the community.
DENVER – A 34-unit apartment building in Denver called 19th Place has sold to a local private investor for $4 million. The community is located at East 19thAve. It was 94 percent occupied at the time of sale. The seller, another private local investor, was represented by ARA Colorado’s JustinHunt, Andy Hellman and Robert Bratley.