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.
Western
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.
WOODBURN, ORE. – A 20,196-square-foot retail property in Woodburn that used to house Hershberger Motors has sold to a limited liability company for an undisclosed sum. The property is located at 777 Arney Road. The LLC plans to redevelop the property. It was represented by Will Stone of Marcus & Millichap’s Portland office.
OLYMPIA, WASH. – A 35,776-square-foot building in Olympia that is net leased to Big Lots has sold to an individual/personal trust for $3.7 million. The building is located at 2815 Capital Mall Drive SW. There is a little less than seven years remaining on the lease. The REIT seller was represented by Craig Fuller, Scott Wiles and Erin E. Patton of Marcus & Millichap’s Cleveland & Columbus offices. The buyer was represented by an agent out of the firm’s Palo Alto, Calif., office.
CORTEZ, COLO. – A 6,850-square-foot building in Cortez that is occupied by O’Reilly Auto Parts has sold to a 1031 exchange buyer for $1.7 million. The building is located at 1853 Main Street in southwestern Colorado near the Colorado-Utah-New Mexico-Arizona border. The buyer was represented by Matt Ritter, Cody Stambaugh and Peter Sengelmann of the Johnson Ritter Team at Pinnacle Real Estate Advisors. The unnamed seller was represented by Justin Brockman and JB Hochman of the Hochman Brockman Team from the same firm.
The New Mexico office market has gained more traction and absorbed a healthy level of excess inventory this year. Vacancy fell to its lowest level in more than two years. This decline can be attributed to an absorption of vacant inventory and an increase in demand for medium-sized spaces. One of those purchases was carried out by the State of New Mexico, which acquired the 60,000-square-foot Plaza Maya, a vacant building that’s no longer competing for tenants. Downtown’s vacancy also declined when a 19,500-square-foot space was taken off the market by a new company that won the contract administering mental health services for the state. Some of the most popular office spaces seem to be in the size range of 4,000 to 25,000 square feet. The state has had more than 73,000 square feet of this kind of space absorbed recently. A new charter school in the Airport submarket accounted for about one-third of this inventory, with engineering, legal and healthcare administration service companies taking up the balance. Activity for smaller spaces of less than 4,000 square feet remained consistent with 2013 levels. This strong demand has led to larger Class A spaces being master leased by national executive suite …