KETCHUM, IDAHO – The Courtyard, a 17,500-square-foot retail center in downtown Ketchum, has sold to a California investor for $2.5 million. The eight-tenant center sits adjacent to the Ketchum Town Center, on East Avenue. The buyer and unnamed seller were represented by Paul Kenny & Matt Bogue Commercial.
WILDOMAR, CALIF. – A 7-Eleven property that anchors the Shops at Clinton Keith in Wildomar has sold to an unnamed buyer for $2.4 million. The 7-Eleven is located on a separate parcel at the center. There are 13 years remaining on that lease. Scott Hook of Coldwell Banker Commercial (CBC) Alliance Orange County represented both the buyer and seller in this transaction.
No one will deny that the Orange County industrial market is tight, boasting a 4.1 percent vacancy. If you are an industrial user looking for 100,000 square feet or more, your options are extremely limited, as supply and demand are not working in your favor in terms of rental rates and landlord concessions. According to CoStar, positive net absorption was just above 900,000 square feet for the second quarter of 2014. Compare that with the 978,000 square feet currently under construction and it is easy to see why most believe these rate and scarcity trends will continue. A number of large warehouse and industrial buildings in Orange County are also being raised and converted to high-density residential or data center space. These facts beg the question, where will all the industrial users go? Two counterbalances have the potential to cool the decreasing vacancy and create disintermediation to the benefit of Orange County industrial users. As rental rates continue to rise in Orange County, more and more companies are being lured to the Inland Empire where they can still make two port trips a day and consolidate into a much more efficient and affordable building. Companies that grew by necessity in …
DENVER – The Bascom Group acquired the 112-unit Skyline View apartment community in the Denver submarket of Aurora for $8.4 million. The community is located at 456 South Ironton Street. It was built in 1972 and renovated in 2007. Debt financing was arranged by Gary Mozer and Katie Rodd of George Smith Partners. It was provided by One West Bank.
SPARKS, NEV. – Los Altos Crossing, a 35,123-square-foot retail center in Sparks, has sold to BH Properties for $4.7 million. The center is located at Sparks Boulevard and Los Altos Parkway. The transaction also includes six pads totaling 217,974 square feet that are primed for development. The center is currently 47 percent occupied. Notable tenants include Goodwill, Dotty’s Casino, Las Trojes Mexican Restaurant and Dad’s Convenience Store.
WILDOMAR, CALIF. – The Shops at Clinton Keith, a 15,000-square-foot retail center in Wildomar, has sold to a private investor for $4.7 million. The fully leased center is located off Interstate 15. Notable tenants include D’Canters, Bear Creek Eye, Stew’s Barber Shop and Tijuana Tacos. A 7-Eleven and Starbucks also exist on separate parcels. Scott Hook of Coldwell Banker Commercial (CBC) Alliance Orange County represented the seller. Hook also co-represented the buyer, along with David Girty of CBC Alliance.
LAS VEGAS – The NATMI Truck Terminal, a 24,890-square-foot facility in Las Vegas, has sold to a private investor for $5 million. The facility is situated on 10 acres at 4650 East Cheyenne Ave. It is fully leased. The seller, NATMI Truck Terminals LLC, was represented by CBRE’s Michael Caprile, Charles Moore, Marlene Fujita Winkel, Jeremy Green, Tyler Ecklund and Ashley Kolaczynski.
NEWBURY PARK, CALIF. – An 11,508-square-foot industrial facility in Newbury Park has sold to People Creating Success for $2.1 million. The facility is located at 2585-2587 Teller Road, just northwest of Thousand Oaks. People Creating Success is an organization that provides services to the developmentally disabled. The organization was represented by Keith Mathias of KAM Commercial. The seller, a family trust, was represented by Mike Tingus and Cheri Blessing of Lee & Associates-LA North/Ventura.
CAMPBELL, CALIF. – Ellis Partners has acquired The Pruneyard, a 27-acre, mixed-use property in Campbell. Though the sales price was not released, reports put it as high as $300 million. The Pruneyard contains more than 365,000 square feet of office space, more than 250,000 square feet of retail space and a 171-room Doubletree hotel. It is located at the intersection of Campbell and Bascom avenues in Silicon Valley. The property initially opened in 1969. An 18-story office tower was added in 1970, while a second made its debut in 1972. The hotel component, which was formerly known as the Pruneyard Inn, opened in 1989. It was renovated and expanded in 1998. Ellis plans to complete the hotel’s most recent renovation. Seller Equity Office Properties began those renovations in 2013 when the hotel was being converted into the Hilton DoubleTree. Notable retail tenants at The Pruneyard include Marshall’s, Sports Basement, Trader Joe’s and Camera Cinemas.
SEATTLE – A pair of apartment communities in Washington State has received a total of $52.7 million in refinancing. The communities include the 379-unit Riverside Park Apartments in Puyallup and the 145-unit Boxcar Apartments in Seattle. Riverside Park is located at 3107 E. Main Ave. It received a $32-million refinance. The loan featured a 10-year term and 30-year amortization schedule. Boxcar Apartments is located at 975 John Street. It received a $20-million refinance. The loan contained the same finance structure as the former community. Financing was arranged by Bob Spiro and Chris Pohlad of NorthMarq Capital’s Seattle regional office through the firm’s affiliate AmeriSphere Multifamily Finance LLC, a Fannie Mae DUS lender.