TORRANCE, CALIF. – Construction has commenced on Phase II of Storm Plaza, anew retail center in Torrance. The 21,500-square-foot phase will be located on 4.2 acres at the northwest corner of Sepulveda Boulevard and Normandie Avenue. Wells Fargo recently signed onto the center, announcing it would open a 4,250-square-foot branch. The second phase of construction is scheduled for completion this fall. Phase I included a 16,556-square-foot CVS/pharmacy that opened this past November. Phase III of Storm Plaza will add 13,000 additional square feet of space. Anticipated uses include restaurants and large retail. All phases of the $15-million project should be complete by the first quarter of 2015. The 50,000-square-foot Storm Plaza is being constructed on the site of the former Ricky & Ronnie's Drive-in. It is being developed by Storm Properties.
Western
VERNON, CALIF. – The City of Vernon has broken ground on Vernon Village Park, its first-ever private development. The 45-unit affordable housing project is located at 4675 E. 52nd Drive, just 5 miles south of Downtown Los Angeles. The $12.8-million, garden-style development is scheduled for completion in summer 2015. It is being built to LEED-Silver specifications. Vernon Village Park will include a community room with a kitchen, a computer room, meeting room, common laundry facility, a courtyard and barbecue area, children’s play area and edible community gardens. The project is being developed by Meta Housing Corporation, which worked with the City of Vernon, as well as its non-profit partner, Community Home Builders and Associates. The California Tax Credit Allocation Committee, Bank of America, Federal Home Loan Bank San Francisco – Affordable Housing Program and the California Community Reinvestment Corporation also participated in this project.
TUCSON, ARIZ. – A 143,650-square-foot office building in Tucson has sold to W. P. Carey Inc. for $19 million. The firm purchased the Class A building on behalf of CPA:17 – Global, one of its managed REITs. It is located at 3350 E. Hemisphere Loop at the Tucson International Business Center. The building is leased to a single unnamed tenant. Neil Glassmoyer, Tivon Moffitt and Peter Bauman of Colliers International in Greater Phoenix represented both the buyer and the seller, Summit Properties, in this transaction.
SAN MATEO, CALIF. – The 45-unit Mariner’s West apartments in San Mateo has sold to a private family LLC in a 1031 exchange for $16.4 million. The community is located at 730 Mariner’s Island Blvd. and 735 Fathom Drive. It was built in 1979. Major employers in the area include Oracle, Visa, Sony Computer Entertainment, Life Technologies, Gilead Sciences and Electronic Arts. Adam Levin and Eric Katz of Marcus & Millichap’s Palo Alto office represented both the buyer and the seller, a private equity firm, in this transaction.
POMONA, CALIF. – A 134,500-square-foot industrial facility in Pomona that is fully occupied by Hamilton Sundstrand has sold to a private investor from Orange County for $16 million. The facility is located at 2771 N. Garey Ave. The aerospace and defense contractor has owned and occupied the building since it was constructed in 1962. Hamilton Sundstrand is now a part of UTC Aerospace Systems, a division of United Technologies Corporation. The buyer was represented by Clyde Stauff of Colliers and Mike Hartel and Mike Bouma of Voit. A joint venture between Lincoln Property Company and Morgan Stanley Real Estate Fund was also represented by Colliers.
SAN DIEGO – A 36,936-square-foot industrial building in the Lusk Business Park in San Diego has sold to Western State Technologies for $6.3 million. The building is located at 10540 Heater Court. The seller, Moxie Partners LLC, was represented by Bryce and Brant Aberg of Cassidy Turley San Diego.
PHOENIX — Yeager North has leased 4,000 square feet of office space at The Offices On High Street in Phoenix. The integrated marketing firm is relocating from the nearby Scottsdale Quarter. It will occupy its new space this July. Yeager North was represented by Keith Lammersen and Trevor Pratt of Jones Lang LaSalle. The landlord is a joint venture between ScanlanKemperBard Companies and Wayzata Investment Partners.
Retail business continues to be solid in greater Salt Lake City. Total net absorption in all retail categories doubled, when compared to 2012. High-end retail in regional centers saw a 20 percent increase in rents to $24.50 per square foot. Retail inventory increased to a little more than 1 million square feet in 2013 as well. Significant growth areas include new retail in the eclectic Sugarhouse area, the southwest portion of Salt Lake County and the 5600 West corridor. New development also took place in the Central Business District of Salt Lake City. Shadow retail near the new City Creek Mall is fostering some of the Central Business District activity as well. Utah’s excellent light and commuter rails have spurred retail and commercial developments alongside their routes through four counties. Examples include a redevelopment project at Fairbourne Station in West Valley City and the expansion of Vista Station in Salt Lake County. Vista Station is a mixed-use development that is anchored by eBay. Many grocery tenants also have expansion plans for 2014 and 2015. WinCo, Harmon’s, WalMart Neighborhood Grocery, Whole Foods, Sprouts and others all either have plans or are underway with new projects. Large and mid-box retailers are very …
PHOENIX — Melcor Development has acquired the Perimeter Parkview Corporate Center and the Chauncey Professional Center for a total of $11.1 million. The 24,154-square-foot Perimeter property is located at 8355 E. Hartford Drive in Scottsdale, while the 35,066-square-foot Chauncey property is located at 6930 E. Chauncey Lane in Phoenix. The buildings sold for $4.1 million and $7 million, respectively. Melcor was represented by Tom Swan of Amcal Southwest. The seller, ViaWest Group, was represented by Barry Gabel and Chris Marchildon of CBRE’s Phoenix office.
BELLINGHAM, WASH. – The 68-room Bellwether Hotel in Bellingham has received a $10.5-million refinance. The hotel is located at 1 Bellwether Way within the Bellwether on the Bay development. The mixed-use development also includes office buildings, a park, promenade and restaurants. The 10-year loan features a 27-year amortization schedule. It was arranged by Stuart Oswald of NorthMarq Capital’s Seattle regional office through the firm’s relationship with a CMBS lender.