Western

Dr. Boyd’s Pet Resort Orange County to Open at Irvine Spectrum

by Nellie Day December 2, 2014

IRVINE, CALIF. – Dr. Boyd’s Pet Resort Orange County, a 25,328-square-foot pet boarding and veterinary care center, will open later this month at the Irvine Spectrum. The 24-hour facility will be located at 8645 Research Drive in Irvine. This particular Irvine Spectrum property sits adjacent to the Irvine Company’s new Los Olivos Marketplace, which is anticipated to open in spring 2016. The pet resort was represented by Eric Warfield of South Bay CRE. The landlord, Three Crowns Properties LLC, was represented by Don Yahn, Brett Swartzbaugh and Brian Booth of Cushman & Wakefield.

December 2, 2014

New Mexico Office Western

Med Arts Plaza in Albuquerque Sells for $6.3M

by Nellie Day December 2, 2014

ALBUQUERQUE, N. MEX. – Med Arts Plaza, a 52,735-square-foot medical office center in Albuquerque, has sold to an unnamed buyer for $6.3 million. The center is located at 801 Encino Place, near the “The Big I” interchange between Interstates 40 and 25. Med Arts includes 17 office suites, with 14 medical office users and three traditional office users. The sale was arranged by Ed Graf and Ted Sannella of Houlihan-Parnes Realtors.

December 2, 2014

Arizona Mixed-Use Western

The Delta Corp. Buys 15.3 Acres in Chandler for $2.7M

by Nellie Day December 2, 2014

CHANDLER, ARIZ. – The Delta Corporation has acquired 15.3 acres of commercial land in Chandler for $2.7 million. The land is located at the southeast corner of Frye Road and Ellis Street. Delta plans to develop a mixed-use project on the site. Rick Danis and Paul Boyle of Cassidy Turley represented both the buyer and seller, BOK Financial Corp., in this transaction.

December 2, 2014

California Office Western

Mission Valley Office Building Sells for $11.1M

by Nellie Day December 2, 2014

SAN DIEGO – A 71,450-square-foot office building in the San Diego submarket of Mission Valley has sold to Shopoff Realty Investments for $11.1 million. The Class B-plus building is located at 2650 Camino Del Rio North. It is currently 75 percent leased. Notable tenants include Kaiser Foundation Health Plans and U.S. Colleges.

December 2, 2014

California Market Reports Multifamily Western Western Market Reports

San Francisco Faces Rent Control, ‘Housing Crisis’

by Nellie Day December 2, 2014

Home to nearly 850,000 people and rapidly growing, the City of San Francisco is packed into a little less than 47 square miles. Having long been known as one of the primary financial, tech and cultural hubs of the United States, San Francisco is a place where many people want to be. Business is booming, companies are competing for employees, and the city is as culturally vibrant as ever. It seems like every week there is another article about San Francisco topping another a “best of” list. Supply, Demand, Rent Control Every city endures growing pains during times of economic expansion – new construction, rising rents and home prices – not to mention added stress to the local public infrastructure. The supply of housing in San Francisco remains relatively static for various reasons, with strict building and zoning regulations, a comparatively fixed supply of buildable land and the added complications surrounding the development of real estate in a densely populated, coastal city. On the flipside, demand for housing, which most consider a necessity, is highly inelastic. This is due to the average per-capita income for San Francisco residents, which is about 80 percent higher than the average per-capita of the …

December 2, 2014

California Office Western

Marcus & Millichap Opens Ventura Office

by Nellie Day December 1, 2014

VENTURA, CALIF. – Marcus & Millichap has opened an outpost in Ventura. This is the commercial real estate investment services firm’s eighth sales office in Southern California. The office will be overseen by Adam Christofferson, first vice president and regional manager, and James Markel, sales manager. They will be joined by Gary Cohen as director of the firm’s National Office and Industrial Properties Group (NOIPG), along with Brian Johnson, senior associate of the National Multi Housing Group (NMHG). Parker Shaw, an associate with the NMHG, and James DeBuiser, an agent candidate with the NOIPG, will round out the new office. The Ventura office is located at 1000 Town Center Drive.

December 1, 2014

Multifamily Washington Western

Kennedy Wilson Buys Bella Sonoma Near Tacoma for $46.7M

by Nellie Day December 1, 2014

TACOMA, WASH. – Kennedy Wilson has acquired the 280-unit Bella Sonoma apartment complex in the Tacoma suburb of Fife for $46.7 million. The luxury residential community is located at 2301 62nd Ave E. Bella Sonoma was built in two phases in 2004 and 2006. About 35 percent of the community’s units are townhomes with attached garages. The community is situated near the Port of Tacoma and a Sound Transit stop which, connects to Seattle and Tacoma. Kennedy Wilson has purchased 2,185 units in the Pacific Northwest this year alone, bringing its Pacific Northwest multifamily portfolio to a total of 5,216 units. It owns a total of 20,719 multifamily units worldwide. The firm invested $11.1 million of equity into the acquisition. It also secured $37.3 million of new debt through Fannie Mae. That 10-year loan features a fixed interest rate of 3.59 percent and five years interest-only. The seller was not named.

December 1, 2014

Office Washington Western

Eagle Home Mortgage Leases Space at Broadway Building in Vancouver

by Nellie Day December 1, 2014

VANCOUVER, WASH. – Eagle Home Mortgage has leased 8,340 square feet at the Broadway Building in Vancouver. The Class A building is located at 805 Broadway Building. Eagle Home Mortgage is a subsidiary of Universal American Mortgage Company, which is a division of Lennar Corporation. The company should occupy the building by Jan. 1. Eagle Home Mortgage was represented by Eric Turner of Cresa. The landlord, RS Holdings LLC, was represented by Doug Bartocci and Tamara Fuller of NAI Norris, Beggs & Simpson Associate.

December 1, 2014

California Industrial Western

Anaheim Industrial Building Sells for $2.5M

by Nellie Day December 1, 2014

ANAHEIM, CALIF. – A 2,250-square-foot industrial building in Anaheim has sold to an unnamed buyer for $2.5 million. The building is located at 145 W. Santa Ana Street. EmilAmerica is the building’s sole tenant. Chris Migliori of DAUM’s Orange County office represented both parties in this transaction.

December 1, 2014

Arizona Retail Western

Kohl’s Department Store at The Shops at Glassford Hill Marketplace Sells for $2.7M

by Nellie Day December 1, 2014

PRESCOTT VALLEY, ARIZ. – An 8,639-square-foot Kohl’s department store at The Shops at Glassford Hill Marketplace in Prescott Valley has sold to Zynda Family Trust for $2.7 million. The property is located at 3264 N. Glassford Hill Road. The fully leased shopping center contains five tenants that hold triple-net leases. The trust was represented by Rob Walter of Century 21 Arizona West. The seller, Prescott Valley Signature Entertainment LLC, was represented by Joseph Compagno of CBRE’s Phoenix office.

December 1, 2014

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