Investor money has returned to the industrial market in Las Vegas. Compressing cap rates continue to result in rising values on properties even in the hardest-hit areas of Las Vegas. Couple that with limited available industrial product, and the result is the need for today’s buyers to act quickly and competitively if they want to acquire quality properties that will deliver attractive yields. MCA Realty initially entered the Las Vegas market in mid-2011 to acquire incubator/mid-bay, multi-tenant industrial properties significantly below replacement cost. Since that time, the firm has seen a substantial shift in the number of buyers competing for this product type in this market. This increasing competition will continue to drive values up, and investors will need to rely even more heavily on their local brokerage relationships to make deals work. On the leasing side, vacancy rates continue their downward trend. Occupancy is up on all industrial product types, and confidence from business owners continues to rise. The result is increased stabilization throughout the market. A key component driving the tenant demand for multi-tenant industrial is the resurgence of hotel construction and renovation in the works on the Las Vegas Strip. This activity has created a surge of …
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SAN DIEGO – A 12,907-square-foot office property in the San Diego submarket of Cardiff-By-The-Sea has sold to a private, local individual for $8 million. It is located at 131 Aberdeen Drive. The building is fully occupied by GoPro. The digital imagingcompany has resided at the building since 2011. It recently signed a new five-year, triple-net lease for the space. The unnamed seller was represented by CBRE’s Paul Lafrenz, Melissa Foster and Chris Pascale.
SAN DIEGO – A 56,386-square-foot industrial building in Poway has sold to a local investment firm for $6.1 million. The building is located at 12250 Kirkham Road in the San Diego submarket. The seller, Atomic Investments, was represented by Brian Mulvaney and Josh West of Voit Real Estate Services’ San Diego office.
DENVER — Grandbridge Real Estate Capital has opened a new regional office in Denver. It will be managed by senior vice president John M. Stewart. Penny A. Newton has also joined the team as vice president. Grandbridge is a full-service commercial and multifamily finance provider. It is headquartered in Charlotte, N.C., where it finances all types of income-producing properties. Grandbridge is a subsidiary of Branch Banking and Trust Company (BB&T).
PEORIA, ARIZ. – Fletcher Heights Marketplace, a 26,658-square-foot shopping center in Peoria, has sold to Eleven Investments LLC for $3.1 million. The Class B neighborhood retail shopping center is located at 20783 N. 83rd Ave. Fletcher Heights is currently 75 percent occupied. Some of the newer tenants include Delex Realty, Planet Beach Spa and Farmers Insurance. The LLC represented itself in this transaction, while the seller, LB-UBS 2003-C7 Fletcher Heights Marketplace LLC, was represented by Daniel Ortega and Larry Ortega of Colliers International.
CARLSBAD, CALIF. – A seven-unit apartment complex in Carlsbad has sold to an individual/personal trust for $1.8 million. The community is located at 3044 State Street in the city’s Downtown Village District. The site is approved for a mixed-use building with first-floor retail and nine townhouse-style condos. Aaron Bove and Aaron Wilkinson of Marcus & Millichap’s San Diego office represented both the buyer and seller, another individual/personal trust, in this transaction.
SAN DIEGO — Moss Adams LLP has signed a 10-year lease for La Jolla Commons Tower I. The lease is valued at $9.4 million. The tower is located at 4747 Executive Drive in San Diego. The public accounting firm will occupy 18,611 square feet. Moss Adams will occupy its new space in the first quarter of 2015. The firm was represented by Duncan Dodd of Cassidy Turley’s San Diego office. The landlord, HSPF La Jolla Commons I Investors LLC, was represented by Matthew Carlson, Eric Northbrook and Chris High of Cushman & Wakefield.
SAN DIEGO — Southrail Business Park, a 128,294-square-foot industrial park in the San Diego submarket of Chula Vista, has received a $4.1-million acquisition loan. The eight-building park is located at 664 Marsat Court, about 10 minutes from Downtown San Diego. The buildings are 98 percent leased to 26 tenants, including PowerSports Group, Toleeto Fasteners Intl, Delphius Engineering and Bay Bridge Brewery. The buyer was Focus Real Estate LP. The loan was arranged by HFF’s John Chun. The joint venture equity was placed with a regional joint venture equity fund.
LAS VEGAS — The Shops at Warm Springs, a 15,760-square-foot retail building in Las Vegas, has sold to an unnamed buyer for $3 million. The building is located at 7150 S. Durango Drive. It is occupied by Cricket Wireless, Title Max, Stacks & Yolks, Volcano Grill, Quick Draw Tattoo and Beyond Nails & Spa. The buyer was represented by Adam Malan of the Equity Group. The seller, PWDAF Warm Springs and Durango LLC, was represented by CBRE’s Charles Moore, Marlene Fujita Winkel and Ashley Kolaczynski.
PHOENIX – A 43,584-square-foot industrial property in Phoenix has sold to a corporation for $2.4 million. The building is located at 15002 North 25th Drive. It was originally built in 1983, when it was occupied by Safeway. The facility is currently occupied by a church, which will vacate in the next nine months. The buyer plans to use the facility for its own manufacturing and administrative needs. Neal Waldman of Marcus & Millichap’s Phoenix office and Paul Berkner of Colliers International represented both the buyer and seller, a family trust, in this transaction. Berkner was formerly with Marcus & Millichap.