LOS ANGELES — Sender One Climbing has signed a 16-year lease for a 30,000-square-foot industrial building in Los Angeles. The lease is valued at $5.3 million. The building is located at 11220 Hindry Ave. The indoor rock climbing wall provider will use this space for its second Southern California location. The first opened in Santa Ana last June. Sender One was represented by Greg Pieratt of Lee & Associates.
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YORBA LINDA, CALIF. — Moreno Insurance has acquired a 22,500-square-foot office building in Yorba Linda for $3.7 million. The building is located at 22860 Savi Ranch Road near Old Canal Street. It underwent a complete renovation in 2009. Moreno was represented by Gary McArdell of Lee & Associates. The seller, CAPA Property Management, was represented by Chuck Wilson and Brian Chastain of Colliers.
NORWALK, CALIF. – A 34,500-square-foot industrial building in Norwalk has sold to Foam Express Inc. for $2.7 million. The building is located at 14016 Gracebee Street. It most recently housed a hockey equipment distribution firm. The foam molding manufacturer was represented by Jason Vargas of Daum Commercial. The seller, the Madjzoub Family Trust, was represented by Chuck Wilson of Colliers.
CASTROVILLE, CALIF. – The 22-unit Tembladera Apartments in Castroville has sold to WaveCrest Capital Management LLC for $2.4 million. The community is located at 10326 – 10526 Tembladera Street, just north of Monterey. It was built in 1990. This is the first asset WaveCrest has acquired for its own portfolio. The company intends to acquire $10 million of multifamily assets this year. WaveCrest was represented by Hap Albers of Albers Real Estate. This acquisition was carried out in partnership with a Southern California-based family office investor. The seller, a local Bay Area lender, had foreclosed on the property earlier this year.
Southern New Mexico’s industrial market, specifically Dona Ana County, remained stable throughout 2013. We project solid growth in this arena for 2014. We have not seen much growth in the first quarter of 2014, though the industrial market has remained stable. Rents have also remained about the same. They have decreased in some instances as landlords compete for the few new tenants entering the market. Fortunately, Southern New Mexico has experienced an uptick as a few companies entered the market from different states, which is obviously a positive sign. A food processing company just signed a lease/purchase agreement for 40,000 square feet. This company will create 150 to 200 jobs, a significant amount for Dona Ana, which has a population of about 225,000 people. A majority of the growth has occurred in the Santa Teresa area. Union Pacific is wrapping up its 2,200-acre facility, where it has invested $500 million to create the largest intermodal inland port in the United States. Union Pacific’s Intermodal ramp, refueling and crew change station was fully operational in early April. This facility has the lift capacity to facilitate 220,000 intermodal containers annually. It will provide rail access from Mexico’s interior and Pacific Ports to …
LOS ANGELES — The Wolff Company has announced it will develop a $54-million mixed-use project in Downtown Los Angeles’ South Park district. The project, 12th & Olive, is named after its location. The seven-story podium building will contain 293 apartment homes with 7,000 square feet of amenity space, which will include round-the-clock valet and concierge services. The development will also feature 17,300 square feet of ground-floor retail. The project will break ground later this month. It is scheduled for completion in mid-2016. Bernards will handle the construction, while TCA Architects will oversee its design.
LOS ANGELES — The Magellan Group has acquired a 26.8-acre site in El Monte for $20.5 million. The site is located at 4127-4213 Temple City Blvd. The company plans to develop a five-building industrial campus totaling 500,000 square feet. It is scheduled for completion in the third quarter of next year. The $55-million campus will be developed in a joint venture with Principal Real Estate Investors. Magellan also recently acquired industrial and storage properties in nearby Duarte, Riverside and Baldwin Park. The seller was a joint venture between Penwood Real Estate Investment Management and Wohl Property Group. John Minervini, Erik Larson, Robin Dodson and Chris Tolles of Cushman & Wakefield represented both parties in this transaction.
SAN BERNARDINO, CALIF. — Alere Property Group has acquired a 592,710-square-foot logistics facility in San Bernardino for $34.4 million. The newly constructed facility is located at 701 S. Arrowhead Ave. It sits adjacent to Interstate 215. The facility is situated along the same corridor as Amazon’s new distribution center. The corridor is also home to other e-commerce and major national retailers. Notable neighbors include Hewlett-Packard, Home Depot, Kohls, Mattel, Pepsi, Smuckers, Becton Dickinson, FedEx, Kohler, Michelin, Pactiv Corporation, Pep Boys, Spectrum Brands, Stater Brothers and Unilever. This area is known for its easy access to Interstate 15, as well as the Pomona (60), Riverside (91) and San Bernardino (10) freeways. It also enjoys direct access to the ports of Los Angeles and Long Beach, and to Ontario International Airport. Alere was represented by Kevin McKenna of Colliers International. McKenna will also serve as the property’s exclusive leasing broker, along with CBRE’s Walt Arrington and Jeff Linden.
AURORA, COLO. – Rondell Homes has acquired the 364-unit Winridge Apartments and Townhomes in Aurora for $34.6 million. The community was built in 1986 at 2075 S. Paris Way. It was 94 percent occupied at the time of closing. Winridge is situated near the DTC Business Corridor, Fitzsimons Life Science District, Lowry and Cherry Creek. The I-225 light rail corridor is also set to open in this area in 2016. Once completed, it will provide access northbound to Fitzsimons, as well as to Denver International Airport. Rondell was represented by Jack Mason of Mason Properties. ARA Colorado’s Terrance Hunt, Shane Ozment, Jeff Hawks and Doug Andrews represented the seller, an international investment advisory firm headquartered inNew York, in this transaction.
TEMPE, ARIZ. — Mill Avenue Office LLC has acquired Hayden Station, a 107,508-square-foot, mixed-use project in Tempe, for $26.5 million. The property is located on the southwest corner of Mill Avenue and 3rd Street. It sits adjacent to a Light Rail station, and is just a short walk to Arizona State University. Hayden Station contains five buildings of office and retail users. The 74,307-square-foot building on 3rd Street serves as a multi-tenant office building. The other buildings are located on Mill Avenue. They range in size from 5,642 square feet to 9,548 square feet. The entire project was 97.9 percent leased at the time of sale. The seller was Holualoa Companies. Bob Buckley, Tracy Cartledge, Steve Lindley, Jeff Hartland, Scott Boardman, Trevor Klinkhamer and Brent Mallonee of Cassidy Turley represented both parties in this transaction.