ONTARIO, CALIF. — PPF Industrial LLC has acquired a 386,598-square-foot industrial building in Ontario for $23.8 million. The building is located at 1671 Champagne Ave. The property is situated just east of Interstate 15 and south of Interstate 10 in the Inland Empire West industrial warehouse/distribution submarket. The area is serviced by the Union Pacific Railroad. Notable tenants at the building include Precision Foam LLC, Pacific Urethane and Bericap LLC. The space was renovated and retrofitted in 2011. Darla Longo, Barbara Emmons and Rebecca Perlmutter of CBRE’s Ontario office represented both the buyer and seller, CT Realty, in this transaction.
Western
SUN CITY, ARIZ. — La Ronde Centre, a 106,503-square-foot retail property in Sun City, has sold to an unnamed buyer for $8 million. The center is located at 14656 North Del Webb Blvd. The buyer was represented by Colin Brown of Transwestern. The seller, an LLC, was represented by Sanford Burstyn of Marcus & Millichap’s Phoenix office.
SCOTTSDALE, ARIZ. — Arrowhead Health Center, an 11,272-square-foot, net-leased property in Scottsdale, has sold to a limited liability company for $4.5 million. The center is located at 2629 North Scottsdale Road. Mark Ruble and Jamie Medress of Marcus & Millichap’s Phoenix office, represented both the buyer and seller, another LLC, in this transaction.
PHOENIX – The 126-unit Briarwood Apartments in Phoenix has sold to David Barnes for $4 million. The community is located at 3450 W. Missouri Ave. It was built in 1983. Briarwood is 90 percent occupied. The seller, Edward Sibley, was represented by Brett Polachek and Jim Crews of Cushman & Wakefield.
WOODLAND, CALIF. – The 48-unit Crosswood Apartments in Woodland has received $3.3 million in refinancing. The community is located at 646 3rd Street. The non-recourse, fixed-rate loan features a 35-year amortization schedule. The loan will fund the community’s rehabilitation. Crosswood was originally developed as a HUD affordable apartment complex under the 236 program. It currently receives project-based Section-8 rental assistance. The sponsor, an affiliate of Yolo County Housing, secured the 4 percent Low Income Housing Tax Credit through the California Tax Credit Allocation Committee. The loan was originated by Joe Litten, Vice President and Mary McDonald of CBRE Debt and Structured Finance in CBRE’s San Francisco office.
Net absorption in the first half of 2014 for the Las Vegas office market is positive, by about 500,000 square feet, causing the total office vacancy rate to decline valley-wide. This market has a total office inventory of 60.7 million square feet in 3,860 buildings. About 900,000 square feet remains under construction at the end of the second quarter — about 800,000 square feet of which is speculative development. This is interesting, considering the overall market vacancy is hovering around 20 percent. Average quoted asking rental rates decreased slightly to $1.88 per square foot, per month ($22.56 per square foot annualized) on a full-service gross basis. Concessions, incentives and tenant improvement allowances to secure tenants continue to vary from project to project. The assumption that a tenant could expect to receive up to one month free rent per year of lease term may be a declining trend in the coming quarters. The newer trend is landlords completing speculative build-outs in vacant suites, though this is still not the norm. Investment sales in the first half of 2014 decreased from the previous year, with about 800,000 square feet of properties sold at an average price per square foot that was slightly …
VANCOUVER, WASH. — Dermody Properties has acquired a six-acre site in Vancouver for an undisclosed sum. The site is located at Northeast 60th Ave. Dermody plans to develop LogistiCenter 205 on the site. LogistiCenter 205 will be a 98,400-square-foot industrial facility. It will be the only Class A industrial facility available in the Vancouver/ Clark County submarket, according to Dermody. The facility will be built by Perlo Construction and designed by Mackenzie. Tony Reser, Tom Talbot and Scott Murphy of Kidder Mathews will serve as the facility’s leasing agents. The site was purchased from a private seller.
LOS ANGELES — The Praedium Group has sold three Los Angeles-area apartment complexes for a total of $27.2 million. The disposition includes El Palacio, The Lotus and The Ventana Apartments. The buyer was a local investor. El Palacio and The Lotus contain a total of 32 units. The historic trophy apartment buildings are located at 8491 Fountain Ave. and 1216 La Cienega Blvd., respectively. They are steps from the Sunset Strip in West Hollywood. The Ventana Apartments contains 52 units. It is located at 7225 Crescent Park West, near Beverly Hills. El Palacio and The Lotus sold for $13.5 million. The Ventana went for $13.7 million. The Praedium Group was represented by Darin Beebower and Bob Safai of Madison Partners. Valentin G. Aguilar II of Venable LLP served as Praedium’s legal counsel.
LAS VEGAS — Tierra Partners III LLC has acquired LaPour Corporate Center, a 70,188-square-foot office building in Las Vegas, for $17.3 million. The Class A building is located at 9075 W. Diablo Drive. The three-story office building is situated next to the 215 Beltway between Russell Road and Tropicana Avenue. It is fully occupied by tenants like Chicago Title, NV Energy, KGA Architecture and State of Nevada Public Utilities Commission. Tierra Partners was represented by Greg Tassi of CBRE Las Vegas. The seller, LaPour 215 LLC, was represented by Charles Moore, Marlene Fujita Winkel and Ashley Kolaczynski of the same firm.
COSTA MESA, CALIF. — Cameron Properties has acquired the 62-unit Costa Mirage apartment community in Costa Mesa for $12.9 million. The community is located at 393 Hamilton Street. Costa Mirage is situated east of Harbor Boulevard and west of Newport Boulevard, just above Newport Bay. Community amenities include a fitness center, clubhouse, and pool and spa. Costa Mirage is currently 95 percent leased. Costa Mirage was purchased by CT Realty as part of the firm’s strategy to acquire several smaller Costa Mesa multifamily properties over the past few years. The firm then renovated and repositioned the properties before executing their dispositions. Costa Mirage is CT’s fourth property to be sold. Cameron Properties represented itself in this transaction. CT was represented by Steven Brombal and Peter Hauser of Hendricks-Berkadia.