The New Mexico office market has gained more traction and absorbed a healthy level of excess inventory this year. Vacancy fell to its lowest level in more than two years. This decline can be attributed to an absorption of vacant inventory and an increase in demand for medium-sized spaces. One of those purchases was carried out by the State of New Mexico, which acquired the 60,000-square-foot Plaza Maya, a vacant building that’s no longer competing for tenants. Downtown’s vacancy also declined when a 19,500-square-foot space was taken off the market by a new company that won the contract administering mental health services for the state. Some of the most popular office spaces seem to be in the size range of 4,000 to 25,000 square feet. The state has had more than 73,000 square feet of this kind of space absorbed recently. A new charter school in the Airport submarket accounted for about one-third of this inventory, with engineering, legal and healthcare administration service companies taking up the balance. Activity for smaller spaces of less than 4,000 square feet remained consistent with 2013 levels. This strong demand has led to larger Class A spaces being master leased by national executive suite …
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FONTANA, CALIF. — The Shops at Sierra Lakes, a 21,615-square-foot retail center in Fontana, has sold to Farsai Fontana LLC for $7.8 million. The center is located at 16943 & 16975 Sierra Lakes Parkway. It was built in 2009 and 2012. The Shops at Sierra Lakes is also part of Sierra Lakes Marketplace, which contains more than 880,000 square feet of retail properties, including Lowes Home Improvement, Costco, Petco, Office Max, Home Depot and LA Fitness. Farsai Fontana was represented by Scott Hook of Coldwell Banker Commercial. The seller, PRP Investors-Fontana LLC, was represented by Jeff Conover of Faris Lee Investments.
BOULDER, COLO. — Velocis Advisors has acquired an office building in Boulder’s Flatiron Business Park for an undisclosed sum. The firm purchased the building on behalf of its client, a Dallas-based family office. The 96,000-square-foot building is located at 5775 Flatiron Parkway. It is fully leased to financial service and technology-related tenants.
VERNON, CALIF. — H.C. Foods Company Ltd. has leased 47,813 square feet at a cold-storage industrial facility in Vernon. The 88,000-square-foot facility is located at 2939 S. Sunol Drive. It was built in 2005. The five-year lease is valued at $4.2 million. The Asian food products commercial distributor was represented by Phil Norton of Colliers and Jeff Hubbard of Lee & Associates. The landlord, Sunol Properties LLC, was represented by Jack Cline and Doug Cline of Lee & Associates.
BARSTOW, CALIF. — Barstow Plaza, a 68,362-square-foot shopping center, has sold to a group of Los Angeles-area private investors for $3.6 million. The center is located at 1303-1311 E. Main Street near Interstate 15. It is 56 percent occupied. Notable tenants include Family Dollar, Aaron’s, Wienerschnitzel and Fast Auto Loans. The buyers were represented by Victor Gausepohl III of Collier’s International. The seller, The Steele and Shelger Family Trusts, was represented by Brad Umansky, Kenia Drugan and Greg Bedell of Progressive Real Estate Partners.
LOS ANGELES — Sears Logistics Services Inc. (SLS) has leased an 85,418-square-foot warehouse and distribution building in the north San Fernando Valley. The space is located at 14090 Balboa Blvd. in the Los Angeles submarket of Sylmar. The five-year lease is valued at $3.1 million. John DeGrinis, Patrick DuRoss and Jeff Abraham of Colliers represented both the supply chain and delivery company for Sears, Roebuck & Co. and the landlord, Skypark Industrial Project LLC.
REDWOOD CITY, CALIF. – A joint venture between the Pauls Corporation and Mount Kellett Capital Management has received a $121-million loan to develop Indigo, a 470-unit apartment building in Redwood City. The mid-rise community will be located at 525 Middlefield Road, just north of Palo Alto in Silicon Valley. Indigo will be situated mid-peninsula, allowing easy access to both San Francisco and Santa Clara counties. Construction is scheduled to commence this month. The non-recourse loan was arranged by CBRE’s Brady O’Donnell, Andrew Behrens, Jesse Weber and Mike Bryant. The four-year, floating-rate loan was secured through Wells Fargo.
DENVER — Lowe Enterprises Investors (LEI) has acquired Stanford Place II, a 366,184-square-foot office building in Denver for a reported $56.1 million. LEI acquired the Class A building on behalf of an investment client. The 17-story building is located at 7979 Tufts Ave. in the North Denver Tech Center. It is situated at the I-25 and I-225 interchange. The building was constructed in 1982. It is currently 97 percent leased. LEI plans to execute a capital improvements program that will include upgraded building systems, common areas and gathering spaces. Lowe Enterprises Real Estate Group, the firm’s local affiliate, will assume management of the property and oversee the renovation program. Peter Morgan of Lowe Enterprises Real Estate Group represented LEI in this transaction. The seller, TIAA Realty, was represented by HFF’s Mary Sullivan and John Jugl. The firm’s Eric Tuppler assisted in securing debt on the property.
WESTMINSTER, CO. – The 105-acre site that was previously home to the Westminster Mall will soon undergo a massive redevelopment. The site is located at U.S. 36 and Sheridan Boulevard, just north of Denver. The redevelopment will likely be carried out in multiple phases. It will include high-density, urban development with residential, commercial, retail and other uses. It will also contain large parks, as well as a major landscaped boulevard that will be designed for bikes and pedestrians. The redevelopment will be carried out by the City of Westminster, the Westminster Economic Development Authority (WEDA) and OliverMcMillan.
COLORADO SPRINGS, COLO. – Advenir has acquired the 292-unit Spring Canyon apartment complex in Colorado Springs for $40.5 million. The complex is located at 4510 Spring Canyon Heightsalong the Garden of the Gods employment corridor. Major employers in that corridor include Agilent Technologies, Verizon, LSI and Premiere Global Services. Spring Canyon also enjoys close proximity to the University of Colorado at Colorado Springs and University Village. The community was 98 percent occupied at the time of closing. It was built in 1997. Kevin McKenna, Doug Andrews and Jeff Hawks represented the seller, Hamilton Zanze, in this transaction.