VANCOUVER, WASH. — Columbia Shores Office Building, a 41,592-square-foot property in Vancouver, has sold to Columbia Shores SPE LLC for $6.7 million. The Class B building is located on SE Columbia Shores Boulevard. It is fully leased to six tenants, including SmartRG, Schlage Lock and Columbia Resources. The LLC was represented by Todd VanDomelen and Charles Conrow of Norris & Stevens, Inc. – TCN Worldwide. The seller, 501 SE Columbia Shores SPE LLC, was represented by Eric Fuller of Eric Fuller & Associates.
Western
HAYWARD, CALIF. — Corsair Components has leased 63,512 square feet of space at Winton Industrial Center in Hayward. The center is located at 2660 West Winton Ave. The high-performance PC gaming company will expand its operations from its Fremont headquarters and Hayward satellite facility. Corsair Components is doing business as Corsair Memory. The landlord, Winton Industrial Center LLC, was represented by Greig Lagomarsino, Rick Keely and Nick Ousman of Colliers International’s Oakland office.
SAN DIEGO — Western States has acquired a 36,936-square-foot office building in the San Diego submarket of Sorrento Mesa for $6.3 million. The corporate headquarters building is located at 10540 Heater Court. It is fully leased to Cobham Defence Electronics. Bryce Aberg, Brant Aberg and Brian Driscoll of Cassidy Turley Commercial Real Estate Services in San Diego represented both Western States and the unnamed seller in this transaction.
TUCSON, ARIZ. – A 15,000-square-foot office building in Tucson has sold to Redyns Development for $4.2 million. The building is located at 2070 W. Rudasill. Redyns was represented by Russell W. Hall and Stephen D. Cohen of Cushman & Wakefield | PICOR. The seller, Fountains Medical Plaza Investors, was represented by CBRE’s David Montijo and Mike Sandahl.
LOS ANGELES — In-N-Out Burger and Tilly’s have joined the tenant roster at the newly constructed Shoppes at Westlake Village. The 240,000-square-foot, open-air retail center is located on Russell Ranch Road in the Los Angeles submarket of Westlake Village. Other notable tenants that have recently signed onto the center include Target, Total Woman Gym + Spa, Hook Burger, Gallery Seafood and Chop House, Bowl of Heaven, All Tressed Up, Carriere, Kirk Jewelers, Olio e Limone and Jeannine’s. The center is now 80 percent leased. The landlord, Selleck Development, was represented by Stephanie Skrbin and Mike Tingus of Lee & Associates-LA North/Ventura.
PHOENIX – The Arizona Super Bowl Host Committee has leased 7,535 square feet at Renaissance Square in Downtown Phoenix. The 965,000-square-foot, Class A office complex is located along North Central Avenue. The committee was represented by CBRE’s Brad Anderson. The landlord, Hines, was represented by Jerry Noble of Cushman & Wakefield.
The Las Vegas multifamily market is back with a vengeance. The market went into a meltdown in 2009 while the financial crisis was in full swing, delivering the biggest blow to the local economy in Vegas’ history. What had been low unemployment and a development boom to rival all past development cycles quickly turned into a downward spiral. Construction came to a standstill and workers fled the city in search of work elsewhere. Apartment fundamentals dropped to record lows. Asking rents dropped 19.25 percent between 2009 and the second quarter of 2012, while concessions stood at 8.5 percent. Even with all this in play, the Las Vegas market is known for reinventing itself. The market recovery was in full swing last year. Stalled projects were restarted with a whole new set of players, and employment was picking up speed. An exodus from California to Nevada is currently underway, with Penske Truck Rental citing Las Vegas as one of its top 10 places where new residents are moving. Unfortunately, unemployment is still above the national average, but that is changing fast. Fundamentals are improving with concession shrinking to 5.25 percent compared to a high of 8.5 percent in 2009. Asking rents …
Despite the continuing economic uncertainty, the Denver market is maintaining its status as a major thriving city with respect to all aspects of growth from commercial real estate sectors. This growth is clearly apparent by all the cranes in operation as you drive down Interstate 25—the main arterial highway that runs north and south bound through the entire state. Though 1.2 million square feet of retail was built in 2013 – and 197,000 square feet was delivered in the first quarter of 2014 – most of the current cranes are working on medical, office and multifamily developments. With all the national retailers setting their sights on the Denver market, there is a definite lack of A-grade retail centers that have availability. B-grade product is now being thoroughly analyzed as the next best option. Several of the national and regional tenants are in bidding wars against each other for the remaining A- and B-grade sites. The challenge of the development process is the growing cost of land and construction, which ultimately drives the rates up, thus limiting a huge pool of potential tenants. The Denver retail market in the first quarter of 2014 experienced a positive net absorption of 820,357 square …
SAN DIEGO — Harrison Properties has acquired 0.75 acres of land in Encinitas that is occupied by Pacific Surf Inn for $4.2 million. The land is located at 1076 N. Coast Highway 101 in the San Diego submarket. Harrison was represented by Peter Curry of Cassidy Turley. The seller, Gili Investments, was represented by Tim Winslow, Jason Kimmel and Kevin Nolen of the same firm.
SALEM, ORE. — Vista Pointe Luxury Apartments in Salem has received a $4.1-million refinance. The community is located at 1830 Wiltsey Road SE. The loan has a low fixed interest rate and a 30-year amortization schedule. It was arranged for the local borrower by Blake Hering, Jr. and Matt Illias of NBS Financial Services. NBS will also service the loan for the lender, life insurance company Genworth Financial.