POMONA, CALIF. – A 134,500-square-foot industrial facility in Pomona that is fully occupied by Hamilton Sundstrand has sold to a private investor from Orange County for $16 million. The facility is located at 2771 N. Garey Ave. The aerospace and defense contractor has owned and occupied the building since it was constructed in 1962. Hamilton Sundstrand is now a part of UTC Aerospace Systems, a division of United Technologies Corporation. The buyer was represented by Clyde Stauff of Colliers and Mike Hartel and Mike Bouma of Voit. A joint venture between Lincoln Property Company and Morgan Stanley Real Estate Fund was also represented by Colliers.
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SAN DIEGO – A 36,936-square-foot industrial building in the Lusk Business Park in San Diego has sold to Western State Technologies for $6.3 million. The building is located at 10540 Heater Court. The seller, Moxie Partners LLC, was represented by Bryce and Brant Aberg of Cassidy Turley San Diego.
PHOENIX — Yeager North has leased 4,000 square feet of office space at The Offices On High Street in Phoenix. The integrated marketing firm is relocating from the nearby Scottsdale Quarter. It will occupy its new space this July. Yeager North was represented by Keith Lammersen and Trevor Pratt of Jones Lang LaSalle. The landlord is a joint venture between ScanlanKemperBard Companies and Wayzata Investment Partners.
Retail business continues to be solid in greater Salt Lake City. Total net absorption in all retail categories doubled, when compared to 2012. High-end retail in regional centers saw a 20 percent increase in rents to $24.50 per square foot. Retail inventory increased to a little more than 1 million square feet in 2013 as well. Significant growth areas include new retail in the eclectic Sugarhouse area, the southwest portion of Salt Lake County and the 5600 West corridor. New development also took place in the Central Business District of Salt Lake City. Shadow retail near the new City Creek Mall is fostering some of the Central Business District activity as well. Utah’s excellent light and commuter rails have spurred retail and commercial developments alongside their routes through four counties. Examples include a redevelopment project at Fairbourne Station in West Valley City and the expansion of Vista Station in Salt Lake County. Vista Station is a mixed-use development that is anchored by eBay. Many grocery tenants also have expansion plans for 2014 and 2015. WinCo, Harmon’s, WalMart Neighborhood Grocery, Whole Foods, Sprouts and others all either have plans or are underway with new projects. Large and mid-box retailers are very …
PHOENIX — Melcor Development has acquired the Perimeter Parkview Corporate Center and the Chauncey Professional Center for a total of $11.1 million. The 24,154-square-foot Perimeter property is located at 8355 E. Hartford Drive in Scottsdale, while the 35,066-square-foot Chauncey property is located at 6930 E. Chauncey Lane in Phoenix. The buildings sold for $4.1 million and $7 million, respectively. Melcor was represented by Tom Swan of Amcal Southwest. The seller, ViaWest Group, was represented by Barry Gabel and Chris Marchildon of CBRE’s Phoenix office.
BELLINGHAM, WASH. – The 68-room Bellwether Hotel in Bellingham has received a $10.5-million refinance. The hotel is located at 1 Bellwether Way within the Bellwether on the Bay development. The mixed-use development also includes office buildings, a park, promenade and restaurants. The 10-year loan features a 27-year amortization schedule. It was arranged by Stuart Oswald of NorthMarq Capital’s Seattle regional office through the firm’s relationship with a CMBS lender.
SAN LEANDRO, CALIF. – An 85,089-square-foot food manufacturing warehouse in San Leandro has sold to Berber Food Manufacturing, Inc, dba Mi Rancho, for an undisclosed sum. The warehouse is located at 427 Hester Street. Mi Rancho is a local family business that produces and distributes tortillas. The seller, Lowenberg Corporation, was represented by Greig Lagomarsino of Colliers International’s Oakland office. Financing was provided by Tom Signorelli with Westgate Financial.
HAYWARD, CALIF. — Biolog Inc. has renewed its lease for 27,897 square feet at Britannia Business Park in Hayward. The park is located at 21124 Cabot Blvd. Biolog was represented by Todd Severson and Rick Keely of Colliers International in Oakland. The landlord was represented by WP Investments.
PHOENIX — Ace Hardware has leased 15,000 square feet at Desert Foothills Plaza in Phoenix. The plaza is located at 1323 East Chandler Blvd. in the Ahwatukee Foothills. Notable tenants at the plaza include Bank of America, Big O Tires, Chase Bank, Grease Monkey and Walgreens. Ace Hardware was represented by Brent Mallonee of Cassidy Turley’s retail group. The landlord, Foothills Plaza LLC, represented itself in this transaction.
SAN FRANCISCO – LinkedIn has signed a lease for a 450,000-square-foot office building in San Francisco that is currently under construction. The 26-story building is located at 222 Second Street. It will be ready for occupancy in early 2016. The world’s largest online professional network is headquartered in nearby Mountain View, though it has been steadily increasing its presence in San Francisco. LinkedIn currently occupies 135,000 square feet at One Montgomery Tower. It will soon occupy 87,000 square feet at 505 Howard Street as well. The new office building is being designed for LEED-Gold certification. It will include 8,500 square feet of public space. The space is owned by Tishman Speyer.