HAWTHORNE, CALIF. — Chambers Street Properties has acquired a 510,000-square-foot industrial property in Hawthorne for $46.7 million. The property is located at 1 Rocket Road. It sits adjacent to the 105 freeway. The property serves as the headquarters for Space Exploration Technologies Corp. Also known as SpaceX, the company designs, manufactures and launches advanced rockets and spacecraft. SpaceX’s net lease extends through January 2023.
Western
VENTURA, CALIF. – A former Wonder Bread bakery site in downtown Ventura has sold to Moeller Development Company LLC for $1 million. The property is located at 72 W. Santa Clara Street. The Wonder Bread facility was razed to make way for a narrow blacktop parking lot. The new owner plans to build a 24-unit apartment complex on the site. The LLC is a joint venture between Dansk Investment Group and the Daly Group. Jesse Munoz of Colliers represented both the buyer and the seller, United American Properties Inc., in this transaction.
It should come as no surprise at this point that Orange County is on course with a robust economic recovery. Furthermore, there are favorable indicators for a steady increase in value over the next few years. Even though industrial product is limited in the county, development is picking up now that vacancy rates have been on a downward slope and rental rates continue their course on a gradual upturn. While all sectors in Orange County are seeing movement in a desirable direction, quality industrial space is becoming even more of a premium. The larger industrial spaces are drying up in Orange County. Most of the industrial spaces available today are smaller than 20,000 square feet. Meanwhile, many older buildings are being converted or remodeled to invite a variety of other property uses like residential, creative office and self-storage. The average asking price for investment-grade industrial properties of more than 20,000 square feet in Orange County is at $147 per square foot, as of the halfway point through the second quarter of 2014. This number has been on the rise year-over-year since the drop at the end of 2010 when the average asking price dipped to $120 per square foot. The …
SANTA CRUZ, CALIF. – The 33-room Casa Blanca Inn in Santa Cruz has sold to Kishor and Nita Patel for $7.2 million. The hotel is located at 101 Main Street. Acquisition financing was provided by Bruce Whitaker of TMC Financing through the SBA 504 commercial real estate loan program. The lender was Bank of The Orient. The transaction was facilitated by Neville Parujanwala of hospitality management firm Hospitality Funding.
CITY OF INDUSTRY, CALIF. – A 38,995-square-foot warehouse/manufacturing building in the City of Industry has sold to a private owner-user for $6.1 million. The building is located at 428 S. 9th Ave., within the Don Julian Business Center. The seller, Overton Moore Properties, was represented by Erik Larson, Robin Dodson, Chris Tolles and John Minervini of Cushman & Wakefield.
SAN DIEGO — SERCO Inc.has signed a five-year lease for 28,535 square feet of office space at Mesa View Plaza in San Diego. The space is located at 9350 Waxie Way. The lease is valued at $4.8 million. The professional, technology and management services provider was represented by JLL’s Randall Wood and Shawn Lorentzen. The landlord, SCG Mesa View Plaza LLC, was represented by Duncan Dodd, Bill Cavanagh and Mike Novkov of Cassidy Turley.
CARLSBAD, CALIF. – A seven-unit apartment complex in the San Diego submarket of Carlsbad has sold to an individual/personal trust for $1.8 million. The community is located at 3044 State Street in the Downtown Village district. The site is approved for an additional mixed-use building with ground-floor retail and nine townhouse-style condominiums. The property can also remain as the seven-unit complex, which can function as vacation rentals. Aaron Bove and Aaron Wilkinson of Marcus & Millichap’s San Diego office represented both the buyer and seller, another individual/personal trust, in this transaction.
LAS VEGAS – A 13,500-square-foot medical office building in Las Vegas has sold to Scenic Vistas East LLC for $1.5 million. The building is located at 1569 E. Flamingo Road, near Desert Springs Hospital. The space formerly functioned as a surgery center and clinic. The new owner plans to re-open the facility under the same use. Scenic Vistas was represented by Michael McLeod of Albright Callister & Associates LLC. The seller, Chang Hop LLC, was represented by Charles Moore, Marlene Fujita Winkel and Ashley Kolaczynski of CBRE Las Vegas.
DENVER – The 49-unit Athenia Apartments in Denver has sold to a private local investment group for $7.8 million. The community is located at 1412 Steele Street. It is situated near City Park, Congress Park and Chessman Park. The buyer plans to carry out a major improvement project at the property. This will include improvements to all common areas and complete rehabs of the unit interiors. The investment group was represented by Adam Riddle and Kevin Higgins of Unique Properties’ Unique Apartment Group. The seller was not named.
LOS ANGELES – A 55,381-square-foot, mixed-use redevelopment property in East Los Angeles has sold to Primestor for $5.5 million. The three-building property is located at 4571-4591 Whittier Blvd., 760 S. McBride Ave. and 755 S. McDonnell. Primestor represented itself in this transaction, while the sellers, JB Realty LLC and Barsky, Barsky, & Rickey LLC, were represented by Scott Burns, Jason Gribin, Shauna Mattis and Geoff Tranchina of Wilson Commercial Real Estate.