The Phoenix industrial market ended the second quarter of 2013 with vacancy rates at 12.4 percent, while net absorption totaled a positive 471,635 square feet. Asking rents are increasing and demand for larger facilities has been the catalyst in the recovery. Over the past 15 years, vacancy rates have averaged 10.3 percent, providing evidence that the current market is not far off from the average. Phoenix has historically seen significant cyclical swings. This past recession has been no exception to this. However, the positive net absorption the area’s industrial sector has experienced over the past two-plus years signals that the Valley is well on its way to recovery. The Phoenix market has absorbed 20.7 million square feet, and has built more than 7 million square feet of new space. Year-over-year, the total number of transactions has increased 24 percent, bringing excitement to the Valley once again. Big box industrial in Phoenix has absorbed about 15 million square feet of space on a net basis throughout 2011 and 2012. The vast majority of that net absorption has been big box product in the Southwest Valley. Rental rates also increased from the high $0.20 net range to a current low-mid $0.30 range …
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MOUNTAIN VIEW, CALIF. – Google has agreed to lease space at the former Mayfield Mall in Mountain View. The mall is currently undergoing a transformation that will turn it into a 500,000-square-foot office campus. Construction on the Class A office complex should be completed in 2014. It is located at 100 Mayfield Ave. in Silicon Valley.The mall was originally built in 1966. Notable tenants included J.C. Penney, Wells Fargo Bank and the Mayfair Market grocery store. The mall is owned by a joint venture between Rockwood Capital, LLC and Four Corners Properties. Kevin Cunningham and Jack Troedson of Cornish & Carey Commercial Newmark Knight Frank represented the landlordin this transaction.
COMMERCE, CALIF. — KTR Capital Partners has purchased a four-property industrial portfolio in Commerce for an undisclosed sum. The 254,000-square-foot portfolio is located along 61st and Randolph streets. The buildings are 85 percent leased to six tenants. The disposition was handled by Mike Sidney, Mike Foley, John McMillan, Jeff Sanita, Jeff Chiate and Jeff Cole of Cushman & Wakefield. The seller was Erwin & Essie Appel Trust.
CARLSBAD, CALIF. — Drawbridge Realty Trust has purchased Pacific View Corporate Center, an 80,862-square-foot office building in Carlsbad for $22.2 million. The Class A center is located at 5759 Fleet Street in the Carlsbad Ranch area. It is fully leased to Synteract and RF Micro Devices. Drawbridge was represented by Rick Reeder, Joe Anderson and Dennis Visser of Cassidy Turley’s North San Diego office. The seller, TA Realty Associates, was represented by Jeff Cole, Ed Hernandez, Michael Roberts and Brunson Howard of Cushman & Wakefield.
MOUNTAIN VIEW, CALIF. – Google has agreed to lease space at the former Mayfield Mall in Mountain View. The mall is currently undergoing a transformation that will turn it into a 500,000-square-foot office campus. Construction on the Class A office complex should be completed in 2014. It is located at 100 Mayfield Ave. in Silicon Valley. The mall was originally built in 1966. Notable tenants included J.C. Penney, Wells Fargo Bank and the Mayfair Market grocery store. The mall is owned by a joint venture between Rockwood Capital, LLC and Four Corners Properties. Kevin Cunningham and Jack Troedson of Cornish & Carey Commercial Newmark Knight Frank represented the landlordin this transaction.
COMMERCE, CALIF. — KTR Capital Partners has purchased a four-property industrial portfolio in Commerce for an undisclosed sum. The 254,000-square-foot portfolio is located along 61st and Randolph streets. The buildings are 85 percent leased to six tenants. The disposition was handled by Mike Sidney, Mike Foley, John McMillan, Jeff Sanita, Jeff Chiate and Jeff Cole of Cushman & Wakefield. The seller was Erwin & Essie Appel Trust.
CARLSBAD, CALIF. — Drawbridge Realty Trust has purchased Pacific View Corporate Center, an 80,862-square-foot office building in Carlsbad for $22.2 million. The Class A center is located at 5759 Fleet Street in the Carlsbad Ranch area. It is fully leased to Synteract and RF Micro Devices. Drawbridge was represented by Rick Reeder, Joe Anderson and Dennis Visser of Cassidy Turley’s North San Diego office. The seller, TA Realty Associates, was represented by Jeff Cole, Ed Hernandez, Michael Roberts and Brunson Howard of Cushman & Wakefield.
LOS ANGELES — Paragon Commercial Group, LLC, has purchased the 112,649-square-foot Woodland Hills Shopping Center for an undisclosed sum. It was purchased through PCG Woodland Hills Topanga LLC, an affiliate of Paragon. The center is located at 6201-6263 Topanga Canyon Blvd. in the Los Angeles submarket of Woodland Hills. It sits across from Westfield’s two existing Warner Center malls, as well as the proposed Village at Westfield Topanga, which is designed to be a 1-million-square-foot retail and entertainment complex. The center was fully occupied at the time of sale. Notable tenants include Toys “R” Us, Office Depot and Off Broadway Shoes.This is Paragon’s second acquisition in the San Fernando Valley. Both the company and the seller, Woodland Hills Retail, LLC, were represented by Bill Bauman and Kyle Miller of Studley’s National Retail Services Group.
RIVERSIDE, CALIF. — Michaels Plaza, a 62,834-square-foot community shopping center in Riverside, has sold to The Krausz Companies for $15 million. The center is located at 10321-10357 Magnolia Ave. It was 97 percent leased at the time of sale. Notable tenants at the center include Michaels, David’s Bridal, Lamps Plus, AAA Gold Exchange, Armed Forces, GameStop and The Flame Broiler. Edward B. Hanley, William B. Asher and Kevin T. Fryman of Hanley Investment Group represented both the buyer and the seller, an Orange County, Calif.-based private partnership, in this transaction.
BELLEVUE, WASH. — Sharp Electronics Corporation has leased 13,472 square feet at Ridgewood Corporate Squareoffice complex in Bellevue. The seven-building, Class A park is located at 120th Avenue NE. Sharp was represented by Tom Wilson of Cushman and Wakefield. The seller, was represented by CBRE’s Scott Davis.