LOS ANGELES — Captiva Partners has purchased a multi-tenant, small-bay industrial building in the North Hollywood neighborhood of Los Angeles for $15.7 million. The name of the seller was not released. Situated on 3.3 acres at 8210-8222 Lankershim Blvd., the 66,400-square-foot asset offers three buildings with 41 suites ranging from 1,200 square feet to 2,400 square feet. Captiva plans to implement a value-add business plan, including a capital improvement program that will address deferred maintenance and improve the property’s functionality and attractiveness.
GOODYEAR, ARIZ. — NAI Horizon has arranged the purchase of an industrial property located at 2760 S. La Luna in Goodyear, a suburb of Phoenix. Packing Solutions for Any Product (PSAP) acquired the asset from Waddell-based A1 Desert Investments for $4.7 million. Built in 2022, the freestanding general industrial office and warehouse facility offers 12,052 square feet of space. Headquartered in Guadalajara, Mexico, PSAP operates 13 manufacturing facilities throughout Mexico and the United States. Jeffrey Garza Walker of NAI Horizon represented the buyer, while Chris Toci of Cushman & Wakefield represented the seller in the deal.
— By Taylor Stokes, Market Intelligence Analyst, Avison Young — The Los Angeles office market continues to struggle with a 24.7 percent vacancy rate at the end of the first quarter of 2024, according to Avison Young’s first-quarter Los Angeles office market report. Leasing activity picked up slightly in the first quarter of 2024 with 951 leases recorded. This equated to 3.5 million square feet, up 5.4 percent from the fourth quarter of 2023 when there were 902 leases signed. To put the decline of occupancy in perspective, the first quarter of 2022 ended with a 15.4 percent office vacancy rate, which was up from 15 percent at the end of 2021. It was also up from the previous high of 13.1 percent that was recorded in 2010. There were a couple lease transactions to highlight in the first quarter of 2024. Snap picked up 400,000 square feet in Santa Monica, while Bank of Tokyo Mitsubishi signed a nearly 62,000-square-foot lease in Downtown Los Angeles. Downtown continues to struggle with the highest vacancy in the market at 28.6 percent. The anticipated return to office hasn’t happened, as many users see the hybrid work schedule continuing for the long-term. They, therefore, …
TUCSON, ARIZ. — Bridge Investment Group and an undisclosed separate buyer have purchased Tucson Commerce Center, a collection of three Class A industrial/logistics buildings on 47.5 acres in Tucson. The total price was $118.6 million. Owned and developed by Flint Development, Tucson Commerce Center features 806,606 square feet of space. At the time of sale, the asset was 91 percent leased to five tenants, including prominent global and regional brands. Bridge Investment Group purchased Building II, a 259,274-square-foot, multi-tenant building, and Building III, a 244,889-square-foot, multi-tenant building, totaling a combined 504,163 square feet on 30.2 acres for $79 million. Building II is fully leased to two tenants and Building III is approximately 70.5 percent leased to two tenants, with a vacant 72,169-square-foot suite. Flint Development will stay involved in the project with Bridge as a joint venture partner. The separate buyer acquired Building I, a full leased, 302,443-square-foot, single-tenant building on 17.3 acres, for approximately $39.6 million. Located 3610 E. Valencia Road, Tucson Commerce Center features modern design and functionality including 32-foot clear heights, abundant dock and grade loading, ample car and trailer parking, exterior LED lighting and ESFR sprinklers. Will Strong, Kirk Kuller, Michael Matchett, Molly Hunt and Dean Wiley …
KIRKLAND, WASH. — JLL Capital Markets has arranged the acquisition of a land parcel at the corner lot of 13005 and 13003 NE 70th Place in Kirkland, across Lake Washington from Seattle. Mill Creek Residential purchased the asset from Totem Bowl and Investments for $26.2 million in an off-market transaction. The 139,223-square-foot land parcel currently features the TechCity Bowl building that will be demolished to develop a fully approved, 369-unit, mid-rise multifamily community. Of the 369 units, 36 will be affordable. Additionally, the property will offer 6,700 square feet of retail space and 425 parking stalls. Jordan Louie, Corey Marx, David Young, Chris Ross, Michael Lyford and Reed Curtis of JLL Capital Markets Investments Sales and Advisory represented the buyer in the transaction.
SALT LAKE CITY — VanTrust Real Estate has acquired the Salt Lake Lumber Building, located at 205 N. 400 West in downtown Salt Lake City. Terms of the transaction were not released. Originally built in 1909 as the Morrison-Merrill Lumber Co. office building, the three-story, 26,997-square-foot brick property features exposed heavy timber, brick and stone walls, maple flooring, a wood staircase, exposed wood ceilings and brick arches around the windows. VanTrust plans to convert the building into a contemporary office space and regional headquarters. Demolition and interior renovations are slated to start this summer, with delivery scheduled for early 2025.
TUCSON, ARIZ. — Cushman & Wakefield | PICOR has arranged the acquisition of an industrial property at 3120 E. Medina Road in Tucson. Block “C” Properties LLC purchased the asset from GLRT Partners LLC for $3.8 million. Horizon Spa & Pool Parts occupies the 24,920-square-foot space. Stephen Cohen of Cushman & Wakefield | PICOR represented the buyer, while Gary Emerson of GRE Partners represented the seller in the deal.
SAN DIEGO — Dan Feder of F&F Properties has completed the sale of North Park Creative Office in San Diego to Mike Weston with Weston Legal PLLC for $2.7 million. Located at 4060 30th St., the 3,818-square-foot property was fully renovated in 2019. Renovations included high-end finishes, secured access, exposed beams, HVAC, eight private offices, a kitchen, conference room, game room, outdoor turf patios and a barbecue/fire pit. Nick Totah and Ross Sanchez of The Totah Group of Marcus & Millichap’s San Diego downtown office represented the seller and procured the buyer in the transaction.
PHOENIX — Baker Development has received zoning approval for AZUL, a 72-acre project on the former ON Semiconductor site at 52nd Street and Loop 202 in Phoenix. The site is now zoned for a wide variety of commercial and industrial uses, including corporate headquarters, advanced manufacturing, logistics, hospitals, hyperscales and other quantum computing users. Demolition of the former semiconductor factory is underway and scheduled for completion by fourth-quarter 2024. AZUL plans to develop up to 2 million square feet of corporate campus space on the site.
GREENWOOD VILLAGE, COLO. — Palo Alto, Calif.-based Pacific Urban Investors has purchased Viridian, a multifamily property in Greenwood Village, a suburb of Denver. Terms of the acquisition were not released. The acquisition marks Pacific’s fourth investment in the Denver market with the firm’s regional portfolio now totaling 884 units. Viridian features 420 apartments with nine-foot ceilings, a resort-style pool, full-sized basketball court and parking ratio of 1.7 stalls per unit.