PORTLAND, ORE. – A pair of Class A office buildings in Portland has sold to joint venture Woodside Palisades Partners for an undisclosed sum. The buildings, Cascade Station I and II, are located in the Cascade Station mixed-use development. They contain a total of 127,000 square feet. Woodside Palisades Partners is a joint venture between Joaquin Charles de Monet of Palisades Capital Realty Advisors and two Silicon Valley investors. The unnamed sellers were represented by CBRE’s Kevin Shannon.
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SAN JOSE, CALIF. – A 122,265-square-foot building in San Jose that is triple-net leased to Home Depot has sold to an unnamed buyer for $15.7 million. The building is located off California State Route 87 at 635 West Capitol Expressway. The seller, an institutional investor, was represented by Mike James of Marcus & Millichap’s Encino office.
OCEANSIDE, CALIF. – The 88-unit Forest Glen Condominiums in Oceanside has sold to an unnamed buyer for $14.2 million. The community is located at 612 Los Arbolitos Blvd. It was built in 1977. The buyer was represented by Stewart I. Weston of Marcus & Millichap. The unnamed seller was represented by Christopher Zorbas of the same firm.
PHOENIX – A 113,827-square-foot industrial/flex building in Phoenix has sold to Verde Investments for $9.4 million. The building is located at 317 S. 48th Street. Verde Investments is owned by Ernie Garcia, owner and Chairman of the Board of Phoenix-based DriveTime Automotive Group. The firm has yet to announce any future plans for the building. Verde was represented by Tom Adelson of CBRE’s Phoenix office and Fred Darche of Lee & Associates. The seller, Second Berkshire Properties, was represented by Mike Haenel, Andy Markham and Will Strong of Cassidy Turley.
SEATTLE – The University District Building, a 79,513-square-foot office building in Seattle, has received a $9-million refinance. The building is occupied by the University of Washington. It is located at 1107 NE 45th Street in the U District. The 10-year loan features a 25-year amortization schedule and a sub-5 percent interest rate. It was secured by Ken Griggs and Paddy Ryan of NBS Financial Services. The pair also collaborated with Mike Wood. NBS represented the lender, Riversource Investments, in this transaction.
Momentum in the industrial market has remained strong for the past three years. This momentum should continue through 2014. Total market activity for 2013 generally remained on par with a record-setting year from 2012, but the makeup of that activity changed significantly. On a square footage basis, leasing activity decreased by 25.6 percent, while user-sale activity increased by 117.3 percent. Much of the increase in user-sale activity can be attributed to Boeing’s acquisition of the 850,000-square-foot Kraftmade building. Strong activity in the market led to more than 2.5 million square feet of positive absorption, representing the highest level of annual absorption since 2007 and exceeding the absorption of the past four years combined. This high level of positive absorption pushed overall vacancy rates down by 1.6 percentage points to end the year at 7.4 percent. As vacancy rates have declined, achieved rental rates have increased by 8.1 percent. The greatest increase was seen in spaces with more than f 100,000 square feet where rental rates increased by 14.7 percent. This category accounted for more than 40 percent of total market activity. The expansion of e-commerce continues to leave its mark on the development and functionality of buildings. E-commerce accounted for …
TEMPE, ARIZ. – The 276-unit San Marbeya Apartments in Tempe has received a $29-million refinance. The Class A luxury community is located at 1720 E. Broadway Road near Arizona State University. San Marbeya is owned by The Premiere Residential Communities. The seven-year loan features a 3.85 percent interest rate. It was arranged by CBRE San Diego’s Debt & Structured Finance Group through Cornerstone RE Advisers.
SAN DIEGO — Miramar Square Shopping Center, a 70,959-square-foot retail center in San Diego, has sold to HP Investors LLC for $12.5 million. The center is located at 9212-9292 Miramar Road in the Miramar submarket. Notable tenants include Arizona Tile, Wells Fargo, Pacific Marine Credit Union, Enterprise Car Rental, Subway, Miramar Cash & Carry and Flip Force Gymnastics. HP Investors was represented by Chris Carter of Flocke & Avoyer Commercial Real Estate. The seller was an investment group advised by Doug Arthur and Jim Hamilton of Sentre Partners, as well asCarter, Matt Peckham, Brad Williams and Steve Avoyer of Flocke & Avoyer.
MESA, ARIZ. – The 234-unit Sandstone Apartments in Mesa has received an $8.9-million refinance. The community is located at 1727 W. Emelita Ave. The 10-year loan was used to pay off two existing Fannie Mae loans. It features a 30-year amortization schedule and an adjustable interest rate that is fixed for the first five years. It starts in the low 4 percent range. The borrower is a local investor who acquired the property in April 2006. The loan was arranged by Neal Churney and Adam Finkel of Johnson Capital.
PHOENIX — Hanes Companies has leased a 36,381-square-foot distribution facility in Phoenix. The Class B space is located at 4441 W. Polk Street in the Papago Industrial Park. The company plans to use the new facility as a local distribution hub for both Hanes products and its subsidiary, Leggett & Platt. Hanes was represented by Jerry McCormick, John Werstler and Cooper Fratt of CBRE’s Phoenix office. The landlord, Columbia Industrial Properties West LLC, was represented by Amr Ceran of Lincoln Property Company.