SEATTLE — Queen Anne Marketplace, a 70,000-square-foot shopping center in Seattle, has sold to a joint venture between Weingarten Realty Investors and Bouwinvest for an undisclosed sum. The center is located at 604 1st Ave. North. It is anchored by Metropolitan Market. The joint venture is hoping to invest about $275 million in high-quality community and neighborhood shopping centers that are anchored by market-dominant retailers. This is the joint venture’s first acquisition.
Western
The demand for quality office space in Salt Lake City is higher than ever. According to Forbes, Utah’s economy continues to lead the nation, and more employers are looking to expand into the Salt Lake market. Large companies like eBay, Adobe and Boeing are setting up shop along the Wasatch Front, and more corporations will be coming soon. Several new Salt Lake office projects are in the planning stages, while others have already broken ground. With lower vacancy rates in Class A and B spaces, new developments — which vary from build-to-suit to spec projects — are encouraging. Overall Class B and C rates are hovering between 15 percent and 17 percent and inching downward as 2013 progresses, according to Newmark Grubb Acres’ research. Valley-wide, Class A properties are averaging about 11 percent, and will likely level off until more product is built. A big change is currently taking place in the office market. The past few years have been predominantly tenant-driven, but trends now show a decrease in generous landlord incentives. Property owners who were previously given four to six weeks of annual free rent may now only receive two to four weeks. Landlords are also looking at tenant …
SCOTTSDALE, ARIZ. — Spirit Realty Capital will soon merge with Cole Credit Property Trust II after the firm’s shareholders approved the move in a special meeting held yesterday. Once the merger is complete, the combined company will formone of the largest publicly traded triple-net-lease REITs in the U.S. It will own a total of about 1,900 properties in 48 states. Spirit shareholders will receive a fixed exchange ratio of 1.9048 shares of common stock of the combined company for each Spirit share previously owned. The new company will retain the Spirit Realty Capital name. It will trade on the New York Stock Exchange under the ticker symbol “SRC.” Spirit’s current management team will lead the new company. Spirit Realty Capital was formed in 2003 to invest in single-tenant operationally essential real estate. It has invested more than $4.3 billion in more than 1,200 properties across 47 states. Cole Credit Property Trust II invests primarily in high-quality, freestanding, single-tenant buildings that are net leased to investment-grade or other creditworthy tenants throughout the U.S.
IRVINE, CALIF. – WNC has closed WNC Institutional Tax Credit Fund X, California Series 11. This is a $46-million institutional low-income housing tax credit (LIHTC) fund that will be used to acquire 10 properties throughout five California counties. The acquisition will include senior and family housing. It will fund the development of two new affordable housing projects, as well as the rehabilitation of eight existing communities. This is the Irvine-based company's 11th institutional fund since 2001 that has focused exclusively on California.
HERMOSA BEACH, CALIF. — The Strand in Hermosa Beach has sold to a syndicated equity group for $19.5 million. The group is led by a local private investor. The site includes four parcels that total 25,392 square feet. It directly faces the Pacific Ocean and is located in the Hermosa Beach Pier Avenue Plaza retail complex. It had been under the same family ownership for generations. The buyer was represented by Mike Grannis and Brent Cunningham of Highland Partners Corporation. The seller was represented by CBRE’s Bob Healey, Kevin Shannon, Scott Schumacher and Dan Riley.
CITY OF INDUSTRY, CALIF. – A 7.7-acre infill redevelopment site in the City of Industry has sold to CT Realty Investors for $6.2 million. The site is located at 13110 Louden Lane. A 121,000-square-foot, vacant manufacturing facility currently resides on the site, though it will soon be demolished. CT plans to replace it with a 168,000-square-foot, Class A warehouse/distribution building. C.E.G. Construction Co. will oversee construction. CT was represented by Denis Keane of Voit Real Estate Services’ Ontario office. The seller, McConnell Cabinets, was represented by Barbara Emmons and Cameron Merrill of CBRE Los Angeles.
SCOTTSDALE, ARIZ. — Spirit Realty Capital will soon merge with Cole Credit Property Trust II after the firm’s shareholders approved the move in a special meeting held yesterday. Once the merger is complete, the combined company will formone of the largest publicly traded triple-net-lease REITs in the U.S. It will own a total of about 1,900 properties in 48 states. Spirit shareholders will receive a fixed exchange ratio of 1.9048 shares of common stock of the combined company for each Spirit share previously owned. The new company will retain the Spirit Realty Capital name. It will trade on the New York Stock Exchange under the ticker symbol “SRC.” Spirit’s current management team will lead the new company. Spirit Realty Capital was formed in 2003 to invest in single-tenant operationally essential real estate. It has invested more than $4.3 billion in more than 1,200 properties across 47 states. Cole Credit Property Trust II invests primarily in high-quality, freestanding, single-tenant buildings that are net leased to investment-grade or other creditworthy tenants throughout the U.S.
IRVINE, CALIF. – WNC has closed WNC Institutional Tax Credit Fund X, California Series 11. This is a $46-million institutional low-income housing tax credit (LIHTC) fund that will be used to acquire 10 properties throughout five California counties. The acquisition will include senior and family housing. It will fund the development of two new affordable housing projects, as well as the rehabilitation of eight existing communities. This is the Irvine-based company's 11th institutional fund since 2001 that has focused exclusively on California.
HERMOSA BEACH, CALIF. — The Strand in Hermosa Beach has sold to a syndicated equity group for $19.5 million. The group is led by a local private investor. The site includes four parcels that total 25,392 square feet. It directly faces the Pacific Ocean and is located in the Hermosa Beach Pier Avenue Plaza retail complex. It had been under the same family ownership for generations. The buyer was represented by Mike Grannis and Brent Cunningham of Highland Partners Corporation. The seller was represented by CBRE’s Bob Healey, Kevin Shannon, Scott Schumacher and Dan Riley.
CITY OF INDUSTRY, CALIF. – A 7.7-acre infill redevelopment site in the City of Industry has sold to CT Realty Investors for $6.2 million. The site is located at 13110 Louden Lane. A 121,000-square-foot, vacant manufacturing facility currently resides on the site, though it will soon be demolished. CT plans to replace it with a 168,000-square-foot, Class A warehouse/distribution building. C.E.G. Construction Co. will oversee construction. CT was represented by Denis Keane of Voit Real Estate Services’ Ontario office. The seller, McConnell Cabinets, was represented by Barbara Emmons and Cameron Merrill of CBRE Los Angeles.