LA QUINTA, CALIF. – The 129-room Homewood Suites By Hilton hotel in La Quinta has sold to a joint venture between Pathfinder Partners, LLC and Vesta Hospitality. The purchase price was not disclosed. The extended-stay property is located at 45-200 Washington Street. Vesta has been managing the property since 2010. The hotel is undergoing a $1.8-million renovation.
Western
In its entirety, the Orange County industrial market showed positive net absorption at the closing of 2013. Neighboring markets like Los Angeles and the Inland Empire, however, displayed a more robust recovery when compared to the Orange County industrial market. This reflects a less aggressive, but steady decrease in vacancy at about 4.3 percent — a number that has not been seen since the third quarter of 2008. Most of the market’s leasing activity has been established by users in the less than 100,000 square feet range. A few notable large transactions that took place in 2013: • Cargill, Inc. moving into 184,438 square feet at Fullerton Crossroads • Obey Clothing moving into 170,466 square feet on Michelson Drive in Irvine • Cavotec Dabico US Inc. moving into 159,943 square feet at 5665 Corporate Ave. in Cypress Pointe Rental rates steadily increased in 2013. The average quoted asking rate for available industrial space was $8.49 per square foot, per year at the end of the third quarter of 2013. This represented a 1.3 percent increase in quoted rental rates from the end of the second quarter, as rents were reported at $8.38 per square foot. Although lease rates underwent one …
LOS ANGELES — Greenland Group has purchased Metropolis, a 6.33-acre development site in Downtown Los Angeles, for a reported $150 million. The five-parcel site is located along Francisco Street. It spans from 8th Street to James W. Wood Boulevard between the Convention Center/LA Live Entertainment District and the Financial District. The land is entitled for about 1.65 million square feet of multifamily, hotel, office and retail space. The China-based group intends to break ground in the next 30 days. The seller, a joint venture between IDS and an institutional pension fund, was represented by Patrick Spillane and Rob Fuelling of IDS Real Estate Group, and by CBRE’s Laurie Lustig-Bower, Onno Zwaneveld, Brad McCarthy, Rod Apodaca, Bob Kaplan and Andrew Behrens.
HENDERSON, NEV. — MIG Real Estate has acquired Sansone Pecos II, an eight-building office portfolio in Henderson for an undisclosed sum. The portfolio consists of office and medical office buildings that total 122,922 square feet. It is located at 9005-9089 South Pecos Road.
CHANDLER, ARIZ. — ViaWest Group has purchased San Tan Tech Center, a 129,187-square-foot office building in Chandler that caters to life sciences and technology companies, for $9.6 million. The Class A center is located at 145 S. 79th Street. It was built in 1981 and renovated in 2010. The City of Chandler is the center’s largest tenant. It occupies 49 percent of the property, with its lease due to expire in 2024. The city is doing business at the center as Innovations, an incubator targeting entrepreneurs in the life sciences and emerging technology industries. Other notable tenants at the center include the University of Arizona Center for Applied NanoBioscience & Medicine, HealthTell and Cummings Engineering. ViaWest represented itself in this transaction. The seller, Capital Commercial Investments, was represented by CBRE’s Barry Gabel and Chris Marchildon.
SAN FRANCISCO — Dick’s Last Resort leased 9,151 square feet at the Anchorage Square shopping center inside Fisherman’s Wharf. The center is located at 500 Beach Street in San Francisco. The restaurant is scheduled to open this summer. It will be the chain’s third West Coast location. Dick’s also operates outposts in San Diego and Las Vegas. The restaurant was represented by Steve Graul of Innovative Concept Associates. The landlord, CBRE Global Investors, was represented by Rhonda Diaz Caldewey and Jessica Birmingham of Terranomics Retail Services.
EVANS, COLO. – A 17,460-square-foot retail strip center in Evans has sold to 1031 exchange buyers for $1.8 million. The center is located at 3225 S. 23rd Street, southeast of Fort Collins. Dollar Tree is one of the center’s notable tenants. Other area tenants include Walmart and Sam’s Club. The buyers were represented by Jamie Mitchell of Pinnacle Real Estate Advisors.
SAN DIEGO – The 90-unit Waterford Terrace Retirement Community in the San Diego submarket of La Mesa has received $10 million in financing. The independent living facility is located at 5580 Aztec Drive. It is managed by Sunshine Retirement Living. The seven-year, fixed-rate Fannie Mae loan was provided by KeyBank Real Estate Capital on behalf of La Mesa Retirement Residence Limited Partnership.
PORTLAND, ORE. — Clarion Partners, LLC has purchased a 134,000-square-foot distribution warehouse in Portland for an undisclosed sum. The Class A warehouse is located in the Airport Way industrial submarket. It is fully leased.
SAN BRUNO, CALIF. — Destination XL will soon open an 8,215-square-foot outpost at the San Bruno Towne Center. The center is located at 1202-1340 El Camino Real, just south of San Francisco. The big-and-tall clothing and shoe store is operated by Casual Male Retail Group. It was represented by Katie Singer and Jessica Birmingham of Terranomics Retail Services.