TEMPE, ARIZ. — Tempe Commerce Center, a 177,848-square-foot industrial complex in Tempe, has sold to Presson Corporation for $11.8 million. The nine-building center is located at 6105-6125 S. Ash, 124-148 W. Orion, 125 W. Gemini and 6100-6202 S. Maple. It was built in 1982. The seller was Kieckhefer Properties. The transaction was executed by Bob Buckley, Steve Lindley and Tracy Cartledge of Cassidy Turley’s Capital Markets Group.
Western
VERNON, CALIF. — Gramercy Property Trust has purchased two industrial buildings in Vernon for $14.7 million. They are located at 5764 Alcoa and 3311 Slauson, and total 129,720 square feet. The buildings were occupied and owned by Douglas Steel Supply Company. A triple-net leaseback was included in the transaction that will allow Douglas to occupy the spaces through 2028. Douglas was represented by Barbara Emmons, Brandon Gill, Mike Kendall and Rebecca Perlmutter of CBRE.
CARLSBAD, CALIF. – The 12-unit Sea Breeze condominium complex in Carlsbad has sold to Global Integrity Realty for $5.2 million. The complex is located at 3150 Ocean Street. It was built in 1982. Global Integrity represented itself in this transaction, while the seller, Holualoa Companies, was represented by Philip Buckley of CBRE San Diego. Universe Holdings will act as Global Integrity’s general partner.
HAYWARD, CALIF. – The 24-unit Pinehurst Apartments in Hayward has sold to a limited liability company for $3.9 million. The community is located at 29359 Dixon Street. It was built in 1992. David Weglarz of Marcus & Millichap’s Oakland office represented both the buyer and the seller, a private investor, in this transaction.
The metro Phoenix office market is finally starting to make a comeback. Metro Phoenix ranked third in the nation in terms of net absorption for the third quarter, posting a positive 1,008,933 square feet. Demand has been steadily increasing for the office sector, especially for buildings that can accommodate large corporate users. Phoenix’s office market is still recovering from a large oversupply. The office vacancy rate more than doubled from the beginning of 2007 to the second quarter of 2011, increasing from 12.2 percent to 24.5 percent. Since then, a gradual increase in demand and a lack of new construction has brought the vacancy rate down to 21.2 percent. Right-sizing by office users through the consolidation of space, and by using more efficient floor plates, has slowed the overall decline in vacancy. To draw a parallel to the 2001 recession, demand for office space in Metro Phoenix was weak in the first three years of recovery, averaging 1.7 million square feet of annual net absorption. The office sector took off in 2005, 2006 and 2007, averaging 2.8 million square feet of annual net absorption. Due to the recent increase in demand, build-to-suit and speculative construction announcements made the news in …
SEATTLE — Washington State Convention Center Public Facilities District (WSCC) has purchased the Honda Dealership Land Development site in Seattle for $56.5 million. The development site totals about 86,935 square feet. The five parcels are located along Olive Way and Boren Avenue in the city’s Central Business District. Zoning will allow WSCC to develop multifamily, office, retail or hotel assets on the site. The seller, Cassieford Company, was represented by Stuart Williams, Lori Hill, Ann Chamberlin and David Young of Jones Lang LaSalle’s Capital Markets. Mickey Smith acted as an advisor.
SAN DIEGO – Trigild has taken over a portfolio of five franchised hotels throughout California. This includes three Marriotts, a Best Western and a Holiday Inn Express. Trigild was appointed receiver of the hotels by the Superior Court of California, County of Monterey. The firm will take possession of the hotels and will manage their daily operations while legal action is pending. The hotels included in the court-appointed receivership include the 139-room Courtyard Marriott in San Luis Obispo; the 93-room TownePlace Suites/Thousand Oaks and the 120-room Courtyard Marriott in Thousand Oaks; and the 120-room Best Western Valencia and the 118-room Holiday Inn Express Valencia in Valencia.
PARK CITY, UTAH — A six-building portfolio of retail properties along Historic Main Street in Park City has been acquired by 900 Lower Main Street Associates for an undisclosed sum. The buildings contain a total of about 44,000 square feet. They are currently home to 16 retail, restaurant and office tenants, including Vinto Pizzeria, Prudential, Prime Steakhouse, Park City Sports, The Mustang, Collie’s Sports Bar & Grill and Coda Gallery. The seller, Lower Main Street Venture, was represented by Bryce Blanchard and Mark Jensen of Newmark Grubb ACRES.
PHOENIX – Ajoint venture between Lowe Enterprises and J.P. Morgan Asset Management has acquired a pair of Phoenix-area office buildings for a total of $51 million. The sale includes a 175,186-square-foot building located at 5090 N. 40th Street in Phoenix, as well as Scottsdale Financial Center III, a 152,081-square-foot building located at 7272 E. Indian School Road in Scottsdale. The buildings sold for $26.3 million and $24.6 million, respectively. The acquisition team was led by Peter Morgan of Lowe Enterprises. The seller, CJK Investments, was represented by Jim Fijan and Will Mast of CBRE’s Phoenix office. CBRE also assisted the ownership group in securing debt on the properties.
DENVER — Asher Investments has acquired the 220-unit Encore Highpointe Park in the Denver suburb of Thornton for $40.7 million. The Class A community is located at 9701 Pearl Street, near Interstate 25, just north of Downtown Denver. The seller, a joint venture between Encore Enterprises and Inland Private Capital Corporation, was represented by HFF’s Jordan Robbins and Jake Young. In other multifamily news, HFF also recently secured $31 million in financing for Green River Village, a 333-home site manufactured housing community in Corona, Calif. Zach Koucos secured the 10-year, fixed-rate loan through Union Bank, N.A. He worked on behalf of Hometown America, which will use the proceeds to pay off a maturing loan balance.