EVERETT, WASH. – The 86-unit Meridian Glen apartments in Everett has sold to Randolph Street Realty Capital LLC for $8.7 million. The community is located at 12115 Meridian Ave. South in the city’s Silver Lake submarket. It was built in 1990. The seller was not named. The transaction was executed by David Young, Corey Marx, Seth Heikkila and Matt Kemper of Jones Lang LaSalle’s Capital Markets.
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LOS ANGELES – A 25-unit apartment building in the Los Angeles submarket of North Hills has sold to a partnership for $2.9 million. The community is located at 8628-8648 Langdon Ave. The buyer was represented by Jeff Louks, Catherine O'Brien and Matt Ziegler of Marcus & Millichap’s Encino office. Louks also represented the seller, another partnership, in this transaction.
TUCSON, ARIZ. — Floor & Decor has leased 58,205 square feet at ABC Retail Center in Tucson. The center is located at 7125 E. Broadway Blvd. ABC was represented by CBRE’s Nancy McClure and Jeff Kittleson. The landlord, ABC Broadway/Kolb Center LLC, represented itself in this transaction.
EVERETT, WASH. – The 86-unit Meridian Glen apartments in Everett has sold to Randolph Street Realty Capital LLC for $8.7 million. The community is located at 12115 Meridian Ave. South in the city’s Silver Lake submarket. It was built in 1990. The seller was not named. The transaction was executed by David Young, Corey Marx, Seth Heikkila and Matt Kemper of Jones Lang LaSalle’s Capital Markets.
LOS ANGELES – A 25-unit apartment building in the Los Angeles submarket of North Hills has sold to a partnership for $2.9 million. The community is located at 8628-8648 Langdon Ave. The buyer was represented by Jeff Louks, Catherine O'Brien and Matt Ziegler of Marcus & Millichap’s Encino office. Louks also represented the seller, another partnership, in this transaction.
TUCSON, ARIZ. — Floor & Decor has leased 58,205 square feet at ABC Retail Center in Tucson. The center is located at 7125 E. Broadway Blvd. ABC was represented by CBRE’s Nancy McClure and Jeff Kittleson. The landlord, ABC Broadway/Kolb Center LLC, represented itself in this transaction.
Southern New Mexico's industrial market, particularly Dona Ana County, has remained stable through 2013. We project solid growth in this arena for 2014. A majority of the growth will be in the Santa Teresa area where Union Pacific is in the middle of a massive investment that will create the largest intermodal inland port in the United States. This project has already brought jobs and more than $40 million to New Mexico contractors so far. It is expected to create more than 600 permanent jobs in mechanical, electrical, architectural, utilities, track and civil engineering. Santa Teresa’s intermodal station has started to generate significant conversations with major companies for distribution and warehouse properties. Growth in Santa Teresa is further fueled by the proximity to the Mexican border where many of these same companies operate maquiladora plants on the Mexican side. We continue to struggle to meet demands for large-box users in Santa Teresa due to the limited availability of space in the area. This problem is compounded by the tight lending market, where little equity is available to developers looking to bring new speculative space on line. Additionally, many of the users looking in the Santa Teresa area typically do not …
AVONDALE, ARIZ. — Lake Washington Partners has purchased the Coldwater Depot Logistics Center, a 600,000-square-foot distribution center in Avondale, for an undisclosed sum. The 54-acre site is located at 1100 North 127th Ave. in southwest Phoenix. The existing distribution center is occupied by Conn’s Furniture. The site can accommodate an additional 400,000 square feet of distribution/warehouse facilities. Lake Washington will manage the site’s future construction and development. It acquired the property from Trammell Crow Company and Clarion Partners.
SANTA FE, N. MEX. – A joint venture between PCCP, LLC and 1754 Properties LLC has acquired the 158-room La Posada de Santa Fe Resort and Spa for an undisclosed sum. The resort is located at 330 E. Palace Ave. in downtown Santa Fe near the new Santa Fe Community Convention Center. The JV plans to carry out a $5-million improvement project at the resort. It will then be rebranded under Starwood Hotels & Resorts’ The Luxury Collection brand. The hotel originally opened in 1940. It has undergone more than more than $7.6 million in renovations since 2008. The seller, Ektornet, had purchased the resort in 2007 from a prior partnership that involved 1754 Properties.
PHOENIX — MIG Real Estate has acquired Arcadia Gateway Center, an 89,835-square-foot office building in Phoenix, for an undisclosed sum. The Class A center is located at 4222 East Thomas Road near Arcadia Crossing and Desert Palm. It is currently 93 percent leased. Cushman & Wakefield represented the seller in this transaction.