LOS ANGELES — Passco Companies has announced that the Promenade at Howard Hughes Center in Los Angeles will undergo a repositioning. The Promenade is located at 6081 Center Drive in the Silicon Beach area of West Los Angeles. Dave & Buster’s and Buffalo Wild Wings are set to open at the center later this year, while Cinemark plans to enhance its recently purchased Rave Cinemas.
Western
CARLSBAD, CALIF. — Drawbridge Realty Trust has purchased Pacific View Corporate Center, an 80,862-square-foot office building in Carlsbad for $22.2 million. The Class A center is located at 5759 Fleet Street in the Carlsbad Ranch area. It is fully leased to Synteract and RF Micro Devices. Drawbridge was represented by Rick Reeder, Joe Anderson and Dennis Visser of Cassidy Turley’s North San Diego office. The seller, TA Realty Associates, was represented by Jeff Cole, Ed Hernandez, Michael Roberts and Brunson Howard of Cushman & Wakefield.
SANTA FE SPRINGS, CALIF. — L.A. Specialty Produce has signed a 270,000-square-foot lease in Santa Fe Springs. The wholesale produce, dairy and specialty foods distributor will expand its headquarters and warehouse operations by 82,000 square feet. The facility is located at 13527 Orden Drive within the Golden Springs Business Park. L.A. Specialty was represented by John McMillan and Jeff Sanita of Cushman & Wakefield. The landlord, Thrifty Oil, an affiliate of Golden Springs Development Co., was represented by Clyde Stauff and Steve Calhoun of Colliers.
The Phoenix industrial market ended the second quarter of 2013 with vacancy rates at 12.4 percent, while net absorption totaled a positive 471,635 square feet. Asking rents are increasing and demand for larger facilities has been the catalyst in the recovery. Over the past 15 years, vacancy rates have averaged 10.3 percent, providing evidence that the current market is not far off from the average. Phoenix has historically seen significant cyclical swings. This past recession has been no exception to this. However, the positive net absorption the area’s industrial sector has experienced over the past two-plus years signals that the Valley is well on its way to recovery. The Phoenix market has absorbed 20.7 million square feet, and has built more than 7 million square feet of new space. Year-over-year, the total number of transactions has increased 24 percent, bringing excitement to the Valley once again. Big box industrial in Phoenix has absorbed about 15 million square feet of space on a net basis throughout 2011 and 2012. The vast majority of that net absorption has been big box product in the Southwest Valley. Rental rates also increased from the high $0.20 net range to a current low-mid $0.30 range …
MOUNTAIN VIEW, CALIF. – Google has agreed to lease space at the former Mayfield Mall in Mountain View. The mall is currently undergoing a transformation that will turn it into a 500,000-square-foot office campus. Construction on the Class A office complex should be completed in 2014. It is located at 100 Mayfield Ave. in Silicon Valley.The mall was originally built in 1966. Notable tenants included J.C. Penney, Wells Fargo Bank and the Mayfair Market grocery store. The mall is owned by a joint venture between Rockwood Capital, LLC and Four Corners Properties. Kevin Cunningham and Jack Troedson of Cornish & Carey Commercial Newmark Knight Frank represented the landlordin this transaction.
COMMERCE, CALIF. — KTR Capital Partners has purchased a four-property industrial portfolio in Commerce for an undisclosed sum. The 254,000-square-foot portfolio is located along 61st and Randolph streets. The buildings are 85 percent leased to six tenants. The disposition was handled by Mike Sidney, Mike Foley, John McMillan, Jeff Sanita, Jeff Chiate and Jeff Cole of Cushman & Wakefield. The seller was Erwin & Essie Appel Trust.
CARLSBAD, CALIF. — Drawbridge Realty Trust has purchased Pacific View Corporate Center, an 80,862-square-foot office building in Carlsbad for $22.2 million. The Class A center is located at 5759 Fleet Street in the Carlsbad Ranch area. It is fully leased to Synteract and RF Micro Devices. Drawbridge was represented by Rick Reeder, Joe Anderson and Dennis Visser of Cassidy Turley’s North San Diego office. The seller, TA Realty Associates, was represented by Jeff Cole, Ed Hernandez, Michael Roberts and Brunson Howard of Cushman & Wakefield.
MOUNTAIN VIEW, CALIF. – Google has agreed to lease space at the former Mayfield Mall in Mountain View. The mall is currently undergoing a transformation that will turn it into a 500,000-square-foot office campus. Construction on the Class A office complex should be completed in 2014. It is located at 100 Mayfield Ave. in Silicon Valley. The mall was originally built in 1966. Notable tenants included J.C. Penney, Wells Fargo Bank and the Mayfair Market grocery store. The mall is owned by a joint venture between Rockwood Capital, LLC and Four Corners Properties. Kevin Cunningham and Jack Troedson of Cornish & Carey Commercial Newmark Knight Frank represented the landlordin this transaction.
COMMERCE, CALIF. — KTR Capital Partners has purchased a four-property industrial portfolio in Commerce for an undisclosed sum. The 254,000-square-foot portfolio is located along 61st and Randolph streets. The buildings are 85 percent leased to six tenants. The disposition was handled by Mike Sidney, Mike Foley, John McMillan, Jeff Sanita, Jeff Chiate and Jeff Cole of Cushman & Wakefield. The seller was Erwin & Essie Appel Trust.
CARLSBAD, CALIF. — Drawbridge Realty Trust has purchased Pacific View Corporate Center, an 80,862-square-foot office building in Carlsbad for $22.2 million. The Class A center is located at 5759 Fleet Street in the Carlsbad Ranch area. It is fully leased to Synteract and RF Micro Devices. Drawbridge was represented by Rick Reeder, Joe Anderson and Dennis Visser of Cassidy Turley’s North San Diego office. The seller, TA Realty Associates, was represented by Jeff Cole, Ed Hernandez, Michael Roberts and Brunson Howard of Cushman & Wakefield.