SUN VALLEY, CALIF. — Sugar Foods has restructured and renewed its lease for 168,000 square feet in Sun Valley. The Class A manufacturing facility is located at 9545 San Fernando Road. The maker of Sweet n’ Low was in the fifth year of a seven-year term. Its new lease extends Sugar Foods’ occupancy an additional five years. Sugar Foods was represented by Bart Pucci of Studley. The landlord, Invesco, was represented by John DeGrinis of Colliers.
Western
DENVER – An 85-unit apartment building in Denver has sold to Granite Peak Partners for $6.5 million. The community is located at 4803 E. Kentucky Ave. Granite plans to implement a major renovation program at the community in the upcoming weeks. The seller was Carol Wick-Eisler. The transaction was handled by Tim Shunta of Unique Properties, Inc- TCN Worldwide.
NORTH HILLS, CALIF. – A 19-unit apartment building in North Hills has sold to a limited liability company for $2.4 million. The community is located at 15216 Nordhoff Street in the San Fernando Valley submarket. The LLC was represented by Dan Litman and Robert Narchi of Marcus & Millichap’s West Los Angeles office. The seller, an individual/personal trust, was also represented by Narchi.
TEMPE, ARIZ. – A 60,458-square-foot, mixed-use property in Tempe has sold to Enright Roosevelt Tech, LP for $5 million. The flex/manufacturing property is located at 528 West 21st Street. Enright plans to hold the fully occupied building as an investment property. The company was represented by Paul Boyle and Rick Danis of Cassidy Turley’s Industrial Group. The seller, RBI Industrial Properties I, LLC, was represented by Tim Benson of Westmark Realty Partners.
LOS ANGELES — Bottega Louie has signed a new 15-year lease in Downtown Los Angeles that will allow the gourmet restaurant, market and patisserie to expand its operations. The restaurant’s new location is 617 West 7th Street. The new space will accommodate a pastry kitchen, test kitchen and chocolate confectionary kitchen, as well as training facilities, conference rooms, design studios and corporate offices. Bottega Louie was represented by Adam Tischer of Colliers International. The landlord, The Swig Company, was represented by CBRE’s John Zanetos, Mark O’Brien and Christopher Penrose, Jr.
MURRIETA, CALIF. – The 161-unit Guava Street Storagein Murrieta has sold to Eddie Atoian for more than $2 million. The 41,580-square-foot facility is located at 41176 Guava Street. The space was previously occupied by 1st Choice Self Storage until it was foreclosed on earlier this year by First Citizens Bank & Trust Company. Atoian was represented by Stephen Grossmanof NAI Capital’s Orange County office. The bank was represented by Lee & Associates.
TEMPE, ARIZ. – A 60,458-square-foot, mixed-use property in Tempe has sold to Enright Roosevelt Tech, LP for $5 million. The flex/manufacturing property is located at 528 West 21st Street. Enright plans to hold the fully occupied building as an investment property. The company was represented by Paul Boyle and Rick Danis of Cassidy Turley’s Industrial Group. The seller, RBI Industrial Properties I, LLC, was represented by Tim Benson of Westmark Realty Partners.
LOS ANGELES — Bottega Louie has signed a new 15-year lease in Downtown Los Angeles that will allow the gourmet restaurant, market and patisserie to expand its operations. The restaurant’s new location is 617 West 7th Street. The new space will accommodate a pastry kitchen, test kitchen and chocolate confectionary kitchen, as well as training facilities, conference rooms, design studios and corporate offices. Bottega Louie was represented by Adam Tischer of Colliers International. The landlord, The Swig Company, was represented by CBRE’s John Zanetos, Mark O’Brien and Christopher Penrose, Jr.
MURRIETA, CALIF. – The 161-unit Guava Street Storage in Murrieta has sold to Eddie Atoian for more than $2 million. The 41,580-square-foot facility is located at 41176 Guava Street. The space was previously occupied by 1st Choice Self Storage until it was foreclosed on earlier this year by First Citizens Bank & Trust Company. Atoian was represented by Stephen Grossman of NAI Capital’s Orange County office. The bank was represented by Lee & Associates.
It is no secret hat recovery in this real estate cycle hinges on job creation. In Phoenix, this means all eyes are on the markets that can deliver not only space and amenities, but also that golden element: employees. The Southeast Valley emerged early as Phoenix’s premier labor play and most dynamic “big picture” winner with amenities like Arizona State University, Light Rail and a strong base of corporate users. As a result, markets like Tempe have surged ahead with year-to-date positive net absorption of 4.1 percent, 15.8 percent vacancy (compared to the metro Phoenix rate of 24.9 percent) and a host of new tenant announcements. In 2013 alone, Go Daddy added 150,000 square feet to its local footprint; Silicon Valley Bank inked an expansion at Hayden Ferry Lakeside; and State Farm rocked the industry with plans for a new $600-million, 2-million-square-foot office development. In March, GM announced it will invest $21 million and hire 1,000 employees for a new Information Technology Innovation Center in Chandler. This will boost Chandler’s already positive performance, which includes an auspicious 12.8 percent office vacancy and rents at $22.31 per square foot. This area has experienced a small but positive year-to-date absorption of 0.6 …