SAN DIEGO — A four-story office building has sold to Hammer Commercial Ventures for $5.3 million. It is located at 440 Upas Street. The acquisition also includes two additional land parcels on Upas Street. Brian Mulvaney and Jon Boland of Voit’s San Diego office represented both the buyer and the seller, San Diego Blood Bank, in this transaction. Hammer Commercial Ventures, LLC is an operating member of Balboa Phase I, LLC.
Western
PORTLAND, ORE. – Lot 1 of RiverscapeDevelopment, a 1.5-acre parcel on Portland’s riverfront, has sold to Holt Distressed Property Fund for an undisclosed sum. The fund had previously purchased four additional lots in theRiverscapeDevelopment during summer 2011. The site is designated for residential mixed-use development.Charlie Kleier, Robert Black and Sierk Braam of NAI Norris, Beggs & Simpson represented both the buyer and the unnamed seller in this transaction.
TEMPE, ARIZ. — Tempe Gateway, a 263,936-square-foot, Class A office building, has sold to Parkway Properties for $66.1 million. The property is located at 222 S. Mill Ave. in Tempe. It currently boasts a 74 percent occupancy. Parkway Properties was represented by Jim Fijan of CBRE’s Phoenix office in its unsolicited acquisition offer. The seller was Gateway Tempe LLC, a company formed by Vulcan Inc.
SAN DIEGO — Kimco Realty Corp. has acquired its institutional partner’s 50 percent ownership interest in San Diego’s Santee Trolley Square. The acquisition was based on a gross purchase price of $98 million. The 311,000-square-foot power center is encumbered by a $48.5-million mortgage. It is anchored by T.J.Maxx, PetSmart, Party City, Bed Bath & Beyond, 24 Hour Fitness, Old Navy and a shadow-anchored Target.
SAN DIEGO — A four-story office building has sold to Hammer Commercial Ventures for $5.3 million. It is located at 440 Upas Street. The acquisition also includes two additional land parcels on Upas Street. Brian Mulvaney and Jon Boland of Voit’s San Diego office represented both the buyer and the seller, San Diego Blood Bank, in this transaction. Hammer Commercial Ventures, LLC is an operating member of Balboa Phase I, LLC.
PORTLAND, ORE. – Lot 1 of Riverscape Development, a 1.5-acre parcel on Portland’s riverfront, has sold to Holt Distressed Property Fund for an undisclosed sum. The fund had previously purchased four additional lots in the Riverscape Development during summer 2011. The site is designated for residential mixed-use development.Charlie Kleier, Robert Black and Sierk Braam of NAI Norris, Beggs & Simpson represented both the buyer and the unnamed seller in this transaction.
The Greater Salt Lake City multifamily market has continued to strengthen during 2012. Vacancy rates have steadily improved, dropping from 5.3 percent in January 2012 down to 4.2 percent in the third quarter of 2012. With the market vacancy tightening, average rent growth was 3.6 percent from mid-year 2011 to mid-year 2012. The average rent per unit is now at an all-time high of $802 per unit — eclipsing the average rental price of $771 per unit in early 2008. Many factors contributed to the positive rent growth and the contraction of vacancy rates, but the most significant were strong job growth and population growth. Utah’s job growth currently ranks fourth in the country at 2.6 percent, adding more than 32,000 jobs over the past 12 months. Utah’s job market is strengthening as the state’s unemployment rate dropped to 6 percent in June 2012, the lowest it has been since March 2009, according to the Utah Department of Workforce Services. The state also has the third fastest-growing population in the nation with nearly 2 percent annual growth. Utah also has the youngest median age in the country at 29.2 years, and the largest average house-hold size of 3.1 persons. These …
SEATTLE — Westlake Terry, a 320,399-square-foot, Class A office property in Seattle’s South Lake Unionneighborhood, has sold to Kilroy Realty Corporationfor $170 million. The two-building property is located at 320 Westlake Ave. Northand321 Terry Ave. North. It is fully occupied by tenants like Group Health CooperativeandMicrosoft Corporation. Kilroy was represented by attorneys Peter Roth, Patrick Perry, Michael Cerrina, Julie Hoffman, Hadar Goldstein, Cheryl Prell of Allen Matkins Leck Gamble & Natsis. The seller, Vulcan Realty, was represented by attorney Joe Delaney at Foster Pepper PLLC. Jones Lang LaSalle acted as Vulcan’s broker.
PHOENIX — Hensley & Company has completed a sale-leaseback on its three refrigerated warehouse and distribution facilities in Arizona. The disposition was completed for $76 million. The facilities contain a total of 577,167 square feet. They are located at 4201 N. 45th Ave. in Phoenix; 2555 N. Nevada Street in Chandler; and 10201 E. Valley Road in Prescott Valley. Hensley & Co. will occupy all three properties, which were purchased by Angelo, Gordon & Co.’s net lease division. Hensley was represented by Chris Toci, Chad Littell and Jim Wilson of Cushman & Wakefield of Arizona in this sale-leaseback transaction.
LONG BEACH, CALIF. – The 206-unit Archstone Long Beach has sold to Western National for $46 million. The community is located at 1613 Ximeno Ave. in Long Beach. Greg Harris, Kevin Green and Joseph Grabiec of Institutional Property Advisors represented both the buyer and the seller, Archstone, in this transaction.