GOODYEAR, ARIZ. – A 14,820-square-foot building in Goodyear that is net leased to Walgreens has sold to an individual/personal trust for $9 million. The property is located at 9800 South Estrella Parkway. It is the first Walgreens store in Arizona to feature the new Wellness Experience prototype. It is the second Walgreens in the country to receive LEED certification. The buyer was represented by Kirk Trammell of Marcus & Millichap’s Palo Alto office. The seller, a limited liability company, was represented by Mark Ruble and Jamie Medress of the firm’s Phoenix office.
Western
National retailers have slowed their progress into the market now that City Creek and Fashion Place Mall have completed the majority of their renovations. The discount segment continues to expand in infill locations along the Wasatch Front. Ross, TJ Maxx and Marshalls continue to lead the charge in this category, with Rue 21 and Dress Barn as the larger tenants. Rural areas are the new frontier within the State of Utah. Many small communities are riding the wave of the energy boom, from natural gas, oil and wind power. These smaller towns are growing at a rapid pace, and with the influx of expendable income, retailers are flocking to these areas. The challenge that many developers face in these towns, however, is the lower rent numbers that national tenants can afford due to the immediate lack of population within the trade areas. Ross, JoAnn Fabrics, Petco, Sportsman’s Warehouse, Sports Authority, Rue 21 and Dress Barn are the retailers that lead the charge in these areas. The grocery sector continues its movement within the state, with Walmart’s Neighborhood Market, Sprouts and Smith’s being the most active. Smith’s is in the process of remodeling many of its existing locations and is looking …
The San Francisco Bay Area’s major warehouse/distribution and manufacturing hub can be found along the I-880 corridor in the East Bay. This region’s industrial market has enjoyed steady growth with both overall vacancy rates and asking rental rates improving by about 10 percent year-over-year. The overall vacancy rate in the first quarter of 2013 was 10.22 percent — a three-year low — while the asking rental rate was $7.44 per square foot, triple-net, annually. Interestingly, the most significant growth this year came from the market’s largest segment: the warehouse sector. The warehouse market’s vacancy rate dropped by more than 25 percent year-over-year, to just 8.27 percent. In fact, the vacancy rates in all I-880 warehouse submarkets, aside from Newark, now sit at less than 10 percent. Asking rental rates in the warehouse market increased by nearly 8 percent to $4.80 per square foot, triple-net, annually. Several properties were listed during the second quarter of 2013 and therefore not included in these statistics. However, these properties boast asking rates as high as $5.76. Cornish & Carey Commercial Newmark Knight Frank believes these latest trends indicate an imminent spike in asking rates in the warehouse market. Third-party logistics providers, or 3PLs, are …
SEATTLE — Hudson Pacific Properties has acquired a four-building office portfolio in Seattle for $367.5 million. The portfolio contains a total of 836,419 square feet. It includes a two-building, 472,881-square-footwaterfront office property located at 505 First Street & 83 King. This property was originally renovated and developed by Starbucks Coffee Company, though it is now occupied by tenants like Capital One/ING Direct, EMC Corporation and Nuance Communications. The buy also includes Met Park North, a 189,762-square-foot building in South Lake Union that is primarily occupied by Amazon. The final property included in the transaction is Northview Center, a 173,776-square-foot office building in Northend that is leased to tenants like ADP and FEMA. The seller, Spear Street Capital, was represented by the Eastdil Secured group of Wells Fargo Securities, LLC.
SAN FRANCISCO – A two-tower, 655-unit luxury condominium development in Downtown San Francisco has received $371.7 million in construction financing. The project is located at – and referred to as – 201 Folsom. It will feature two high-rise towers consisting of 42 and 37 stories, as well as two mid-rise podiums arranged around a private courtyard. It will also contain10, 963 square feet of ground-floor retail space. The project is scheduled for completion in January 2016. It is being developed by Tishman Speyer. The non-recourse financing was secured by HFF’s Mike Tepedino, Bruce Ganong, Michael Gigliotti, Jennifer Keller and Brandon Roth. The loan was provided by a single source lender at Cornerstone Real Estate Advisers.
PERRIS, CALIF. – Sares-Regis is set to break ground on the SRG Perris Logistics Center, a 580,000-square-foot distribution in Perris. The Class A distribution building will be located at 3900 Indian Ave.near the former March Air Force Base. The $40-million project will be situated on 28.8 acres in a prime distribution corridor that contains major consumer brands and retailers, including Whirlpool, Hanesbrands Inc., Home Depot, Lowe’s and Ross.Construction will begin this summer. It should be complete by the end of the year. The center will built to LEED specifications. It is being marketed by Thomas Taylor, Steve Bellitti and Summer Colter of Colliers International. This team also represented both SRG and the land’s seller, Ridge Realty, in the land transaction.
SEATTLE — Hudson Pacific Properties has acquired a four-building office portfolio in Seattle for $367.5 million. The portfolio contains a total of 836,419 square feet. It includes a two-building, 472,881-square-footwaterfront office property located at 505 First Street & 83 King. This property was originally renovated and developed by Starbucks Coffee Company, though it is now occupied by tenants like Capital One/ING Direct, EMC Corporation and Nuance Communications. The buy also includes Met Park North, a 189,762-square-foot building in South Lake Union that is primarily occupied by Amazon. The final property included in the transaction is Northview Center, a 173,776-square-foot office building in Northend that is leased to tenants like ADP and FEMA. The seller, Spear Street Capital, was represented by the Eastdil Secured group of Wells Fargo Securities, LLC.
SAN FRANCISCO – A two-tower, 655-unit luxury condominium development in Downtown San Francisco has received $371.7 million in construction financing. The project is located at – and referred to as – 201 Folsom. It will feature two high-rise towers consisting of 42 and 37 stories, as well as two mid-rise podiums arranged around a private courtyard. It will also contain10, 963 square feet of ground-floor retail space. The project is scheduled for completion in January 2016. It is being developed by Tishman Speyer. The non-recourse financing was secured by HFF’s Mike Tepedino, Bruce Ganong, Michael Gigliotti, Jennifer Keller and Brandon Roth. The loan was provided by a single source lender at Cornerstone Real Estate Advisers.
PERRIS, CALIF. – Sares-Regis is set to break ground on the SRG Perris Logistics Center, a 580,000-square-foot distribution in Perris. The Class A distribution building will be located at 3900 Indian Ave.near the former March Air Force Base. The $40-million project will be situated on 28.8 acres in a prime distribution corridor that contains major consumer brands and retailers, including Whirlpool, Hanesbrands Inc., Home Depot, Lowe’s and Ross. Construction will begin this summer. It should be complete by the end of the year. The center will built to LEED specifications. It is being marketed by Thomas Taylor, Steve Bellitti and Summer Colter of Colliers International. This team also represented both SRG and the land’s seller, Ridge Realty, in the land transaction.
RESEDA, CALIF. – The 138-unit Villa La Paloma in Reseda has sold to La Paloma LLC for $14.5 million. The community is located at 7722 Reseda Blvd. in the Los Angeles submarket. The seller, 1439 Curson Partners LP, was represented by Jeff Louks of Marcus & Millichap’s Encino office.