RANCHO CUCAMONGA, CALIF. – A 138,595-square-foot industrial property in Rancho Cucamonga has sold to CT Realty Investors for $9 million. The property is located at 10401 Seventh Street. The seller, Waitex International, will lease back the property. The rate and terms of that lease were not disclosed. CT’s newest acquisition is attached to a 177,550-square-foot building that was purchased by the firm last year. That property is located at 10404 Sixth Street and is fully leased to GiTi Tire USA Ltd. CT plans to redevelop both properties once Waitex’s lease expires. GiTi has agreed to a new long-term lease for both buildings that will commence once the renovations are completed. Jamie Harrison of Lee & Associates Investment Services Group in Los Angeles represented both the buyer and the seller in this transaction.
Western
Orange County's industrial marketplace doesn’t quite favor owners just yet, but it’s getting close. Our industrial inventories are at historic lows and, with a few exceptions, we have not seen any new construction since 2007. There are a couple new projects planned — and a few more are under construction — but they’ve mostly been large warehouses north of 100,000 square feet. The projected asking rents for these big boxes is $0.50 or more per square foot, triple net; a very expensive rent for a commodity. In general, as these big box rents approach or exceed $0.50 triple net, occupants tend to seek cheaper environs. In Orange County’s case, this usually means they migrate east of town in the Inland markets or beyond. Smaller, newer inventory (20,000 square feet to 50,000 square feet) that hits the market these days is gobbled up quickly, sometimes with multiple suitors. Incubator space (less than 10,000 square feet) has also rebounded nicely with absorption at a blistering pace. We haven’t seen a great deal of rent growth or price appreciation to date, although the latest round of transactions that are in escrow now should bring some evidence of upward change. During the depths of …
PHOENIX — The Retreat, a 480-unit apartment community in Phoenix, has sold to Bridge Investment Group Partners for an undisclosed sum. The community is located at 20808 North 27th Ave. The seller, a publicly traded REIT, was represented by Steve Gebing and Cliff David of Marcus & Millichap’s Phoenix office. The buyer acts as manager of the ROC Fund.
CAMPBELL, CALIF. – The 121-unit Campbell Plaza Apartments has sold to The Bascom Group for $27.6 million. The community is located at 710 Nido Drive in the San Jose submarket of Campbell. The seller, Spieker Companies, was represented by Stanford Jones, Salvatore Saglimbeni and Philip Saglimbeni of Institutional Property Advisors.
PALM SPRINGS, CALIF. — CNL Lifestyle Properties has purchased the 21-acre Knott’s Soak City – Palm Springs for an undisclosed sum. CNL will retain the rights to use the Knott’s Soak City – Palm Springs name through the end of 2013. It will be operated by an affiliate of Premier Attractions Management, LLC, which is led by Kieran Burke, the former chairman and CEO of Six Flags Entertainment Corporation.The water park contains 13 waterslides, a lazy river, a tidal wave pool, and a family fun house with waterslides, hose jets, water curtains and a 1,000-gallon dropping water bucket. It also features a poolside and cabana bar, two restaurants, two ice cream and snack stops, a gift shop and a 1,300-member fitness club.
PHOENIX — The Retreat, a 480-unit apartment community in Phoenix, has sold to Bridge Investment Group Partners for an undisclosed sum. The community is located at 20808 North 27th Ave. The seller, a publicly traded REIT, was represented by Steve Gebing and Cliff David of Marcus & Millichap’s Phoenix office. The buyer acts as manager of the ROC Fund.
CAMPBELL, CALIF. – The 121-unit Campbell Plaza Apartments has sold to The Bascom Group for $27.6 million. The community is located at 710 Nido Drive in the San Jose submarket of Campbell. The seller, Spieker Companies, was represented by Stanford Jones, Salvatore Saglimbeni and Philip Saglimbeni of Institutional Property Advisors.
PALM SPRINGS, CALIF. — CNL Lifestyle Properties has purchased the 21-acre Knott’s Soak City – Palm Springs for an undisclosed sum. CNL will retain the rights to use the Knott’s Soak City – Palm Springs name through the end of 2013. It will be operated by an affiliate of Premier Attractions Management, LLC, which is led by Kieran Burke, the former chairman and CEO of Six Flags Entertainment Corporation. The water park contains 13 waterslides, a lazy river, a tidal wave pool, and a family fun house with waterslides, hose jets, water curtains and a 1,000-gallon dropping water bucket. It also features a poolside and cabana bar, two restaurants, two ice cream and snack stops, a gift shop and a 1,300-member fitness club.
REDMOND, WASH. – Redmond Town Center, a 695,000-square-foot, mixed-use urban shopping center, has sold to a fund managed by DRA Advisors LLC and JSH Properties for an undisclosed sum. It is located at 7525 166th Ave NE in Redmond. The open-air center is set to undergo a series of upgrades to make it more pedestrian-friendly. Notable tenants at the center include Ann Taylor, REI, Bed Bath & Beyond, Macy’s, Chico’s, The Gap, The MAC Store, Victoria Secret and Cost Plus World Market. Charming Charlies, 24 Hour Fitness and Jersey Mikes are set to open at the center this fall.
LOS ANGELES — Whole Foods Market has announced plans to open a 42,000-square-foot flagship location on the ground floor of a new 700-unit apartment complex in Downtown Los Angeles. The complex will be located at 770 S. Grand Ave. It is being developed by Carmel Partners (Carmel Partners Investment Fund IV) and is expected to open in 2015.