NORWALK, CALIF. — Ameripak Industries has signed a 62-month lease for a 72,000-square-foot building in Norwalk. The lease is valued at about $2 million. The space is located at 15500-15510 Blackburn Ave. The company will be relocating from nearby Pico Rivera. Ameripak was represented by CBRE’s Philip Christian, David Ellis, Josh Bonwell and Rick McGeagh. The landlord is Majestic Realty.
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CHANDLER, ARIZ. — Gold Medal Gymnastics Academy has signed a seven-year lease for 24,492 square feet of office and warehouse space at Warner Commerce Park. The space is located at 455 E. Warner Road in Chandler. The new lease will bring the center to full occupancy once the academy opens in August. Gold Medal Gymnastics was represented by Andy Kroot and Christina Biagiolo of Velocity Retail Group in Phoenix. The landlord, Dalfen America Corp., was represented by Evan Koplan and Mike Parker of CBRE’s Phoenix office.
SAN FRANCISCO — CIM Group has acquired the office building that resides at 330 Townsend in San Francisco’s South of Market (SOMA) district. The purchase price was not disclosed. The building is situated near the CalTrain San Francisco Station and the new Central Corridor transit line, which is currently under construction. It is currently 98 percent leased to a variety of creative and professional services firms.
LAKEWOOD, WASH. — Lakewood Colonial Center, a 114,691-square-foot retail center, has sold to Westwood Financial Corp. for an undisclosed sum. The center is located at 9400 Gravelly Lake Drive and 9310 Bridgeport Way in Lakewood, which is southwest of Tacoma. It contains two parcels, a 75,000-square-foot North Block and a 40,000-square-foot East Block. Westwood purchased the REO center from a local bank.
VAN NUYS, CALIF. – The 25-unit Vose Manor in Van Nuys has sold to Vose Regency Apartment, LLC for $4.1 million. The community is located at 15329 Vose Street. Ziv Kozaski and Michael Dixon of NAI Capital’s Encino office represented both the buyer and the seller, Vose, LLC and C.F. Saticoy, in this transaction.
SAN FRANCISCO — CIM Group has acquired the office building that resides at 330 Townsend in San Francisco’s South of Market (SOMA) district. The purchase price was not disclosed. The building is situated near the CalTrain San Francisco Station and the new Central Corridor transit line, which is currently under construction. It is currently 98 percent leased to a variety of creative and professional services firms.
LAKEWOOD, WASH. — Lakewood Colonial Center, a 114,691-square-foot retail center, has sold to Westwood Financial Corp. for an undisclosed sum. The center is located at 9400 Gravelly Lake Drive and 9310 Bridgeport Way in Lakewood, which is southwest of Tacoma. It contains two parcels, a 75,000-square-foot North Block and a 40,000-square-foot East Block. Westwood purchased the REO center from a local bank.
VAN NUYS, CALIF. – The 25-unit Vose Manor in Van Nuys has sold to Vose Regency Apartment, LLC for $4.1 million. The community is located at 15329 Vose Street. Ziv Kozaski and Michael Dixon of NAI Capital’s Encino office represented both the buyer and the seller, Vose, LLC and C.F. Saticoy, in this transaction.
Multifamily development in the State of Hawaii and specifically on the Island of Oahu is primarily focused on for-sale condominium development. This has limited new developments of rental projects, leading to a critical shortage of affordable housing. In response, county governments implemented workforce housing requirements on new developments. The limited supply of rental housing is reflected in the region’s low vacancy rates, creating upward pressure on rental rates. Perhaps the primary reason for the limited supply and resulting high rental rates in Hawaii, and on the Island of Oahu in particular, are the significant barriers to entry. The primary barriers are the high cost of land and the infeasibility of developers to put together rental residential projects without public subsidy. Secondly, building regulations and urban boundary limits aimed at reducing sprawl have constrained the amount of land that can be developed with residential uses. Additionally, a stringent and often lengthy entitlement process adds time and risk to projects, further reducing their financial feasibility. The conversion of military housing to private use over the past decade resulted in an increase in private sector apartment units for Honolulu County. However, this was a transfer from the public to the private sector, rather …
GLENDALE, CALIF. – A 473,345-square-foot industrial complex in Glendale has sold to Rexford Industrial for $56.2 million. The institutional-quality complex is located at 3332-3424 North San Fernando Road and 3550 Tyburn Street. It contains seven buildings spread out among 21 acres. It is fully leased to tenants like Staples, Anderson Printing, Nordstrom and Pep Boys. In addition to the industrial component, the complex also contains two retail frontage buildings. Steve Silk, Jay Borzi and Adam Pastor of Eastdil Secured represented both the buyer and the seller, a non-disclosed institutional owner, in this transaction.