LOS ANGELES, IRVINE, CALIF. – Avison Young has opened two more offices in Southern California. The Canada-based firm opened its first office in Irvine and its fourth office in Los Angeles. Alan Pekarcik, Daniel Vittone and John Pianta will head up the Irvine office. All three were previously based in Voit’s Newport Beach office. Avison’s newest Downtown Los Angeles office will be led by Derrick Moore, Chris Cooper and Connie Hwang. The Irvine office is located at 2030 Main Street, while the Downtown Los Angeles locale resides at 633 West 5th Street.
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CUPERTINO, CALIF. – A retail property in Cupertino that has recently signed 99 Ranch has received a $13-million mortgage. The 20-year, fixed-rate, permanent loan was arranged for Browman Development Company by Greg Gray of Barry Slatt Mortgage. It was provided by Thrivent Financial for Lutherans.
TORRANCE, CALIF. — A 4,229-square-foot retail strip center in Torrance has sold to a private investor for $4.6 million. The property is located at 20301 Hawthorne Blvd. It is fully occupied by 7-Eleven and the Coffee Bean & Tea Leaf. The buyer was represented by Paul Lee of Pacific Gold Coast Realty in Diamond Bar. The seller, a locally based private investor, was represented by Kevin T. Fryman and Carlos J. Lopez of Hanley Investment Group Real Estate Advisors.
LOS ANGELES — A 10-unit apartment building located in the Los Angeles submarket of North Hollywood has sold to a private investor for $2.3 million. The community is located at 12017 Hart Street. The buyer was represented by Reza Ghobadi and Sevak Keshishian in Marcus & Millichap’s Encino office.The seller, a limited liability company, was represented by Tony Azzi of Marcus & Millichap’s West Los Angeles office.
SANTA ROSA, CALIF. – Medtronics has expanded its footprint in Santa Rosa. The medical device technology company has signed a new lease for a 62,865-square-foot building at 3880 Brickway Blvd., while extending its current lease term on the neighboring 63,720-square-foot building at 3850 Brickway Blvd. The Class A buildings were owned by Equity Office Properties (EOP) when the leases were executed, but have since been purchased by Basin Street Properties. EOP was represented by Jeff Negri, Niels von Doepp and Ryan Snow of Cassidy Turley.
CUPERTINO, CALIF. – A retail property in Cupertino that has recently signed 99 Ranch has received a $13-million mortgage. The 20-year, fixed-rate, permanent loan was arranged for Browman Development Company by Greg Gray of Barry Slatt Mortgage. It was provided by Thrivent Financial for Lutherans.
TORRANCE, CALIF. — A 4,229-square-foot retail strip center in Torrance has sold to a private investor for $4.6 million. The property is located at 20301 Hawthorne Blvd. It is fully occupied by 7-Eleven and the Coffee Bean & Tea Leaf. The buyer was represented by Paul Lee of Pacific Gold Coast Realty in Diamond Bar. The seller, a locally based private investor, was represented by Kevin T. Fryman and Carlos J. Lopez of Hanley Investment Group Real Estate Advisors.
LOS ANGELES — A 10-unit apartment building located in the Los Angeles submarket of North Hollywood has sold to a private investor for $2.3 million. The community is located at 12017 Hart Street. The buyer was represented by Reza Ghobadi and Sevak Keshishian in Marcus & Millichap’s Encino office. The seller, a limited liability company, was represented by Tony Azzi of Marcus & Millichap’s West Los Angeles office.
SANTA ROSA, CALIF. – Medtronics has expanded its footprint in Santa Rosa. The medical device technology company has signed a new lease for a 62,865-square-foot building at 3880 Brickway Blvd., while extending its current lease term on the neighboring 63,720-square-foot building at 3850 Brickway Blvd. The Class A buildings were owned by Equity Office Properties (EOP) when the leases were executed, but have since been purchased by Basin Street Properties. EOP was represented by Jeff Negri, Niels von Doepp and Ryan Snow of Cassidy Turley.
Multifamily transaction activity has increased in San Diego during the fourth quarter, due partly to the typical end-of-year rush to close escrow, as well as uncertainty about tax reform in 2013. Agency debt is still a large driver, but relationship banking is picking up for well-heeled borrowers, and investors increasingly have multiple options. The multifamily rental market continues to benefit from the high down payment and credit requirements placed on average home buyers who still choose to rent in San Diego where the cost to rent is still below the cost to own. San Diego’s diverse economic base added 30,300 jobs over the past 12 months, and year-over-year employment gains in excess of 2 percent were reported in nearly all sectors. San Diego has seen a rise in tourism, which has positively impacted the service industries. While manufacturing has struggled to gain footing, growth within construction and finance has emerged. Unemployment has decreased 1.3 percent since August 2011 and is currently 1.4 percent below state levels. Home prices have increased about 5.2 percent in 2012 but remain 37.5 percent below the 2006 peak levels, with a median-priced home at $350,000 today. San Diego’s population has increased 5.1 percent since 2008. …