GARDEN GROVE, CALIF. – A 46,180-square-foot industrial building in Garden Grove has sold to Hager Pacific Properties for more than $3 million. The property was located at 12300 Industry Street. Mike Bouma and Paul Caputo of VOIT Commercial represented both Hager Pacific and the seller, Farmers & Merchants Bank. The duo will also market the property.
Western
COMPTON, CALIF. – FedEx has signed a seven-year lease extension for its nearly 158,000-square-foot warehouse/distribution building in Compton. The 62,250-square-foot space is located at 201 W. Manville Street. FedEx was represented by Jeff Kernochan of Fischer & Company. The landlord, 201 W. Manville LLC, was represented by Maury Gentile and Sean O’Donnell of Grubb & Ellis.
Despite little commercial real estate development with the lowest rental rates in a decade, Las Vegas’ office leasing market has inched up in the positive direction. There are also indicators that the area’s commercial real estate market will continue to struggle, with vacancy rates remaining as high as 25 percent until the end of 2012. Las Vegas remains one of the most challenging real estate markets in the country with some submarkets showing vacancies as high as 32 percent, while others report vacancies as low as 16 percent. Still, there have been some significant developments recently impacting the office market. Zappos.com will occupy the former Las Vegas City Hall building in Downtown Las Vegas, which will house about 2,000 employees. This signals continued revitalization for the Downtown area. Those 2,000 employees will need housing and, with a younger workforce, will probably spend disposable income on entertainment, particularly in the area close to their place of employment. Along with Zappos, government-related entities occupying commercial space is on the rise, and traditionally those entities prefer to be centrally located. While there is noticeable activity taking place in certain Las Vegas submarkets like Downtown, other areas of Las Vegas are also improving — …
Resilient apartment demand will continue to insulate the Los Angeles apartment market from the effects of the uneven recovery, though modest downside economic risks will persist. For example, the Eurozone crisis and economic slowdown in China – the Port of Los Angeles’ largest foreign trading partner – will limit imports and exports and moderate overall employment gains. Local manufacturers have already shed 5,000 jobs in 2012, and 2,400 transportation and utility positions were eliminated in the past two months. Nevertheless, metro-wide employment expanded by more than 40,000 jobs in the past six months, a growth of 1.1 percent compared to 0.6 percent nationally. Additionally, gains have been relatively broad-based. The professional and business services, as well as education and health services industries, have added 25,000 jobs since the start of 2012. Resurgent tourism has also boosted leisure and hospitality payrolls by more than 10,000 workers. Rehiring, combined with a still weak demand for single-family homes, has supported apartment leasing. Asking rents have particularly improved. In the first half of 2012, market-wide asking rents appreciated 5 percent to $1,730 per month, compared to a gain of 3 percent for all of last year. Rent increases have been particularly robust in the …
LONG BEACH CALIF. – HCP has agreed to purchase 133 senior housing communities from a joint venture between Emeritus Corporation and Blackstone Real Estate Partners VI, an affiliate of The Blackstone Group, for $1.73 billion. The joint venture had initially acquired the portfolio out of bankruptcy in 2010 and invested $42 million in capital improvements. The properties, which are located in 29 states, were operated by Emeritus. As part of the current deal, Emeritus will sign a new triple-net master lease that will allow it to continue operating these communities. The company also agreed to invest $30 million in the properties and to purchase nine remaining properties from the Blackstone JV. Long Beach-HCP will provide $52 million in secured debt financing for this acquisition. The 133 communities contain a total of 10,350 units. They include a mix of assisted living, independent living, memory care and skilled nursing facilities.
LOS ANGELES – The 65-unit Culver Vista Apartments in West Los Angeles has sold to Culver Place, LLC for $12.5 million. The community is located at 11730 to 11846 Culver Blvd. The seller, Culver Vista Partners, was represented by Hamid Soroudi of Charles Dunn Company. Soroudi leads Charles Dunn Company’s The Soroudi Group.
TORRANCE, CALIF. – The 272,245-square-foot PROLOGIS Capelin Distribution Center has opened in Torrance. It is located at 20000 S. Western Ave. The Class A, LEED-certified center is situated on a 14-acre site that previously held a vacant steel plant. It was designed by HPA and built by KPRS. David Prior of Klabin/CORFAC and Todd Taugner and Frank Schulz of Klabin Company/CORFAC in Torrance will serve as the center’s exclusive leasing agents.
LONG BEACH CALIF. – HCP has agreed to purchase 133 senior housing communities from a joint venture between Emeritus Corporation and Blackstone Real Estate Partners VI, an affiliate of The Blackstone Group, for $1.73 billion. The joint venture had initially acquired the portfolio out of bankruptcy in 2010 and invested $42 million in capital improvements. The properties, which are located in 29 states, were operated by Emeritus. As part of the current deal, Emeritus will sign a new triple-net master lease that will allow it to continue operating these communities. The company also agreed to invest $30 million in the properties and to purchase nine remaining properties from the Blackstone JV. Long Beach-HCP will provide $52 million in secured debt financing for this acquisition. The 133 communities contain a total of 10,350 units. They include a mix of assisted living, independent living, memory care and skilled nursing facilities.
LOS ANGELES – The 65-unit Culver Vista Apartments in West Los Angeles has sold to Culver Place, LLC for $12.5 million. The community is located at 11730 to 11846 Culver Blvd. The seller, Culver Vista Partners, was represented by Hamid Soroudi of Charles Dunn Company. Soroudi leads Charles Dunn Company’s The Soroudi Group.
TORRANCE, CALIF. – The 272,245-square-foot PROLOGIS Capelin Distribution Center has opened in Torrance. It is located at 20000 S. Western Ave. The Class A, LEED-certified center is situated on a 14-acre site that previously held a vacant steel plant. It was designed by HPA and built by KPRS. David Prior of Klabin/CORFAC and Todd Taugner and Frank Schulz of Klabin Company/CORFAC in Torrance will serve as the center’s exclusive leasing agents.