SAN DIEGO — Square Peg Packaging and Printing, LLC has subleased 72,220 square feet of industrial warehouse space in San Diego. The space is located at 5260 Anna Ave. The four-year, nine-month sublease is valued at $2.2 million. Square Peg was represented by Glenn Arnold and Kevin Meissner of Cassidy Turley. The sub-lessor, Hajoca Corporation, was represented by Derek Applbaum and Derek Hulse of Colliers International and Joe Oliaro of Copaken & Brooks.
Western
SAN DIEGO — The Plaza at the Border, a 98,000-square-foot retail center that’s situated along the U.S./Mexico border in the San Diego submarket of San Ysidro, has received a $23.5-million bridge loan. It is located at 3951-3975 Camino De La Plaza. The interest-only financing will replace a construction loan and cover the tenant improvement and leasing costs. The non-recourse, five-year, floating-rate loan was secured by HFF’s Aldon Cole, Tim Wright and Husayn Hasan on behalf of The Shamrock Group, LLC. Prime Finance served as the lender.
SAN DIEGO – A 5,000-square-foot retail building in San Diego’s Little Italy neighborhood has sold to H.G. Fenton Company for $3.3 million. The building is located at 1665 India Street. It is currently leased to Princess Pub & Grille. The seller, the Zolezzi Family Trust, was represented by Brian Jinings of Cassidy Turley San Diego.
MCCLELLAN, CALIF. – A new 70,000-square-foot conference center has opened at the Lions Gate Hotel at McClellan Park. The hotel is located in McClellan, which is seven miles southeast of Sacramento. The new addition includes a 38,000-square-foot General Session Room. The hotel previously contained only 8,000 square feet of meeting and event space.
SAN DIEGO — The Plaza at the Border, a 98,000-square-foot retail center that’s situated along the U.S./Mexico border in the San Diego submarket of San Ysidro, has received a $23.5-million bridge loan. It is located at 3951-3975 Camino De La Plaza. The interest-only financing will replace a construction loan and cover the tenant improvement and leasing costs. The non-recourse, five-year, floating-rate loan was secured by HFF’s Aldon Cole, Tim Wright and Husayn Hasan on behalf of The Shamrock Group, LLC. Prime Finance served as the lender.
SAN DIEGO – A 5,000-square-foot retail building in San Diego’s Little Italy neighborhood has sold to H.G. Fenton Company for $3.3 million. The building is located at 1665 India Street. It is currently leased to Princess Pub & Grille. The seller, the Zolezzi Family Trust, was represented by Brian Jinings of Cassidy Turley San Diego.
MCCLELLAN, CALIF. – A new 70,000-square-foot conference center has opened at the Lions Gate Hotel at McClellan Park. The hotel is located in McClellan, which is seven miles southeast of Sacramento. The new addition includes a 38,000-square-foot General Session Room. The hotel previously contained only 8,000 square feet of meeting and event space.
The investment climate for the Phoenix office market is poised to provide compelling acquisition opportunities in 2013. Favorable job growth, improving market fundamentals and assets available at discounts to replacement costs are expected to enhance asset appreciation over the next several years. Phoenix has historically generated strong job growth after recessionary periods. Recent data supports this trend, as Metro Phoenix added 50,700 jobs over the past 12 months, according to the Bureau of Labor Statistics’ preliminary November 2012 figures. This job growth has lowered the unemployment rate to 6.9 percent as of October 2012, well below the national rate of 7.9 percent. The area is expected to continue adding 50,000 new jobs annually through 2015, driving vacancy rates downward and creating upward pressure on rental rates and property values. Employment growth in professional and business services, and in the financial sector, is of chief importance as a demand generator for office space. Phoenix has also benefited from strong population growth. Metro Phoenix is expected to grow at an average rate of 2.6 percent per year over the next 10 years, a pace that is more than twice that of the national average. Affordable housing, a business-friendly environment and a well-educated …
SEAL BEACH, CALIF. — Bixby Office Park, a 297,241-square-foot complex in Seal Beach, has sold to Parallel Capital Partners for $85 million. The acquiring entity was PCPI BIXBY, LP. The three-building park is located at 3001-3005, 3010, 3020 and 3030 Old Ranch Parkway. It is currently 98 percent leased. Notable tenants include Baker Corp., SAIC, Olson Urban Housing, Seagate Offices and Clean Energy Fuels Corp. Parallel Capital Partners represented themselves in this transaction, while the seller, a large national insurance company, was represented by Adam Edwards and K.C. Scheipe of Eastdil Secured.
LOS ANGELES – The Student Success and RetentionCenter has broken ground at East Los Angeles College. The $55-million, 136,000-square-foot complex will contain classrooms, offices, languages labs and common spaces. It will also consolidate nine departments on the college campus. The center is aiming for LEED-Gold certification. It is scheduled for completion in 2014. The new project is being designed by HGA Architects and Engineers.