LONG BEACH, CALIF. – The first building to be completed at Pacific Pointe at Douglas Park in Long Beach has sold to Providence Industries for $12.7 million. The project is being developed by Sares-Regis Group (SRG) and features seven corporate headquarters buildings in a business park adjacent to Long Beach Airport. Providence Industries will expand and relocate to the 91,145-square-foot building from its former space in nearby Paramount. SRG also owns the adjacent 160 acres within Douglas Park. Providence was represented by Chuckie Lyons of Lyons & Lyons Properties. SRG was represented by CBRE’s Brian DeRevere and John Schumacher.
Western
NORTH HOLLYWOOD, CALIF. – A 30-unit apartment building located at 11760 Hamlin Ave. in North Hollywood has sold to a private trust for $4.5 million. The trust was represented by Rick Raymundo of Marcus & Millichap Real Estate Investment Services. The unnamed seller was represented by Jim Fisher, Mike Smith and Duncan Lemmon of Lee & Associates.
LOS ANGELES — EVOQ Properties has disposed of three non-core assets in Downtown Los Angeles. The disposition includes a series of vacant lots and industrial buildings that are located at 915-949 S. Hill, in addition to industrial buildings located at 759 Ceres and 643 Gladys avenues. The sales’ gross proceeds totaled $19.5 million. Some of the proceeds were used to pay off about $15.3 million in secured principal debt and $1.7 million of contingent deferred interest.
HENDERSON, NEV. — LBG Realty Advisors has purchased a Home Depot building at the Sunset Plaza shopping center in Henderson for $13.5 million. Home Depot anchors the center. The acquisition also includes an undeveloped pad that could house an additional 6,000-square-foot building. LBG purchased the building in partnership with an affiliate of Aviva Investors North America. The seller was SMA Ltd.
LONG BEACH, CALIF. – The first building to be completed at Pacific Pointe at Douglas Park in Long Beach has sold to Providence Industries for $12.7 million. The project is being developed by Sares-Regis Group (SRG) and features seven corporate headquarters buildings in a business park adjacent to Long Beach Airport. Providence Industries will expand and relocate to the 91,145-square-foot building from its former space in nearby Paramount. SRG also owns the adjacent 160 acres within Douglas Park. Providence was represented by Chuckie Lyons of Lyons & Lyons Properties. SRG was represented by CBRE’s Brian DeRevere and John Schumacher.
NORTH HOLLYWOOD, CALIF. – A 30-unit apartment building located at 11760 Hamlin Ave. in North Hollywood has sold to a private trust for $4.5 million. The trust was represented by Rick Raymundo of Marcus & Millichap Real Estate Investment Services. The unnamed seller was represented by Jim Fisher, Mike Smith and Duncan Lemmon of Lee & Associates.
The Salt Lake office market will hopefully continue to improve throughout the next year. At the end of the third quarter, overall direct vacancy rates were 13.6 percent, down from the 14.9 percent rate recorded this time last year. Overall asking lease rates for the same period have also seen a slight increase of 41 cents per square foot to the now average asking lease rate of $19.92 per square foot, per year, full service. Although a healthy appetite for Class A office space has dropped vacancy rates in this category to below 10 percent, Class B space lags behind with vacancy rates close to 17 percent as of the end of the third quarter. There has been considerable buzz around the Downtown submarket, due mostly to the new City Creek retail center that was estimated to cost $1.5 billion. The project was developed by The Church of Jesus Christ of Latter-day Saints affiliate City Creek Reserve, in collaboration with their partner Taubman Centers. The retail complex is located in the core of Salt Lake’s CBD and came online in March of this year. Despite this unique development, vacancy rates remain high in this submarket. Overall direct vacancy rates for …
SAN DIEGO — The 337-room Embassy Suites San Diego Bay – Downtown has sold to Pebblebrook Hotel Trust for $112.5 million. The hotel is located at the corner of Harbor Drive and Pacific Highway near Seaport Village in San Diego. The hotel underwent a $3.5-million renovation in May 2012. Pebblebrook will assume a $66.8-million secured, non-recourse loan as part of the transaction. HEI Hotels and Resorts will manage the property.
TUSTIN, CALIF. –The Matteson Companies has received $21.7 million in acquisition financing that will be used to purchase the93-unit Tustin Cottages. The community is located at 1361 El Camino Real in Tustin. Financing was based on a 10-year term and a 30-year amortization schedule.It was arranged by Dennis Williams and Robert Hervey of NorthMarq Capital through the firm’s relationship with a correspondent life company lender.
PEORIA, ARIZ. – The Plaza Del Rio campus in Peoria will soon be home to two new residential communities. ThePreserve at Plaza Del Rio will add 185 new homes to the campus, while Silverado Senior Living will add 90 new residences. MaracayHomes is developing The Preserve in three phases. Meridian Realty recently broke ground on Silverado Senior Living. ThePlaza Del Rio campus already contains a mix of medical office,commercial office, retail, residential and seniorliving facilities.