GLENDALE, ARIZ. – A 19,841-square-foot, built-to-suit office and industrial building in Glendale has sold to an entity formed by Ron Kaufman of The Ron Kaufman Companies for $4.29 million. The facility is located at 7103 W. Augusta Drive within the Northern Gateway Commerce Park. Boart Longyear has agreed to occupy the facility for at least 10 years. Cassidy Turley represented the buyer, the tenant and the seller, ViaWest Group, which developed the center.
Western
TORRANCE, CALIF. — Hager Pacific Properties has purchased a 28.27-acre industrial site in Torrance for an undisclosed sum. It is located at 19500 Mariner Ave. The company plans to renovate the site and offer about 45,000 square feet of buildings for lease. Hager purchased the property from Dow Chemical Company, which used the site as a manufacturing and terminal distribution center. The sale was managed by Ashley Dillard of CB Richard Ellis in Chicago.
SAN FRANCISCO – Johnson Capital has arranged a preferred equity investment of slightly less than $1 millionfor a 50-unit apartment complex in the San Francisco peninsula area. The complex is owned by a partnership controlled by a Palo Alto, Calif.-based real estate investment company. The complex’s new investor is an institutional opportunity fund. The investment term is intended to be three years or less. The funds will be utilized to recapitalize partnership interests. The investment was arranged by Thomas Bracken of Johnson Capital’s Palo Alto office.
As all of us in the retail market know, the past few years have been downright tough. It’s safe to say that we all felt a slight shift in mid-2011 where it seemed that we may — just may — have stabilized. With Tivioli’s success, Sportsman’s Warehouse re-entering the market and Hobby Lobby taking the plunge into Las Vegas, it seems we may have overcome the black “X” looming over our market. Our asking rent numbers are hovering around $1.50 per square foot, and retailers like Nima Accessories, Firestone Tires, Children’s Place, Winco and Dollar General are taking advantage of these rents and expanding valley wide. More than half of the leases completed in the past year were local retailers either relocating or expanding. The retail vacancy rate valley wide is about 11 percent, up from the fourth quarter of 2010. The Southwest submarket shows the lowest vacancy rate, about 9 percent, with the West Central submarket at the highest, about 15 percent. The market absorbed more than 119,000 square feet of retail product throughout the year. Two new Winco stores add 195,000 square feet to our retail inventory, and to the net absorption for 2012. Retail sales also picked …
The apartment market in the Greater Salt Lake area continues to be strong and vibrant. The past two quarters of 2011 demonstrated an upward pressure on rents. Overall occupancy is at 94.9 percent, up from 93 percent in 2010. Vacancy presently hovers around 5 percent and appears as though it will remain so, which is evidence of a tight rental market. These signs enable managers/owners to increase rental rates and drop concession offerings with exception to newly constructed projects during their initial lease up. Apartment development also remains robust in the downtown Salt Lake market where the City Creek project, being developed by the Church of Jesus Christ of Latter Day Saints, will be adding more than 1,000 new units. These units will be a part of a significant redevelopment of several downtown city blocks that will add new office and retail product in addition to multifamily. With this kind of unit increase in the immediate downtown market, nearby small and large projects will soon be able to raise rents as the new units will command the highest rates. The total amount of new units expected to come onto the market in the next year is approximately 1,900, with the …
PLEASANTON, CALIF. — MIG Real Estate has purchased the Britannia Business Center in Pleasanton for an undisclosed sum. The 135,210-square-foot center is located in the Hacienda Business Park, which consists of Class A office and R&D buildings. This is MIG’s first Bay Area acquisition. The company plans to invest up to $600 million throughout the year on office, retail, hotel and multifamily properties located in the West’s major markets. MIG represented itself in this transaction, while HFF’s Steve Golubchik, Michael Leggett, David Karol and Gerry Rohm represented the seller.
AZUSA, CALIF. — Newmark Realty Capital has arranged $8 million for Joe Blum of Rawson, Blum & Leon to purchase the Atrium in Azusa. The Atrium is a 124,228-square-foot office and industrial complex. The 10-year loan was secured prior to the property going under contract. The firm’s Eric Von Berg, Tom Dao and Kana Yujuico received a loan commitment from one of Newmark’s correspondent lenders. The firm will also be servicing this loan.
ESCONDIDO, CALIF. –The 28,774-square-foot Mission Office Park in Escondido has sold to Pacifica Enterprises (PEI) for an undisclosed sum. The park is located at 504-508 W. Mission Ave. and was 48 percent leased at the time of sale. Edward Indvik of Lee & Associates-Investment Services Group, along with Rusty Williams and Kyle Bowlsby of the firm’s Carlsbad office, represented both the buyer and the seller in this transaction.
NORTHRIDGE, CALIF. – The 50-unit Varsity Club Apartments in Northridge has sold to a private investor for $11.25 million. The 63,406-square-foot apartment building is located at 10020 Zelzah Ave. The buyer was represented by Thomas McCartin of Marcus & Millichap’s San Diego office. The seller, a Southern California real estate developer, was represented by Reza Ghobadi of the firm’s Encino office.
LOS ANGELES — Barker Pacific Group and Artemis Real Estate Partners have formed a joint venture to acquire self-storage assets throughout the Southwestern U.S. Their first investment was a 112,590-square-foot King Road Self-Storage in San Jose that was purchased for $8.45 million. The facility features 1,039 storage units, as well as surface parking for boat and RV storage. King Road was lender-owned. The brokers for the seller were Chico LeClair and Nicolas Walker of Marcus & Millichap. Barker Pacific represented itself in this transaction.