CITRUS HEIGHTS, CALIF. — The Meadows, a 256-unit apartment community in Citrus Heights, has sold to Xchange Solutions for $14 million. The property is located at 7677 Greenback Lane. The seller was First American Exchange Company, LLC, which acted as qualified intermediary for Meadow Gardens I, LLC; First American Exchange Company, LLC, which acted as qualified intermediary for Meadow Gardens II, LLC. The transaction was negotiated by Steven A. Nelson and Al R. Inouye of Hendricks & Partners’ Sacramento, Calif., office.
Western
COLORADO SPRINGS, COLO. — The 150-unit Copper Chase in Colorado Springs has sold to an affiliate of Seagate Properties for $9.75 million. The community was built in 1969 and was 93 percent occupied at the time of sale. Doug Andrews, Jeff Hawks, Ken Greene and Kevin McKenna represented the seller, WillMax Capital, in this transaction.
MORENO VALLEY, CALIF. — A 40,000-square-foot retail property in Moreno Valley that is occupied by Sports Authority has sold to Day Moreno Valley LLC for $7.85 million. The property was built in 2009 and is located at 12450 Day Street. It resides within the TownGate Crossing retail center. Dennis Vaccaro and Donald MacLellan of Faris Lee Investments represented the seller, Gateway Company, L.C.
SANTA FE SPRINGS, CALIF. – A 115,000-square-foot grocery-anchored shopping center in Santa Fe Springs that is known as the Santa Fe Springs Promenade has sold to Milan Capital Management for a reported $23 million. The center was more than 90 percent occupied at the time of closing. Santa Fe Springs Promenade was built over time throughout the mid-1960s to the 1990s. It includes six pad buildings that contain fast food restaurants and a bank branch. Milan Capital plans to “parcelize” the pad buildings and potentially sell them as single-tenant net leased investments. The firm purchased the promenade as a joint venture with a group of high-net-worth individuals. George Prince of Prince Commercial Real Estate Services represented both the buyer and seller, F. J. Hanshaw Properties, in this transaction.
HONOLULU – Commercial Consultants, Inc. (CCI) has opened an office in the Pioneer Plaza in downtown Honolulu. The new office, located at 900 Fort Street Mall, will be headed by Brooks Borror who was previously with Bollenbacher & Kelton, which now functions as Cloverfield Management. Nick Paulic is joining Borror in CCI’s new Honolulu office.
WESTMINSTER, COLO. – The 52-unit Candlelight Apartments in Westminster has sold to a local investor for $2,595,000. The community was originally built in 1970 and is located at 6985 Stuart Street. Joe Hornstein of Pinnacle Real Estate Advisors represented the buyer in this transaction.
The Orange County hotel market held up extremely well during the economic recession. We are now seeing average daily rate (ADR) and occupancy levels at or above the 2007 peaks. The Smith Travel Research (STR) statistics through October 2011 show the county’s beach areas reporting a $164.41 ADR at 71.3 percent occupancy with a $117.25 revenue per available room (Rev PAR). The beach area’s Rev PAR is now just under 12 percent below the 2007 market peak. We forecast that we will back to or above the peak levels in 2012. In the Disneyland area, we see an ADR of $128.02 at 73.6 percent occupancy with a $94.22 Rev PAR. This Rev PAR is already 6.7 percent above the 2007 peak and climbing. There are a number of reasons why we’re seeing such strong performance numbers in Orange County. These include: (i) The increase in domestic travel, with many travelers choosing to stay in the United States instead of going abroad (ii) The increase in international travel due to the relative weakness of the U.S. dollar, making Orange County a prime destination (iii) The complete lack of new hotel development, which has created a growing demand that has helped fuel …
SAN FRANCISCO – Citygroup Center, a 719,000-square-foot, Class-A office tower in San Francisco’s Financial District, has signed 10 new leases and lease renewals totaling 60,000 square feet. These lease transactions have increased the tower’s occupancy by 10 percent. It is now 82 percent leased. Newly signed leases included Industry Capital Holdings for about 9,400 square feet; One Beacon Insurance Company for 6,401 square feet; Kelly, Hockel & Klein for 5,603 square feet; Cole-Frieman & Mallon for 5,162 square feet; Acquity Group for 5,042 square feet; Pivot Point Capital for 4,673 square feet; Gross Belsky Alonso LLP for 3,469 square feet; Chopper Trading for 3,373 square feet; and Venture Capital Fund of America III for 2,749 square feet. Korn/Ferry International also signed a lease renewal for 17,440 square feet. The building’s leasing efforts are managed by Meade Boutwell, Phil Tippett, Jak Churton and Cori English of CB Richard Ellis’ San Francisco office. The building, which is also known as One Sansome Street, is owned by Barker Pacific Group.
LITTLETON, COLO. – The 79,545-square-foot Broadridge Shopping Center in Littleton has sold to a limited liability company for $4.7 million. It was a lender-approved short sale. The shopping center was 70 percent leased at the time of sale. Notable tenants include Ace Hardware, Carquest and PROformance Apparel. Garrette L. Matlock and Jon Hendrickson of Marcus & Millichap’s Denver office represented both the buyer and the seller, Broadridge Jero LLC and Broadridge Brad LLC, in this transaction.
WESTLAKE VILLAGE, CALIF. — Jackson DeMarco Tidus Peckenpaugh (JDTP) has signed a seven-year lease renewal valued at $2.5 million at Westlake Plaza Center III. The law firm occupies the second floor of the three-story building. JDTP was represented by Studley’s Royce Sharf, Andrew Lustgarten, and Denise Shay. The plaza’s owner, Topa Equities, was represented in-house by Robin Platt.