SUNNYVALE, CALIF. – A 30-unit West Sunnyvale apartment complex that is located at 1617 Queen Charlotte Drive has sold for $5,550,000. Jamie D’Alessandro and Brian Henry with Cassidy Turley’s Multi-Family Group represented both the buyer and the seller, who remained unnamed.
Western
EL CAJON, CALIF. – The 70-unit Greystone Village, located in the San Diego submarket of El Cajon, has sold to Conrad Prebys for $4.5 million. The property resides at 360 Bradley Street. Apartment Consultants, Inc.’s Dave Savage represented both the buyer and the seller, Raj & Associates VII, in this transaction.
CANOGA PARK, CALIF. – A 19-unit apartment building that is located at 8720 Topanga Canyon Blvd. in Canoga Park has sold to an undisclosed buyer for $2,087,500. The property contained eight low-income tenants at the time of closing, which was required by the Earthquake Emergency Loan Program financing that was formerly in place. The community was built in 1964 and is subject to rent control. The transaction closed at a 6.58 percent cap rate. Rick Raymundo of Marcus & Millichap represented the seller, a private trust, in this transaction.
HILLSBORO, ORE. — Power Freight Systems has leased 85,600 square feet of industrial space at a former United States Postal Service distribution center in Hillsboro. The facility is located at 22310 NW Wagon Way. Power Freight was represented by Miles Von Bergen of Capacity Commercial. Scott Pierce and Ken Boyko of NAI Norris, Beggs & Simpson represented the USPS in this transaction.
EMERYVILLE, CALIF. — Urban Outfitters has leased 9,713 square feet at the historic Emeryville Public Market in Emeryville. The 260,000-square-foot, mixed-use property was originally built in the 1870s. It is currently undergoing improvements to accommodate Urban Outfitters and its other new tenant, Guitar Center, which recently leased 17,174 square feet at the center. Both retailers plan to open in spring 2012. Emeryville Public Market is owned by TMG Partners and Rockwood Capital, LLC.
ONTARIO, CALIF. — Philadelphia Place Business Park, a 45,907-square-foot, Class A industrial facility in Ontario, has sold to Summit Machine for $3,940,000. The automotive parts manufacturer will utilize the property for its operations. Jeff Smith and John Seoane of Lee & Associates’ Ontario office represented the seller, Lampson Beach Properties, in this transaction.
HUNTINGON BEACH, CALIF. – The 5 Points Plaza in Huntington Beach has welcomed five new tenants that will occupy a total of 23,153 square feet, bringing the center to 97 percent occupancy. The new tenants include Charming Charlie, which signed a 10-year lease for 11,600 square feet; Kahoots Pet Store, which signed a 10-year lease for 7,311 square feet; CloudMover Day Spa, which signed a five-year lease for 1,920 square feet; Bliss Nails and Spa, which signed a 10-year lease for 1,166 square feet; and the Original Bold Fold, which signed a 10-year lease for 1,156 square feet. Sharon Courtway of Present Value Properties represented 5 Points Plaza in all five lease transactions.
SANDY, UTAH — W.J. Bradley Mortgage Capital Corp. has signed an eight-year lease for 50,000 square feet of office space at the Workers Compensation Building in Sandy. The financial terms were not disclosed. CBRE’s Scott Wilmarth, Tab Cornelison and Nadia Letey represented W.J. Bradley in this lease transaction.
PHOENIX — Genworth Financial Trust Company has signed a 19,736-square-foot lease renewal and expansion at Phoenix’s Great American Tower. The global financial security company was represented by Peter Menna and Brandon Leach with Cassidy Turley BRE Commercial’s Office Group. Cushman and Wakefield’s Jerry Jacobs represented Great American’s landlord, 3200 N Central Ventures, Inc, in this transaction.
NORTH HOLLYWOOD, CALIF. – The 36-unit Valley Vine apartment community in North Hollywood has sold to LOT Burbank Partners for $3,580,000. It sold at a 6 percent cap rate. Chris Malcolm and David J. Harrington of Hendricks & Partners’ North Los Angeles office represented both the buyer and the seller, Valley Vine Ltd.