NORTHRIDGE, CALIF. – A 54,171-square-foot industrial property in Northridge has sold to Devarim Investment, LLC for $2.55 million. The four-building property is located at 19015-19031 Parthenia Street. John DeGrinis, Patrick DuRoss and Jeff Abraham of Colliers International’s Encino office represented both the buyer and the seller, OneWest Bank, in this transaction.
Western
SALEM, ORE. – The Oak Park Shopping Center in Salem has received $2 million in first-mortgage refinancing. The five-year loan was used to pay off the Safeway-anchored center’s existing debt. About half of the funds were also used to modernize and upgrade the property. The loan was arranged by Don Burnes of Johnson Capital. It was provided by a national bank. The loan features a fixed interest rate of about 4 percent and a 25-year amortization schedule.
COSTA MESA, CALIF. — A 112,296-square-foot, single-tenant distribution center in Costa Mesa has received $17.7 million in first-lien financing. The building is located at 1650 Sunflower Ave. It was renovated in 2008 and is fully leased to Federal Express Corporation. The 10-year, 4.65 percent fixed-rate loan was arranged by HFF’s John Chun on behalf of Daymark Realty Advisors through Allstate Investments, LLC.
TEMPE, ARIZ. – The Elliot Business Park in Tempe is completing its final phase, which includes 316,000 square feet of investment-grade warehouse distribution space. The park will contain 1 million square feet once it’s completed at the end of 2012. The two buildings are the first speculative industrial projects the Southeast Valley has seen since the first quarter of 2008, according to CBRE’s Phoenix office, which is handling the project’s leasing. One of the buildings has been preleased to Clear Energy Systems. The other 158,000-square-foot building, which is also under construction, is the only available space at the business park. The new buildings were designed by Euthenics Architecture and are being built by DL Withers Constructions. The park is owned by Tempe Marketplace Commerce Associates LLP and its affiliate, Transpacific Development Southwest. CBRE’s Jerry McCormick, John Werstler and Cooper Fratt head up the park’s leasing efforts.
RIALTO, CALIF. – Hillwood Investment Properties and Brookfield Asset Management have received a $12-million acquisition loan for the South Rialto Logistics Center. The 328,691-square-foot industrial building is located at 3700 S. Riverside Ave. It also includes 8.8 acres of developable land and 2,100 square feet of office space. The short-term, first-mortgage debt was provided by Steve Fried of Mesa West. The partnership purchased the property from California Public Employees' Retirement System (CalPERS) in early 2012 in an all-cash transaction. It was the first property acquired by the partnership, which plans to invest up to $1 billion in industrial properties over the next three years.
TUCSON, ARIZ. – The Tucson Spectrum Shopping Center has sold to DDR Corp., a publicly-traded investment trust, for $125.4 million. The 709,811-square-foot center is located at Irvington Road and Interstate 19 in Tucson. The company purchased the center, along with seven developable, finished retail pads that were part of the center’s Phase II development. Tucson Spectrum Phase I and Phase II contain more than 1 million square feet of retail space situated on 122 acres. Notable tenants include Target, Home Depot, Ross, PetSmart, Marshalls, Michaels, J.C. Penney, Best Buy, Old Navy, Bed Bath & Beyond, Harkins Theatres and LA Fitness. Jan Fincham and Patrick Dempsey of Lee & Associates Arizona represented both the buyer and the sellers, Creswin Properties Inc and an affiliate of the Barclay Group, in this transaction.
PALO ALTO, CALIF. — Assisted living facility Palo Alto Commons has received $42 million in construction and permanent financing. The new financing will replace the property’s existing debt. It will also fund the development of a new 44-unit expansion wing. Financing was arranged by Jeff Wilcox of Newmark Realty Capital’s San Francisco office. It was secured through HUD’s LEAN 232 and underwritten and sourced through Prudential Huntoon Paige, LLC.
SPOKANE, WASH. – The 210-unit Eagle Rock Apartments in Spokane has received a $10.3-million refinance. The 10-year loan features two years of interest only and a 30-year amortization schedule under Fannie Mae’s Early Rate Lock Program. It was underwritten to a 67 percent loan-to-value with a 1.42x debt-service coverage ratio. Financing was arranged by Jay Thomas of Walker & Dunlop.
San Diego’s retail market has remained relatively level for the past year in regards to leasing and sales of shopping centers. Last year the vacancy rate for San Diego hovered around 5.2 percent and currently is positioned at 5.1 percent. This will probably remain the same throughout the remainder of this year as we continue to see very few additional centers being built. A steady flow of tenants are also closing their doors as new tenants and entrepreneurs venture into new careers. Sales activity from the beginning of this year has been slightly slower but slightly better on a per-square-foot number than the same period one year ago. Year-to-date, we have seen 15 sales of centers that are larger than 10,000 square feet, with an average price per square foot of $193.50 and an average cap rate of 7.24 percent. This is compared to the same period last year which produced 22 sales at an average price per square foot of $170.39 and an average cap rate of 7.6 percent. As far as credit-tenant, triple-net investments in San Diego go, there is still a very strong demand for any product that comes on the market and typically results in multiple …
SAN FRANCISCO — The Piers, an 82,834-square-foot office and restaurant space in San Francisco, has received $32 million in first-mortgage refinancing. The complex is locatedon Piers 1 ½ , 3 and 5. Notable tenants include Bloomberg and La Marrestaurant. The permanent seven-year loan will replace the construction financing on this waterfront property. Financing was arranged for San Francisco Waterfront PartnersbyDennis Williamsof NorthMarq’s San Francisco regional officethrough the firm’s relationship with a life insurance company.