OTAY MESA, CALIF. – JJB Silverhawk, a Hamann partnership, has purchased 16.6 acres of commercial land in Otay Mesa for $3.8 million. The lot is currently entitled for 335,000 square feet of warehouse/manufacturing space. This is Hamann’s third Otay Mesa purchase within the past eight months. CBRE’s Rob Hixson and Rich Kwasny represented both the buyer and the seller, South Bay Distribution, LLC, in this transaction.
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SAN DIEGO – Qualcomm Incorporated has leased 46,411 square feet of office space in San Diego. The property, which is located at 5505 Morehouse Drive, is a part of a closed-end fund managed by Grosvenor Fund Management. The new 72-month lease brings the building to full occupancy. Qualcomm represented itself in the transaction, while the landlord was represented by Tom Mercer, Ty Moffatt and Scott Moffatt of Colliers International.
TORRANCE, CALIF. – A2,180-square-foot retail property in Torrance has sold to Bobecka LLC for $1.75 million. The free-standing building was constructed in 1973. Sheri Messerlian and Damon Wyler of NAI Capital’s South Bay office represented both the buyer and the seller, Rosenbaum, in this transaction.
HILLSBORO, ORE. – Technology Center One and Two, a pair of office and technology buildings in Hillsboro, has sold to Watumull Properties Corp. for $6.9 million. The buildings contain a total of 95,000 square feet located in the city’s Sunset Corridor. Keith Young of Kidder Mathews represented both the buyer and the seller, BH Properties, in this transaction. Young and Joshua Swartz, also of Kidder Mathews, have been selected to fill the centers’ remaining vacancies.
THORNTON, COLO. – Riverdale Shops, an 11,127-square-foot retail building in Thornton, has sold to Hyde Grandchildren, LLC for $2.7 million. The building is located at 12840 North Holly Street. It was built in 2008 and was fully occupied at the time of sale. The buyer was represented by Tom Ethington and Rob Edwards of Pinnacle Real Estate Advisors. The unnamed seller was represented by CBRE’s Riki Hashimoto and Dan Grooters.
MIDVALE, UTAH – Woodbury Strategic Partners Fund has purchased Midvale Plaza, a 105,174-square-foot retail strip center in Midvale. The sales price was not disclosed. The property is located at 73 West 7200 South. Tod Jones of Marcus & Millichap’s Salt Lake City office represented the seller, a national real estate developer, and procured the buyer in this transaction.
CARLSBAD, CALIF. – A 75,160-square-foot, Class A office building in Carlsbad has received $10.2 million in financing. The building is located at 5791 Van Allen Way. It was built in 1999 and is fully leased on a triple-net lease basis to Life Technologies. The loan was arranged for Mararisk Carlsbad, LLC by Mararisk Carlsbad, David Bleiweiss and John Chun of HFF.
DINUBA, CALIF. – Mercantile Row Shopping Center, a 98,520-square-foot shopping center in Dinuba received $2.85 million in first-mortgage financing. The center is located at 2100-2242 E. El Monte Way. Financing was based on a one-year, interest-only term for about 73 percent of the discounted payoff amount. Financing was arranged by Michael Elmore and David Blum of NorthMarq’s Los Angeles office through its relationship with a hard money lender. .
SAN DIEGO – Spanky’s Portable Services has signed a six-year lease renewal and expansion at Rancho San Diego Industrial Center. The renewal includes 7,200 square feet of warehouse space and 36,000 square feet of adjacent yard space. Ron Bement of Cushman & Wakefield represented the landlord, BCL Inc., in this lease transaction.
Employment and population growth is spurring apartment demand in Phoenix, encouraging developers to ramp up construction. Although Class A rents are above mortgage payments on a median-priced home, many potential homebuyers will be unable to compete against investors that purchase bank-owned houses to operate as rentals. The metro is a target for these well-capitalized buyers, as home prices have dropped nearly 60 percent since the peak, while the local economy is gaining traction. By the close of this year, more than 80,000 positions will have been recouped in Phoenix, marking three consecutive years of job gains. The rental pool is poised to grow as many lower-priced homes are purchased by cash buyers and residents contend with qualifying hurdles due to short employment histories. As a result, strong apartment demand will enable most operators to boost rents to all-time highs, pushing residents down the quality ladder. Distant headwinds are starting to form, however, as builders recently broke ground on multiple projects that will add thousands of inventory units over the next few years. This, combined with competition from houses employed as rentals, could mean apartment owners may face significant competition as early as 2013. A sharp rise in leasing activity during …