SACRAMENTO, CALIF. — Ridge Capital has purchased 290 acres at the Southport Business Park in West Sacramento. The firm plans to sell entitled parcels within the site that range in size from three acres to 116 acres. Ridge Capital will also consider build-to-suit developments. The sites can accommodate buildings from 20,000 square feet to 2 million square feet. Ridge Capital was represented by Matt Lofrano, Bill Niethammer, Mark Demetre and Mike Zimmerman of Jones Lang LaSalle’s Sacramento office. The team will also advise the firm on its future sales and development of the land. Ridge Capital was also advised by investment managers Carlo Mormorunni and Mike Diepenbrock.
Western
After emerging from the downturn, Denver’s industrial market is well and truly back on its feet. As options for large, Class A industrial users of more than 200,000 square feet dwindle, build-to-suit projects are popping up at levels last seen in 2006 and 2007. This is a great sign for the overall health and recovery of the state’s industrial real estate market. Polystrand has almost completed a 120,000-square-foot manufacturing facility in southeast Denver; Interline Distribution is underway with a more than 200,000-square-foot warehouse project along the I-70 corridor scheduled for delivery in August 2012; and U.S. Foods recently purchased land in Eastgate Park where it plans to build a 400,000- to 500,000-square-foot building. There are several other users that have either made similar land purchases or are in the market for large portions of land. In fact, there is a healthy inventory of well-located development sites available, which can be purchased at prices that make sense for users choosing the build-to-suit route. Although large blocks of quality Class A space are sparse in the Denver region, rental rates have not yet risen to a level that would compel developers to start speculative development. Also, there is little guarantee that their …
VERNON, CALIF. – A 149,210-square-foot land parcel located at 2651 E. 45th Street in Vernon has sold to L&D Real Estate Holdings, LLC for $4.9 million. The buyer plans to develop the land to expand its own operations. L&D was represented by Cushman & Wakefield. The seller, 45th Street, LLC, was represented by Peter D. Bacci, Jack Cline and Doug Cline of Lee & Associates Commerce/Industry office. It sold the parcel to complete another acquisition using a 1031 exchange.
LAS VEGAS – A 153,000-square-foot industrial property near McCarran International Airport in Las Vegas has sold to CIP Real Estate for $4 million. It’s located at 6620 Escondido Street. CIP plans to invest more than $200,000 in capital improvements for the property. The purchase was carried out in a joint venture with a real estate investment fund managed by Blue Vista Capital Partners. CIP represented itself in the transaction, while the seller, the Engelstad family, was represented by Brian Riffel of Colliers. Riffel will continue to serve as leasing broker for CIP.
POMONA, CALIF. — Jack In The Box corporate has signed a five-year lease extension for a free-standing, 2,612-square-foot restaurant in Pomona. The restaurant chain has occupied the site, which is located at 2098 S. Garey Ave., since 1994. Jack In The Box represented itself in this transaction, while the landlord, 6816 Lankershim Associates, L.P., was represented by Ash Joshi of Capital Realty Solutions.
INDIO, CALIF. — The 186-unit Andorra apartments in Indio has sold to ROC | Bridge Partners for $12,025,000. The community was built in 1987 at 81720 Ave. 46. The seller, The Situs Companies, was represented by Alex Mogharebi of Hendricks & Partners’ Ontario office in this all-cash transaction.
SANTA MONICA, CALIF. — CIM Group has purchased Lincoln Place, a Class A office building in Santa Monica. The 37,572-square-foot building was constructed in 1990 at 725 Arizona Ave. The firm has made other investments in the area, including 11600 and 11620 Wilshire Blvd. in Brentwood, and 150 and 151 El Camino Drive in Beverly Hills.
ANAHEIM, CALIF. — Younan Properties has purchased the Anaheim Corporate Center in Anaheim. The acquisition marks the firm’s re-entry into Orange County and will allow it to expand its Southern California presence. Younan notes it is targeting a few more transactions before year’s end. The seller, LNR Partners, was represented by Michael Lawrence of Marcus & Millichap.
SANTA MONICA, CALIF. — A 52,676-square-foot medical office building in Santa Monica has received a $10-million refinance. The loan was secured for the borrower, 2825 Santa Monica LLC, by Timothy Wright and Zack Holderman of HFF through California Bank & Trust. The three-year loan features an adjustable rate. The managing member of 2825 Santa Monica LLC is an institutional investment fund sub-advised by Long Wharf Real Estate Partners LLC.
PALO ALTO, CALIF. – An office building located at 3600 West Bayshore Road in Palo Alto has received a $4.66-million bridge loan. The 36,000-square-foot office building is being repositioned by Tarlton Properties, one of the building’s lead owners and its property manager. The three-year loan was arranged by Eric Von Berg and Tom Dao of Newmark’s San Francisco office.