AURORA, COLO. — Fitz on 14th, also known as Fitzsimons Landing, has received $5,433,000 in refinancing. The 176-unit Aurora apartment community was built in 1973 and recently underwent an extensive renovation. Financing was arranged by John M. Stewart and Ilan Reissner of NorthMarq’s Denver office.
Western
LOS ANGELES – A nine-unit apartment building located at 3321 Mentone Ave. in Los Angeles has sold to a private investor for $2,894,000. The complex was built in 2005 and was fully occupied at the time of sale. The buyer was represented by Centennial Real Estate. The seller, JM Residential I, L.P., was represented by Albert Shilton and Blake Rogers of Charles Dunn Company.
SIMI VALLEY, CALIF. — A 9,976-square-foot industrial property in Simi Valley has sold to American Warehouse Equipment for about $2 million. The property is located at 1371 Kuehner Drive. The property was built in 1980 and renovated in 1991. John DeGrinis, Patrick DuRoss and Jeff Abraham of Colliers International’s Encino office represented both the buyer and the seller, the O’Loughlin Family Trust, in this transaction.
THOUSAND OAKS, CALIF. – A 12,800-square-foot office building in Thousand Oaks has sold to a financial services owner/user for $1.95 million. The property was built in 1964 and is located at 199 E. Thousand Oaks Blvd. Chris Itule, Jeff Albee and Jeff Gould of Colliers International represented both the buyer and the seller, a private family trust, in this transaction.
Retail leasing in the Inland Empire is slowly meandering its way back to a healthy stride. The gamut of activity is still centered around the best opportunities and the strongest centers, but occupancy levels are stabilizing and overall there is a sense of cautious optimism. The retail vacancy rate has remained flat for the past two quarters of 2011 at 8.8 percent. This is a positive trend, however, compared to rates of 11 percent and higher over the past few years. We have also seen new tenants expanding within this market, taking advantage of a lenient leasing climate and landlords anxious to fill their centers. Tenants like Family Dollar, Dollar General, Fallas Paredes, Chase, America’s Tire, O’Reilly, Autozone, Pep Boys, $99 Cents Only, Planet Fitness and Crunch Fitness are actively pursuing junior anchor and pad buildings in shopping centers. Meanwhile, Forever 21, T.J. Maxx, Steinmart, Hobby Lobby and even Kaiser Permanente have absorbed some of the largest vacancies in this market over the past year. Wal-Mart has broken ground on sites in the Victorville trade area and more are on the way, including a few Neighborhood Market locations that Wal-Mart has secured over the past year. While this is positive …
PHOENIX — A 170,625-square-foot industrial warehouse facility in Phoenix has sold to 67th Phoenix Industrial LP for $7.16 million. The facility was built in 2002 and is fully leased. Steve Farrell and Allen Lowe of Lee & Associates represented the buyer. The seller, the Richard A. Black and Family Trust, was represented by CBRE’s Barry Gabel and Mindy Korth.
CORONADO, CALIF. — A 4,343-square-foot retail building in Coronado has sold to Manna Development Company LLC for $3.8 million. Manna is the owner of Panera Bread Company. The property is located 980 Orange Ave. Manna was represented by Don Moser of Retail Insite. The seller, Westcore Properties, was represented by CBRE’s Mike Moser.
CHANDLER, ARIZ. – Infusionsoft has leased a 92,109-square-foot office building that is currently being built in Chandler. The property, located at 1260 S. Spectrum Blvd., broke ground in January 2012. It is expected to be completed and occupied later this year. Infusionsoft was represented by Eric Jones of Commercial Properties. The building owner and developer, Douglas Allred Company, was represented by Mark Krison and Scott German of CBRE’s Phoenix office.
VISALIA, CALIF. — Visalia Mini Storage, a 66,040-square-foot Self-Storage Facility in Visalia, has sold to an unnamed buyer for $2.7 million. The property was built in 1990 and is located at 725 North Plaza Drive. Christopher R. Secreto represented the seller, a partnership, in this transaction.
SAN DIEGO — HS Partners, LLC has purchased a six-property multifamily portfolio in San Diego for $9,331,000. The portfolio contains 51 units in the city’s North Park and University Heights neighborhoods. The buyer was represented by Robert Vallera of Voit Real Estate Services. The sellers, Goel Trusts A and B, were represented by Chris Siedenburg of Apartment Consultants, Inc.