LOS ANGELES — A 34,800-square-foot, three-parcel multifamily development site in Los Angeles’ Koreatown district has sold to a local owner/developer for $5.1 million. The lender-owned site is located at 660-680 South Berendo Street. The site was initially entitled for a 17-story, 150-unit tower in 2007. Paul Darrow and Ron Harris of Marcus & Millichap’s Los Angeles office represented both the buyer and the seller, a private lender, in this transaction.
Western
The end of last year ushered in an increase of activity, a higher absorption of existing space and lower overall vacancy rates for Boise’s office market. In 2008, the economy went into a tailspin. It led to an increased supply of vacant commercial space in Boise as companies retrenched and downsized. Jobs and customers were also lost throughout the region. Unfortunately, there were a few submarkets that were dramatically affected. In fact, the Boise CBD (central business district), or downtown core, was the only local market that didn't experience a significant increase in vacancies or a huge drop in rents. Other areas listed below were negatively affected: The area near the intersection Cloverdale and Chinden, adjacent to the Boise HP campus that is known as the Boise Research Center, was hit particularly hard. HP downsized, re-trenched it operations and its sub-contract suppliers cut back. This created a vacancy rate of almost 30 percent. The Boise Research Center region was also hit by the bankruptcy of DBSI, a large real estate investment firm that put about 75,000 vacant square feet back into the local market. The area known as Eagle River, between the new Eagle bypass and the Boise River, experienced …
MA’ALEA, HAWAII — Harbor Shops at Ma’alea, a 40,117-square-foot retail center in Ma’alea, has received $8 million in first-mortgage refinancing. The center’s primary tenant is Pacific Whale Foundation. The three-year loan features a 30-year amortization schedule. It was arranged by Ory Schwartz of NorthMarq Capital’s Los Angeles regional office.
SANTA MONICA, CALIF. – A 14,860-square-foot office building in Santa Monica has sold to Sumo Properties, LLC for $6.3 million. The building is located at 1617 Broadway. It is currently 100 percent leased, with Innovative Artists acting as the main tenant. Sumo was represented by Dave Wilson and James Wilson of Lee & Associates West Los Angeles. The seller, SZS Crossroads Associates, was represented by Brad Kesner of Stone-Miller. Financing was arranged by Jeff Jacobsen of Broadway Capital Partners in Santa Monica.
YORBA LINDA, CALIF. – Radius Power has purchased a 34,972-square-foot industrial building in Yorba Linda for $3.8 million. It is located at 22895 Eastpark Drive. The company plans to relocate its headquarters and expand its manufacturing operations at the new facility. Radius Power was represented by Mitch Zehner of Voit’s Anaheim office. The seller, Eastpark Drive, LLC, was represented by Zach Niles of 360 Commercial Partners.
GLENDALE, ARIZ. – Big Lots has leased 34,800 square feet in Glendale. The discount retailer will occupy the former Ultimate Electronics building at the northwest corner of Bell Road and 75th Avenue. Big Lots was represented by Chris Hinkson of Hinkson Company, LLC. The landlord, VP Arrowhead, LLC, (Vintage Partners), was represented by Mike Polachek and Brian Polachek of SRS Real Estate Partners.
SCOTTSDALE, ARIZ. – A 44,088-square-foot office building in Scottsdale has sold to STORE Capital for $10 million. The building is located at 5656 E. Greenway Parkway. Stacie Harrison of NAI Horizon represented the buyer. The seller, Arizona Prep Real Estate, was represented by Scott Shelbourne with Cushman & Wakefield.
SAN DIEGO – A 77,760-square-foot industrial building in San Diego has sold to ALCO Investment Company for $4 million. The building is located at 1840 Dornoch Court. ALCO was represented by Darren Mullins and Erik Parker of Cassidy Turley San Diego. The seller, CRE LJ CA, LLC c/o OneWest Bank, was represented by Tim Winslow, Jason Kimmel, Kevin Nolen, Trevor Jenson and Regan Tully, also of Cassidy Turley.
MURRAY, UTAH — The former 154,000-square-foot Utah Fun Dome was purchased by Kimball Investments and ICO Construction for an undisclosed sum. The building is located at 4998 South Galleria Drive. The new owners plan to develop a mixed-use property on the site. The seller, First Citizens Bank and Trust Co., was represented by CBRE’s Doug Scheel and Marty Plunkett.
RANCHO DOMINGUEZ, CALIF. — Davis Trucking, LLC has leased a 57,600-square-foot warehouse/distribution facility in Rancho Dominguez. The company plans to relocate its Los Angeles operations to the new facility, which is located at 3090 Via Mondo. It is relocating from nearby Carson. The seven-year lease was valued at $2.8 million. Davis Trucking was represented by Tommas Golia of Pacific Coast Commercial. The landlord, KTR Capital Partners, was represented by Frank Schulz, Todd Taugner and David Prior in Klabin/CORFAC’s Torrance office.