SAN DIEGO – A 15,459-square-foot retail building that currently hosts a CVS Pharmacy has sold to Wateridge Kiffmann Investors, LLC for $7.2 million. The property is located at 4404 El Cajon Blvd. Wateridge was represented by Michael Campbell of Cassidy Turley San Diego. The seller was represented by the firm’s Chuck Klein and Kevin Held.
Western
Salt Lake City’s retail market will post modest occupancy growth through year’s end, though performance will vary considerably by location, as weak housing conditions weigh heavily on parts of the metro. For example, many shopping centers in the Midvale/Sandy/Southeast, Southwest and Weber and Davis counties submarkets, which were home to significant residential and retail construction during the housing boom, will post vacancy in the mid-teens this year. While weakness will persist until the housing market enters a formidable recovery, outer suburbs may offer strong long-term growth opportunities, particularly in the south, as the final leg of Trax extends from Sandy to Draper. In the near term, however, close-in submarkets will outperform. In the South Central area, which experienced limited construction ahead of the recession, vacancy will hover around 5.5 percent. Within the submarket, discount stores, such as Savers, Goodwill and Dollar Tree, along with fitness centers, have started to backfill vacant spaces, taking advantage of discounted rents. Investors will seek healthy returns in Salt Lake City, though limited for-sale inventory will hamper velocity. Private buyers, mostly from Utah or the Western region, will favor performing strip centers and smaller single-tenant deals, such as fast food and drugstore assets, along with …
Property performance improved meaningfully with both vacancy and concessions trending lower in 2011. Asking rents ticked up 2.7 percent to $1,084 per month during that span. Furthermore, the 6,400 fewer jobs recorded during the first half of 2011 was offset by the hiring of 29,000 workers over the final two quarters. These gains supported a 29.5 percent increase in deal flow to 57 sales. However, the prevalence of small acquisitions caused a 13.2 percent dip in dollar volume to $500.5 million last year. New apartment completions, as well as permits issued, were the lowest annual total on record in more than 15 years. The Inland Empire will follow economic growth patterns more reflective of national trends through 2012 and into the future. It will not be returning to the iconic growth that characterized the region from the early years of the past decade up to 2007, when the last notable expansion firmly cemented the metro area as one of the nation's top economic engines of the time. As the region continues to mature, with vast swaths of land developed over the past decade for infrastructure, housing and distribution centers, one of its key growth drivers, construction, is apt to remain …
SHERMAN OAKS, CALIF. — Shaffer Enterprise LLC has purchased two multifamily properties in Sherman Oaks for a total of $2,525,000. The properties, both of which contain seven units, are located at 13508 and 13514 Burbank Blvd. They were built in 1986. Jeff McGuire of Lee & Associates-LA North/Ventura represented both the buyer and the seller, IFT Properties LLC, in this all-cash transaction.
SAN CLEMENTE, CALIF. – A 13,284-square-foot industrial R&D building in San Clemente has sold to Custom Ingredients for $2.1 million. The facility is located at 160 Calle Iglesia. Custom Ingredients acquired the property as an owner-user. It plans to fully occupy the facility. The company was represented by Kevin Bayless of Voit’s Irvine office. The seller, Holley Research & Enterprises, LLC, was represented by Rob Johnston of Johnston Pacific.
GLENDALE, CALIF. – The Glendale Galleria, a 1.5-million-square-foot super-regional shopping center, has begun its redevelopment efforts. The renovation will include the addition of a new 120,000-square-foot Bloomingdale's in the former Mervyn's space that is scheduled to open in fall 2013. The Central Avenue Plaza will also be reconstructed, while the mall’s Target and JCPenney courts will undergo dramatic renovations.
HENDERSON, NEV. – Anthem Village, a 117,000-square-foot, Class A grocery- and drug-anchored retail complex in Henderson, has received a $15-million first-mortgage loan. The complex was built in 2000. The non-recourse loan features a 20-year term and a fixed interest rate of 4.5 percent. Financing was arranged by Mikko Erkamaa of Grandbridge through AUL. Grandbridge’s Dean Huber assisted with the transaction.
COSTA MESA, CALIF. — A 23,920-square-foot industrial property in Costa Mesa has sold to Jerry Palanjia for $2.85 million. The property contains two buildings located at 2960 and 2968 Randolph Ave. Palanjia was represented by Joel Burnstine of Burnstine and Kahele Real Estate. The seller, Raze Investments, LLC, was represented by Gregory Velastegui and Stephen Lane of Voit’s Irvine office.
OREM, UTAH – An 80-unit student housing complex near Utah Valley University in Orem has sold to an out-of-state investor. The 64,500-square-foot complex was built in 1985 at 643 West 1200 South. Daniel Shin of Marcus & Millichap’s Salt Lake City office represented the buyer in this transaction.
ENCINITAS, CALIF. — A 37,398-square-foot office building in Encinitas has sold to Westcore Properties AC, LLC for $6.8 million. It is located at 679 and 681 Encinitas Blvd. Westcore was represented by Joe Anderson and Brooks Campbell of Cassidy Turley San Diego. The seller, HBTFT LLC, was represented by Hans Strom of Strom Commercial.