SANTA FE, N. MEX. — Marquez Plaza, a 37,841-square-foot office building in Santa Fe, has sold to YMC New Mexico Properties, LLC, an affiliate of Yonezawa-Miller Company, for $6 million. The plaza is currently 100 percent leased to the State of New Mexico and UBS. YMC was represented by Craig Yonezawa of Pathfinder Capital. The seller was represented by Joel White of CBRE's Albuquerque office.
Western
CARLSBAD, CALIF. — PODS of San Diego has signed an 84-month lease extension for 64,541 square feet of industrial space in the Carlsbad Oaks Business Park. The lease is valued at $3,808,322. PODS will continue to use the space for its office and warehouse needs. The company was represented by Michael Mazzotta of Colliers International. The landlord, Del Norte Farms Inc., Quattro Partners, LLC, and BLT Alameda/Newark, LP, represented themselves in this transaction.
PHOENIX — Entrust Bankcard has signed a seven-year lease for 17,797 square feet in a Class A office building located at 5055 E. Washington Street in Phoenix. The company plans to house its administrative offices, training center, executive space and sales operations at the new office beginning in June. This lease will bring the building’s occupancy to 91 percent. Entrust was represented by David Carder and Luke Walker of CBRE’s Phoenix office. The building’s developer and landlord, Irgens Development Partners, was represented by Steve Kohls and Adam Tolson of Lee & Associates in Phoenix.
MESA, ARIZ. — Buckeye Casa Grande L.P. has purchased about 309 acres at the southeast corner of Pecos and Ellsworth roads in Mesa for $9.015 million. Buckeye plans to hold the land, which is currently being farmed, as a long-term investment. The space is zoned for commercial and industrial use. Buckeye was represented by Brent Moser, Mike Sutton and Brooks Griffith of Cassidy Turley BRE Commercial’s Land Group, and Mike Haenel of Cassidy Turley BRE Commercial’s Industrial Group. The sellers were represented by Nate Nathan and Dave Mullard of Scottsdale-based Nathan & Associates.
SAN LEANDRO, CALIF. — Berber Food Manufacturing has signed a five-year lease renewal at 425 Hester Street in San Leandro. The company occupies 84,524 square feet at this light industrial facility. Berber was represented by Jim Bohar of Grubb & Ellis. The landlord, Hester Street Associates, dba Lowenberg Corporation, was represented by Greig Lagomarsino of Colliers’ Oakland, Calif., office.
NATIONAL CITY, CALIF. — The Holiday Inn Express San Diego South has opened in National City, a suburb of San Diego. The hotel is owned by IHG and contains a 24-hour business center, fitness center and 750 square feet of meeting space.
CARSON CITY, NEV. – The 98-unit Royal Vista Apartments in Carson City has sold to a limited liability company for $2.1 million. The complex was built in 1978 and resides at 3230 Imperial Way. The buyer was represented by Jerry Wise of Marcus & Millichap’s West Los Angeles office. The seller, One West Bank, was represented by Kenneth N. Blomsterberg of Marcus & Millichap’s Reno, Nev., office.
CHINO, CALIF. — General Cable Corporation has signed a lease renewal for 165,000 square feet of industrial space at its regional distribution center in Chino. The space is located at 13965 Pipeline Ave. General Cable was represented by Tim O’Rourke, Mike Fowler and Kris Bjorson of Jones Lang LaSalle's Chicago office. The landlord, Majestic Realty Corporation, was represented in-house by Trent Wylde.
DENVER — Sur La Table is expanding at the Cherry Creek Shopping Center in Denver. The specialty cookware retailer will close its current location within the center on April 3 before expanding into a 7,434-square-foot space at 121 Clayton Lane. Stuart Zall of The Zall Company and Steven Bartha of SJBartha Consulting Group represented Sur La Table. David, Hicks & Lampert Brokerage represented the landlord, AmCap Properties, in this transaction.
The Las Vegas market has a total office inventory of 60.7 million square feet in 3,820 buildings. There were 13 buildings completed in 2011 totaling 724,535 square feet. An additional 550,000 square feet was still under construction at the end of the fourth quarter. Net absorption in 2011 was a positive 402,712 square feet, largely due to the Metropolitan Police Department moving into their new 390,000-square-foot facility during the third quarter. The total office vacancy rate valley wide was 19.4 percent at the end of the fourth quarter, which did not include shadow inventory. As this article was being submitted, Auction.com was completing another round of asset sales. Of the 25 property deed sales on the block in Las Vegas, four were office projects totaling about 204,000 square feet. Two of the14 non-performing notes were secured by office product totaling 103,000 square feet. The largest office project sold in the auction was the 124,082-square-foot Sahara Plazas. Sahara Plazas is located in the central portion of Las Vegas and consists of 10 individually parceled Class B buildings situated on 7.87 acres. The largest non-performing note secured by an office product was Charleston Valley View at 86,586 square feet. This property is …