SAN DIEGO – A 27-unit apartment building, located at 5460-5468 Imperial Ave. in San Diego, has sold to a limited liability company for $1,856,000. The property was built in 1984 and consists of five two-story buildings. Aaron Bove of Marcus & Millichap’s San Diego office represented both the buyer and the seller, a bank/financial institution, in this transaction.
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SAN DIEGO – VivanTech has signed a 60-month lease for 10,100 square feet at Plaza 2020 in San Diego. The lease is valued at $1.4 million. The new space is located at 2020 Camino Del Rio North. VivanTech was represented by Scot Ginsburg and Damon Melda of Jones Lang LaSalle. The landlord, TA Associates Realty, was represented by Tony Russell and Richard Gonor, also of JLL.
CAMARILLO, CALIF. – A 32,110-square-foot industrial property in Camarillo has sold to Neff, Inc. for $3,204,201. The property is located in a master-planned business park. It includes a two-story office space. The seller, DeRado Trust, was represented by Timothy P. Foutz of NAI Capital’s Encino, Calif., office.
SANDY, UTAH — Pedersen Worldwide, parent company of Del Sol and Cariloha, has renewed its lease for its global headquarters in Sandy. The Del Sol and Cariloha retail brands will continue to be housed at the facility. Pedersen also signed a lease for its new worldwide distribution center at Freeport West’s Landmark Industrial Park in Salt Lake City. The company will occupy the new distribution center in the third quarter of 2012. NAI Global Corporate Solutions’ Jason Smith and Erik Simper acted as Pedersen’s corporate real estate partner. Smith and Simper, along with NAI’s Luke Burbank, also represented Pedersen in the warehouse transaction. Freeport West was represented by Brad Ross and Mark Dewald. The landlord, the Boyer Company, was represented by Spencer Summerhays and Jake Boyer.
RANCHO CUCAMONGA, CALIF. — The 98,176-square-foot Kindred Hospital Rancho and a medical office building in Rancho Cucamonga have sold for an undisclosed sum. The property was built in 1996 and is located at 10841 White Oak Ave. The long-term acute care hospital building contains 55 beds and an attached, three-story medical office building. Colliers’ John Wadsworth, Tom Lagos and El Warner represented the seller, Pacific Health Realty, LLC, in this transaction.
For tenants, this slower sector correction and still attractive rents will make for great opportunities in this area in 2012. The competitive rental rates are not expected to tick up by much, but will probably stabilize after hitting bottom in select submarkets. They will offer a wide choice of options for relocating tenants. Concessions will remain generous to secure the best tenants in the market. Over the short term, the Orange County office outlook will remain a tenant’s market. The average overall full-service gross (FSG) asking rent in Orange County during 2011 was $1.95, dropping from near $2 the previous year. The trend of Class B users jumping to attractively priced Class A product will continue in the first half of 2012. This effort to reduce expenses, while landing better operational locations, will still be very popular. Expect to see some tenants that were on the sidelines in 2011 now ready to make a move. These national and regional occupiers are sophisticated and will be looking for experts with the talent and expertise to focus on their specific needs and their unique corporate expansion requirements/considerations. However, even with slightly increased activity, the pace of demand will appear low by historical …
LONGMONT, COLO. — Grandview Meadows apartment community in Longmont received an $11.78-million refinance loan. The loan will cover Phase I of the four-phased community. Walker & Dunlop partnered with Freddie Mac to underwrite this phase as a stand-alone property for the borrower, M. Timm Development. Phase I was completed in 2000. It includes 144 units situated on more than eight acres. Phase IV of the property is currently under construction. Grandview Meadows boasts a 96 percent occupancy rate. The refinance loan features a 10-year term with three years interest-only and a 30-year amortization schedule under Freddie Mac’s Capital Markets Execution Program (CME). It was underwritten to a 75 percent loan-to-value.Charles Christensen led the Walker & Dunlop team.
SCOTTSDALE, ARIZ. — JLB Partners has purchased 9.7 acres between Highland Avenue and Chaparral Road in Scottsdale for $13.87 million. The company plans to develop a 369-unit luxury apartment community on the site, which was known as the former Portales Place property. David Fogler, Steven Nicoluzakis and Don Arones with Cassidy Turley BRE Commercial represented the seller, ML Manager, in this transaction.
LONG BEACH, CALIF. — A two-building, 121,127-square-foot industrial park in Long Beach has sold to Rader Properties Group 14 for $8.25 million. The multi-tenant park is located at 701-733 West Anaheim Street and 700-806 West 14th Street. Colliers’ Patrick Remolacio and Bret Hardy, along with co-listing partners David Prior and Murray Smith of the Klabin Company, represented both the buyer and the seller, Bechler Corp, in this transaction. Bill Townsend of INCO Commercial, also assisted with this transaction and is the project’s leasing agent.
PHOENIX — The 148-unit Shadow Tree apartments in Phoenix has sold to SUP 44th Street 148 LLC for $5.25 million. The community was built in 1979 and resides at 2606 North 44th Street. The seller, H&S Shadow Tree Joint Venture, was represented by Mark Forrester and Ric Holway of Hendricks & Partners’ Phoenix office and Art Wadlund of the firm’s Tucson, Ariz., office.