CITY OF INDUSTRY, CALIF. – Two buildings within the Baldwin & Amar Distribution Center in the City of Industry have sold to separate buyers for a total of $14,810,480. A 96,888-square-foot warehouse/distribution building located at 760-780 Baldwin Park Blvd. was purchased by Asia Direct for $8,235,480. The company was represented by Brian McLoughlin of Voit Real Estate Services. A 92,488-square-foot warehouse/manufacturing building located at 13280 Amar Ave. was purchased by American Foam, Fiber & Supplies for $6,575,000. That company was represented by Jason Chao of CBRE. Phil Lombardo and Ty Newland of Cushman & Wakefield represented the distribution center’s owner, OMP, on both transactions.
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MALIBU, CALIF. — Sephora and Chipotle Mexican Grill have leased space at the newly rebranded Malibu Village shopping center. Sephora has leased 3,885 square feet at 3896 Cross Creek Road that will open in May. Chipotle has leased 2,050 square feet at 3834 Cross Creek Road that will open in June. Robert Cohen and Rachel Rosenberg of RKF represented Sephora and Chipotle respectively in these lease transactions. DKR Malibu Village, LLC, was represented in-house.
PHOENIX – The 28,900-square-foot Central & Thomas Shopping Center in Phoenix has sold to GM Central LLC, an affiliate of Lawrence & Geyser Development, for $1.4 million. Lawrence & Geyser plan to remodel the neighborhood shopping center, which was 29 percent occupied at the time of sale. Cam Stanton, Glenn Smigiel and Bob Young of CBRE’s Phoenix office represented the seller, Gregg Williams of Trident Pacific Real Estate, the asset’s court-appointed receiver.
Strong job growth characterized the Puget Sound economy throughout 2011, with the region closing the year with a 1.7 percent gain that equated to the addition of more than 28,000 positions. Home to Fortune 100 companies Costco, Microsoft, and Amazon.com, as well as large-scale operations of The Boeing Company, Seattle’s economic prospects are assured. The region will remain a leading employment generator over the next several years, with job growth trending up to 2.6 percent in 2012 and to more than 3 percent in 2013 as the metro area realizes the addition of 50,000 new jobs on average each year. For its part, Boeing now employs more than 81,000 Washington residents, having added nearly 8,000 local jobs in 2011 alone. The Seattle multifamily market deal activity has been good this year, and the market should expect to close more than $800 million in transitions. Current cap rates in the market are in the low 4 percent range and up to $500 per unit in core locations with secondary markets averaging 5.5 percent to 6 percent capitalization rates. One great thing about Seattle is that it has always skewed toward rental housing. In the three-county area alone, the population is 3.4 …
HANFORD, CALIF. – The 483,214-square-foot Hanford Mall has received a $25.5-million refinancing. The regional mall was built in 1993 and expanded in 1999. The loan was negotiated by Passco Companies LLC on behalf of the property’s select Tenant-in-Common owners. The fixed-rate loan carries a 10-year term. It was supplied by Cantor Commercial Real Estate.
OAKLAND, CALIF. – A 37-unit apartment building located at 266 Adams Street in Oakland has sold for $4.8 million. The four-building complex was built in 1968. Kevin Turner of Marcus & Millichap’s Oakland office listed the property exclusively on behalf of the seller, a partnership.
IRVINE, CALIF. – Japanese retailer Daiso has opened its first Orange County location at Heritage Plaza in Irvine. Daiso, which sells home goods, beauty products, food and more, has leased 11,448 square feet at the plaza. It is expected to open in April 2012. Daiso was represented by Ken Shishido at Wilson Commercial Real Estate. Regency Center was represented in-house.
RIVERSIDE, CALIF. – The 120-unit Canyon Shadows in Riverside has sold to Arlington 8405 LP for $4.5 million. The apartment complex was built in 1971 and is located at 8405-8505 Arlington Ave. Alex Mogharebi of Hendricks & Partners’ Ontario, Calif., office represented the seller, AIMCO/Canyon Shadows.
LITTLETON, COLO. – The 79,545-square-foot Broadridge Plaza has sold to Transmark Company, manager of Broadridge Plaza, LLC, for an undisclosed sum. The six-building neighborhood shopping center was 90.8 percent occupied at the time of sale. Transmark plans to renovate the center’s common areas and building exteriors.
SORRENTO VALLEY, CALIF. — Bastyr University has signed a 10-year lease for 19,300 square feet of office/lab space in the San Diego submarket of Sorrento Valley. The space is located at 4106 Sorrento Valley Blvd. inside the Sorrento Pines Business Park. The lease is valued at $3 million. Brian Starck and Dave Odmark of Cassidy Turley BRE Commercial represented both Bastyr and the building’s owner, Sorrento Valley Blvd., LP., in this lease transaction.