ARCADIA, CALIF. — A 28-unit apartment building in Arcadia has sold to a limited liability company for $5.4 million. The property was built in 1959 and is located at 948-950 Arcadia Ave. Priscilla Nee of Marcus & Millichap’s West Los Angeles office represented both the buyer and the seller, also a limited liability company, in this transaction.
Western
ALAMEDA, CALIF. — ULTA Beauty and Total Woman Gym & Day Spa have signed leases at Alameda South Shore Center. The two will occupy the former Border’s space, which is located at 2245 South Shore Center. ULTA will occupy a 10,584-square-foot ground-floor space during the first half of 2013. Total Woman will lease the 13,014-square-foot second-floor space in December 2012. ULTA was represented by Cece Vohs Cimino of Cornish & Carey Commercial Newmark Knight Frank. Total Woman was represented by Annie Jabuka and Jennifer Hibbits of Terranomics. The center’s owner, Jamestown, was represented by Julie Taylor and Stephen Rusher of Cornish & Carey Commercial Newmark Knight Frank.
SAN DIEGO — All In The Family II, L.P. has leased 6,598 square feet in Carmel Mountain Plaza in San Diego where it plans to open a Broken Yolk Café. It will occupy a former Chevy’s Mexican restaurant space. The 10-year lease is valued at $2,744,868. The center is located at 11630 Carmel Mountain Road. All In The Family was represented by Mike Spilky of Location Matters. The landlord, the Mashburn Family Limited Partnership, was represented by Steve Avoyer and Matt Peckham of Flocke & Avoyer Commercial Real Estate.
The Denver office market ended the first quarter of 2012 with an overall vacancy rate that fell to 13.1 percent. According to CoStar, the vacancy rate was down from the previous quarter of 13.2 percent. Net absorption was more than 1.6 million square feet, which included 900,000 square feet in the central business district (CBD), and 700,000 square feet in the suburban markets. Sublease vacancies also declined from 950,000 square feet to 900,000 square feet. Overall rental rates averaged $19.98 per square foot for full-service buildings. Class A properties averaged $23.81 per square foot for full service, while Class B averaged $17.73 per square foot. Both these rental rates were both up slightly, while Class C buildings remained flat at $13.50 per square foot. Leasing activity will continue to improve in 2012, with net absorption remaining positive throughout the entire market. The majority of submarkets are slowly shifting from markets that favor tenants to neutral markets with rental rate stability and decreased tenant concessions, including less free rent. As you can see, the outlook continues to be positive. There are several major indicators that market fundamentals are strengthening activity with limited new supply on the horizon. Additions/development projects that are …
SCOTTSDALE, ARIZ. — Sonora Village in Scottsdale has received a $33.65-million acquisition loan. The loan on the 248,322-square-foot community shopping centerfeatures a 10-year term, two years of interest-only and a 30-year amortization schedule. It was arranged for the buyer by NorthMarq via its relationship with a CMBS lender.
MANHATTAN BEACH, CALIF. – A 123,000-square-foot office building located at 1500 Rosecrans Ave. in Manhattan Beach has received $27 million in first-mortgage financing. This building is within the Continental Park. The 10-year, fixed-rate, non-recourse loan was placed with a life insurance company at less than 5 percent. It also contains two years of interest-only payments. The loan was arranged by Sonnenblick-Eichner Company on behalf of the owner, an affiliate of Continental Development Corporation.
BEAVERTON, ORE. — A 449,245–square-foot industrial complex called 217 Distribution Center has sold to Kansas City Life for $23.35 million. The five-building center is located in Beaverton and was 96.5 percent occupied at the time of sale. The seller was Schnitzer Investment Corp. The transaction was executed by Mary Sullivan, John Jugl, Jr., Buzz Ellis and Paige Morgan of Jones Lang LaSalle.
RIALTO, CALIF. – Conopco has signed a three-year lease renewal at a 1.1-million-square-foot distribution space in Rialto. The facility is located at 305 W. Resource Drive. Conopco was represented by Jay Hruska, Sean Duffy, Tim D’Addabbo and Damon Bowers of Cushman & Wakefield in Connecticut; Chuck Belden, Kyle Kehner and Tim Pimentel of the firm’s Inland Empire office; and Tom Cotter of Unilever. The landlord, Prologis, was represented in-house.
EL CAJON, CALIF. — A 43,480-square-foot retail building in El Cajon has sold to Securities Real Estate Fund 2012, LLC for $5.95 million. The property is located at 1571-1641 Magnolia Ave. The buyer was represented by Eileen Schuler of Schuler Commercial Real Estate. The seller, CCMS 2005-CD1 El Cajon Retail, LP, was represented by Joe Yetter, Mike Clark and Brent Williams of Cassidy Turley San Diego.
VISTA, CALIF. — Select Supplements has leased a 39,672-square-foot industrial space within OakRidge Business Center III in Vista. The center is located at 2390 Oak Ridge Way. Isaac Little and Marko Dragovic of Lee’s North San Diego County office represented both the tenant and the landlord, SR Commercial, in this transaction.