DENVER – A 30-unit apartment building located at 1225 Colorado Blvd. in Denver has sold to an unnamed buyer for $2,125,000. Kyle Malnati of Madison Commercial Properties represented the buyer. The seller was represented by John Laratta of Hendricks & Partners.
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DENVER – Halliburton has committed to creating a major sand terminal that will accommodate more than 500 of the company’s employees inside the Great Western Industrial Park in the Denver-Julesburg (DJ) Basin. This new project will serve energy production demand in the DJ Basin and Niobrara Formation. The sand storage facilities will be built on a 54-acre site within the park. Construction will commence this quarter, while operations will begin in the second quarter. The Great Western Industrial Park was developed by The Broe Group.
DENVER – One Lincoln Park, which consists of four retail condos, sold to White Crown Federal Credit Union for $1,254,795. The condos are located at 2001 Lincoln Street in Denver. The property was sold by EO, LLC dba Tower One Venture. White Crown was represented by Kittie Hook of Cassidy Turley Fuller Real Estate.
PHOENIX — Phoenix Peak, an 89,099-square-foot office building in Phoenix, has sold to Alvarado Realty for $10,225,000. The three-story building was constructed in 1986 and was 87 percent leased at the time of sale. Bob Buckley, Tracy Cartledge and Steve Lindley with Cassidy Turley BRE Commercial’s Capital Markets Group represented both the buyer and the seller, Real Estate Value Advisors.
MESA, ARIZ. – The 76-unit Rosewood Villas in Mesa have sold to InSite Properties Rosewood LLC for $2.6 million. The apartment complex was built in 1980. It is located at 210 North Alma School Road. Mark Forrester and Ric Holway of Hendricks & Partners’ Phoenix office represented the seller, Tamwood Limited Partnership.
PETALUMA, CALIF. – The Petaluma Marina Business Center, a three-building, Class A office building totaling 116,380 square feet, has gained four new tenants. Cellular World has leased 2,200 square feet; H.M. Vreeland and Son Insurance Agency is occupying 941 square feet; Grade A Tutoring Center has taken 1,072 square feet; and Hanford ARC has moved into 842 square feet. Cellular World, H.M. Vreeland and Grade A each signed three-year leases. Hanford signed a one-year lease. Mike Thomason of Keegan & Coppin Company represented the center’s landlord, Basin Street Properties, in these lease transactions.
MESA, ARIZ. – Mitel has signed a 10-year lease for 83,264 square feet of office space at Riverview Point in Mesa. The company will use the space for its new U.S. headquarters. The office building was constructed in 2009 as part of the master-planned Mesa Riverview Project. Mitel was represented by Robert Stephens, Kurt Saulnier and Tricia Gumulka of Grubb & Ellis’ Industrial Group, along with Steven Morgan of the firm’s Atlanta office. Bryan Taute and Michael Strittmatter of CBRE acted on behalf of the building’s landlord, private investors.
WESTWOOD, CALIF. – A nine-unit apartment building in the Los Angeles submarket of Westwood has sold to TSI Property Management, LLC for $2.37 million. It closed at a 5.1 percent cap rate. The property was built in 1991. TSI was represented by Kimberly Roberts Stepp with Charles Dunn Company. The property was listed and sold by The Soroudi Group at Charles Dunn Company. The seller, GSR Apartments, LLC, was represented by Hamid Soroudi.
LONG BEACH, CALIF. – Ignify is relocating its headquarters to 200 Pine Ave. in Long Beach. The company plans to lease the entire fourth floor of the 67,000-square-foot building. Ignify was represented by Noel Aguirre of Lee & Associates. Bob Alperin of Cushman & Wakefield represented the landlord, the Realm Group, which recently acquired the property for $9.58 million.
Our recent market activity spotlights the differential between the Haves and Have-Nots. Third quarter 2011 was exceptional for large, Class A facilities in Kent Valley. Thanks mostly to international corporations, direct vacancy rates dropped about 1 percent point and now hovers at 7.89 percent. We have also experienced net absorption of 348,358 square feet. This marks the fourth consecutive quarter of positive net absorption, bringing the annual total to 968,784 square feet. After experiencing record corporate earnings and large cash reserves, companies like Brooks Sports, Amazon, Sealed Air, Graybar, Electrolux, Bunzl, Pacer, International Paper, Sealy and more have expanded or looked to expand their presence in our market. Seeking state of the art, 30’ clearance, ESFR distribution facilities, these corporations have caused a shortage of Class ‘A’ space and a rent hike of 5 percent to 10 percent. However, regional and local companies are still struggling, while the mid-size market that services those spaces has not significantly recovered. On average, spaces available in that size range (over 66 spaces at press time) have been on the market for about 18 months. Unlike the otherWest Coast ports, container traffic in this Pacific Northwest region hasn’tt increased dramatically. To date, the Port …