DENVER — Unique Properties has sold a free-standing retail building in Denver to Matthew Morris Salon for $1,110,000, or $178.31 per square foot. The 6,225-square-foot building is situated on a 15,246-square-foot lot that also features off-street parking. It is located at 26 W. Ellsworth Ave. Matthew Morris plans to renovate the building and open its salon by summer 2012. The seller, Regas Christou, was represented by Tim Finholm and Sam Leger of Unique Properties.
Western
DENVER — Hamilton-Titan Partners has received $6 million in mezzanine debt to recapitalize Park Place Office Plaza, a 171,000-square-foot, two-building office complex in Denver. The debt was provided by Lowe Enterprises Investors. Lowe Structured Investment Fund had previously provided $13 million in mezzanine debt to Hamilton-Titan Partners for a three-building portfolio of office properties in the Denver area.
POWAY, CALIF. – A 26-unit apartment complex in Poway has sold to Wells-Kemper, LLC for $2,860,000. The complex is situated on 1.01 acres at 12529 Oak Knoll Road. Wells-Kemper was represented by Keith Courtney of Apartment Consultants, Inc. Aaron Bove of Marcus & Millichap represented the seller, Presh, LLC.
ONTARIO, CALIF. — Last Call by Neiman Marcus has leased nearly 21,000 square feet at Ontario Mills, an outlet shopping mall in Ontario. It will reside within Neighborhood 6, near other well-known brands along the outlet mall’s designer fashion corridor.
CERRITOS, CALIF. — A 27,985-square-foot industrial building in Cerritos has sold to a buyer in the automotive industry for $2,966,410. The building was constructed in 1969 and includes 4,500 square feet of office space. Christopher Sheehan and Adam Deierling of Colliers’ South Bay office represented both the buyer, which will act as an owner-user, and the seller, a private investor.
SUN VALLEY, CALIF. – A 23-unit apartment community in Sun Valley has sold to Thomas W. Mathie & Carlos Deviez for $2,192,000. It sold at a 5.82 percent cap rate. Marcus & Millichap represented the buyers. David J. Harrington Hendricks & Partners’ North Los Angeles office represented the seller, Alpha Limited Partnership.
LOS ANGELES — Dongell Lawrence Finney LLP has signed a 10-year lease for the entire 45th floor of the AON Tower inside Los Angeles’ Financial District. The 19,118-square-foot space will house the mid-sized law firm’s main office. Sean O’Leary and Jim Jandro of Grubb & Ellis represented Dongell Lawrence in this transaction, along with firm partners Richard Dongell and John Lawrence. The firm also worked closely with Michael Meyer of DLA Piper. Jones Lang LaSalle’s John McAniff and Tim Miller collaborated with Andy Fishburn of the property ownership 707 Wilshire Fee LLC.
CBRE recently completed a comprehensive study on the state of big box vacancy in Orange County. It showed that while the county continues its struggle to replace large tenants lost during the recession, there is progress being made in this important sector of the retail market, particularly in Class A locations. There are currently 59 big box vacancies (20,000 square feet or larger) in 55 centers with a total of 2.3 million square feet within the county. In the past two years, approximately 1.6 million square feet of big box retail has been absorbed. The question now is, what’s left and when will it be absorbed? Since the downturn, retailers have had their pick of great real estate. Class A space that was near impossible to find in Orange County during the boom years became available for the first time. The most active retailers, including Wal-Mart, Kohls, grocers and gyms, moved quickly to take advantage of the opportunities. In many cases, these retailers even modified their prototypes in order to do so. With most of the Class A space quickly absorbed, our study found that 48 of the 59 boxes currently remaining, or 84 percent, are located in B or …
CASA GRANDE, ARIZ. – The Graham Packaging building, a 100,000-square-foot industrial property in Casa Grande, has sold to Becknell Industrial for $5,250,000. The property was built in 2004 and is fully leased to global plastic container manufacturer Graham Packaging. Bob Buckley, Steve Lindley and Tracy Cartledge with Cassidy Turley BRE Commercial’s Capital Markets Group represented both the buyer and the seller, an entity controlled by Cal Cap Advisors of California, in this transaction.
BURIEN, WASH. – The 40-unit City's Edge Condominium apartment community in Burien has sold to a limited liability company for $3,850,000. The purchase consisted of a fractional interest in a gated residential condominium complex. The fractional interest includes 40 of the complex’s 45 units that span throughout seven detached buildings. Brandon R. Grisham and Marc Cunningham of Marcus & Millichap’s Seattle office represented the buyer. Grisham and Cunningham also represented the seller, a bank/financial institution, along with Scott Morasch, also of the firm’s Seattle office.