HILLSBORO, ORE. — Power Freight Systems has leased 85,600 square feet of industrial space at a former United States Postal Service distribution center in Hillsboro. The facility is located at 22310 NW Wagon Way. Power Freight was represented by Miles Von Bergen of Capacity Commercial. Scott Pierce and Ken Boyko of NAI Norris, Beggs & Simpson represented the USPS in this transaction.
Western
EMERYVILLE, CALIF. — Urban Outfitters has leased 9,713 square feet at the historic Emeryville Public Market in Emeryville. The 260,000-square-foot, mixed-use property was originally built in the 1870s. It is currently undergoing improvements to accommodate Urban Outfitters and its other new tenant, Guitar Center, which recently leased 17,174 square feet at the center. Both retailers plan to open in spring 2012. Emeryville Public Market is owned by TMG Partners and Rockwood Capital, LLC.
ONTARIO, CALIF. — Philadelphia Place Business Park, a 45,907-square-foot, Class A industrial facility in Ontario, has sold to Summit Machine for $3,940,000. The automotive parts manufacturer will utilize the property for its operations. Jeff Smith and John Seoane of Lee & Associates’ Ontario office represented the seller, Lampson Beach Properties, in this transaction.
HUNTINGON BEACH, CALIF. – The 5 Points Plaza in Huntington Beach has welcomed five new tenants that will occupy a total of 23,153 square feet, bringing the center to 97 percent occupancy. The new tenants include Charming Charlie, which signed a 10-year lease for 11,600 square feet; Kahoots Pet Store, which signed a 10-year lease for 7,311 square feet; CloudMover Day Spa, which signed a five-year lease for 1,920 square feet; Bliss Nails and Spa, which signed a 10-year lease for 1,166 square feet; and the Original Bold Fold, which signed a 10-year lease for 1,156 square feet. Sharon Courtway of Present Value Properties represented 5 Points Plaza in all five lease transactions.
SANDY, UTAH — W.J. Bradley Mortgage Capital Corp. has signed an eight-year lease for 50,000 square feet of office space at the Workers Compensation Building in Sandy. The financial terms were not disclosed. CBRE’s Scott Wilmarth, Tab Cornelison and Nadia Letey represented W.J. Bradley in this lease transaction.
PHOENIX — Genworth Financial Trust Company has signed a 19,736-square-foot lease renewal and expansion at Phoenix’s Great American Tower. The global financial security company was represented by Peter Menna and Brandon Leach with Cassidy Turley BRE Commercial’s Office Group. Cushman and Wakefield’s Jerry Jacobs represented Great American’s landlord, 3200 N Central Ventures, Inc, in this transaction.
NORTH HOLLYWOOD, CALIF. – The 36-unit Valley Vine apartment community in North Hollywood has sold to LOT Burbank Partners for $3,580,000. It sold at a 6 percent cap rate. Chris Malcolm and David J. Harrington of Hendricks & Partners’ North Los Angeles office represented both the buyer and the seller, Valley Vine Ltd.
SANTA MONICA, CALIF. — Xenon Investments has purchased a multifamily property located at 123 California Ave. in Santa Monica. The property sold at a cap rate that was just above 4 percent. The complex was built in 1959 and sold for the full asking price, which was not disclosed. Xenon was represented by Hamid Soroudi of the Charles Dunn Company’s West Los Angeles office. The seller, Petrikas Family Limited Partnership, was represented by Kimberly Roberts Stepp, also of the firm’s West Los Angeles office.
LOS ANGELES — Coldwell Banker Commercial WESTMAC has completed a sale-leaseback at a Downtown Los Angeles office building located at 2417 Beverly Blvd. The 10,720-square-foot building was sold to a local investor and owner/user janitorial company from a national magazine publisher for $1,750,000. The janitorial company plans to occupy half of the property, while the seller will lease back the remaining portion for three years. The buyer, Sun Kee Hong, was represented by Brian Rhie of AB Real Estate. The seller, 2401 Beverly LLC, was represented by Michael Rojas, William Althouse and T.C. Macker of Coldwell Banker Commercial WESTMAC.
DENVER – A 1.02-acre multifamily development site known as Highland Bridge Flats has sold to Holland Partners for $4,750,000. The company plans to develop a 130-unit multifamily complex on the site, which is situated in Denver’s Highland neighborhood. The seller, Advance Property Investors, was represented by Steve O’Dell and Chris Cowan of ARA Colorado.