PHOENIX — CB Richard Ellis has sold two low-rise office buildings in Phoenix for $5.85 million. The first is a four-story, 154,016-square-foot building located at 18444 N. 25th Ave. The multi-tenant building is 36 percent occupied. The second is a 5,070-square-foot office building that is located at 18456 N. 25th Ave. CBRE's Barry Gabel, Mindy Korth, Bob Young, Glenn Smigiel, Steve Brabant, Rick Abraham, Ashley Brooks and Jim Bayless represented the seller, Trisail Funding, which had acquired the property through foreclosure. The buyer was Phoenix North 25th Avenue LLC.
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ANAHEIM, CALIF. — NorthMarq Capital has arranged $3.1 million in first-mortgage financing for Anaheim Foursquare Church, a 19,425-square-foot industrial property. The loan included a 10-year term and a 30-year amortization schedule. Financing was arranged by NorthMarq's David Blum, senior vice president and senior director of the firm's Los Angeles regional office.
PHOENIX — Phoenix Packaging Operations LLC has signed a five-year lease to occupy a 104,352-square-foot manufacturing and distribution facility in Chandler, Ariz. The facility, which is situated on 8.5 acres, will be used to manufacture packaging for the food packaging industry. Mike Parker and Evan Koplan from Colliers International's Greater Phoenix office represented the landlord, Primrose Properties. Phoenix Packaging represented itself.
LOS ANGELES — Jones Lang LaSalle has negotiated a lease renewal for 71,981 square feet of office space at Ernst & Young Plaza for Lockton Insurance Brokers, LLC. Ernst & Young Plaza is a 41-story, Class A office building in Downtown Los Angeles. Jones Lang LaSalle's managing director Tony Morales, senior vice president Christina Noonan and senior associate Maureen Hawley represented Lockton in the transaction. The landlord, EYP Realty, LLC, was represented in-house by John Barganski.
COLORADO SPRINGS, COLO. — Unique Properties, LLC – TCN Worldwide has sold a 20,500-square-foot office/flex building in Colorado Springs for $1,585,000. Located at 680 Garden of the Gods, the bank-owned building was acquired by Appliance Factory Outlet. Unique's John Sheflin, Marc Lippitt and Scott Shwayder represented the seller, Wells Fargo Bank.
Borrowing a Charles Dickens title, Colorado is “A Tale of Two Cities,” or more accurately, two markets. High density infill markets show strong leasing activity in terms of absorption, rental rates and down time, while lower density rural areas still lag in recovery. Urban markets such as Denver, Boulder and Englewood are returning to earlier days where spaces are quick to fill with an average down time of six months, a waiting list of prospects and increasing rents. For example, a recent side shop vacancy at King Soopers-anchored Belleview Square in Englewood was backfilled with a waiting list of five tenants before the retailer had even closed their doors. On the other hand, secondary and tertiary markets such as Falcon, Colorado Springs and Greeley are slower to lease up with an average down time of 12-15 months and little rent growth. Acquisition activity has not yet recovered, and very few Class A properties are on the market. However, development activity is picking up. Active retail categories include quick service restaurants, health and dental, discounters and mattress stores. One of the interesting trends is the boutique pet store concept occupying less than 4,500 square feet, which seems to be harvesting an …
POMONA, CALIF. — Lee & Associates Ontario has sold a 21,455-square-foot industrial park for $2 million. The two-story offices and fenced-in yard was acquired by DE & Z, LLC. Lee & Associates' Todd Launchbaugh and Justin Leewood represented the sellers, Hua-Chiang Wang and Shan Duo Chang. The buyer was represented by Encon Commercial.
DENVER — The Cherry Creek North Business Improvement District celebrated the completion of “The New North,” an $18.5-million, privately funded streetscape renovation project, with a free festival and concert on Sunday. “The New North” project included new landscaping, as well as a variety of water, lighting and energy conservation efforts. The BID also renovated Fillmore Plaza and upgraded its infrastructure.
PHOENIX — Cassidy Turley BRE Commercial has sold the 62,832-square-foot Foxfire Commerce Center in Surprise, Ariz., for $3.15 million. The buyer was Presson Companies, an Arizona-based private investor. Cassidy Turley executive vice presidents Bob Buckley, Steve Lindley and Tracy Cartledge represented both the buyer and the seller, Dalfen America Corporation, which did business as Rosh Hashanah Realty ADA Compliant Limited Partnership.
SAN DIEGO — Voit Real Estate Services has directed the acquisition of an 11,050-square-foot industrial building in Poway, Calif., for $1.657 million. The acquisition by James and Barbara Hetzler Trust included a nine-month leaseback to Pro Tel Communications, the building's current tenant. Tracy Clark, senior vice president in Voit’s San Diego office, represented the buyer. CFI Commercial's Paula Danker represented the seller, Estate Quest, LLC.