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.
Western
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 …
LAS VEGAS – The 316-unit Mayan Plaza in Las Vegas has received $11.6 million in first-mortgage refinancing. The community is located at 1700 Alta Drive. The loan features a 10-year term and a 30-year amortization schedule. It was arranged by Ory Schwartz and Tom Powell, who work out of NorthMarq’s Los Angeles and Nevada offices, respectively. The loan was arranged through NorthMarq’s seller-servicer relationship with Freddie Mac.
LA MIRADA, CALIF. — Ahern Rentals has signed a 10-year lease for a 125,000-square-foot industrial space in La Mirada. The facility is located at 16930 Valley View Ave. The equipment rental company plans to use the facility for its construction equipment rental business. Ahern Rentals was represented by Chris Koceman of Delta Mobility. Jeff Hubbard of Lee & Associates’ Los Angeles-Central office represented the landlord, 16930, LLC, in this transaction.
CERRITOS, CALIF. — A 105,680-square-foot industrial property in Cerritos has sold to Nima Accessories for $7 million. The property is located at 16804-16808 Gridley Place. Jim Halferty and James Kinetz of Lee & Associates’ Los Angeles-Central office represented the buyer. Colliers International represented the seller, L-W Income Properties, in this transaction.
TEMECULA, CALIF. – A 102,566-square-foot industrial building in Temecula has sold to JLNI, LLC and KPN Industrial, LLC for $3.8 million. The buyers subsequently leased the building to Crossroads Church, Inc. and Reliant Food Service. The 60-month lease term is valued at $1.3 million. Andy Melzer of Cassidy Turley BRE Commercial represented JLNI, LLC and KPN Industrial, LLC in both the sale and lease transactions, along with Kerry Schimpf. The seller, U.S. Bank National Association, was represented by Charley Black of Lee & Associates. Rick Gilliam and Jon Stevenson of High Tower Capital, Inc. represented the lessees in the lease transaction.
PEORIA, ARIZ. — Thunderbird Commons, a four-building, 54,872-square-foot medical and retail property in Peoria, has sold to Second City Capital Partners for $7,650,000. The complex also contains two pads totaling about 2.6 acres. Second City plans to extensively renovate the complex and rename it Thunderbird Wellness Centre. The firm was represented by Bob Broyles and Bill Saul of Colliers International in Phoenix. The seller was Thunderbird Commons Holdings I, LLC. Financing was arranged through Brandon Harrington of Cohen Financial.
LOS ANGELES – A multifamily portfolio that contained 60 units in two Los Angeles-area apartment complexes sold to a private investor for $2.8 million. The properties are located at 414 Witmer and 457-461 Witmer Street in Los Angeles’ Westlake District. The 9,196-square-foot building contains 20 units, while the 15,368-square-foot building contains 40 units. Lane Schwartz and Thomas Jonsson of Marcus & Millichap’s West Los Angeles office represented both the buyer and the seller, also a private investor.
SAN DIEGO – A 13-unit apartment complex in the San Diego submarket of Mission Beach has sold to Sefer Tahiraj for $2.3 million. The 5,358-square-foot property is located at 3414 Mission Blvd. The buyer was represented by Terry Taylor of Apartment Consultants, Inc. The seller, David N. Catton, was represented by Joe Ramos of South Coast Commercial.
LOS ANGELES — MARCH Vision Care has signed a 17,000-square-foot lease expansion at 6601 Center Drive in Los Angeles. The Class A office building is part of the Howard Hughes Center. The vision care management services provider will continue to occupy 10,000 square feet at neighboring 6701 Center Drive. It will occupy the second floor of its newest building by February. MARCH Vision Care was represented by Brian Davies and Dave Toomey of Cresa Los Angeles. The building’s landlord, Equity Office Properties, was represented by Rick Buckley and Beau Rawi of LA Realty Partners.