GOLETA, CALIF. – Hayes Commercial Group has leased 98,828 square feet of office and warehouse space to Network Hardware Resale. The company’s 41,228-square-foot headquarters will be located at 6500 Hollister Ave. The 57,600 square feet of industrial space will be located at 80 Coromar Drive. Network Hardware Resale specializes in computer network hardware. Having recently grown to a more than $200-million operation, the company felt in needed more space on the South Coast.
NAPA, CALIF. – Seavest Healthcare Properties has purchased two medical office buildings through a trust servicer, who had foreclosed on both properties in early 2010. Located at 1100 Trancas St., this two-building, 65,000-square-foot complex is adjacent to Queen of the Valley Medical Center, Napa’s only acute care hospital. This is Seavest’s fourth California-based acquisition in the past few months. The healthcare real estate fund is based out of White Plains, New York.
PHOENIX, ARIZ. – The Greater Phoenix division of Colliers International has completed the sale of two multifamily area properties. The 224-unit Canyon Woods Apartments, located at 2524 W. Glenrosa Ave., sold for $3.136 million as a lender-approved short sale. The 152-unit Sunpoint Apartments, located at 7077 W. McDowell Rd., sold for $4.864 million. Bill Hahn, Jeff Sherman and Trevor Koskovich from Colliers’ Phoenix office represented the buyers and the sellers on both transactions.
IRVINE, CALIF. – CIP Real Estate has acquired an 188,000-square-foot multi-tenant industrial portfolio for $14 million. The portfolio includes the six-building, 150,000-square-foot Indiana Business Park in Riverside; the 16,000-square-foot Cerritos Industrial Park in Cerritos and the 22,000-square-foot Parkway La Mirada in La Mirada. CIP purchased the portfolio from Union Development Company. The deal included the assumption of an existing conduit loan.
HAWTHORNE, CALIF. – The American Youth Soccer Organization (AYSO) has found its new headquarters with the help of NAI Capital. AYSO signed a long-term lease for 20,000 square feet at the Harbor Business Center in Torrance. AYSO had previously been headquartered in nearby Hawthorne for the past 15 years. NAI Capital’s Bill Kiefer and Randy Matusoff assisted AYSO in its nationwide search.
While most of the country grows based on the birthrate, Las Vegas has grown at almost six percent per year based on the tremendous influx of new residents. That growth fueled retail development matching the pace until the growth suddenly stopped in 2008. But today, a different scenario is beginning to emerge. With many retail tenants going out of their spaces, beginning in 2008, the local retailers that had survived began a flight to quality. Key tenants in strip centers moved up to anchored centers. Other retailers that had been in the back of strip centers moved up onto pads. The addition of new space has been in waves, with the first starting in 2009, as the local retailers that survived the prior year and saw rents decreasing began adding second locations. The second wave of tenants began at the end of 2009, as strong regional retailers began seeking additional locations. The third wave, which has so far been quite small, is the national tenants. With so many choices around the nation, the national retailers are still trying to decide if Las Vegas, which was hit particularly hard, makes sense regarding expansion. The type of tenants that have been most …
LOS ANGELES — San Francisco-based Carmel Partners has purchased The Vue from a foreign bank for $80.1 million. The 16-story, 318-unit residential tower is located in Los Angeles' San Pedro neighborhood. Amenities include a fitness center, a business center, and a resort-style swimming pool with a spa, a sundeck and cabanas. The community was constructed in 2008 as a condominium project and converted into apartments in 2009; individuals own 24 of the units. The Jones Lang LaSalle team of Javier Rivera, David Young, Jeff Morris and Denny St. Romain arranged the deal.
LAKE ELSINORE, CALIF. — BRIDGE Housing Corp. has broken ground for Pottery Court Apartment Homes, a 113-unit workforce housing community located two blocks from downtown Lake Elsinore at 300 N. Riley St. The $26 million project will consist of eight wood-framed residential buildings and a community building with a pool on 4.4 acres. The one- to three-bedroom residences will range from 671 to 1,096 square feet. Monthly rents will range from $316 to $761; the apartments will be open to families earning 30 to 50 percent of the area media income. Completion is expected in April 2012. KTGY Group is the project architect.
TEMPE, ARIZ. — Construction had commenced for a new design studio for students of Arizona State University's engineering program. The eSpace Studio will consist of two main rooms containing interactive design areas, projection screens, whiteboards and writable glass walls, modular elements and display cases. It abuts the first completed eSpace facility at the school, the High Performance Computing Lab. Completion is expected in the fall. Cannon Design is the project architect.
SEATTLE — The 195-room Homewood Suites Seattle Convention Center has sold for $53 million to Chesapeake Lodging Trust. The seller was a joint venture between AEW and Stonebridge Cos., formed in 2006 to acquire the property, then known as Summerfield Suites Seattle.