COACHELLA, CALIF. – Hudson Holdings, LLC has purchased Coachella Plaza, an 86,402-square-foot retail center at 50249 Harrison Street in Coachella, for an undisclosed sum. Coachella Plaza's tenants include 99 Cents Only, Cardenas Market, Carl’s Jr., Little Caesars and Payless Shoes. Hudson was represented by NAI Capital's Fariba Kavian. Cushman & Wakefield's Marc Renard represented the seller, MidFirst Bank.
Western
ANAHEIM, CALIF. – Sares-Regis has sold the last of the three LEED-Gold industrial buildings that it developed last year in Anaheim to California Manufacturing for $4.3 million. The aerospace manufacturer will occupy the new 31,744-square-foot building. The three buildings are situated on 6.2 acres, and were the first speculative industrial facilities to earn the LEED-Gold rating in Orange County, Calif. Sares-Regis was represented by CBRE's Brad Bierbaum. California Manufacturing was represented by Lee & Associates' David Williams.
LOS ANGELES — The June 2011 Allen Matkins UCLA Anderson Forecast California Commercial Real Estate Survey reports increased optimism in many of California's major markets. The report notes that Class A asset values have risen to near-peak levels over the past 18 months, which may signal either increased investor optimism or the threat of a new asset bubble. The report also notes, however, that this increase in values is not supported by today's rental and occupancy rates. While occupancy and rental rates may not account for higher asset prices, the forecast believes developer optimism may have played a role. It predicts San Francisco and Silicon Valley will be the first California markets to reach healthy levels of construction activity, with Los Angeles and San Diego close behind. The growth of the manufacturing industry has also positively affected California's industrial sector, particularly in Silicon Valley and Orange County. “Optimism with respect to office and industrial market fundamentals in 2013 and 2014, which first appeared a year ago, is an important precursor to the re-start of commercial construction,” said Jerry Nickelsburg, senior economist, UCLA Anderson Forecast, in a statement. “While the overall sluggishness of the general economic recovery will engender a slow …
RANCHO CUCAMONGA, CALIF. – Lee & Associates assisted Rancho Logistics, LLC in obtaining a 60-month lease for a 172,560-square-foot industrial facility in Rancho Cucamonga. The lease is valued at $3.1 million. Vince Anthony, a principal and senior vice president of Lee & Associates’ Ontario office, represented the tenant. Voit Real Estate represented the landlord, Krausz RC Properties One, LLC.
PHOENIX – Walker & Dunlop has provided a $3,380,000 acquisition loan for the 125-unit Mission Palms Apartments in Phoenix. It includes a 10-year term and a 30-year amortization schedule. The loan was underwritten to a 54 percent loan-to-value and a 1.30x debt-service coverage ratio. Mission Palms, which was built in 1975, was 85% leased at closing. Legacy Capital Advisors' Keaton Merrell originated the loan. Andrew Tapley, senior vice president of multifamily finance, led the Walker & Dunlop team.
PHOENIX – Amazon.com plans to open a 1.2-million-square-foot fulfillment center in Phoenix. This is Amazon's fourth fulfillment center in the Phoenix area. The new facility is expected to be complete this fall. Amazon's Arizona-based fulfillment centers are operated by Amazon.com.azdc LLC. The company also plans to open new fulfillment centers in Washington, and to expand one of its Arizona centers, located at 6835 West Buckeye Road, by 400,000 square feet.
CARSON, CALIF. – Herbalife International has leased 148,908 square feet of industrial space at Dominguez Technology Center, a master-planned business center in Carson. The new facility will allow Herbalife to nearly double the size of its West Coast distribution center, which currently occupies an 82,471-square-foot building in Carson. Jones Lang LaSalle’s Mike McRoskey, Tim O’Rourke, Frank Scott and Barry Hill represented Herbalife, which signed a 10-year lease. The facility's owner, Watson Land Company, was represented in-house by Lance Ryan.
LONG BEACH, CALIF. – Hendricks & Partners has sold the 30-unit Gotham City apartments in Long Beach for $2,425,000. It was purchased by Gotham Lofts, LLC. Hendricks & Partners' Robert Stepp represented the seller, Dorry H. Plotkin.
RENTON, WASH. – The 83-unit Borgata Apartment Homes in Renton has been sold to a joint venture between Grosvenor USA and MT Asset Management LLC for $13.2 million. MT Asset Management is a partnership between Mosaic Homes and Thrive Communities. The transaction was brokered by Philip Assouad and Giovanni Napoli of Kidder Mathews.
LONE TREE, COLO. – Westwood Financial Corp. has sold the 34,749-square-foot Heritage Hills Shopping Center in Lone Tree to Carlisle Properties for $11.4 million. Westwood had owned the property for 11 years before selling it to focus on investment opportunities in the Southeast. The 18-unit retail center is 96 percent leased. Cushman & Wakefield’s Patrick Devereaux and Gene Pride represented Westwood in the transaction.