NEWPORT BEACH, CALIF. — Voit Real Estate Services has sold an 11,684-square-foot office building in Newport Beach for $3,975,000 million. The buyer, whose name was not disclosed, plans to occupy the building. The property is located at 20062 Birch St. Carter Harrington and Steve Lane from Voit's Irvine office represented the seller, IT Construction, LLC. Michael Hartel, also of Voit's Irvine office, represented the buyer.
Western
PORTLAND, ORE. — Marcus & Millichap Real Estate Investment Services has sold the Beacon, a 10,000-square-foot land parcel in Downtown Portland, for $2.25 million. The Beacon was initially set to become a 158-unit workforce housing complex, but was re-branded by Marcus & Millichap into a student housing development due to its close proximity to Portland State University. Both the buyer, American Campus Communities, and the seller, PJC 1 LLC, were represented by Marcus & Millichap's Tyler Johnson, Dorothy Jackman and Travis Prince.
There is no denying that the industrial market in the Inland Empire is improving. In the past three quarters, a great deal of space has been leased, and vacancy is therefore down. Voit’s first quarter industrial market report revealed that vacancy rates have declined to 8.95 percent in the market, down from 11.55 percent year-over-year, in large part because ten buildings over 500,000 square feet have been leased in the last three quarters. There is actually now a shortage of buildings in this size range. Big Buildings Make a Comeback As occupancy increases, lease rates are rising. This excites developers and investors alike. On the development side, the market is seeing speculative development for the first time in three years in certain size ranges — a huge indication of an improving marketplace. At least four industrial buildings are either under construction or in pre-development in the Inland Empire right now. Watson Land Company recently broke ground on a 600,000 square-foot building in Redlands, while the O’Donnell Group has broken ground on a 786,000-square-foot building in Banning. In addition, at least two others in the 600,000 to 700,000-square-foot range are now ready to break ground. While excitement grows around new projects, …
LOS ANGELES — NAI Capital has sold Westlake Towers, a 17,000-square-foot multifamily building in Los Angeles, for $1.37 million. Westlake Towers is a four-story, 30-unit apartment complex that was originally constructed as a hotel in 1928. The buyer, 844 S. Westlake LLC, was represented by BRC Advisors' Mike Iryami. Rod Delson of NAI Capital's Westlake Village office represented the seller, MHE Investment Trust.
HONOLULU — Jones Lang LaSalle has named Kirk Horiuchi as senior vice president in its retail division. Horiuchi will oversee the company's leased and managed portfolio. He will also lead the firm's third-party retail business' expansion efforts in Hawaii. Horiuchi has more than 24 years of experience in commercial real estate. He most recently served as senior asset manager for Kamehameha Schools.
SAN FRANCISCO — Harvest Properties has chosen a 128,838-square-foot historic property for its first San Francisco-based acquisition. The building, located at 115 Sansome St., is about 80 percent leased. Tenants include Utility Reform Network, DHC USA and the corporate headquarters for Specialty’s Café. Senior vice presidents Tony Crossley and Tim Maas, of Colliers International’s Investments Services Group, represented the seller, The Swig Company.
SAN DIEGO — Internet Marketing SEO has leased 7,962 square feet of class A office space at Cush Plaza Scripps Ranch. The 65-month lease is valued at about $1,000,000. It is nearly 40 percent leased. Spec suites ranging from 2,100 square feet to 8,000 square feet are currently under construction. They are expected to be complete by fall 2011. NAI Capital's Doug Ceresia, Matt Midura and Josh Buchholz represented Internet Marketing SEO. CBRE's Jeb Bakke and Ryan Egli represented the owner, Treena Properties, LLC.
IRVINE, CALIF. — Lee & Associates has sold a 15,436-square-foot industrial building to Canaan Irvine Spectrum for $3.1 million. The property contains modifiable office space and 436 square feet of warehouse space. Lee & Associates' Chuck Hardy, Mark Jerue and Craig Fitterer represented the seller, East Irvine Partners. Ryan Campbell of Grubb & Ellis and Amy McNamara of Coldwell Banker represented Canaan Irvine Spectrum.
CORONA, CALIF. — Voit Real Estate Services has sold 4.17 acres of land in Corona to Atkinson Construction for $2.6 million. The land includes a 5,500-square-foot office building and a 3,000-square-foot industrial warehouse. It also contains a fenced and gated contractor’s yard. Mike Bouma, senior vice president, and Brian Williams, a senior associate out of Voit’s Anaheim office, represented the seller. CBRE's Dan Powers represented the buyer, Atkinson Construction.
LAS VEGAS — Denny's has leased 6,306 square feet of space at Neonopolis, a 300,000-square-foot mall located in Las Vegas' Fremont Street district. DZ Realty, LLC negotiated the 20-year lease, which was valued at $15 million.