COLTON, CALIF. — Commonwealth Sevenlen LLC has acquired a 26,455-square-foot retail building, located at 151 E. Valley Blvd. in Colton, for $1.99 million. The free-standing, single-tenant investment property is occupied by Stater Bros. through an absolute NNN lease. Colliers International’s Jereme Snyder and Bob Hoyt represented the seller, Vornado Realty Trust, in the transaction, and Hai Luong of Tendwell Realty represented the buyer.
Western
MIRA LOMA, CALIF. — The Corporation of the Presiding Bishop of The Church of Jesus Christ of Latter-day Saints has purchased a 95,527-square-foot industrial building located on five acres at 12160 Philadelphia Ave. in Mira Loma. Terms of the deal were not disclosed. NAI Capital’s David Knowlton represented the buyer in the transaction, and Voit Real Estate Services’ Greg Sargenti represented the seller, Rhodes Development. According to Knowlton, the new owner will utilize the facility for the bulk storage and distribution of food and household products to support worldwide disaster relief.
SAN DIEGO — Pacific Office Properties Trust negotiated a 7-year lease for a total of 101,446 square feet of office space with The Active Network at the 356,524-square-foot Seaview Corporate Center in the Sorrento Mesa area of San Diego. The transaction includes an extension of term of 80,186 square feet and an expansion into an additional 21,260 square feet at the tenant’s corporate headquarters. Led by Brigham Black, the office REIT landlord represented itself in the transaction; The Active Network was represented by David Marino of Irving Hughes.
SANTA ANA, CALIF. — Coreland Cos. has negotiated the $5.75 million sale of a vacant auto dealership located at 1455 Auto Mall Drive in the Santa Ana Auto Mall. Built in 1998, the more than 35,000-square-foot square-foot property was previously the long-time home of Bauer Jaguar. Coreland’s Bryan Bauer represented the Costa Mesa, Calif.-based seller, Jeffrey and Bryan LLC, in the transaction; the buyer, Santa Ana Properties II, represented itself.
TUCSON, ARIZ. — CB Richard Ellis (CBRE) has negotiated the $2.76 million sale of Century Theaters’ Century Park 16, a 74,000-square-foot movie theater located at 1055 W. Grant Road in Tucson. With more than 800 feet of Interstate 10 freeway frontage and expandable to 140,000 square feet, the property is set up for infill redevelopment after the theater closes operations on January 8, 2011. CBRE’s Robert DeLaney and Tim Healy represented the Plano, Texas-based seller, Century Theaters, in the off-market transaction, and the brokerage firm’s Buzz Isaacson and Ike Isaacson represented the local buyer, Michael R. Wattis Inc.
ANAHEIM, CALIF. — Voit Real Estate Services has negotiated the $9.25 million sale of a 78,912-square-foot industrial and office business park property located at 1240 & 1250 North Lakeview Ave. in Anaheim. Voit’s Alan Pekarcik, Dan Vittone and Nick Frasco represented the seller, Foremost Airport Las Vegas Ltd., in the transaction; the buyer, FKC Properties, represented itself.
CARSON, CALIF. — Watson Land Co. has leased a 200,892-square-foot industrial property, located at 800 East 230th St. in Carson, to Pacer Distribution Services in a 5-year deal worth $6.2 million. Situated on 11 acres within Watson Industrial Center, the property features 30 dock-high positions, a 29-foot ceiling clearance and two truck yards. Grubb & Ellis’ Steve Sprenger represented Pacer in the transaction, and Watson Land was represented in-house by Lance Ryan and Mike Bodlovich.
MESA, ARIZONA — Cassidy Turley BRE Commercial has completed the $4.4 million sale of the 222,457-square-foot Pecos Commerce Center, a multi-tenant office/warehouse property located at 7931 E. Pecos Rd. in Mesa. The commercial real estate services provider’s Bob Buckley, Steve Lindley and Tracy Cartledge represented both the buyer and the seller — Scottsdale, Ariz.-based Wilson Property Services and Keybank (aka OREO Corp.), respectively — in the transaction.
The Los Angeles creative office market sector was certainly not immune to the timid economy, which continued during the third quarter. The limited number of creative companies experiencing growth through this period was limited and representative of the economy as a whole. However, the creative product type — the preferred space sought by the production, post-production, advertising/marketing and even technology sectors — was also surprisingly supply constrained. Due in large part to the lack of new construction or large-scale conversion of old industrial buildings into creative office, tenants entering the marketplace with hopes of finding numerous attractive options and generous business terms in a more tenant-favored climate instead found limited product to meet their needs from a functional and/or aesthetic standpoint. Although buoyed by a market that was experiencing meek demand, many businesses that view their office space as much in terms of the environment it creates for the attraction and retention of creative talent were prevented from realizing the true benefits of a tenant-favored market due to a lack of supply. Those that made moves during the end of 2009 and earlier this year absorbed much of the attractive, ready-for-occupancy space at more aggressive pricing from landlords looking to …
DENVER — NBS Real Estate Capital LLC has completed a $4.13 million preferred-equity investment in 1899 Wynkoop, a 162,000-square-foot Class A office building in lower downtown Denver. The Portland, Ore.-based investment firm partnered with the Nichols Partnership, the original developer of the property.