The Portland multifamily market continues to slowly improve in spite of the unemployment rate stalemated at 10.6 percent — now entering its 10th month. When Portland headed into the recession, many believed its multifamily market would experience a similar plight to that seen in the Southern California and Arizona multifamily markets. It certainly dipped, but fortunately didn’t hit their low values estimated to be 50 to 60 percent below the original prices for some properties there. Rents have returned to pre-recession levels, concessions temporarily came into the market and net operation income went down, causing apartment values to decrease between 15 to 20 percent. But through the worse of the recession, and even today, vacancy has held around 5 percent. However, it should be noted that in some pockets of the Portland market, like Gresham, certain areas of Beaverton and outer Hillsboro submarkets, vacancies are somewhat higher. At first glance, when comparing Co-Star year-to-date multifamily sales numbers (August measure for transactions ≥ $1 million) of $196 million with $116 million in 2009, it appears that transaction sales numbers are up by 59 percent. Yet, on closer inspection, a different story emerges. Since the beginning of the year, there have been …
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RIVERSIDE, CALIF. — The Magellan Group has acquired two industrial buildings totaling 400,000 square feet within the Hunter Business Park in Riverside. Part of a 31-acre, three-parcel joint-venture purchase involving the firm’s Magellan Industrial Fund and an investment fund managed by Penwood Real Estate Investment Management, the 300,000-square-foot former Lily-Tulip Cup manufacturing plant, located at 800 Iowa Ave., will undergo both interior and exterior improvements, including new landscaping. A 100,000-square-foot industrial building occupied by Ancon Marine and a 1.75-acre land parcel at the corner of Iowa and Palmyrita avenues completed the deal. The joint venture acquired title to the properties following its purchase of an underlying mortgage note held by Far East National Bank. Terms of the sale were not disclosed.
REDONDO BEACH AND CARSON, CALIF — Stevens Global Logistics has renewed a total of 115,000 square feet of industrial leases for its headquarters and warehouse activities, respectively, in Redondo Beach and Carson. The Klabin Company/CORFAC International’s Harvey Beesen and Luke Staubitz, represented both the tenant and the landlord, LBA Realty, in the $3.5 million long-term lease renewal for a 48,000-square-foot headquarters building located at 3700 Redondo Beach Ave. In the 67,333-square-foot lease renewal at 2760 E. El Presidio St. in Carson, Beesen and Staubitz again represented SGL. CB Richard Ellis’ Bret Quinlan represented the landlord, The Hewson Co., in the $1.7 million warehouse deal.
POWAY, CALIF. — Cushman & Wakefield has brokered Thunderbird Resorts’ $1.6 million acquisition of a single-story, freestanding office/flex building located at 12255 Parkway Centre Dr. in Poway. The international provider of branded casino entertainment and hospitality services will relocate to its new 8,025-square-foot corporate headquarters in November. Cushman & Wakefield’s Mickey Morera and James Duncan represented both the buyer and the seller, San Diego Employers Association, in the transaction.
TURLOCK, CALIF. — NorthMarq Capital has arranged the sale of an approximately $44 million note on the 298,971-square-foot Monte Vista Crossings, a retail center located at the intersection of Highway 99 and W. Monte Vista Ave. in Turlock. Major tenants at the property are Ross, BevMo, T.J. Maxx, Office Max, Pier 1 Imports, and Bed Bath and Beyond. NorthMarq’s Dennis Williams arranged the note sale on behalf of its correspondent lender, TIAA-CREF.
GARDEN GROVE, CALIF. — Holliday Fenoglio Fowler LP has arranged $20 million in refinancing for Rose Garden Apartments, a 239-unit multifamily community located at 9645 Westminster Ave. and 11632 Stuart Drive in Garden Grove. The affordable housing complex maintains an average occupancy of 97 percent. HFF’s David Bleiweiss represented the borrower, Bertram Partners, in securing the 10-year, fixed-rate Fannie Mae DUS loan.
PASO ROBLES, CALIF. — Pacific Capital Bank has sold a 48,431-square-foot industrial warehouse condo, located at 500 Linne Road in Paso Robles, to Advanced Powder Coating. Bob Fonarow of Lee & Associates Central Coast was the listing agent.
WESTMINSTER, CALIF. — Marcus & Millichap has brokered the $3.215 million sale of an 18,960-square-foot office property located at 202 & 210 Hospital Circle in Westminster. The brokerage firm’s Pasha Darvishian represented the LLC seller in the transaction involving a private-investor buyer.
SACRAMENTO — On behalf of the property owner, Cassidy Turley BT Commercial has negotiated a 10-year lease renewal for 250,000 square feet of industrial space located at 7021 Roseville Road in Sacramento. Cassidy Turley’s Ted Gallagher and Jeff Post represented Tisha Land Co. in the transaction. The long-time tenant, United Stationers Supply Co., initiated the lease renewal 1 year prior to expiration.
LAS VEGAS — Healthcare Trust of America has purchased the 73,300-square-foot San Martin Medical Arts Pavilion, an on-campus medical office building located in Las Vegas, for approximately $19.1 million. Completed in 2007 and 95 percent leased at time of acquisition, the three-story, multi-tenant property is connected directly to St. Rose Dominican Hospital, a 147-bed, acute-care facility serving the growing needs of the southwest Las Vegas community. The transaction marks HTA’s first acquisition in the gaming capital of the world.