The Denver industrial real estate market stopped its 2008 free-fall and stabilized in the second half of 2009. A recipe of back-to-back quarters of positive absorption and no new speculative construction caused the vacancy rate to hold steady at 8.6 percent. Tenants are still vacating blocks of space as leases expire, and the weak economy continues to take its toll, but statistically this has been somewhat offset by the lack of new product coming to market and a handful of tenants relocating or expanding. The renewable energy sector had a dramatic impact on the Denver industrial market in 2009 as solar-panel and wind-turbine manufacturers continued to make large investments in the Front Range. As a result, the area is experiencing a ripple effect as smaller tenants are entering the market to fulfill the raw-material requirements and installation needs of these manufacturers. In addition, the U.S. Department of Energy recently awarded more than $75 million in advanced energy manufacturing funds through the Recovery Act to six Colorado clean-tech companies. Hopefully these tax credits will be the foundation for continued job creation and reinforce the Colorado manufacturing industry in 2010-2011. The major development projects currently underway are two buildings totaling 660,000 square …
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SANTA ROSA, CALIF. — Cassidy Turley BT Commercial has represented Equity Office Properties in its $6.4 million sale of an approximately 42,500-square-foot Class A office building, located at 3569 Round Barn Circle in Santa Rosa, to owner/user Southwest Community Health Center. The two-story Fountaingrove Executive Center offers easy access to Highway 101. Cassidy Turley’s Jeff Negri, Greg Moss, Tony Lucchesi and Niel von Doepp represented the seller in the transaction.
TUCSON, ARIZ. — Grubb & Ellis has represented Highland Valley Partners LLC in its 65-month lease of 162,478 square feet of industrial space located at 6874 South Palo Verde Road in Tucson. The tenant, a third-party logistics company, will take occupancy August 1st. Grubb & Ellis’ Robert Davis and William DiVito represented Highland Valley Partners in the transaction, and Rob Glaser of PICOR Commercial Real Estate Services represented the landlord, EastGroup Properties.
SAN DIEGO — Marcus & Millichap has brokered the $3.3 million sale of The Old City Hall Building, a 12-unit multifamily property located at 433 G Street in the Gaslamp Quarter in downtown San Diego. Consisting of 12 lofts ranging in size from 868 to 1,818 square feet, The Old City Hall Building is the oldest remaining structure in the historic district. Marcus & Millichap’s Chris Zorbas represented the seller in the transaction.
OAKLAND, CALIF. — BRIDGE Housing Corp.’s Ironhorse at Central Station, a 99-unit affordable apartment community located in west Oakland's Central Station neighborhood, has opened. Featuring numerous sustainable building and landscaping components, the development contains a mix of one-, two- and three-bedroom homes affordable to individuals and families with annual incomes ranging from $18,000 to $50,000. Designed by David Baker + Partners and constructed by J.H. Fitzmaurice Inc., Ironhorse at Central Station is part of a reintegration of approximately 29 acres of abandoned former industrial land into the surrounding residential neighborhood.
LAS VEGAS — Colliers International Ð Las Vegas has represented LaPour D.C. Two LLC in its $17.75 million sale of Decatur Crossing II, a 140,596-square-foot industrial business park located at 6420, 6450 and 6480 S. Cameron Street in Las Vegas, to York Decatur Crossing LLC. Colliers’ Michael De Lew represented the seller in the transaction, and Jay and Brian Heller of Heller Cos. represented the buyer.
SCOTTSDALE, ARIZ. — Colliers International has negotiated the $2.475 million acquisition of a 12,224-square-foot office condo, located in Pima Commerce Center at 14287 N. 87th Street in Scottsdale. Situated within the Scottsdale Airpark, the space comprises the first floor of Building C, a two-story, 24,428-square-foot-building in Pima Commerce Center, a three-building property developed in 2004. Colliers’ Todd Noel, Charles Miscio and Keith Lambeth represented the buyer, Phoenix-based Adancho Properties LLC, in the transaction, and Sheila Bale and Ryan O’Conner of Prudential CRES represented the seller, Shea Com 101 LLC.
PHOENIX — Cassidy Turley BRE Commercial negotiated a 70,249-square-foot lease at Papago Industrial Park, located at 4441 West Polk St. in Phoenix. Kiser Harriss Chemical Distribution Centers signed a 3-year deal at Lincoln Property Co.’s 91,873-square-foot building, which is now 100 percent leased. Cassidy Turley’s Gary Anderson and John Pompay represented the tenant, a pool chemical company, in the transaction, and the firm’s Tony Lydon amd Marc Hertzberg joined Anderson in representing the landlord.
SANTA ANA, CALIF. — The Orange County Shared Spaces Foundation has acquired a 33,981-square-foot office property, located at 1505 E. 17th Street in Santa Ana, for $2.8 million. Voit Real Estate Services’ Al Pekarcik and Dan Vittone represented the buyer, and the seller, 1505 E. 17th Street Associates, represented itself.
ENGLEWOOD, COLO. — Marcus & Millichap has brokered the $18.6 million sale of Hampden Place Medical Center, located at 401 W. Hampden Place in Englewood, just south of central Denver. Built in 2004, the three-story, 66,339-square-foot Class A medical office building houses an ambulatory surgery center, medical imaging, physiotherapy and medical offices for orthopedic, hematology-oncology and other physicians. Marcus & Millichap’s John Smelter represented both the seller and the buyer, Health Care Trust of America, with assistance from Adam Christofferson.