CULVER CITY, CALIF. — Jones Lang LaSalle has brokered Palisades Equity Partners’ $8.35 million acquisition of a 51,288-square-foot, multi-tenant office building located at 6133 Bristol Parkway in Culver City. Situated west of Los Angeles, the three-story building was 90 percent leased at the time of sale. Jones Lang LaSalle’s Chris Strickfaden and Steve Solomon negotiated the transaction on behalf of the buyer and seller, Professional Real Estate Services.
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ANAHEIM, CALIF. — Lee & Associates has negotiated the $7.4 million purchase of a 57,593-square-foot warehouse facility located at 3400 E. Miraloma Ave. in Anaheim. The brokerage firm’s Dennis Keane and Adam Dzierzynski represented the buyer, HSJQ USA, in the transaction, and CB Richard Ellis’ Brad Bierbaum and Ian Britton represented the seller, the Sares-Regis Group, which developed the LEED-certified Canyon Point project with the strategic plan to sell to a user.
BEVERLY HILLS, CALIF. — The high-profile, eight-acre property at 9900 Wilshire Blvd., situated at the thoroughfare’s prominent intersection with Santa Monica Boulevard in Beverly Hills, has been acquired by investors from Hong Kong and Singapore for $148.3 million. Architect Richard Meier’s plan for the property, which was approved by the City of Beverly Hills in 2008, calls for 235 condominiums and 17,000 square feet of retail and restaurant space set amidst extensive gardens. After being acquired for $500 million in 2007, the property fell into foreclosure early this year and was acquired by Carlos Slim ’s Banco Inbursa, one of the lenders. Joint Treasure won a private bidding auction administered by Eastdil Secured and the law firm Skadden Arps. The law firm Allen Matkins Leck Gamble Mallory & Natsis advised Joint Treasure in the transaction. In the $148.3 million transaction, Joint Treasure was acting on behalf of three of its consortium partners: Chow Tai Fook Group of Hong Kong, the holding company for publicly held New World Group; Wee Cho Yaw Family Group of Singapore that invests in banks, commercial properties and hotels; and David Chiu of Far East Consortium International Limited, a commercial property and hotel developer. The investor …
IRWINDALE, CALIF. — Seventh Street Development has broken ground on a new $40 million corporate headquarters/manufacturing/warehouse facility for Huy Fong Foods. The maker of Sriracha Hot Chili Sauce will consolidate its operations into the new 655,000-square-foot development, located within L.A. County at Azusa Canyon Road and Cypress Street in Irwindale, when it is completed in fall 2011. The California Mission-style building will consist of 26,000 square feet of office space, 150,000 square feet of manufacturing space and 480,000 square feet of warehouse space. Long Beach, Calif.-based Seventh Street, the development manager, is joined by general contractor KPRS Construction Services and RKZ Architects on the build-to-suit project.
SEQUIM, WASH. — Marcus & Millichap has negotiated the nearly $5.6 million sale of a 14,752-square-foot Walgreens, located at 490 West Washington Street in Sequim. Marcus & Millichap’s Peter Nisbet represented the seller, a private investor, of the single-tenant, net-leased property.
TUCSON, ARIZ. — Dover Engineering Systems, dba Sargent Controls & Aerospace, has purchased an 18,800-square-foot industrial facility, located at 5600 West Coca Cola Place in Tucson, from DS Waters of America for $1.84 million. PICOR Commercial Real Estate Services’ Steve Cohen represented the buyer in the transaction, and CB Richard Ellis’ Bruce Suppes represented the seller.
OAHU, HAWAII — Robertson Properties Group has celebrated the grand opening of the $75 million Pearl City Gateway, a 150,000-square-foot community retail center located on the northeast corner of Kuala Road and Acacia Street in Pearl City on the island of Oahu. Pearl City Gateway’s tenant roster includes Babies “R” Us, Longs, Petco, David’s Bridal, Roger Dunn Golf Shops, Cherry on Top, Ramen Ya, McDonald’s, Aloha White Hana Nail Salon & Spa and Caesars Cleaners. Babies “R” Us and David’s Bridal are new to Hawaii, and the Petco is only the retailer’s second location in the Aloha State. Robertson Properties Group recently signed several tenants for the majority of the last available shop space, including Sally’s Beauty Supply, AT&T, Impact Wireless and Blue Hawaii Sushi restaurant. Robertson Properties Group is marketing for lease the last two outlying building pads: one that can accommodate a 25,000-square-foot retailer and the other a 6,000-square-foot sit-down restaurant. Pearl City Gateway’s development team included Architects Hawaii and general contractor Swinerton Builders; the center’s leasing broker is Colliers Monroe Friedlander and Wells Fargo Bank provided construction financing. Robertson Properties Group acquired the site, a former U.S. Navy facility located just minutes from Pearl Harbor, on December …
PHOENIX — George Smith Partners has arranged a $70 million loan at 4.91 percent interest for Glimcher Realty Trust. The 5-year, non-recourse, senior permanent loan is collateralized by the ground lease on the 600,000-square-foot mixed-use center known as Scottsdale Quarter in Scottsdale, Ariz. GSP’s Gary Mozer, Josh Roseman, Steve Orchard and Scott Swisher handled the loan deal, which facilitated Glimcher’s acquisition of the land under Phases I and II of Scottsdale Quarter to consolidate the leasehold and fee positions, creating a disparate increase in value versus the standalone assets.
SAN DIEGO — CB Richard Ellis has handled the $5.4 million sale of a 39,908-square-foot corporate headquarters/flex/office building located at 15150 Avenue of Science in San Diego’s Carmel Mountain Ranch. CB Richard Ellis’s Paul Lafrenz, Paul Komadina, Christina Roush, Bill Dolan and Scott Kincaid represented the seller, DISKO, of the single-story property, which is currently 82 percent leased; CBRE’s Sam Higgins represented the buyer, Cal Sorrento LTD, in the transaction.
The fast-growing Salt Lake City metropolitan area, also known as the Wasatch Front, stretches about 40 miles north of downtown Salt Lake City to Ogden and about 40 miles south to Provo, now boasting a population of about 2.1 million — or about 75 percent of the state’s population. Highly favorable demographics continue to lure top-quality retailers, restaurants and shopping centers to the region, which enjoys one of the largest average family sizes in the country (3.6), the youngest median age (28.9) and an unusually high median household income of about $63,000. The market also has a highly educated, value-based population with a strongly established work ethic that encourages retail patronage and expansion. Growth in Salt Lake County, which has a population of about 1.1 million, is particularly strong in the southwest portion, which is the region’s strongest submarket. Area planners are projecting a population growth of 1 million people in the Wasatch Front over the next 30 years. Unlike other Western markets such as Phoenix, Las Vegas and Denver, retail real estate in the Salt Lake City metro area is not as volatile. Area unemployment stands at a relatively low 7.3 percent in contrast to the national mark of …