GLENDALE, CALIF. — Bay Alarm has acquired a 9,700-square-foot industrial building, located at 1728 Standard Ave. in Glendale, from trustees Jack D. and Myra S, Taylor, for $1.725 million. Lee & Associates-LA North/Ventura’s Randall Kobata and Brett Warner represented the buyer and sellers, respectively. The burglar alarm company is relocating from a Van Nuys, Calif., facility.
Western
Leasing activity in the Albuquerque industrial market has been inconsistent during the first half of 2010. The market cannot seem to sustain any positive momentum, with many starts and stops so far this year. As is the case in many other markets, there has been virtually no speculative construction in the Albuquerque industrial market in the past 2 years; positively, this trend has helped keep vacancy rates from rising even more than they have. The industrial market vacancy rate for Albuquerque is currently 9.4 percent, which is 1 percent higher than a year ago and more than 2 percent higher than 2 years ago. Albuquerque’s north Interstate-25 corridor continues to lead all submarkets with regard to overall leasing activity, capturing a full 85 percent of all leased space in the second quarter of this year. A significant transaction just completed in the submarket is the Southwest Regional Council of Carpenters’ 93,686-square-foot union training center at 3900 Pan American NE. Slower submarkets include the downtown area (13.3 percent vacancy) and the South Valley (15.4 percent), both of which have older inventory including buildings with functional obsolescence. The overall lack of demand for Albuquerque industrial space can be attributed in large part …
PORTLAND, ORE. — E & L Building LLC has purchased a 13-unit multifamily property, located at 74-98 SE 148th Ave. in Portland, from Jack and Stephanie Furman. Terms of the deal were not disclosed. Bluestone & Hockley Real Estate Services’ Julie Richard-Schutrop represented the seller, and the brokerage firm’s Cliff Hockley represented the buyer.
HAWTHORNE, CALIF. — Hodgdon-Miank Construction has completed a major renovation of a former Circuit City location for a new 33,952-square-foot Ashley Furniture HomeStore located at 14600 Ocean Gate Ave. in Hawthorne. Hodgdon-Miank Construction was the full-service, design-build contractor, and Irvine, Calif.-based KTGY Group, Architecture and Planning, was the project architect. Hodgdon Group Realty represented Ashley Furniture Industries in the acquisition of the Circuit City building.
GLENDALE, ARIZ. — The 66-unit Desert Crest, a multifamily property located at 6141 North 59th Ave. in Glendale, has sold for approximately $1.551 million. Built in 1985, Desert Crest consists of 54,720 square feet on about 2.46 acres. Colliers International’s Bill Hahn, Jeff Sherman and Trevor Koskovich represented the buyer, Scottsdale, Ariz.-based DMG Property Holdings LLC, in the transaction; JP Morgan Chase bank, the seller, represented itself.
SAN DIEGO — Wood Partners has purchased Sunroad Centrum Residential, a 5.9-acre fully permitted apartment site located at 8798 Spectrum Center Blvd. in Spectrum Center Business Park in San Diego, for $21.5 million. Cushman & Wakefield’s Ed Rosen, John Chu and Alejandro Lombrozo represented the seller, Sunroad Enterprises, in the transaction, and Doug Matheson of CB Richard Ellis represented the buyer. Having purchased Sunroad’s original plans and building permits in the transaction, Wood Partners plans to begin construction this month on a 379-unit, two-building project, which will include a 750-space parking structure. Offering one- and two-bedroom units, as well as two-bedroom-plus-den floorplans, the complex is slated to open in first quarter 2012.
SAN DIEGO — Cushman & Wakefield has negotiated the sale of the nine-story, 80,320-square-foot Robert F. Driver Building located at 1620 Fifth Ave. in downtown San Diego. Terms of the deal were not disclosed. Constructed in 1985 and 40 percent leased at the time of sale, the building features an adjacent 5-story parking garage and immediate access to Interstate 5. Cushman & Wakefield’s Jeff Cole, Ed Hernandez, Steve Rowland, Michael Roberts and Matthew Carlson, as well as Bradford Perry of Perry Commercial Real Estate, represented Robert F. Driver Office Building LTD in its disposition of the property to 1620 Fifth Avenue LLC. Douglas Wilson Companies has been engaged to lead the reposition, management and leasing efforts at the well-known office building, which is situated on the east side of San Diego’s central business district.
HUNTINGTON BEACH, CALIF. — Colliers International has negotiated the lease of a 167,778-square-foot industrial building, located at 5800 Skylab Rd. in Huntington Beach, to Modular Wind Energy. Reportedly the largest lease transaction completed to date this year in west Orange County, the 5-year deal exceeds $4.9 million. Colliers’ Clyde Stauff represented the landlord, DCS Holdings, in the transaction, and CRESA Partners’ Jeff Shepard and Dillon Dummit represented the tenant, a manufacturer of blades for wind turbines. Situated within Huntington Beach Industrial Park, the building includes 16,000 square feet of executive office space.
MARANA, ARIZ. — The Larry L. Larson Family Trust Partnership LP has purchased a 22,468-square-foot industrial facility, located at 7825 North Hartman in Marana, for nearly $1.35 million. PICOR Commercial Real Estate Services’ Rob Glaser represented the seller, 4-D Properties, in the transaction, and Grubb & Ellis’ Ron Zimmerman represented the buyer.
HONOLULU — Glimcher Realty Trust has entered into an agreement with an affiliate of Blackstone Real Estate Advisors to purchase the Pearlridge Center in Honolulu for $245 million. Built in 1972 and renovated extensively in 1995-1996, Pearlridge is the second largest mall in Hawaii with a total rentable area exceeding 1 million square feet. Located in the community of Aiea within the Honolulu metro area, the property boasts an occupancy rate of 99 percent. The joint venture, which will consist of an 80 percent ownership share by the Blackstone Real Estate Advisors affiliate and 20 percent by the Glimcher affiliate, anticipates closing on the property in fourth quarter 2010. Glimcher will lease and manage the property.