CERRITOS, CALIF. — The Abbey Company has acquired the 465,000-square-foot Cerritos Corporate Center, a commerce park consisting of seven multi-tenant office and industrial buildings located in Cerritos. Currently 97 percent leased to 11 tenants, the property was sold by an institutional owner to The Abbey Company in an all-cash transaction. The Abbey Company’s Kurt Kaufman presided over the company’s acquisition process.
Western
VANCOUVER, WASH. — NAI Norris, Beggs & Simpson has brokered Spears Real Estate LLC’s $8.275 million purchase of the 108,625-square-foot Quad 205 Business Park in Vancouver. Built in 1983, the four-building Quad 205 complex offers easy access to Interstate 205. The buyers, who are local private investors, were represented by NAI’s Denis O’Neill and Steve Dodds.
DEMING, N.M — Dallas-based Skiles Group has started construction on additions to Mimbres Memorial Hospital in Deming. Designed by Arlington, Texas-based Ascension Group Architects, the $5.3 million project includes a 16,000-square-foot addition for new operating and emergency departments. Construction on the property, which is owned by Tennessee-based Community Health Systems, is scheduled for completion in June 2010.
AURORA, COLO. — Northstar Commercial Partners (NCP) has acquired the 6-story, 204,019-square-foot Cherry Creek Place II, located at 3190 S. Vaughn Way in Aurora. Cushman and Wakefield’s Mike Winn, Tim Richey and Chad Flynn represented the undisclosed seller in the transaction.
SAN DIEGO — Kaiser Permanente has purchased a six-story, 175,000-square-foot building at Sudberry Properties’ Class A, LEED Silver-certified Terraces at Copley Point office campus in the Kearny Mesa neighborhood of San Diego. Located just off Interstate 805 and Highway 52, the two-building, 380,000-square-foot campus includes an adjacent three-story parking structure that can accommodate 1,073 cars.
OXNARD, CALIF. — The new $26.3 million student services facility at Oxnard College has been completed. The approximately 40,000-square-foot development features a two-story student-services building and a one-story food-services building at the heart of the 118-acre campus’ main quad. Heery International served as the program manager, and Nadel Architects was the project designer.
SCOTTSDALE, ARIZ. — International Cruise and Excursion Gallery Inc. has purchased the former Dial headquarters building, located at 15501 N. Dial in Scottsdale, from CL Scottsdale LLC for $14.5 million. Kevin Rude of J.E. Roberts acted as the receiver in the transaction. Grubb & Ellis’ Bob Buckley, Tracy Cartledge, Steve Lindley, Blake Hastings, Jeff Wentworth and Michael Kitlica represented the seller of the 129,689-square-foot, Class A office building.
The retail sector continues to struggle as consumer confidence remains relatively low. Until the job market perks up, Orange County residents will maintain low levels of spending. This nervous sentiment has crossed over to prospective investors in retail properties because of the potential for weak cash flow. Leasing activity is at a virtual standstill, with no anticipated movement for at least the next 6 to 9 months. With the exception of Kohl’s and Forever 21 leasing up former Mervyn’s stores and Marshalls taking up large space at previously occupied locations, most of the vacated big box spaces are sitting empty. As of August, the Orange County vacancy rate increased to 7.7 percent, up 8 percent from the previous quarter. Further evidence of a weak market, the average asking rent declined $0.05 to $2.56 per square foot from the previous quarter. Sales activity during the third quarter has lacked large trendsetting transactions. Due to rising vacancies and declining rental rates, potential investors have been hesitant to acquire large properties; this explains why most of the deals have been small or mid-sized. Cap rates have shifted from 5 percent during the market peak in 2007 to 8 percent or higher for large, …
PHOENIX AREA –– Goodwill Industries of Central Arizona Inc. has leased four new retail store locations, totaling more than 118,000 square feet, across the Phoenix metropolitan area. Velocity Retail Group’s Andy Kroot brokered the deals on behalf of Goodwill, which took 25,387 square feet in Tempe, 47,430 square feet in Mesa, 21,000 square feet in Peoria and 25,000 square feet in Phoenix. The lease starts range from October 2009 to October 2010.
EL SEGUNDO, CALIF. — Joint-venture development partners AMB Property Corp. and Mar Ventures Inc. have sold the last two remaining buildings at The Edge at Campus El Segundo, their office/flex building development located adjacent to the 405 freeway and close to the Los Angeles International Airport in El Segundo. CB Richard Ellis’ Bill Bloodgood and Bob Healey represented the joint developers in the disposition of the 12,401-square-foot and 13,801-square-foot buildings to Los Angeles-based investor Brad Jones.