PASADENA, CALIF. — Hendricks & Partners has brokered the more than $3 million sale of an 18-unit apartment community, located at 260-264 Alpine St. in Pasadena. Hendricks & Partners’ Kevin Hurley and Kevin Lutz represented the seller, 260 & 264 Alpine LLC of Huntington Beach, Calif. The buyer was Aphrodite Akopiantz and Patricia Cavender of Sierra Madre, Calif.
Western
National retailers have taken a step back this year and have begun looking at opening up new locations in the San Jose area in 2011 and 2012. There are fewer retailers currently active in the San Jose retail market, which can have a negative effect on the absorption of large blocks of space that come into the market as retailers downsize. Former Mervyns sites continue to be the largest weight in the market due to the substantial size of each space — sites average 85,000 square feet. It is difficult to find tenants to occupy the entire store, and it is often cost prohibitive to subdivide these properties. Retail vacancy increased in the second quarter of this year. Year-over-year, Silicon Valley’s overall vacancy rate has gone to 6 percent from 3 percent at the end of the first half of 2008. Anticipate retail vacancy to climb to 7.5 percent by year’s end. The good news is that compared with other retail markets on the West Coast, the Silicon Valley retail market has not experienced a tremendous amount of overbuilding. The amount of jobs lost so far has been less extreme when compared with San Francisco, San Mateo and Alameda. Since …
TORRANCE, CALIF. — Marcus & Millichap has handled the $28.1 million court-appointed receiver’s sale of the 152-unit Hampton at South Bay, a luxury multifamily apartment property located at 20707 Anza Ave. in Torrance. The buyer is a Los Angeles-based private investor. Marcus & Millichap’s Greg Harris and Ron Harris represented the receiver, Michael Fiorina of Los Angeles-based Total Cos.
TUCSON, ARIZ. — Jones Lang LaSalle’s Tim Glenn and Bill Honsaker and Steve Cohen of PICOR Commercial Real Estate Services have represented KLA-Tencor Corp. in the $5.3 million sale of a 60,000-square-foot industrial building, located at 3740 E. Universal Way in Tucson. Grubb & Ellis’ Robert Davis represented the undisclosed buyer in the transaction.
NORTH LAS VEGAS, NEV. — Glencoe Properties Inc. has purchased from Virgin Territory LLC a 31,363-square-foot retail pad at Lowe’s Plaza, a 171,347-square-foot shopping center located at Craig Road and Jones Boulevard in North Las Vegas. The company plans to operate a Burger King restaurant on the site. Territory Inc.’s Nick Hannon represented the seller, and Dan Adamson of ROI Commercial Real Estate represented the buyer.
MARICOPA, ARIZ. — Avalon Investments Inc. has finished Phase I of Edison Place, which includes a new freestanding 5,392-square-foot Big O Tires building. Construction of Phase I of the 5-acre retail development in Maricopa started in July 2009, and Phase II is expected to begin construction in spring 2010.
PHOENIX — Colliers International has negotiated Snell & Wilmer LLP’s 187,748-square-foot lease renewal at One Arizona Center, located at 400 E. Van Buren St. in Phoenix. Snell & Wilmer initially moved to the Class A office tower in 1992; General Growth Properties acquired the property in 2004. Colliers’ Phil Breidenbach represented the owner in the transaction, and Chuck Nixon of CB Richard Ellis represented Snell & Wilmer.
VACAVILLE, CALIF. — California Capital & Investment Group represented both the buyer, 580 Orange Building LP, and the seller, Tony Batarse Family Trust, in the $3.75 million disposition of a one-story, 21,500-square-foot retail building, located at 580 Orange Dr. in Vacaville. At closing time, the property was 100 percent leased to AutoFocus Inc., which operates a Volkswagen dealership on the site.
DENVER — Pinnacle Real Estate Advisors LLC has brokered the $2.45 million sale of the 39-unit Lincoln Street Apartments, located at 6 Lincoln St. in the West Washington Park neighborhood of Denver. Built in 1964, the complex had only three vacancies at the time of sale. Pinnacle’s Bobby Hutchinson and Joe Hornstein represented the seller, BPMA Apartments LLC, and Greg Price of Marcus & Millichap represented the buyer, 6 Lincoln LLC.
The capital market crash of 2007 and the global recession still cast a pall over Sacramento’s industrial landscape. Landlords are paying close attention to the State of California, the city’s biggest tenant, and its desire to extend leases where landlords will reduce rent (by up to 30 percent in some cases). There are no speculative developments of any significance underway in Sacramento and only a few are under development in the San Joaquin markets closer to the Bay Area, where greater population densities create some optimism. To date, the standout deal in Sacramento has been Buzz Oates Real Estate’s inking of Nestle Waters North America to a 215,000-square-foot deal on existing space at Younger Creek Drive in the Florin Fruitridge Industrial Park; the firm’s two-line bottling plant slated to open early next year. Sacramento’s traditional strength in securing large distribution commitments has recently been diverted south and west to Stockton, Tracy, Lathrop, Cordelia and as far south as Patterson. Dealmakers point to the availability of large tracts of land and closer proximity to bigger markets like the Bay Area and Southern California as key drivers. Right now, a geographic difference of 50 miles in one direction or the other is …