LINCOLN, CALIF. — Mercy Ministries of America has opened the doors of its first West Coast home, an approximately $6 million, 40-resident facility located just north of Sacramento at 1896 McClain Dr. in Lincoln. The Christian residential counseling program serves troubled girls and young women, ages 13 to 28. Offering a lead gift and operational support, The Buzz Oates Charitable Foundation, a Sacramento-area non-profit organization, was integral in making Mercy Ministries’ fourth home in the United States a reality.
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SANTA CLARA, CALIF. — Applied Materials Inc. has signed a 150,480-square-foot warehouse lease at a RREEF America REIT II property, located at 1285 Walsh Ave. in Santa Clara. Colliers International’s Dave Sandlin and Steve Prehm represented the landlord and tenant, respectively.
BRISBANE, CALIF. — Williams-Sonoma Stores Inc. has renewed its two-building, 194,334-square-foot warehouse lease with property owner California State Teacher’s Retirement System in Brisbane. NAI BT Commercial’s Randy Keller and Marshall Hydorn represented the landlord in the transaction.
ESCONDIDO, CALIF. — Hendricks & Partners has brokered the $10.67 million sale of Mission Terrace, a 122-unit apartment community located at 810-50 N. Juniper St. in Escondido. Hendricks & Partners’ Allen Chitayat represented both the seller, Juniper Village LP of Los Angeles, and the buyer, Mission Terrace Apartments LLC of San Diego.
SAN DIEGO — Cushman & Wakefield has handled New York-based L-3 Communications Corp.’s $8.78 million lease renewal for 123,442 square feet of office and R&D space at 10770 Wateridge Circle in the Sorrento Mesa area of San Diego. Cushman & Wakefield’s Matt Strockis represented L-3 Communications, and Matt Nickels of CB Richard Ellis represented the lessor, Metropolitan Life Insurance Company.
AUBURN, WASH. — GVA Kidder Mathews has brokered Ceva Freight LLC’s 107,200-square-foot industrial lease at 2402 R St. NW in Auburn. GVAKM’s Doug Klein and Matt Wood represented the lessee, and Diane Deaton of Deaton & Associates Inc. represented the lessor, L-W Auburn Co.
At nearly 1 billion square feet, the Los Angeles industrial market is one of the largest in the nation, and despite increasing vacancy in the past year, it remains one of the tightest. The Bureau of Labor Statistics has estimated that 172,100 non-farm jobs were lost between July 2008 and July 2009. Industrial-oriented jobs have been among the hardest hit during the past 12 months, including losses in trade, transportation and utilities (39,900 jobs); manufacturing (36,200 jobs); and construction (18,000 jobs). Slowing trade and reduced consumer spending is largely responsible for lower industrial demand in 2009. At the Port of Los Angeles, year-to-date TEU volume through August was 18.3 percent lower than the same period in 2008; at the Port of Long Beach, the TEU volume has declined 21.7 percent from 2008 levels. Container activity at the Los Angeles/Long Beach port complex peaked in 2006 when 15.76 million TEUs were handled. The forecast for 2009 is for 12.2 million TEUs, a decline of 22.6 percent. At mid-year 2009, total industrial vacancy in the area was 4.6 percent, up from 3.5 percent at the end of 2008. While vacancy remains low, availability has surpassed 9 percent, the highest rate in more …
BREA, CALIF. — Cabinet-hardware distributor Louis and Co. has signed a 5-year lease renewal for 115,000 square feet of office/industrial space at 895 Columbia St. in Brea. CB Richard Ellis’ Ben Seybold, Mark Latimer and Sean Ward represented the tenant in the transaction.
CITY OF INDUSTRY, CALIF. — For its first U.S. location, family entertainment center Round One has leased 59,000 square feet at Puente Hills Mall in City of Industry. Robert K. Futterman & Associates’ David Friedman represented Round One in the transaction.
MONTEREY, CALIF. — Construction has started on Monterey Peninsula College’s new $9.4 million Student Services Center, a 24,000-square-foot facility designed by HGA Architects and Engineers. When completed in fall 2010, the center will house the college’s financial aid services, developmental disabilities support, registration and academic offices. Swinerton Builders is the general contractor on the project.