HUBBARD, ORE. — Marcus & Millichap Real Estate Investment Services has brokered the sale of a 14,578-square-foot industrial property in Hubbard. Located at 2363 Industrial Ave., the asset commanded a sales price of $1.05 million. Michael Kapnick and Ryan O'Leary of Marcus & Millichap’s Portland office handled the transaction.
Western
Since the beginning of 2009, six new office projects containing 254,000 square feet of space have been delivered. As of the second quarter, these projects were 53 percent occupied. This strong absorption came primarily from one tenant, Fidelity Investments, which moved into a 112,000-square-foot build-to-suit project designed to handle the firm’s human resources outsourcing work. This project was developed by Forest City Covington in Mesa Del Sol, a master-planned, mixed-use community located just south of the airport on a mesa overlooking the Rio Grande Valley. In a rare occurrence, no multi-tenant office projects were under construction during the second quarter. This is good news for these recently completed office projects. New speculative projects are likely to remain on the drawing board as developers face financing challenges with high pre-leasing requirements. The excess amount of unsold office condominiums on the market (approximately 300,000 square feet) may aggressively compete for tenants by offering lease-to-purchase options. The Albuquerque metro area is poised for growth during the next few years. It has earned some high rankings by national media, placing it among the top metro areas. The bottom line is the Albuquerque metro area is being discovered for its excellent climate, strong workforce and …
RENO, NEV. — ITS Logistics, a third-party logistics provider, has renewed its lease of 176,000 square feet of distribution space at ProLogis’ West Spice Industrial Park in Reno. ITS will continue to occupy the space at Building 16 of the master-planned distribution park, which is located approximately two miles south of Interstate 80 off McCarran Boulevard.
ONTARIO, CALIF. — Belmont & Grove Land Holdings LLC, a division of Panattoni Development Company, has secured a 63-month lease of 101,690 square feet of industrial space at 1110 S. Mildred Ave. in Ontario. The lessee was represented by Grubb & Ellis’ Roger Rhoades, Milo Lipson and Michael Arens. CB Richard Ellis represented Office Master Inc., the lessor, in the transaction.
CENTENNIAL, COLO. — The new 95,000-square-foot Centennial Station office building developed by Harwood & Associates has opened at 12154 E. Easter Ave. in Centennial. After 12 months of construction, the building is now fully occupied and includes a central conference room and learning center, break rooms, a jogging path and workout facility, as well as an atrium and balconies with views of Colorado’s Front Range. Project partners included the U.S. General Services Administration, general contractor The Weitz Company and architect Gensler. The development was designed for LEED-Silver certification.
FEDERAL WAY, WASH. — TRI Commercial/CORFAC International’s Robert King and Jeff Crane of The Andover Co./CORFAC International represented WB Equities in the sale of an International House of Pancakes (IHOP) restaurant, located at 178 SW Campus Dr. between Seattle and Tacoma in Federal Way, for close to the asking price of $3.25 million. The buyer was not disclosed. This 4,022-square-foot NNN property has more than 18 years remaining on its lease.
SAN PEDRO, CALIF. — Equity Residential, represented by Marcus & Millichap Real Estate Investment Services, has sold the 160-unit Harbor View and 60-unit Bay Ridge apartment communities to an undisclosed buyer for $37.25 million or $169,318 per unit. Located at 1286 and 1099 W. Capital Drive, respectively, in San Pedro and exempt from Los Angeles rent control laws, Harbor View and Bay Ridge feature amenities such as swimming pools, spa, state-of-the-art fitness center, dry heat sauna and an oversized sundeck. Greg Harris and Ron Harris, both directors of Marcus & Millichap’s National Multi Housing Group, represented the seller.
SAN DIEGO — McCarthy Building Cos. has completed construction of the three-story, 50,000-square-foot Allied Health Building at San Diego Mesa College. Located at 7250 Mesa College Dr. in the Clairemont area of San Diego, the $23 million facility was funded by the $1.56 billion Propositions S and N construction bond program. The facility consists of a computer lab, classrooms, a clinical dental lab, physical therapy lab, medical lab, and faculty and staff offices. Construction of the Allied Health Building began in May 2008.
TEMECULA, CALIF. — Cushman & Wakefield has brokered the sale of a 1,680-square-foot medical office condominium in Temecula. Terms were not disclosed. Located at 31493 Rancho Pueblo Rd. in Rancho Pueblo Center, Unit 11 was purchased by Kishore K. Vasant and Smita K. Vasant, who were represented by Brandon Sudweeks of Sudweeks Commercial Real Estate. Kevin Tremblay of Cushman & Wakefield represented the seller Rancho Pueblo I, LLC. The five-building, 109,000-square-foot Rancho Pueblo Center was built in 2007 by Covenant Development.
PASADENA, CALIF. — CB Richard Ellis (CBRE) presided over the $52 million disposition of 2 North Lake, an office complex located at the corner of Colorado Boulevard and Lake Avenue in Pasadena. A private party, Singpoli, teamed with capital partners in Hong Kong and Taiwan to acquire the party, which consists of an 11-story, 203,911-square-foot office tower, two smaller, adjacent buildings and a parking structure. CBRE’s Kevin Shannon and Todd Tydlaska represented the seller, Grosvenor Americas, in the transaction.