DUBLIN, CALIF. — A joint venture between Behringer Harvard Multifamily REIT 1 and PGGM Private Real Estate Fund has acquired the 390-unit Waterford Place multifamily property from an undisclosed party for an undisclosed amount. The complex, which is located at 4800 Tassajara Rd. in Dublin, consists of five four-story apartments and is 96.7 percent occupied. Apartment amenities include a pool and spa, a fitness center and a home theater room.
Western
FOUNTAIN VALLEY AND LAGUNA HILLS, CALIF. — Valley Plaza has sold a 33,910-square-foot office development to a 1031-exchange investor for $5.5 million. The two-building property is located at 9550 Warner Ave. and 17050 Bushard St. in Fountain Valley. Encino, Calif.-based NAI Capital’s Steve Economos, George Economos and Geoff DeWolf represented the seller. Cox Commercial’s David Cox represented the buyer. DeWolf and Steve and George Economos, along with Kurt Hediger, represented Edward Mark in his sale of a 9,340-square-foot office building to Lake Forest Realty for $1.2 million. The property is located at 23030 Lake Forest Dr. in Laguna Hills.
SANTA ANA AND TUSTIN, CALIF. — Surefire has acquired a 24,700-square-foot warehouse from The Leeder Family Trust for $2.8 million. Located at 2110 Anne St. in Santa Anna, the industrial building is near the Centennial Regional Park. Ted Sawyer and Darin McDonald of Lee & Associates represented the buyer. Mike Hefner of Voit Real Estate Services’ Anaheim, Calif., office represented the seller. Voit Real Estate Services’ Mitch Zehner and Louis Tomaselli represented the landlord, Juniper Properties, in its 55,291-square-foot lease to Advanced Components Specialist. The $4.2 million industrial lease is for space located at 15651 Mosher Dr. in Tustin. Wade Tift of Grubb & Ellis represented the tenant, who will occupy the space for 10 years.
PALM SPRINGS, CALIF. — Marcus & Millichap has brokered the sale of the 23-unit Villa Vista apartment complex between two undisclosed parties for $1.35 million. The property is located at 685 Vista Chino in Palm Springs. Tom McCartin and Tim Noonan of Marcus & Millichap’s San Diego office and Greg Bassirpou of the firm’s Newport Beach, Calif., office represented the seller. Tyler C. Leeson and Jonathan Mitchell of the Newport Beach office represented the buyer.
OAHU, HAWAII — Honolulu-based A&B Properties has acquired the 113,800-square-foot Waipio Shopping Center from an undisclosed party for an undisclosed price. The property is located across the street from the Central Oahu Regional Park in the Waipio master-planned community in Oahu. Developed in the 1980s, the center is anchored by Foodland Supermarket and houses Outback Steakhouse, Pizza Hut, Taco Bell and Big City Diner. Waipio Shopping Center is 99 percent leased.
OCEANSIDE, CALIF. — San Diego-based Reno Contracting is working toward a March completion of the 84,000-square-foot U.S. Department of Veteran Affairs outpatient clinic. The property will be located in the Seagate Corporate Center at 1300 Rancho Del Oro in Oceanside. Rockefeller Group Development Corp. is overseeing the build-to-suit project.
SANTA ANA, CALIF. — Advanced Real Estate Services has secured a $19.68 million loan for the 196-unit The Court at Artists Village in Santa Ana. Freddie Mac funded the 10-year loan, which carries a 30-year amortization schedule. Michael Elmore of NorthMarq Capital’s Los Angeles office arranged the loan.
DRAPER, UTAH — GRH Kaysville and Halker Properties have sold a 14,820-square-foot Walgreens to a private buyer for $5.45 million. The property, which is located at the intersection of Bangerter Highway and South Street in Draper, was built in 2009. Yubin Tao of Investment Real Estate Associates’ Encino, Calif., office brokered the sale.
PHOENIX — Strategic Storage Trust has purchased a 520-unit self-storage property from a private seller for $2 million. The 38,750-square-foot facility is located on 1.4 acres at 727 W. Missouri Ave. in Phoenix. The acquisition is part of a two-property portfolio that includes a facility in Montgomery, Ala.
At the end of the second quarter, the total industrial square footage in Salt Lake City was more than 110.7 million with an available square footage of 7.6 million, creating a vacancy of 6.89 percent. Big box space in Salt Lake has a 7.29 percent vacancy rate, compared to 5.62 percent in second quarter 2008. Current lease rates are down 2.38 percent from the second quarter of 2008. The hardest hit industrial segment is in the 0 to 5,000-square-foot size increments, which experienced an 11.54 percent decrease in average rents from second quarter 2008. The market is down from the record years of 2007 and 2008, both in speculative development and leasing activity. Like most markets, vacancy rates climbed through the second quarter of 2009, with approximately 1.5 million square feet of existing product coming back to the market. However, the Salt Lake industrial market is in a strong position in the West; third quarter projections are strengthening. Reckitt Benckiser just broke ground on the 200-acre Phase I of Miller Sports Park Industrial Development, a $25 million, 650,000-square-foot distribution center. Another project to note is the planned groundbreaking by The Rockefeller Group on a 365,000-square-foot distribution center on a 71-acre …