SANTA MONICA, CALIF. — Marcus & Millichap has handled the $4 million sale of a 15-unit apartment property located at 1114 6th St. in Santa Monica. Constructed in 1961, the property consists of 15,156 rentable square feet. Marcus & Millichap’s Tony Azzi represented the seller, a partnership.
Western
The Orange County industrial market continues to suffer from the effects of the national recession — widespread job losses, corporate downsizing, a lack of liquidity and an overall resetting of property values. Local businesses are postponing capital expenditures, reducing workforces and attempting to shed excess space, which has caused the availability rate for industrial product to increase by 70 percent since the first quarter of last year. North Orange County has experienced seven consecutive quarters of negative net absorption. The vacancy rate is just shy of 6 percent, while the availability rate is approaching 11 percent. The sharp increase in availability, coupled with an overall lack of demand, has created a tenant’s market where landlords are forced to be creative and are offering substantial rate reductions, free rent and moving allowances to entice tenants. Despite the aggressive attempts by landlords to lure tenants to their vacant buildings, many tenants do not have the confidence in their businesses to justify a large-scale move and are working with their existing landlords to complete short-term renewals. Although asking lease rates haven’t moved much given the lack of velocity and tenant demand, recently completed deals show that lease rates are down 25 to 30 …
IRVINE, CALIF. — Behringer Harvard has acquired the 177-unit Calypso Apartments and Lofts located three miles from John Wayne Airport at 2801 Alton Pkwy. in Irvine. This purchase was made through a joint venture between Behringer Harvard Multifamily REIT I Inc. and PGGM Private Real Estate Fund. Calypso offers studio, one- and two-bedroom apartment homes and includes a resort-style pool with spas, a state-of-the-art fitness center and a clubhouse with plasma televisions and a Wi-Fi lounge.
PORTERVILLE, CALIF. — Retail West has negotiated the sale of the 81,000-square-foot Eastridge Plaza in Porterville to Vallarta Properties. The retail center includes a recently opened Vallarta Supermarket. Retail West’s John DuBois, Jon Gianulias and Mark Denholm represented the seller, a partnership including New York-based Kimco and Prudential.
MIRA LOMA, CALIF. — Marcus & Millichap has brokered the $4.2 million sale of Freeway Commerce Center, an 11-unit industrial park located in Mira Loma. Built in 2009 to condominium specifications, the property was vacant at the time of sale with nine built-out units and two other units in shell condition. Marcus & Millichap’s Michael Lawrence and Stewart Weston represented the seller, a financial institution, in the REO transaction, and Lawrence also represented the buyer, an Orange County-based limited partnership.
DENVER — Through its Cobalt Industrial REIT II affiliate, Cobalt Capital Partners L.P. has acquired a 500,000-square-foot, three-building portfolio in Denver. Located within the city’s airport submarket and 100 percent leased to 12 tenants, the buildings are infill, light-industrial properties built between 1978 and 1996. CB Richard Ellis’ James Bolt represented the undisclosed seller in the transaction.
DENVER — On behalf of the CBRE Strategic Partners U.S. Value 5 fund, CB Richard Ellis Investors’ Multi-Housing Group has purchased 415-unit The Metro, a Class A, 89-percent occupied apartment community located at 2121 Delgany St. in downtown Denver. Constructed in 2002, the Metro consists of three mid-rise buildings with units averaging 943 square feet. The complex includes a clubroom, a business center, a 24-hour fitness center and 655 garage parking spaces.
SAN DIEGO — Grubb & Ellis|BRE Commercial has facilitated Grant Thornton LLP’s $4.2 million office lease in Executive Center Del Mar, located at 12220 El Camino Real in the Del Mar Heights submarket of San Diego. The accounting and consulting firm, represented by Cushman & Wakefield’s Mike Macie, signed a 10-year lease for a 10,544-square-foot suite in the building. Grubb & Ellis’ Joe Anderson, Dave Odmark and Rick Reeder represented the lessor, Cognac Del Mar Owner II LLC.
PETALUMA, CALIF. — In a joint-venture partnership with Marina Office Park Associates, Basin Street Properties has acquired the 116,000-square-foot, three-building Petaluma Marina Business Center in Petaluma. The Class A office complex in Sonoma County changed hands for an undisclosed amount. Located adjacent to the Petaluma River with access to Highway 101, Petaluma Marina Business Center features suites ranging from 400 to 6,000 square feet.
BELLEVUE, WASH. — Marcus & Millichap has negotiated the $4.98 million sale of the 69-unit Meydenbauer Inn Apartments located at 211 112th Ave. NE in Bellevue. Built in 2009, the complex consists of 41 studio units, 17 one-bedroom/one-bathroom units, eight one-bedroom/one-bathroom plus loft units and two two-bedroom/one-bathroom units and includes a two-level, subterranean, secured parking garage and a small retail space. Marcus & Millichap’s Dan Swanson, Blake Rodgers, Matthew Bohner and Jacob Steele represented the buyer, a financial institution, in the transaction.