SAN DIEGO — KBS Real Estate Investment Trust II has purchased the 118,030-square-foot Torrey Reserve West, a Del Mar Heights office park located 20 miles north of downtown San Diego, for $27.3 million. Ninety-one percent leased, Torrey Reserve West consists of three two-story buildings that house five corporate headquarters locations. Eastdil Secured’s Adam Edwards and Dan Broderick represented the seller in the transaction.
Western
RIVERSIDE, CALIF. — Raintree Partners has completed the $24.6 million acquisition of the 264-unit Boulder Creek Apartments in Riverside. Located near the University of California at Riverside and set against the Box Springs Mountains, the 25-year-old, 96-percent occupied multifamily property was sold by a public REIT. Within the next 18 to 24 months, Laguna Niguel, Calif.-based Raintree Partners will begin both interior and exterior renovations of the property, which offers studio, one- and two-bedroom units.
FULLERTON, CALIF. — The Saywitz Co. has negotiated a 10-year, $4 million lease renewal for the corporate headquarters of Label-Aire Inc., located at 550 Burning Tree Road in Fullerton. The 60,000-square-foot facility was built for Label-Aire more than 20 years ago and houses its international headquarters and main processing operations. Barry Saywitz negotiated the lease renewal on behalf of the tenant; the landlord, RREEF, represented itself in the deal.
SCOTTSDALE, ARIZ. — Glimcher Realty Trust has entered into agreements to purchase the land for all three phases of its Scottsdale Quarter project in Scottsdale from the affiliates of its existing joint-venture partner. The deal would be for approximately $120 million. The purchase of the first and second phases is expected to occur this month, and the Phase III land purchase, along with the termination of the joint venture, is slated to close in October. Scottsdale Quarter consists of approximately 600,000 square feet of retail and office space in the heart of the city.
CALIFORNIA AND NORTH CAROLINA — Waterton Residential has acquired $109.5 million of debt secured by four prime multifamily properties located in California and North Carolina. The recent debt acquisitions include mortgages secured by Skyline Terrace Apartments, a 139-unit property in Burlingame, Calif.; Waterstone Corona Pointe Apartments, a 628-unit property in Corona, Calif.; and Copper Canyon Apartments, a 296-unit property in Riverside, Calif. The other multifamily property is located in Raleigh, N.C.
WHITTIER, CALIF. — Marcus & Millichap has brokered the $3.5 million sale of two commercial office buildings located at 8109 Greenleaf Ave. and 8034-8040 Comstock Ave. in Whittier. The new owner/user intends to establish a community church on site. Marcus & Millichap’s Michael Lawrence represented the private REO seller of the approximately 34,049-square-foot complex, which was built in 1990.
SANTA FE SPRINGS, CALIF. — Colliers International has negotiated Cerritos, Calif.-based GHI Group LLC’s more than $3.45 million acquisition of a 32,006-square-foot industrial building, located at 13021 Arctic Circle in Santa Fe Springs. Constructed in 2004, the property features dock-high and ground-level loading and a 24-foot clear height. Colliers’ Chris Sheehan and Adam Deierling represented the buyer, a manufacturer of computer components, in the transaction; and VOIT Real Estate Services’ Dan Berkenfield represented the private-investor seller, Dodson LTD.
GLENDALE, CALIF. — Bay Alarm has acquired a 9,700-square-foot industrial building, located at 1728 Standard Ave. in Glendale, from trustees Jack D. and Myra S, Taylor, for $1.725 million. Lee & Associates-LA North/Ventura’s Randall Kobata and Brett Warner represented the buyer and sellers, respectively. The burglar alarm company is relocating from a Van Nuys, Calif., facility.
Leasing activity in the Albuquerque industrial market has been inconsistent during the first half of 2010. The market cannot seem to sustain any positive momentum, with many starts and stops so far this year. As is the case in many other markets, there has been virtually no speculative construction in the Albuquerque industrial market in the past 2 years; positively, this trend has helped keep vacancy rates from rising even more than they have. The industrial market vacancy rate for Albuquerque is currently 9.4 percent, which is 1 percent higher than a year ago and more than 2 percent higher than 2 years ago. Albuquerque’s north Interstate-25 corridor continues to lead all submarkets with regard to overall leasing activity, capturing a full 85 percent of all leased space in the second quarter of this year. A significant transaction just completed in the submarket is the Southwest Regional Council of Carpenters’ 93,686-square-foot union training center at 3900 Pan American NE. Slower submarkets include the downtown area (13.3 percent vacancy) and the South Valley (15.4 percent), both of which have older inventory including buildings with functional obsolescence. The overall lack of demand for Albuquerque industrial space can be attributed in large part …
PORTLAND, ORE. — E & L Building LLC has purchased a 13-unit multifamily property, located at 74-98 SE 148th Ave. in Portland, from Jack and Stephanie Furman. Terms of the deal were not disclosed. Bluestone & Hockley Real Estate Services’ Julie Richard-Schutrop represented the seller, and the brokerage firm’s Cliff Hockley represented the buyer.