SANTA ANA, CALIF. — Kevin Boeve of Marcus & Millichap represented the undisclosed California-based seller in the $1.65 million disposition of a 1,800-square-foot single-tenant property, which is located in Santa Ana. The property is currently under an 18.5-year triple-net ground lease to Mangen Group, which operates the property as a Burger King. Richard Longobardo and Charles Shillington of Marcus & Millichap represented the undisclosed buyer in the transaction.
PHOENIX — Phoenix-based JDO LLC has acquired a 30,403-square-foot flex/office building located within Southbank Business Park at 3439 E. University Dr. in Phoenix. Colonial Development sold the property for $3.89 million. The property is currently 100 percent leased to General Services Administration. Jim Fijan and Jerry Roberts of CB Richard Ellis’ Phoenix office represented the buyer; Jim Wilson and Mike Beall of Cushman & Wakefield represented the seller in the transaction.
LOS ANGELES — Marcus & Millichap has brokered two apartment community transactions in Los Angeles. Tony Azzi of Marcus & Millichap represented both undisclosed parties in the disposition and acquisition of 903 North Hudson Avenue, a 16-unit apartment property located in Los Angeles. Built in 1964, the 12,468-square-foot property sold for $1.62 million. Additionally, Steve Bogoyevac of Marcus & Millichap represented both undisclosed parties in the disposition of a 20-unit apartment building, which is located at 401 Witmer St. in Los Angeles. The property, which was built in 1924, sold for $1.1 million or $125 per square foot.
PORTLAND, ORE. — Alan and Donna Mascard have purchased a 5,673-square-foot office property, which is located at 1305 NW 18th Ave. in Portland. 18th & Overton LLC sold the property for $1.15 million. Josh Schweitz and Kevin Joshi of GVA Kidder Mathews represented the buyer; John Gibson of Colliers International represented the seller in the transaction.
San Diego has historically been a strong retail market with low vacancy and barriers to entry that restrict the supply of new centers. However, the market has not been immune to these difficult times. Rising unemployment and decreased home values have made consumers more cautious, leading to lower sales volumes for many retailers and restaurants creating slightly more vacancy throughout the area. Expo Design Center, Linens ‘N Things, Circuit City and Mervyns are just a few of the big boxes that sit empty along with several former gas stations, Starbucks Coffee, Banner Mattresses, Baja Fresh and La Salsa locations. However, these vacancies created opportunities for Wal-Mart, Kohls, Best Buy, yogurt shops, taco shops and others to enter projects or trade areas that had proven difficult to enter. Many of these former restaurant locations still include the furniture, fixtures and equipment and have created excellent opportunities for new tenants to reopen with little upfront investment. This is particularly true in South County as many experienced restaurateurs and other business owners from Mexico are crossing the border to open businesses. Tenants such as Autozone, Chase Bank, CVS/pharmacy, Gamestop, 7-Eleven and Five Guys are now taking advantage of the lower rents and increased …
NORTH HOLLYWOOD, CALIF. — Jonathan Cook of Investment Real Estate Associates (IREA) represented the undisclosed buyer in the acquisition of Cloisters Apartments in North Hollywood. Located at 4824 Satsuma Ave., the 10-unit multifamily property sold for $1.73 million. Amenities include off-street covered and open parking, a pool, landscaping and laundry facilities. Chris Thompson, also of IREA, represented the undisclosed seller in the transaction.
SHERMAN OAKS, CALIF. — Ed Fischer of Hendricks & Partners represented Los Angeles-based Moorpark Premier Properties in the disposition of 15146 Moorpark Street in Sherman Oaks. Santa Monica, Calif.-based 15146 Moorpark Street purchased the 7-unit townhome property for $2.3 million or more than $328,000 per unit.
SAN DIEGO — Stadium View LLC has purchased a 3,772-square-foot lot, which is located at 650 11th Ave. in downtown San Diego, for $1.5 million. The property includes a 9,270-square-foot three-story building that is occupied by Volunteers of America. The land is currently zoned for residential and retail use. Cotton-Ritchie Realtors represented the buyer; Doug Matheson of CB Richard Ellis represented the seller, 650 11th Avenue LLC, in the transaction.
PORTLAND, ORE. — American West Coast Properties has purchased Grant Manor Apartments, a 5-unit multifamily building located at 12650 SW Grant Ave. in Portland. Patrick J & Patricia Hefferman sold the property for an undisclosed price. Naz Parsiani of Bluestone & Hockley Real Estate Services represented the buyer; Bill Marquard of The Hasson Company Realtors represented the seller in the transaction.
CHANDLER, ARIZ. — Austin, Texas-based Capital Commercial Investments has acquired a 512,000-square-foot office/research and development facility, which is located at 2501 S. Price Rd. in Chandler. Situated on 152 acres between Germann and Queen Creek roads, the two-story property, which was the former Motorola campus, sold for an undisclosed price. Luke Walker of CB Richard Ellis’ Phoenix office represented the buyer; Jeff Adkinson of Jones Lang LaSalle represented the seller, Schaumburg, Ill.-based Motorola, in the transaction.