CARSON, CALIF. — Watson Land Co. has leased a 190,000-square-foot industrial property, located at 21750 Arnold Center Road within the Watson Corporate Center in Carson, to Huffy Corp. With the 4-year, $5.8 million lease, the large bicycle company has reserved its new West Coast distribution center, which includes 31 dock-high positions. Jones Lang LaSalle’s Barry Hill represented Huffy in the transaction; Watson was represented in-house by Lance Ryan and Mike Bodlovich.
SANTA BARBARA, CALIF. — Recordan Real Estate Development LLC has purchased an approximately 15,000-square-foot hotel building, located at 117-121 State Street in Santa Barbara, from First-Citizens Bank & Trust Co. for an undisclosed amount. Hagelis Group’s Rob Devericks and Prudential California Realty’s Mitch Stark represented the buyer in the foreclosure sale, and Scott Glenn of Radius Group represented the bank.
The fast-growing Salt Lake City metropolitan area, also known as the Wasatch Front, stretches about 40 miles north of downtown Salt Lake City to Ogden and about 40 miles south to Provo. The area now boasts a population of about 2.1 million — or about 75 percent of the state’s population. Highly favorable demographics continue to lure top-quality retailers, restaurants and shopping centers to the region, which enjoys one of the largest average family sizes in the country (3.6), the youngest median age (28.9) and an unusually high median household income of about $63,000. The market also has a highly educated, value-based population with a strongly established work ethic that encourages retail patronage and expansion. Growth in Salt Lake County, which has a population of about 1.1 million, is particularly strong in the southwest portion. Area planners are projecting a population growth of 1 million people in the Wasatch Front during the next 30 years. Unlike other Western markets, retail in the metro area is not highly volatile. Most retailers did take an expansion hiatus here during the recession, but store fallout was minimal, except for a handful of closings by bankrupt national retailers. Some major national retailers, including Target, …
CAMPBELL, CALIF. — ARA has brokered the $42.5 million sale of The Commons, a 264-unit apartment community located along Union Avenue off Route 17 in Campbell. Completed in 1973 and having undergone more than $1.7 million in exterior/interior renovations in the past several years, The Commons features a mix of studios, one- and two-bedroom floor plans and includes two resort-style swimming pools, a fully-equipped fitness center, a business center and covered parking. ARA’s Mark Leary and Curtis Gardner acted as advisors to the Bay Area-based private owner in its disposition of the asset, which was 94-percent occupied at the time of sale, to Palo Alto, Calif.-based Essex Property Trust.
CASA GRANDE, ARIZ. — Newport Coast, Calif.-based Friedman and Friedman Management Company has purchased The Colony, a multifamily property located at 351 N. Peart Road in Casa Grande. Las Vegas-based Casa Grande Apartments LLC sold the 240-unit property for $11.6 million. Built in 2003, the property offers 32 one-bedroom, 128 two-bedroom and 80 three-bedroom units. Additionally, the community offers a heated pool, a spa and a fitness center. Chuck LaBenz and Art Wadlund of Hendricks & Partners represented the seller in the transaction.
SANTA CLARA, CALIF. — TRECAP Partners has formed a joint venture with Pacific Property Company to acquire a majority interest in Waterstone at Santa Clara, a multifamily property located in Santa Clara. Built in 1972, the 18-building community offers 156 one- and two-bedroom apartment units. Community amenities include a heated swimming pool, a recreation center with a home theater, a fitness center, on-site laundry facilities and reserved covered parking. TRECAP has partnered with Pacific Property on 29 separate transactions. Mitch Thurston and Andy Ahlers of Berkadia Commercial Mortgage’s San Francisco office originated the long-term, fixed-rate acquisition financing through its Freddie Mac program. Terms of the acquisition were not released.
FONTANA, CALIF. — Union Developmental Financial has purchased the 90,439-square-foot First Choice Self Storage facility, located at 14750 Foothill Blvd. in Fontana, for almost $5.1 million. NAI Capital’s Stephen Grossman was the sole broker presiding over the transaction. The facility features 663 self-storage units and 84 covered RV parking spaces.
CLAREMONT AND POMONA, CALIF. — Raintree Partners has acquired a three-property multifamily portfolio, located in Claremont and Pomona, from Pacific Property Co. for $30.6 million. In Pomona, Southridge Apartments is an 80-unit, two-story, walk-up property with both one- and two-bedroom units. In Claremont, Springhill Townhomes offers 64 two-, three- and four-bedroom units. The Village at Claremont, also in Claremont, consists of 84 single- and two-story units ranging from two to three bedrooms each. Laguna Niguel, Calif.-based Raintree plans to invest in both interior and exterior upgrades at the three properties, all of which are situated within 2 miles of one another and in close proximity to Cable Airport.
SAN BRUNO, CALIF. — Behringer Harvard has acquired the 163-unit Acappella Apartments located at 1001 National Ave. in San Bruno. Terms of the deal were not disclosed. Situated approximately three miles northwest of the San Francisco International Airport, 10 miles south of downtown San Francisco, less than one mile from the corporate headquarters of YouTube LLC and immediately adjacent to 1.1-million-square-foot The Shops at Tanforan, the Acappella Apartments consist of a five-story building with a below-grade parking garage and includes a state-of-the-art fitness center, a business center, a resort-style swimming pool and spa, and a landscaped courtyard with picnic/cookout area. The mid-rise multifamily property was constructed in 2009 during the third phase of development at The Crossing, a 20-acre, master-planned community.
CAMARILLO, CALIF. — Lee & Associates-LA North/Ventura has negotiated a 98,952-square-foot industrial lease in the Camarillo Commerce Center at 4030 Via Pescador for nearly $4 million. Seeking a single building in which to consolidate two Oxnard warehouses totaling 60,000 square feet, Dynacorn International leased the industrial facility for a 7-year term from Triliad Development. Lee’s Grant Harris, Robert Shafer and Grant Fulkerson represented the landlord in the transaction, and NAI Capital’s Mike Tharp and Fred Ferro represented the tenant, a distributor of parts for classic and muscle cars.