ESCONDIDO, CALIF. — Hendricks & Partners has brokered the $10.67 million sale of Mission Terrace, a 122-unit apartment community located at 810-50 N. Juniper St. in Escondido. Hendricks & Partners’ Allen Chitayat represented both the seller, Juniper Village LP of Los Angeles, and the buyer, Mission Terrace Apartments LLC of San Diego.
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SAN DIEGO — Cushman & Wakefield has handled New York-based L-3 Communications Corp.’s $8.78 million lease renewal for 123,442 square feet of office and R&D space at 10770 Wateridge Circle in the Sorrento Mesa area of San Diego. Cushman & Wakefield’s Matt Strockis represented L-3 Communications, and Matt Nickels of CB Richard Ellis represented the lessor, Metropolitan Life Insurance Company.
AUBURN, WASH. — GVA Kidder Mathews has brokered Ceva Freight LLC’s 107,200-square-foot industrial lease at 2402 R St. NW in Auburn. GVAKM’s Doug Klein and Matt Wood represented the lessee, and Diane Deaton of Deaton & Associates Inc. represented the lessor, L-W Auburn Co.
At nearly 1 billion square feet, the Los Angeles industrial market is one of the largest in the nation, and despite increasing vacancy in the past year, it remains one of the tightest. The Bureau of Labor Statistics has estimated that 172,100 non-farm jobs were lost between July 2008 and July 2009. Industrial-oriented jobs have been among the hardest hit during the past 12 months, including losses in trade, transportation and utilities (39,900 jobs); manufacturing (36,200 jobs); and construction (18,000 jobs). Slowing trade and reduced consumer spending is largely responsible for lower industrial demand in 2009. At the Port of Los Angeles, year-to-date TEU volume through August was 18.3 percent lower than the same period in 2008; at the Port of Long Beach, the TEU volume has declined 21.7 percent from 2008 levels. Container activity at the Los Angeles/Long Beach port complex peaked in 2006 when 15.76 million TEUs were handled. The forecast for 2009 is for 12.2 million TEUs, a decline of 22.6 percent. At mid-year 2009, total industrial vacancy in the area was 4.6 percent, up from 3.5 percent at the end of 2008. While vacancy remains low, availability has surpassed 9 percent, the highest rate in more …
BREA, CALIF. — Cabinet-hardware distributor Louis and Co. has signed a 5-year lease renewal for 115,000 square feet of office/industrial space at 895 Columbia St. in Brea. CB Richard Ellis’ Ben Seybold, Mark Latimer and Sean Ward represented the tenant in the transaction.
CITY OF INDUSTRY, CALIF. — For its first U.S. location, family entertainment center Round One has leased 59,000 square feet at Puente Hills Mall in City of Industry. Robert K. Futterman & Associates’ David Friedman represented Round One in the transaction.
MONTEREY, CALIF. — Construction has started on Monterey Peninsula College’s new $9.4 million Student Services Center, a 24,000-square-foot facility designed by HGA Architects and Engineers. When completed in fall 2010, the center will house the college’s financial aid services, developmental disabilities support, registration and academic offices. Swinerton Builders is the general contractor on the project.
SOUTHERN CALIFORNIA — Pacific Medical Buildings (PMB) will develop three new medical office buildings (MOBs) and one parking structure in and around Southern California. In Yorba Linda, PMB will develop an 88,000-square-foot MOB for the St. Jude Heritage Medical Group that will house primary care, multi-specialty medical offices, imaging and urgent-care centers. Groundbreaking is scheduled for November. In early 2011, PMB will begin construction on a 60,000-square-foot MOB and a 320-space parking structure in San Diego. The facility is being developed in conjunction with the Sharp Rees-Stealy Medical Group, which will be the owner and sole tenant. Also in 2011, PMB will start construction on an 80,000-square-foot facility on the campus of Eden Medical Center in Castro Valley that it will also own and manage.
SAN FRANCISCO — The 13-story, $190 million San Francisco Public Utilities Commission headquarters broke ground yesterday at 525 Golden Gate Ave. in the Civic Center near San Francisco’s City Hall. Designed by KMD Architects and Stevens Architects, the 277,000-square-foot building is designed to exceed LEED Platinum certification and will exceed California’s recent Title 24 requirements for energy efficiency in new office buildings by 55 percent. Completion of the project is planned for spring 2012.
LAS VEGAS — CORE Construction has completed construction on the Mark L. Fine Elementary School at 6635 W. Cougar Ave. in southwest Las Vegas. An $18.7 million project designed by JMA Architecture Studios, the 68,875-square-foot, single-story school is situated on 30 acres and includes four blocks of classrooms, a multipurpose room, a library, enclosed exterior courtyards and playgrounds. CORE began construction on the school in September 2008.