PEORIA, ARIZ. — Grubb & Ellis|BRE Commercial LLC has handled Pruitt’s 117,000-square-foot sublease of a former Walmart store, located in Peoria Town Center at 8200 W. Peoria Ave. in Peoria. Grubb & Ellis’ Brent Mallonee, Michael Hackett and Ryan Schubert represented Pruitt’s, and Jay Schneider of Frontera Development represented Walmart Realty.
Western
GLENDALE, CALIF. — Studley represented MyShape, the personal shopping service for women online, in its 35,000-square-foot lease of a Crown Realty & Development office building, located at 210 W. Lexington Ave. in Glendale. Relocating from Pasadena, the company is more than tripling its square footage at the new location, which will serve as its corporate headquarters and fulfillment center. In association with Howard Reback of Bailes & Associates, Studley’s Matthew Brainard represented MyShape in the transaction, and the landlord was represented by Ray Howden of Cushman & Wakefield.
SOUTH SAN FRANCISCO, CALIF. — Jones Lang LaSalle has brokered Actelion Pharmaceuticals U.S.’s acquisition of a 138,399-square-foot office building, located at 5000 Shoreline Court within the 102-acre Sierra Point Business Park in South San Francisco. Texas-based real estate investor Archon Group was the seller. Jones Lang LaSalle’s Gregg Walker and Erich Sengelmann represented Actelion, a biopharmaceutical company, in the transaction. Archon was represented in-house.
LAS VEGAS — Marcus & Millichap has brokered the $5.35 million sale of Nucleus Plaza, a 77,188-square-foot office property located at 900 W. Owens Ave in Las Vegas. Marcus & Millichap’s Ned Zivkovic, Tina D. Taylor and Harry Delany represented the seller, a registered investment advisor out of New York. The buyer, a private investor, was represented by the brokerage firm’s Chris Cunning.
SAN DIEGO — Grubb & Ellis|BRE Commercial has handled Pacific Maritime Industries Corp.’s $4.7 million acquisition of a 57,600-square-foot industrial building, located at 1790 Dornoch Ct. in the Otay Mesa submarket of San Diego. Grubb & Ellis’ Erik Parker and Darren Mullins represented the buyer in the sale, and Marc Lipschitz of Voit Commercial represented the seller, Otay Ridge LLC.
DENVER — Apartment Realty Advisors (ARA) has brokered the sale of a six-property multifamily portfolio totaling 121 units in Denver. A New York-based private buyer, represented by ARA’s Terrance Hunt and Shane Ozment, purchased the $5.86 million portfolio, which is located in the Capitol Hill and Uptown neighborhoods of the Mile High City. All properties involved were HUD subsidized, project based, Section 8 housing communities.
LOS ANGELES — AMCAL Multi-Housing Inc. has broken ground on the 75-unit Andalucia Heights housing development designed for low-income families in Los Angeles. Located in L.A.’s Westlake district, the two-building infill development will offer a total of four one-bedroom apartments, 48 two-bedroom apartments, 20 three-bedroom apartments and three four-bedroom units. Designed by Van Tilburg, Banvard and Soderbergh, Andalucia Heights is reserved for families who earn 60 percent or less of the area median income.
ONTARIO, CALIF. — WCV Commercial Properties has secured a 4-year, $2.69 million lease with Dirt Cheap Inc. for 185,342 square feet of industrial space, located at 1100 S. Etiwanda Ave., Units A & B, in Etiwanda Distribution Center in Ontario. Colliers International’s Mike McCrary and Jeff Bellitti represented WCV in the transaction, and Anthony Naticchioni of NAI Capital represented the tenant, a landscape services company. The lease makes WCV’s 274,312-square-foot building 100 percent occupied.
VICTORVILLE, CALIF. — Grubb & Ellis has represented Wells Fargo Trust in the $4.2 million sale of a former Wickes Furniture store, located at 12704 Amagosa Rd. in Victorville, to Ashley Furniture Industries. Grubb & Ellis’ Ted Bradach represented the seller of the freestanding, 39,200-square-foot retail building, and Aaron Hodgdon of The Hodgdon Group represented the buyer.
Small box retail is the new Seattle trend, and small-shop local retailers are rising to the top. Investor groups are primed, seeing this market as a cherry-picking field of opportunities. Strong big box retailers are shopping a surplus of space that has gone dark. The vacancy rate in the Puget Sound area is 7 to 8 percent, with 4 percent being the norm in prior recessions. Retailers that have vacated without immediate replacement include Circuit City, Linens 'n Things and Joe's Sports & Outdoor. Developers and landlords have struggled to crunch numbers that mid-box retailers can digest. Retailers still seek “Main & Main” locations. Small shop space now commands 25 percent lower rents, but remains competitive due to lack of new construction. From small to large space, tenants should expect to see rates in the low teens, even the single digits in one-off markets. After many peaked at more than current market rates, renewal rates have now dropped in order for landlords to retain tenants. Often space that would have commanded $36 per square foot to $40 per square foot 2 years ago, now goes for around $30 per square foot. Both the upper-income suburban locations and the inner-city mixed-use …