HONOLULU — A local partnership, which includes owners of Ba-Le Restaurants and Island Flooring Company Inc., has acquired 900 N. Nimitz Highway in Honolulu for $20 million. The buyers will utilize portions of the property for their respective businesses. The two-story property is situated on four acres of fee-simple industrial mixed-use zoned land at the corner of Nimitz Highway and Alakawa Street in Honolulu’s Iwilei area. Scott Mitchell and Guy Kidder of Colliers Monroe Friedlander represented the seller, Weyerhaeuser, in the transaction.
LAS VEGAS — EastGroup Properties has purchased Arville Distribution Center in Las Vegas for $11 million. Constructed in 1997, the two-building business distribution complex offers 142,000 square feet of space. At the time of acquisition, the center was 77 percent occupied by eight tenants. The acquisition marks the company’s entry into Las Vegas. Additional details regarding the transaction were not released.
LA JOLLA, CALIF. — 7701 Herschel LLC has purchased a 10,236-square-foot office property in La Jolla. Located at 7701 Herschel Ave., the property sold for $4.75 million. Mike Slattery and Robert Kuzman of Grubb & Ellis|BRE Commercial represented the seller, The Copley Press, in the transaction.
LONG BEACH, CALIF. — Holliday Fenoglio Fowler’s (HFF) Los Angeles office has secured a $6.4 million loan for Esther Ridge Apartments in Long Beach. Located at 630-800 E. Esther Ave., the 78-unit multifamily property features 20 one-bedroom/one-bath units, 40 two-bedroom/one-bath units, eight two-bedroom/two-bath units and 10 three-bedroom/one-bath units. The borrower is Westland Industries Group, a Long Beach-based diversified real estate development and management organization. Wachovia’s Multifamily Capital provided financing for the loan.
Vacancy is rising and rents are falling in Orange County’s office market. To maintain occupancy, landlords are lowering their rent rates and reducing lease terms. The total amount of office space available in Orange County was 22.41 percent at the end of first quarter 2009, which is an increase of 3.72 percent from the vacancy rate at the end of first quarter 2008. Many tenants are either downsizing or consolidating due to the declining economy and shrinking job market. However, as demand drops off and lease rates decline, some companies are capitalizing on some of the opportunities arising in Orange County’s office market. Orange County’s popularity with businesses and its strong labor base has always made it a popular destination for companies to expand into, but its high rent rates prevented many from doing so. In the current economic climate, businesses such as loan modification companies and call centers have actually expanded and are moving to the area. Now that rents have fallen, these companies that would previously have been uninterested in office space within Orange County due to its high prices are opting to move to the area. While there are some great opportunities for tenants in the current …
SHERMAN OAKS, CALIF. — An undisclosed private Southern California investor has purchased the Regency at Sherman Oaks. Located at 4606-4616 Willis Ave., the 69-unit, 82,269-square-foot property sold for $16.5 million or $183 per square foot. The community comprises two three-story buildings offering nine one-bedroom/one-bath units and 60 two-bedroom/two-bath apartments. Greg Harris of Marcus & Millichap’s Encino, Calif., office represented both parties in the transaction. The seller was not disclosed.
PLACENTIA, CALIF. — M&M Acquisitions has acquired a 26,285-square-foot industrial building for $3.9 million. The property is located at 1700 Barcelona in Placentia. Paul Gingrich of DAUM Commercial Real Estate Services represented the buyer; Chris Migliori, also of DAUM, represented the seller, Weise Living Trust, in the transaction.
LONG BEACH, CALIF. — HI Urban Retail Advisors, a division of Hanley Investment Group Real Estate Advisors, has completed the disposition and acquisition of a street-front retail building, which is located at the corner of Third Street and Pine Avenue in Long Beach. The 24,925-square-foot REO building sold for $3.5 million or $140 per square foot. The property offers 23,050 square feet of ground-floor retail space and 1,875 square feet of second story office/loft space. At the time of acquisition, the property was 94 percent vacant. Carlos Lopez of HI Urban represented both undisclosed parties in the transaction.
WOODLAND, CALIF. — Sacramento, Calif.-based Crosswood Investment Co. has completed the disposition of Crosswood, an apartment community located at 641-645 Second St. in Woodland. An undisclosed buyer acquired the property for $2.2 million. Steven Nelson and Al Inouye of Hendricks & Partners represented the seller in the transaction.
DOWNEY, CALIF. — McCarthy Buildings Companies Inc., serving as design-build general contractor, has completed the construction of Kaiser Permanente Downey Medical Center, a $385 million replacement hospital located in Downey. Located at the corner of Imperial Highway and Bellflower Boulevard, the 650,000-square-foot facility replaces the existing Kaiser Permanente Bellflower Medical Center, which will be converted to an outpatient facility. The 352-bed hospital features an inpatient care diagnostic and treatment center; critical care and acute care nursing; inpatient and outpatient surgery; a labor, delivery, recovery and postpartum unit; pediatric services; and a neonatal ICU. HMC Architects provided architectural services for the project.