Western

LNR PROPERTY CORP. SELLS INDUSTRIAL SPACE FOR $8.9 MILLION

by admin November 18, 2008

PHOENIX — Newport Beach, Calif.-based LNR Property Corp.’s Commercial Property Group has completed the disposition of 74,268 square feet of industrial space at Washington Airport Center, a 244,768-square-foot, cross-docked distribution facility in central Phoenix. Denver-based WT Cobblehill LLC acquired the space for $8.9 million. The space is currently occupied by Sara Lee Bakery Group, which operates a just-in-time distribution facility for its baked goods. The center is located at 3425 E. Van Buren St. Mark Krison of CB Richard Ellis’ Phoenix office represented the seller; Tom Louer of Lee & Associates’ Phoenix office represented the buyer in the transaction.

November 18, 2008

RETAIL PROPERTY TRADES HANDS FOR $9.8 MILLION

by admin November 18, 2008

LOS ANGELES — Ron Pelleg, a licensed real estate broker, has completed the disposition and acquisition of a 13,353-square-foot retail property, which is situated on a 40,387-square-foot lot located at 5224 Coldwater Canyon Ave. in Los Angeles. The property, which is triple-net leased to Walgreens until 2063, sold for $9.8 million. The buyer, 5224 Coldwater Canyon LLC, assumed an approximately $5.2 million loan at 5.65 percent for 5 years. The seller was 5224 Coldwater LLC.

November 18, 2008

Industrial Western

NORTHMARQ ARRANGES $19 MILLION LOAN FOR INDUSTRIAL PORTFOLIO

by admin November 18, 2008

SANTA ROSA, CALIF. — NorthMarq Capital has arranged a $19 million first mortgage for North Bay Industrial Portfolio, which is located in Airport Corporate Center in Santa Rosa. The portfolio offers 275,000 square feet of warehouse and light manufacturing space. 40/86 Mortgage Capital Inc. provided the financing, which was based on a 10-year term with a 30-year amortization schedule. Jeffrey Haskell of NorthMarq Capital’s San Francisco regional office arranged the financing.

November 18, 2008

Retail Western

PACIFIC DEVELOPMENT GROUP ACQUIRES 55,000-SQUARE-FOOT SAFEWAY

by admin November 18, 2008

LODI, CALIF. — Newport Beach, Calif.-based Pacific Development Group has acquired a 55,000-square-foot Safeway, one of the largest supermarket chains in the United States. Located in Lodi, the property was purchased for $11.1 million with a $6.875 million loan provided by Union Bank of California. In addition to the acquisition, Pacific Development Group is also planning the final phase of Colonies Crossroads, a 109-acre lifestyle shopping center along Interstate 210 in Upland, Calif. Colonies Crossroads offers more than 1.1 million square feet of promotional, neighborhood and specialty retail and hosts major tenants such as Target, Kohl’s, Office Depot and PetSmart. The final phase’s projected 200,000 square feet will be anchored by Best Buy, Nordstrom’s Rack and Beverages & More, along with other retail shops and restaurants.

November 18, 2008

Office Western

VF CARSON LLC ACQUIRES 150,222-SF OFFICE TOWER FOR $21.5 MILLION

by admin November 17, 2008

LAS VEGAS — VF Carson LLC has acquired an 11-story office tower, which is located at 302 and 310 E. Carson Ave. in downtown Las Vegas, for $21.5 million. The buyer plans to upgrade the 150,222-square-foot building and add green elements to the property. David Scherer, Barton Hyde, Michael Hsu and Matthew Kreft of Grubb & Ellis|Las Vegas represented the seller, Carson Properties Nevada LLC, in the transaction.

November 17, 2008

Industrial Western

NORTHMARQ ARRANGES $115M LOAN FOR MISSION WEST PORTFOLIO

by admin November 17, 2008

SAN FRANCISCO — The San Francisco regional office of NorthMarq Capital Inc. has secured a $115 million first mortgage for Mission West Portfolio in Silicon Valley. Owned by Mission West Properties, the portfolio consists of approximately 1.62 million square feet of office and research and development space. The properties are located in San Jose, Cupertino, Sunnyvale, Santa Clara, Milpitas and Fremont, Calif. Major tenants include Fujitsu, Intevac, Solopower, Flextronics, BAE Systems and Loral. Terms of the 10-year loan include a 20-year amortization schedule. The loan was provided by Hartford Life Insurance Company and its affiliates. Dennis Sidbury of NorthMarq Capital arranged the financing.

November 17, 2008

Multifamily Western

MARCUS & MILLICHAP BROKERS SALE OF KULA KAI APARTMENTS

by admin November 17, 2008

FOSTER CITY, CALIF. — Tom Doglio of Marcus & Millichap’s Palo Alto, Calif., office represented both parties in the sale and acquisition of Kula Kai Apartments in Foster City. Located at 808 Comet Dr., the 37,641-square-foot, 42-unit community offers a mix of studio, one- and two-bedroom units. Community amenities include a private, gated swimming pool, on-site laundry facilities, a sauna, a private courtyard and covered parking. Freddie Mac provided acquisition financing for the transaction. Additional details of the transaction were not disclosed.

November 17, 2008

Industrial Western

CENTERLINE INDUSTRIAL ACQUIRES INDUSTRIAL BUILDING FOR $1.9M

by admin November 17, 2008

POWAY, CALIF. — Centerline Industrial has purchased an 11,422-square-foot industrial building in Poway for $1.9 million. The building is located within South Poway Business Park at 12580 Stowe Dr. The buyer plans to relocate to the facility in early 2009. Built in 1990, the property features 2,117 square feet of office space and 9,245 square feet of warehouse space with dock- and grade-level loading. James Duncan of Cushman & Wakefield represented the buyer; Richard Murdock of Commercial Realty Advisers represented the seller, Poway I LLC, in the transaction.

November 17, 2008

Multifamily Western

COLONY MOBILE PLAZA SELLS FOR $2.5 MILLION

by admin November 17, 2008

LA MESA, CALIF. — Tim Mills of Cushman & Wakefield has completed the disposition and acquisition of Colony Mobile Plaza, a 2.25-acre mobile home park located at 7440 Colony Dr. in La Mesa. Robert Bruce Kleege and Brenda F. Kleege acquired the property for approximately $2.5 million. The buyers plan to hold the property as an investment. The property is currently occupied by 54 mobile homes. The seller was Trustees of the Dutzi Family Trust.

November 17, 2008

Industrial Western

PROLOGIS HALTS NEW DEVELOPMENT

by admin November 14, 2008

DENVER — Denver-based ProLogis, the world’s largest owner, manager and developer of distribution facilities, has unveiled major strategic initiatives in an effort to address market conditions. While the company will complete any projects that are currently underway, ProLogis does not expect any new development activity for the foreseeable future and will not pursue entry into any new markets until conditions improve and liquidity returns. In addition to the development freeze, the company is revising its dividend rates for 2009, which were released earlier this year as $2.28 per share. The new rate reflects an annualized dividend of $1.00 per common share for 2009, subject to market conditions and REIT distribution requirements. The company will also reduce its G&A spending by 20 to 25 percent through a combination of workforce and business spending reductions. Additionally, Jeffrey Schwartz has resigned as the company’s chairman and chief executive officer. Walter Rakowich has been named chief executive officer and Stephen Feinberg will assume the role of chairman.

November 14, 2008

Newer Posts

Older Posts

Upcoming Events

Aug
18