OXNARD, CALIF. — A new 38,500-square-foot student services center has opened at Oxnard College. Designed by west Los Angeles-based Nadel Architects, the $18 million structure allowed for the consolidation of a number of administrative and student offices, including the cafeteria, student business office, admission and records, financial aid, career and transfer center, health services, and disabled student services. The new center will help the 118-acre campus expand to serve 11,500 students.
Western
SAN DIEGO — The Peckham Family Trust is developing Harbor Point, a new two-story, 24,000-square-foot mixed-use building located at 5055 N. Harbor Drive in the Point Loma area of San Diego. Johnson & Jennings General Contracting is performing ground-up construction of the building, which is slated for completion in August 2010. Harbor Point will consist of nine office suites above three ground-floor retail suites and includes secured, covered parking and an open second-floor courtyard. F.L. Hope Architecture & Planning is the LEED project designer, SENTRE Partners is the development manager and B&G Consultants is the construction manager.
SAN FRANCISCO BAY AREA — Terranomics Retail Services has assisted Target Corp. in its recent acquisition of an approximately 118,000-square-foot retail building in Oakland and 10 acres of land in San Jose as part of the discount retailer’s plans for two new store openings in 2011. Terms of the South Bay and East Bay transactions were not disclosed. In the first transaction, Matt Kircher of Terranomics Retail Services, the retail division of BT Commercial, handled Target’s acquisition of the leasehold interest of a former Expo Design Center building, located at 1555 40th St. in Oakland, from The Home Depot. Kircher also represented the retailer in its 10-acre, north San Jose land purchase from Hunter Storm Properties. Target will be constructing a 138,000-square-foot store on the property.
HOLLYWOOD, CALIF. — Madison Partners has arranged the nearly $5.5 million sale of the 36-unit Orange Towers Apartments located at 1757 N. Orange Drive in Hollywood. Directly across the street from the Kodak Theatre, Mann’s Chinese Theatre and Hollywood & Highland entertainment complex, the 100 percent occupied building comprises 14 one-bedroom/one-bath units and 22 two-bedroom/two-bath units. The five-story apartment complex was originally constructed in 1965 and renovated in 2007-2008. Madison Partners’ Darin Beebower represented both the buyer, Los Angeles-based Lion Real Estate Group, and the seller, Orange Towers Associates LLC.
SANTA MONICA, CALIF. — Marcus & Millichap has handled the $4 million sale of a 15-unit apartment property located at 1114 6th St. in Santa Monica. Constructed in 1961, the property consists of 15,156 rentable square feet. Marcus & Millichap’s Tony Azzi represented the seller, a partnership.
The Orange County industrial market continues to suffer from the effects of the national recession — widespread job losses, corporate downsizing, a lack of liquidity and an overall resetting of property values. Local businesses are postponing capital expenditures, reducing workforces and attempting to shed excess space, which has caused the availability rate for industrial product to increase by 70 percent since the first quarter of last year. North Orange County has experienced seven consecutive quarters of negative net absorption. The vacancy rate is just shy of 6 percent, while the availability rate is approaching 11 percent. The sharp increase in availability, coupled with an overall lack of demand, has created a tenant’s market where landlords are forced to be creative and are offering substantial rate reductions, free rent and moving allowances to entice tenants. Despite the aggressive attempts by landlords to lure tenants to their vacant buildings, many tenants do not have the confidence in their businesses to justify a large-scale move and are working with their existing landlords to complete short-term renewals. Although asking lease rates haven’t moved much given the lack of velocity and tenant demand, recently completed deals show that lease rates are down 25 to 30 …
IRVINE, CALIF. — Behringer Harvard has acquired the 177-unit Calypso Apartments and Lofts located three miles from John Wayne Airport at 2801 Alton Pkwy. in Irvine. This purchase was made through a joint venture between Behringer Harvard Multifamily REIT I Inc. and PGGM Private Real Estate Fund. Calypso offers studio, one- and two-bedroom apartment homes and includes a resort-style pool with spas, a state-of-the-art fitness center and a clubhouse with plasma televisions and a Wi-Fi lounge.
PORTERVILLE, CALIF. — Retail West has negotiated the sale of the 81,000-square-foot Eastridge Plaza in Porterville to Vallarta Properties. The retail center includes a recently opened Vallarta Supermarket. Retail West’s John DuBois, Jon Gianulias and Mark Denholm represented the seller, a partnership including New York-based Kimco and Prudential.
MIRA LOMA, CALIF. — Marcus & Millichap has brokered the $4.2 million sale of Freeway Commerce Center, an 11-unit industrial park located in Mira Loma. Built in 2009 to condominium specifications, the property was vacant at the time of sale with nine built-out units and two other units in shell condition. Marcus & Millichap’s Michael Lawrence and Stewart Weston represented the seller, a financial institution, in the REO transaction, and Lawrence also represented the buyer, an Orange County-based limited partnership.
DENVER — Through its Cobalt Industrial REIT II affiliate, Cobalt Capital Partners L.P. has acquired a 500,000-square-foot, three-building portfolio in Denver. Located within the city’s airport submarket and 100 percent leased to 12 tenants, the buildings are infill, light-industrial properties built between 1978 and 1996. CB Richard Ellis’ James Bolt represented the undisclosed seller in the transaction.