ORANGE, CALIF. — The Abbey Company has acquired City Parkway, a 460,000-square-foot office complex located at 500-600 City Parkway W. in Orange. Maguire Properties sold the complex for an undisclosed price. The three-building complex consists of twin 10-story glass office buildings and a four-story office building.
PHOENIX — A joint venture between Orion/Robson Opportunity Partners LLC and a Canadian-based private investment firm has acquired the remaining unsold condominiums at Citi on Camelback in Phoenix. Located at 909 E. Camelback Rd., the 178 units sold for an undisclosed price. Built in 2002, Citi on Camelback consists of 30 units and offers numerous amenities. Robert Rizzi of New York-based Broad Street Advisors arranged the equity for the acquisition.
LOS ANGELES — Hye Y. Park of Los Angeles has purchased Normandie Apartments, a multifamily complex located at 247 S. Normandie in Los Angeles. The 36-unit community sold for $4.55 million or $178 per square foot. June Mock of Los Angeles-based Rosano Partners represented the buyer; Ed Fischer of Hendricks & Partners represented the seller, Los Angeles-based 247 Normandie LLC, in the transaction.
COMMERCE, CALIF. — Jeff Bethel and Peter Bacci of Lee & Associates represented Cook Family Trust in the $3 million acquisition of a 30,000-square-foot industrial building located in Commerce. Located at 6099 Triangle Dr., the property will house the business operations of Kaslen Textiles, a distributor of upholstery and drapery fabrics. Tom O’Loughlin, also of Lee & Associates, represented the seller, Chang Triangle LLC, in the transaction.
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.