EL CAJON, CALIF. — Pacific Fletcher Parkway LP and Gloria M. Schiff Family Trust have purchased a 40,910-square-foot industrial building, which is located at 1100 N. Magnolia Ave. in El Cajon. Burer Family Investments LP sold the property for $5.8 million. Pacific Realty Advisors represented the buyer; Ken Ruppert and Kerry Schimpf of Grubb & Ellis|BRE Commercial represented the seller in the transaction.
LAS VEGAS — Rexallen1 Series LLC has acquired Post Industrial Park in Las Vegas for $3.08 million. Located on West Post Road, the property offers 15,936 square feet of industrial space. Brian Riffel of Colliers International – Las Vegas represented the seller, Post Industrial Park, in the transaction. Additionally, Riffel represented Hayman Properties LLC in the acquisition of 8,745 square feet of industrial space at Arville Teco Industrial Park in Las Vegas. Ned Stephenson Trust sold the property for $1.58 million. Brian Houser of Albright Callister represented the seller in the transaction.
NEVADA CITY, CALIF. — San Francisco-based Virtu Commercial has acquired Miner’s Village, a four-building office complex located at 206 Sacramento St. in Nevada City. Nevada City-based Kibbe Trust sold the property for $1.55 million. The property offers 26 small executive suites and views of historic downtown Nevada City. Lock Richards of Sperry Van Ness/Highland Commercial in Nevada City represented both parties in the transaction.
LOS ANGELES — Snyder Langston has completed the development of Catholic Charities/Good Shepherd Center Women’s Village Phase III, a 35,892-square-foot mixed-use building located at 1671 Beverly Blvd. in Los Angeles. The four-story facility features a retail bakery/café, which will provide employment assistance for the residents, an employment and client service center, computer training area, classrooms, conference rooms, and a transitional housing area offering 21 one-bedroom apartments. The new building will provide services to all of Good Shepherd Center’s facilities. Pasadena, Calif.-based Onyx Architects provided design services for the project.
VERNON, CALIF. — C.E.G Construction has completed the construction of a 41,800-square-foot, build-to-suit industrial property located at 3301 E. Vernon Ave. in Vernon. Built for Reynaldo’s Mexican Food Company, the $4.7 million facility is customized to the company’s operational needs and allows the company to reduce costs through efficiency in production and distribution. Reynaldo’s purchased the 78,800-square-foot site from Vernon A. LLC last year. Philip Attalla and Allan Lee of NAI Capital’s Commerce, Calif., office represented the company in the land acquisition; Mollie Dietch and Anita Atrukiovitch of Lee & Associates represented the seller.
SANTA MONICA, CALIF. — Macerich has selected Omniplan as architect for the redevelopment of Santa Monica Place, a 557,000-square-foot indoor shopping mall located in Santa Monica. The company plans to transform the mall into an outdoor shopping destination. The redesigned three-story mall will feature 129 new stores and restaurants and four open-air entrances. The Jerde Partnership of Los Angeles is also providing architectural and design services for the project.
ALTADENA, CALIF. — Marty Cohan, Josh Levy and Paul Brehme of Marcus & Millichap’s West Los Angeles office represented the seller in the disposition of an eight-building facility in Altadena. Located at 183-205 E. Palm St., the approximately 35,646-square-foot property sold for $7 million. The seller and the buyer were not disclosed.
LOS ANGELES — Dovetail Furniture Inc. has purchased a 52,426-square-foot industrial building, which is located at 14000 S. Figueroa St. in Los Angeles, for a consideration of more than $4.5 million. The company plans to use the facility to house its corporate offices, warehouse and showroom. Kai Chon of Charles Dunn Company, a partner of GVA Worldwide, represented the buyer in the acquisition; The Klabin Company represented the seller, Glabman Furniture Inc., in the transaction.
What area is your expertise? My specialty is in the sale of multifamily in the North Bay region San Francisco Bay Area (Marin, Sonoma, Napa and Solano Counties). What trends do you see presently in multifamily development in your area? Developers for the most part have pursued condo development in lieu of apartment development on land zoned high density residential. This is due to the huge economic value advantage condos offered over apartments. The apartment development we have seen has been concentrated in either a few very large Class A apartment assets, or affordable (tax credit and bond enhanced) or senior living. Who are the active multifamily developers in your area? Spanos, Fairfield Residential and DR Horton Please name one or two significant multifamily developments in your area. What impact will these projects have on the market? The Moore Building (79 units in Downtown Santa Rosa) and Water Street North (107 entitled apartment units in Downtown Petaluma) are two interesting projects. Neither project has or will have a significant impact on the supply of units. What is more interesting is that both projects are victims of the same problem: projects getting entitled without a market to support them. In the …
What trends do you see presently in retail development in your area? Developers continue to move forward on projects in which they have an anchor tenant and financing. Land and construction costs have risen to a point where the rents developers need aren’t feasible to tenants, thus putting the project on hold. What type of retail product is doing well in your area? Regional malls and our two lifestyle centers continue to perform very well. What retailers are new to your area? Dick’s Sporting Goods, Famous Dave’s, LA Boxing, and over a dozen new tenants to our area that are currently in negotiations with landlords. Who are the active retail developers in your area? Center Cal, CE John and Company, Gramor Development and Opus NW are the most prominent players right now. Please name one or two significant retail developments in your area. What impact will these projects have on the market? Cascade Station was recently completed located next to Portland International Airport, on the east side of Portland near the border of Oregon and Washington. This project’s success was banked on the fact that customers who don’t want to pay a Washington State sales tax will cross the Columbia …