ORANGE COUNTY, CALIF. — Voit Commercial Brokerage has completed four industrial sale transactions in Orange County. In the first transaction, Anaheim, Calif.-based TC Specialties purchased a 12,000-square-foot industrial building, which is located at 460 Industrial Way in Placentia, Calif., for $2 million. Dennis Demeis of Southwest Commercial represented the buyer; Mike Hefner of Voit’s Anaheim office represented the seller, The Prount Family Trust, in the transaction. In the second transaction, Ageel Mohammad has acquired a 9,685-square-foot industrial property for $1.8 million. The project is located at 3010 Miraloma Ave. in Anaheim. Larry Lawrence of Lee & Associates represented the buyer; Rob Socci and Hayden Socci of Voit’s Anaheim office represented the seller, Franklin Dennis Hirt, in the transaction. In the third transaction, Brian Williams of Voit’s Anaheim office represented Joseph Hoang in the acquisition of a 6,868-square-foot industrial building., which is located at 11264 Monarch St., Suite B in Garden Grove, Calif. Brian Burke sold the property for $1.4 million. Gary Marquis of Collins Commercial represented the seller. In the final transaction, Le Court Family Trust has purchased a 4,176-square-foot industrial property, which is located at 27176 Burbank Ave. in Foothill Ranch, Calif., for $1 million. Scott Kelley of The …
PALO ALTO, CALIF. — Embarcadero Capital Partners (ECP) has acquired 661 Bryant Street in Palo Alto from First Church of Christ, Scientist. ECP plans to renovate the 10,895-square-foot property for high-end office use. Designed by Elmer Grey and constructed in 1916 by Frank & Sons, the property was designated a historic landmark in 1978 (a Class 2 historic structure) by the city of Palo Alto. This transaction marks the first change of ownership since the building was constructed. The transaction value was not disclosed. Patty McGuigan, Dan Skehan and Randy Gabrielson of Cornish & Carey Commercial’s Palo Alto office represented the seller in the transaction. The First Church of Christ, Scientist merged membership with the Second Church of Christ, Scientist in 2006 and holds services at 3045 Cowper St.
PORTLAND, ORE. — Portland-based HFO Investment Real Estate has brokered three multifamily transactions in northeast and southeast Portland. In the first transaction, Metro Windser LLC acquired Rose Garden Apartments in northeast Portland for $1.25 million or approximately $78,125 per unit. The property offers 12 apartments and four retail spaces along Sandy Boulevard. HFO represented both the buyer and the seller, Portland-based Malcolm F. Johnson, in the transaction. In southeast Portland, Alameda, Calif.-based Portland Foxstar LLC completed the $1.4 million disposition of Foxstar Apartments. Foxstar Investments LLC purchased the 20-unit property for approximately $70,000 per unit. HFO represented the seller in the transaction. Additionally, HFO negotiated the acquisition and sale of Weathering Heights, a 16-unit apartment complex located at 2820 SE Gladstone St. in Portland. Reno, Nev.-based J. Barnes sold the property to Portland-based 2820 LLC for approximately $1.23 million or $76,563 per unit.
LOS ANGELES — Ory Schwartz of the Los Angeles Regional office of NorthMarq Capital Inc. has arranged a $13.2 million first mortgage for Midtown Shopping Center in Los Angeles. The 142,355-square-foot retail center is occupied by Ralphs, CVS/pharmacy and OSH. Financing was based on a 5-year term with interest only for the first year and then a 15-year amortization schedule.
SAN FRANCISCO AND TEMECULA, CALIF. — Forest City Enterprises Inc. has recently received loans, totaling $142.5 million, for two projects in California. The company received a $75 million construction loan for the expansion of The Promenade in Temecula. The loan will fund the 127,000-square-foot, main-street style expansion of the existing 1.1 million-square-foot retail center. The New York State Teachers’ Retirement System, which holds the permanent financing on the existing property, provided the new loan. The financing will convert to a permanent loan upon completion of construction. Additionally, Forest City received $67.5 million in construction financing for Presidio, a 161-unit adaptive reuse apartment community that is part of the historic former military base located at the foot of the Golden Gate Bridge in San Francisco. The financing was provided by Wachovia, RBS Citizens N.A. and the National Electrical Benefit Fund.
What area is your expertise? Reno/Sparks, Nevada What trends do you see presently in retail development in your area? We are seeing an increase in vacancy rates in both anchor spaces and in-line shops, as some existing tenants are vacating. What type of retail product is doing well in your area? As in most areas, Costco, Sam’s, Wal-Marts, and Dollar Stores are seeing increased sales. Sales have shifted to retailers with perceived value. Subway’s has also reported increased sales with their $5 sub sandwich promotion. What retailers are new to your area? Dillard’s, Cabella’s, Scheel’s and RC Willey. Who are the active retail developers in your area? Lewis Operating, Red Development and Bayer Properties. Please name one or two significant retail developments in your area. What impact will these projects have on the market? Damonte Ranch Town Center developed by Lewis Operating. The center is anchored by The Home Depot, Office Depot and RC Willey. The center has additional anchor space available. It is located in south Reno east of U.S. 395 at Steamboat and Damonte Ranch Parkway. This center is located in the middle of a master-planned community that will have over 15,000 homes in the immediate area when …
SCOTTSDALE, ARIZ. — Emerson Properties Inc. has purchased a two-building retail property, which is located at 15425 and 15435 N. Scottsdale Rd. in Scottsdale. Scottsdale Place LLC sold the 26,595-square-foot property for $16.75 million. Cathy Jones, Paul Miachika, Logan Schrumpf, Jason Miszuk and Brad Spies of Sun Commercial Real Estate Inc. represented the buyer; Ari Spiro of Sperry Van Ness represented the seller in the transaction.
PRESCOTT, ARIZ. — Orange County, Calif.-based 277 Walker Road LLC has acquired a single-tenant retail property in Prescott for approximately $4.77 million. Located at 277 N. Walker Rd., the 22,036-square-foot property is fully occupied by PetSmart. Los Angeles-based PRICPETS Prescott Trust sold the property, which was constructed in 1997. Patrick Kent of Irvine, Calif.-based Faris Lee Investments represented the buyer; Dennis Vaccaro, also of Faris Lee Investments, represented the seller in the transaction. The property sold at a 6.1 percent cap rate.
LAS VEGAS — Jim Hamer of H&H Properties Inc. represented Circle City Plaza LLC in the acquisition of a four-building retail investment property in Las Vegas. Located at 5960-6020 Spring Mountain Rd., the property offers 24,860 square feet of retail space. 6000 Spring Mountain LLC and Festival Outdoor Advertising LLC sold the property for $8.4 million. Cathy Jones, Logan Schrumpf and Jason Miszuk of Sun Commercial Real Estate Inc. represented the seller in the transaction.
VISTA, CALIF. — Brian and Diane Boultinghouse of Avalon, Calif., have acquired Meadow Ridge, a 33-unit apartment community in Vista. Located at 415 Plymouth Dr., the community offers three-bedroom/two-bath units. Community amenities include backyards, patios, carports, a swimming pool and on-site laundry facilities. San Diego-based Meadowridge Apartments LP sold the property for $4.1 million. The buyers have an extensive rehabilitation planned for the property. Patrick Doyle and David Andrews of Hendricks & Partners’ San Diego office represented both parties in the transaction. Andrew Gillian of Washington Mutual arranged financing in the amount of approximately $3.1 million. Annemarie Mineo of Chicago Title handled the escrow services, while Linda Menashe of Chicago Title handled the title services.