ONTARIO, CALIF. — The William Warren Group has purchased Lockaway Storage-Ontario, which is located at 1372 E. 5th St. in Ontario, for $9.6 million. The facility consists of approximately 80,000 square feet of storage space, two acres of RV parking and approvals to build an additional 20,000 square feet of climate-controlled storage. The buyer will operate the property under its brand name, StorQuest Self Storage. Greg Wells represented both parties in the transaction. The seller was Lockaway Storage.
SAN DIEGO — Denver-based Simpson Parkview LP is developing a 20,300-square-foot for-sale office building in Central San Diego County. Located at 3540 Aero Ct., the property offers access to 163 and 805 freeways, as well as proximity to Sharp Hospital Campus. KTGY Group is providing architectural services for the project, while Wermers Corp. is serving as general contractor. Completion is slated for June 2009. Pat Rohen and Matt Kelly of Cushman & Wakefield are marketing the property, which has a listed sales price of $6.4 million or $315 per square foot.
NEWPORT BEACH, CALIF. — Michael Lawrence and Joseph Berkson of Marcus & Millichap’s Newport Beach office represented the undisclosed seller in the disposition of Las Casitas Garden Apartments in Newport Beach. A Northern California-based private investor purchased the 52-unit property for $10.55 million or $202,885 per unit. Located at 20102 Southwest Birch St., the 45,938-square-foot property consists of five two-story buildings. Community amenities include a swimming pool with sundeck, ample parking, on-site laundry facilities and a well-equipped fitness center. Kevin Struve and Eric Chen of Marcus & Millichap’s Ontario, Calif., office represented the seller in the transaction.
SAN DIEGO — Voit Commercial Brokerage has completed the $5.58 million disposition of Canyon Creek Design Center, which is located at 4010 Morena Blvd. in San Diego’s design district. The two-story 24,500-square-foot building is currently occupied by Lee Lawrence Ltd., The American Society of Interior Designs, SGO Designer Glass, Arnett Company and Parker’s Posters. John Lanza and James Marsh of Voit Commercial Brokerage represented the sellers; Glen Volk, also of Voit Commercial Brokerage, represented the undisclosed buyer. The sellers were John Lanza, James Marsh, Betty Jo Lanza and John Robert Lanza.
The Albuquerque metro is maintaining a steady retail market. Keys to this steadiness include year-over-year positive job growth, consistent population expansion, low unemployment and a measured expansion of retail inventory since 2000. On the other side of the coin are two items of concern: some flatness in retailer sales figures and retailers being impacted by their stores in other marketplaces outside the Albuquerque metro. Albuquerque’s retail sector of 27.28 million square feet (measured from buildings equal to or exceeding 10,000 square feet in size) has posted a vacancy rate of 7.8 percent across all product types, down from 8.1 percent last year. Asking rents for new construction shop space are $20 to $28 per square foot per year NNN. In the Cottonwood Mall and Uptown submarkets, top spaces are in the $30 to $45 per square foot range. Asking rents for new mid-size and large space range from $16 to $20 per square foot per year and $12 to $16 per square foot per year, respectively. Active submarkets within the Albuquerque metro area are Uptown, Far Northeast Heights and the South Valley. In Uptown in the past 2 years, Coronado Mall and ABQ Uptown have welcomed the leading tenants in …
What area is your expertise? Seattle, Washington What trends do you see presently in office development in your area? There are currently 13 office projects of 100,000 square feet or larger under construction in the Greater Seattle Office Market comprising approximately 3.7 million square feet. Who are the active office developers in your area? Daniels Development Company, Vulcan Real Estate, Schnitzer West, Touchstone, Opus Northwest and Martin Selig Real Estate. Please name one or two significant office developments in your area. What impact will these projects have on the market? 818 Stewart Building — Developed by Schnitzer West is due for delivery third quarter 2008. This is the first new Class A construction to be completed in the Courthouse district area of Seattle’s Central Business District (CBD). Fifth & Columbia — Developed by Daniels Development, it will become a key part of Seattle’s established financial district when it is completed in late 2010. Where is the majority of development taking place? Why is this area doing well? Much of the new construction in Seattle is occurring in the North CBD and South Lake Union areas. The North CBD houses the new federal courthouse and South Lake Union will be home …
TEMPE, ARIZ. — Opus West Corp. has partnered with US Airways to develop Tempe Gateway, a mixed-use project at the corner of Mill Avenue and Third Street in Tempe. The eight-story, 260,000-square-foot development will feature retail, entertainment and office space. The ground level will offer 25,000 square feet of retail and restaurant space, while the remaining floors will offer 235,000 square feet of office space. Additionally, the project features a 1,000-plus-space above-ground parking garage. The project, which offers light rail access, is employing green design elements to create a sustainable project.
PASO ROBLES, CALIF. — Regency Centers is developing Golden Hills Plaza, a 291,612-square-foot retail center in Paso Robles. Located at Highway 46 and Golden Hills Road, the center will feature a 169,112-square-foot Lowe’s Home Improvement Warehouse and a 25,000-square-foot Bed, Bath & Beyond. The center will also feature sustainable design in conjunction with the company’s greengenuityTM program.
VISTA, CALIF. — Steve Huffman of Hendricks & Partners’ San Diego office has brokered two separate multifamily complex sales in Vista. In the first transaction, Encinitas, Calif.-based Las Terrazas Apartment Homes LP acquired Las Terrazas, an 82-unit apartment complex located at 1440 Oak Dr., for $9.74 million. Beverly Hills, Calif.-based KW/WDC Vista LLC sold the property. The property offers a variety of one- and two-bedroom floorplans ranging in size from 757 to 984 square feet. In the second transaction, KW/WDC Vista LLC sold Bougainvillea, an 82-unit multifamily property located at 1466 Bonair Rd., for $10.51 million. Built in 1977, the property offers 900-square-foot two-bedroom/one-and-one-half bathroom floorplans. The buyer was Encinitas-based Bougainvillea Apartment Homes LP.
FRESNO, CALIF. — Titan Real Estate Investment Group has purchased a two-building industrial warehouse facility for $5.1 million. The property, which is located at 2676 and 2686 S. Maple Ave. in Fresno, offers 150,000 square feet of space. The seller was GAF Materials Corp.