SAN DIEGO — Goodwill Industries of San Diego County has purchased a 10,000-square-foot industrial warehouse building in San Diego. Located at 2640-44 Market St., the property sold for $1.34 million. The building is situated on two 7,000-square-foot parcels and offers six offices, mezzanine storage space and 18-foot ceilings. Bryan Cunningham of Flocke & Avoyer represented the buyer; Tim Mills of Cushman & Wakefield represented the seller, Edward Suleiman, in the transaction.
Western
The Pacific Northwest’s regional economy remains strong even after being impacted by the national and global economic trends. Unemployment is up to 5.3 percent in the region. Housing sales have also slowed, however, sales prices have increased slightly. Most retailers’ sales have increased although across-the-board sales have been flat, since auto and furniture sales are down, due to rising fuel prices and fewer home sales, respectively. Questionable shopping center projects are now being placed on hold or have become staged developments, while well located, designed and tenanted centers are going forward. Well-placed neighborhood centers continue to be planned and developed, though some neighborhood centers have been impacted by Wal-Mart Supercenters and Winco Foods, causing nearby grocers to close or reposition. This has resulted in large vacancies in a few neighborhood centers. Regional and community centers have also seen a few more vacancies, which has caused some retailers previously suffering from poor sales to close stores, while others are taking a more cautious approach to expansion. National retail apparel chains have slowed, bypassing most community center opportunities. Regional malls continue adding lifestyle components. At Southcenter in Tukwila, Washington, a second lifestyle component could be added to the north side of the …
SPOKANE, WASH. — Montgomery Realty, a subsidiary of Aslin-Finch Company, has acquired the 45-acre property formerly known as the SuperValu distribution facility in Spokane. Located between Argonne and Pine roads, the 500,000-square-foot facility has been renamed Copper Bridge Commerce Park. The company acquired the property to accommodate the growth of AFCO Distribution, the wholesale division of Aslin-Finch, and its newly acquired company, Cascade Seed Company. Minneapolis-based SuperValu Holdings sold the property for an undisclosed price.
POMONA AND WHITTIER, CALIF. — W.E. O’Neil Construction Co. has broken ground for two campus projects in California. In Pomona, the company is constructing three three- and four-story residence halls for Cal Poly Pomona. Designed by Sasaki Architects, the 622-bed project will feature suites offering living areas, kitchenettes, bathrooms and private patios/balconies. At Rio Hondo Community College in Whittier, W.E. O’Neil Construction is renovating the campus’ Applied Technology complex, which includes four one-story building wings. The upgrades include seismic upgrades, construction of new restrooms, computer labs and classrooms, and new MEP systems for the Automotive Sciences wing.
LOS ANGELES — Los Angeles-based Lowe Enterprises Investors has purchased a 266,396-square-foot industrial distribution facility in central Los Angeles. Located at 2652 Long Beach Ave., the building features clear ceiling heights ranging from 18 to 30 feet, 66 dock-high loading doors, a guarded rail truck entrance and a secure, oversized truck yard. The property was acquired on behalf of an investment client for $31.5 million from an undisclosed institutional owner. Lowe Enterprises plans to invest more than $5 million in renovations and improvements for the facility.
SAN JOSE, CALIF. — Wrightwood Capital has provided an $18.32 million loan for the acquisition of Trimble Junction, a two-building office complex in San Jose. D.R. Stephens & Co. acquired the more than 176,000-square-foot property, which includes a more than 96,000-square-foot facility located at 355 E. Trimble and a more than 80,000-square-foot facility at 455 E. Trimble. The 80,000-square-foot building is 100 percent occupied by Underwriters Laboratories. Brad Zampa of C&C Capital brokered the transaction.
SAN DIEGO — On Broadway SC Partners LP has acquired On Broadway, a retail/multifamily building located at 1023 Fourth Ave. and 1014 Fifth Ave. in San Diego’s Gaslamp Quarter. CIM/Broadway LP sold the property for $20.87 million. The property features 33 loft-style apartments, a 275-car parking structure and 50,000 square feet of retail space. Current anchor tenants include Yard House restaurant, RA Sushi and T-Mobile. Bill Shrader and Corinna Gattasso of Cushman & Wakefield Urban Property Group, along with Curtis Palmer, Herb Chase III and Peter Sherman of Transwestern, brokered the transaction.
TORRANCE, CALIF. — Joseph Linkogle and Adam Friedlander of Marcus & Millichap’s Long Beach, Calif., office has negotiated the disposition and acquisition of a three-tenant, ground-level retail center in Torrance. Located at 20505-20555 Hawthorne Blvd., the property sold for $6.5 million. Current tenants include Pacific Audi Auto Dealership, Bamboo Gardens Restaurant and Del Amo Car Wash. The buyer and seller were not disclosed.
SAN DIEGO — San Diego-based Veralliance Properties is renovating Campus Pointe, a 450,000-square-foot office/life-science project located at 10300 Campus Point Dr. in San Diego. Designed by San Diego-based Tucker Sadler, the two-story Class A project will feature an ultramodern design with floor-to-ceiling glass, a two-story atrium, a two-story spiral staircase, a multi-purpose conference center, a fitness center with showers and lockers, and a bistro with an outdoor seating area. Eli Lilly & Co. has signed a 10-year lease for approximately 150,000 square feet of space at the new project. The company plans to relocate to the campus upon completion in March 2009. Brent Jacobs, Greg Bisconti and Brian Cooper of Cushman & Wakefield’s Life Science Group represented Eli Lilly & Co; Mark Wayne and Steve Wolf, also of Cushman & Wakefield, represented Veralliance Properties.
SAN DIEGO — Sudberry Properties Inc. has broken ground for the construction of a 150,000-square-foot professional building in San Diego. The six-story, build-to-suit facility is located at the intersection of Interstate 15 and Scripps Poway Parkway within Miramar Ranch North. The $60 million building is part of Sudberry’s The Watermark, a planned 32-acre office campus. The new complex will include the corporate headquarters building for MedImpact Healthcare Systems Inc., which is slated to open in April 2010. Scripps Highland M/I Development LP owns the property. Bank of America and KeyBank are providing construction financing. Hanna Gabriel Wells is serving as project architect.