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AcquisitionsCaliforniaRetailWestern

Hanley Brokers $36.5M Sale of Bristol Place Shopping Center in Santa Ana, California

by Jeff Shaw

SANTA ANA, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the $36.5 million sale of Bristol Place, a 61,454-square-foot retail center located in Santa Ana.  Built in 1968, the property was renovated in 2019 and was 89 percent occupied at the time of sale.  Matt Burnett, Kevin Fryman and Ed Hanley of Hanley represented the seller, a joint venture between an affiliate of Cadence Capital Investments and Oakwood Real Estate Partners. Ron Duong of Marcus & Millichap represented the buyer, a California-based private investor. 

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AcquisitionsCaliforniaIndustrialOfficeWestern

Diamond Realty Holdings Buys Flex Property in El Segundo, California for $6M

by Jeff Shaw

EL SEGUNDO, CALIF. — Diamond Realty Holdings has purchased an industrial flex/office building in El Segundo for $6 million. The property is located at the intersection of Lairport Street and East Mariposa Avenue.  A long-term tenant currently occupies 2,400 square feet of the main, 14,400-square-foot structure. The remaining 12,000 square feet is available for lease and fully divisible.  The new ownership plans to complete interior and exterior renovations to improve the façade and access to the site, as well as create open flex industrial space that can accommodate a variety of uses.  CBRE’s Bob Healey, John Lane, Richard Melbye and Jane Healey represented both the buyer and the undisclosed seller in the transaction.

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Leasing ActivityOfficeUtahWestern

CBRE Arranges Four New Leases at Office Building in Salt Lake City

by Jeff Shaw

SALT LAKE CITY — CBRE has arranged leases for four new tenants at a 22-story, Class A office building in Salt Lake City. The building is located at 222 South Main St. and is now fully occupied. The new tenants include UMB Bank, global law firm Greenberg Traurig, CBRE itself and HKS Architects.  CBRE’s Scott Wilmarth and Nadia Letey represented the landlord, KBS, in the lease transactions.

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CaliforniaHealthcareLeasing ActivityOfficeWestern

Pasadena Child Development Associates Leases 16,163 SF Medical Office Space in Pasadena, California

by Jeff Shaw

PASADENA, CALIF. — Pasadena Child Development Associates (PCDA) has leased 16,163 square feet of office and medical office space in Pasadena.  The lease encompasses two adjacent buildings, one located at 790 East Green St. and the other at 118 South Oak Knoll Ave. Both buildings are located in Pasadena’s Central Business District.  The East Green space is an 8,027-square-foot office medical building. The Oak Knoll space is a two-story office building covering 8,136 square feet.  Tina LaMonica of NAI Capital Commercial represented the tenant in the lease transactions. 

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Company NewsMultifamilySeniors HousingWashingtonWestern

Veda Living to Manage 10 Seniors Housing Properties in Washington State

by Jeff Shaw

WASHINGTON — Veda Living, the management company spin-off of ETROS Management Firm, has taken on a 10-property management agreement in Washington state. ETROS Management Firm, founded in 2016, specializes in turnaround management solutions for underperforming senior living assets. The properties are all branded as Greenlake Senior Living communities, which target middle-market seniors in the Pacific Northwest. With this most recent management deal, Veda Living now operates a portfolio of 15 properties across the nation.

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CaliforniaDevelopmentIndustrialWestern

CapRock Completes 1.1 MSF of Industrial Development in Norco, California

by Jeff Shaw

NORCO, CALIF. — CapRock Partners has completed Palomino Ranch Business Park Phase I and Saddle Ranch South, two new LEED Silver-certified industrial complexes in Norco.  Palomino Ranch Business Park Phase I is the first of a three-phase development. CapRock claims that, at total completion, Palomino Ranch will be the largest industrial real estate development in Norco’s history, offering about 2 million square feet across 24 buildings on about 112 acres.  Saddle Ranch South is located a prime infill development consisting of three industrial buildings ranging in size from 100,000 square feet to 155,000 square feet. It is designed for local and regional manufacturing and distribution companies. The site is located approximately two miles north of Palomino Ranch.

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AcquisitionsIndustrialSelf-StorageUtahWestern

Marcus & Millichap Brokers Sale of Utah’s Largest Storage Facility in Cedar City

by Jeff Shaw

CEDAR CITY, UTAH — A private equity group has sold Storage General Cedar, a 456,758-square-foot storage facility in Cedar City, for an undisclosed sum.  Featuring 2,133 units and 456,758 total net rentable square feet, Storage General Cedar is the largest self-storage asset in Utah, according to Marcus & Millichap, which brokered the sale. The facility features electronic gate access, drive-up units with roll-up doors, wide drive aisles, RV/boat/trailer storage and parking, commercial shops available for rent, online rentals and unit management.  The LeClaire-Schlosser Group of Marcus & Millichap represented the seller via Jordan Farrer of the firm’s Salt Lake City office and Adam Schlosser of the firm’s Denver office. The buyer and price were not disclosed.

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DevelopmentHospitalityWashingtonWestern

Simon Breaks Ground on Residence Inn at Northgate Station in Seattle

by Jeff Shaw

SEATTLE — Simon Property Group (NYSE: SPG) has broken ground on Residence Inn by Marriott at Northgate Station, a hotel in Seattle.  This will be the first hotel at Northgate Station, a mixed-use, transit-oriented development. The hotel will join the newly upgraded Northgate Sound Transit light rail station and Kraken Community Iceplex, the official training facility for the Seattle Kraken NHL team and regional hub for ice sports in the Pacific Northwest. Further details were not disclosed. Simon Property Group is a REIT focused on retail and mixed-use properties.

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AcquisitionsCaliforniaIndustrialWestern

DAUM Arranges Sale of Rusher Air Conditioning Headquarters in Torrance, California

by Jeff Shaw

TORRANCE, CALIF. — DAUM Commercial Real Estate Services has arranged the move of Rusher Air Conditioning into a new headquarters in Torrance. Structured as a reverse exchange, the sale of the previous headquarters and purchase of a new one featured “a combined transaction value of $9.5 million,” according to DAUM. Michael Collins and Dustin Hullinger of DAUM’s Capital Markets Group, with the assistance of Brad Levin, arranged the transaction.

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Company NewsDevelopmentIdahoOfficeWestern

Capstone Cos. Opens New Office in Boise

by Jeff Shaw

BOISE, IDAHO — Capstone Cos. has expanded its brokerage firm with a new regional office in Boise. Colton Yasinski, who has transacted hundreds of units in the Idaho market, including affordable LIHTC product, value-add multifamily and Class A market rate assets, leads the new office.  Expanding into Boise reinforces Capstone’s presence in the Western U.S. as the company seeks rapid growth and expansion in the multifamily sector.  With the opening of this new office, Capstone continues its nationwide growth with a total of 21 offices and more than $12 billion in sales.

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