INDIO, CALIF. — Faris Lee Investments has arranged the sale of two retail strip centers — Rubidoux Plaza and South Rubidoux — in Indio. The assets sold for a combined total of $4.6 million. Totaling nearly 20,000 square feet, the retail centers are located along Highway 111 and serve the entire Coachella Valley area. Tom Chichester of Faris Lee Investments represented the seller in the transactions. The names of the seller and buyers were not released.
SAN DIEGO — An undisclosed developer has broken ground on RB Vista, the first new speculative industrial building in Rancho Bernardo area of San Diego in 10 years, according to JLL. Situated on 10.1 acres on Via Del Campo, RB Vista will feature a 141,027-square-foot industrial building that can accommodate a variety of requirements ranging from 70,000 square feet to 141,027 square feet. The facility will include 32-foot minimum warehouse clear height, 36 dock-high loading doors, manufacturing power, 135-foot court, ESFR sprinklers and a highly secure site. Completion is slated for first-quarter 2020. JLL’s Andy Irwin and Jay Alexander are overseeing leasing of the property.
PORTLAND, ORE. — A joint venture between the Merchant Banking Division of Goldman Sachs and Lincoln Property Co. has purchased Field Office, a Class A mixed-use project along River Promenade in Portland’s Pearl District. A venture between National Real Estate Advisors and Project^, which developed the property, sold the asset for $118 million. Completed last year, Field Office features a total of 287,216 square feet of office and retail space. The property includes flexible floor plans, on-site daycare facility, courtyard area with seating and fire pits, fitness center, commuter lounge for cyclists, solar power arrays, below-grade parking, and executive rooftops with city and river views. The two-building asset is located on 2.3 acres at 1895 and 2035 NW Front Ave. The site is adjacent to Interstate 405 and directly across the street from 648 new multifamily units, in addition to more than 600 proposed within the submarket. Located just north of downtown Portland, the formerly industrial Pearl District is now a hotbed of development for retail, restaurants, art galleries, breweries, adaptive reuse projects, multifamily and office. Field Office is also located within an Enterprise Zone, according to the developers, making tax abatements available for tenants that meet certain requirements, such …
WESTMINSTER, COLO. — HFF has arranged the sale of Westmoor Place 8, 9 and 10, a three-building office campus. An undisclosed seller sold the property to CapRidge Partners for $71.1 million. Located at 11400, 11300 and 11000 Westmoor Circle in Westminster, a northwest suburb of Denver, the asset totals 428,029 square feet of Class A office space. The three- and four-story buildings are 79 percent leased to a variety of tenants, including CACI International, Kahuna Ventures, Coalfire Systems and General Dynamics. Amenities at the office campus include a full-service cafeteria, showers on every office floor, a fitness center and access to 3.5 miles of trails and open space, as well as an on-call shuttle. Mark Katz and Peter Merrion of HFF represented the seller and procured the buyer in the transaction.
CAMARILLO, CALIF. — Oakmont Senior Living has opened a welcome center at Oakmont of Camarillo, its upcoming seniors housing community in Camarillo, approximately 60 miles northwest of Los Angeles. The 86,839-square-foot property is scheduled to open around the end of the year. When completed, the three-acre community will offer 60 assisted living and 25 memory care apartments. Ted Burgess is executive director of Oakmont of Camarillo.
VALENCIA, CALIF. — Valencia Pipe Co., a division of VPC Global, has signed a lease for 170,990 square feet of industrial space at Vista Business Park in Valencia. The lease is valued at $10.1 million. Located at 28305 Livingston Ave., the Class A property features heavy power, 22 ground-level loading doors, two dock-high doors, 30-foot clear heights and 344 parking spaces. The landlord, Valencia LLC, is currently adding 7,000 square feet of corporate office space on the site. Once completed, Valencia Pipe Co., a manufacturer of steel tubing and pipes used in retail and wholesale, will vacate its current facilities in the Valencia Commerce Center on Industry Drive in Valencia and relocate to the new property. Matt Dierchman, David Harding, Greg Geraci and Billy Walk of CBRE represented the tenant, while Nigel Stout of JLL and Rob Fuelling and Brady Thomson of IDS represented the landlord in the transaction.
INDIO, CALIF. — Marcus & Millichap has arranged the sale of a retail property, located at 82360 U.S. Highway 111 in Indio. An individual/personal trust acquired the 9,888-square-foot property for $2.1 million at a 6.7 percent capitalization rate. Edwin Mariscal of Marcus & Millichap’s Ontario, Calif., office represented the buyer in the deal.
RENO, NEV. — NAI Alliance has negotiated sales of two properties totaling 21,072 square of industrial and office space in Reno. Prices were not disclosed. In the first transaction, The Carle & Anne Conway Family Trust acquired a 19,222-square-foot office building located at 140 Washington St. Dan Oster and Chase Houston of NAI Alliance represented the seller, TDC Reno Office 1-DE SPE LLC, while Avison Young Western Alliance Commercial represented the buyer. In the second deal, Nevada Outdoors purchased a 1,850-square-foot industrial building, located at 5115 Sun Valley Blvd. Oster and Bryce Wiele of NAI Alliance represented the buyer, while DCG Commercial Group represented the seller, David Muskin.
EL SEGUNDO, CALIF. — TA Realty has acquired 101 Continental, a soon-to-be-vacant office tower in El Segundo, for $138.5 million or $400 per-square-foot. VEREIT Inc. (NYSE: VER) sold the property. Developed by Continental Airlines in 1972, the 340,000-square-foot property was upgraded in 2008. The building is fully leased to Northrop Grumman and features floor-to-ceiling glass on every floor and unobstructed ocean views. TA Realty plans to begin a comprehensive building renovation at the end of May when Northrop Grumman’s lease expires. A timeline for the completion of the renovation was not disclosed. The property is located at 101 Continental Blvd., 18 miles southwest of downtown Los Angles and two miles south of Los Angeles International Airport. Selling 101 Continental decreases VEREIT’s office exposure and strengthens its overall portfolio, according to Thomas Roberts, chief investment officer of the company. As of Dec. 31, 2018, VEREIT managed and owned a 4,000-property, 95 million-square-foot portfolio that spanned across retail, office, restaurant and industrial space in 49 states. When Phoenix-based VEREIT purchased the property in 2014 for $98 million, it was fully leased to Northrop Grumman. VEREIT engaged Newmark Knight Frank (NKF) to market the property as a redevelopment opportunity. “The opportunity to acquire …
A stable economy, lower unemployment rate and diversification of industries are bringing more overall investment activity to Southern Nevada’s industrial real estate scene, noted panelists at InterFace Las Vegas Industrial. Hosted by InterFace Conference Group and Western Real Estate Business, the half-day conference was held April 24 at the Four Seasons Hotel in Las Vegas. Using the terms “investment” and “Las Vegas” in the same sentence can cause many veteran decision-makers to pause as they remember the state that this city was in 10 years ago. During the Great Recession, Las Vegas was struggling to survive and many were uncertain about the city’s long-term future as visitors shunned Vegas hotels and casinos as they went into self-preservation mode. “There was nothing more depressing here than the recession when you could drive from one side of town to the other in half an hour because no one was going to work,” said Larry Monkarsh, owner of LM Construction and moderator of the conference’s Developers/Owners panel. Times have certainly changed, ushering in a new era of investment, commerce and development that has brought a renewed sense of confidence to Las Vegas. Though market players will always have varying opinions, one word reigned …
