Sunday, September 2, 2012

Jones Lang LaSalle Inks 25,678 SF Office Lease at Black Canyon Corporate Center in Phoenix, AZ

 PHOENIX, AZ– The Phoenix office of Jones Lang LaSalle has completed a 25,678-square-foot, five-year office lease at Black Canyon Corporate Center (top left photo) in Phoenix.

The expansion doubles the size of tenant TeleTech Holdings, Inc., a leading global provider of technology enabled customer experience solutions that operates a call center for subsidiary company, Revana, out of the Black Canyon Corporate Center space.

 Managing Directors John Bonnell (middle right photo) and Don Mudd (lower left photo), and Vice President Brett Abramson (lower right photo), in the Phoenix office of Jones LaSalle represented the building owner, Parallel Capital Partners. TeleTech was represented by CBRE brokers Chris Hook in Phoenix and Lee Diamond in Denver.

Located at 16404 N. Black Canyon Highway in Phoenix, the 219,000-square-foot Black Canyon Corporate Center sits between Greenway and Bell roads, with direct frontage to Interstate 17. The property is also less than two miles from the I-17/Loop 101 interchange and has more than 2.5 million square feet of retail within a two-mile radius. Property signage is visible from I-17.

“We’ve seen a significant uptick this year in tenant interest across the Phoenix office market, with no signs of falling off,” said Bonnell. “This kind of consistent pressure can quickly drive vacancies down and rents up, and provide some long-awaited relief.”

According to the Jones Lang LaSalle Mid-Year Office Market Overview, overall direct office market vacancy continued to fall from 26.1 percent down to 25.3 percent during the second quarter. With no new office completions happening, Phoenix net absorption for the second quarter 2012 hit almost 600,000 square feet.

 “This compares very favorably to the negative 565,000 square feet of absorption experienced during first quarter 2012,” said Bonnell. “TeleTech moved on a great expansion opportunity, at a property that’s well suited for its call center needs, at a very good time in the market cycle.”

A real estate investment and operating firm that focuses on office, industrial and retail property acquisition, Parallel Capital Partners owns Black Canyon Corporate Center, as well as the City Square Office Towers (722,000 rentable square feet in three buildings; located in Phoenix’s Midtown submarket) and US Bank Center building (364,773 rentable square feet at 101 North in the heart of downtown Phoenix.)

Bonnell, Mudd and Abramson are the exclusive leasing brokers for all three buildings.

For a complete copy of the company’s news release, please contact:

Stacey Hershauer
Marketing & Public Relations
(480) 600-0195


Colliers International Completes $5.3 Million Sale of Restaurant Property Formerly Occupied by Islands Restaurant in Encino, CA.

 ENCINO, CA --Colliers International, the third largest global real estate services organization, has completed the $5.3 million sale of an approximately 7,487-square-foot freestanding vacant restaurant building on approximately 32,313 square feet of land.

The Colliers team was able to achieve tremendous pricing for the seller at more than $707-per-square-foot for the building and $164-per-square-foot for the land.

This highly visible property, located at 15927 Ventura Blvd., is situated in the heart of the Encino Business District and was formerly occupied by Islands Restaurant (top left photo)

Jeff Gould (middle right photo) and Brock Burnett (middle left photo)  of Colliers International represented the seller, a private family trust.  Rob Ippolito of Cushman and Wakefield out of San Diego represented the buyer, a private investor.

The asset was leased to the Islands Restaurant and is a landmark property in Encino. When Islands vacated the property in late 2011, Colliers was hired by the ownership to assess sale and lease strategies for the property.

Colliers launched an aggressive sale and lease marketing campaign, which ultimately lead to multiple qualified offers from tenants, investors and owner/users.

Ultimately, Burnett and Gould were able to create competition amongst multiple bidders and identified the most qualified investor to close on this asset all cash, at the highest price and with limited contingencies. The new ownership has enlisted the Colliers team to lease the property for them.

“Our team worked hand in hand with the property owner to establish a clear strategy to maximize value on this asset. After thoroughly analyzing all of the leasing prospects that we generated and comparing them to the sales offers, we determined that selling this asset was the best strategy for ownership,” said Gould.
For a complete copy of the company’s news release, please contact:

Darcie Giacchetto
Spaulding Thompson & Associates

Colliers International Completes Sale of 54,171-SF Multi-Tenant Industrial Property in Northridge, CA

 Northridge, CA. – Colliers International, the third largest global real estate services organization, has completed the sale of a 54,171-square-foot multi-tenant industrial property located at 19015-19031 Parthenia Street in Northridge.  The transaction is valued at $2.55 million.

John DeGrinis (top right photo), SIOR, senior executive vice president, Patrick DuRoss (lower left photo), associate vice president, and Jeff Abraham, senior associate all based in Colliers International’s Encino office represented both the seller, OneWest Bank, and the buyer, Devarim Investment, LLC.

“This property is somewhat unique given its diverse unit sizes that attracted a flurry of interest,” DuRoss explained.  “The major upside with this property was the small unit sizes that make up most of the project.  These smaller units continue to carry reasonably strong demand, and the below market rents that were in place offered the buyer upside in the rents.”

The property consists of four buildings with 19 units ranging from 900 to 30,082 square feet and is 100 percent occupied.


Darcie Giacchetto
Spaulding Thompson & Associates

Faris Lee Investments Completes $20.75 Million Sale of Forever 21 Property Within The Shops at Montebello in Montebello, CA

IRVINE, CA– Faris Lee Investments, the nation’s largest retail-specialized investment advisory firm, has completed the $20.75 million sale of a single-tenant property occupied by Forever 21 (top left photo) within The Shops at Montebello. The store is located at 1800 Montebello Town Center in Montebello, totals 81,619 square feet and is situated on 5.6 acres.

Donald MacLellan (middle right photo), senior managing partner, and Christopher Tramontano (middle left photo), managing director, of Faris Lee Investments represented the seller, Macerich, an owner, operator, and developer of retail properties from Santa Monica. 

The all-cash buyer was a large core fund advised by Hartford -based UBS Realty Investors LLC who represented itself in the transaction.

“Faris Lee’s marketing strategy was to focus on all investor pools from the large institutional buyers to the private high net worth investors with holdings in Southern California utilizing our extensive proprietary investor database,” said MacLellan.

 “The offering presented a unique opportunity to acquire a Forever 21 long-term leased investment. We garnered multiple offers and sold the asset very close to the asking price to an all-cash buyer.”

“Forever 21 is on a new long term absolute NNN lease with over 16 years remaining on the initial term and attractive rental increases of 10 percent every five years,” added Tramontano.

Forever 21 is a dominant anchor tenant in The Shops at Montebello, a successful regional mall  located adjacent to the Pomona (60) Freeway (193,000 vehicles per day) and in close proximity to Los Angeles Freeways; Interstate 605 and 710.

The mall is co-anchored by Macy’s, Macy’s Home Store, and JCPenney. The trade area includes over 2.5 million residents. Additionally, the store ranks in the top tier within the retailer’s national chain.

 “High quality locations adjacent to successful regional malls such as this asset are very highly sought after,” said Rick Chichester, president and COO of Faris Lee Investments. “Investors are plentiful in the $20 million-plus price range as they appreciate the traditional fundamentals of a property with all the qualities vital to a well-rounded investment.”  

Forever 21 operates more than 480 stores under the Forever 21, XXI Forever, ForLove 21, and Heritage 1981 banners in the United States as well as internationally. The chain offers chic apparel and accessories for women, men, teens, and kids.


Darcie Giacchetto,
Spaulding Thompson & Associates
For Faris Lee Investments

Colliers International Completes $11.4 Million Sale of 180,035-SF Industrial Building in Rancho Cucamonga, CA

Rancho Cucamonga, CA – Colliers International, the third largest global real estate services organization, has completed the $11.04 million sale of an 180,035-square-foot industrial building located at 11167-11177 White Birch Drive Rancho Cucamonga, Calif. Built in 1983, the building is situated on 5.17 acres and is fully occupied by Steelscape and Puratos Bakery.

Mark Zorn (top right photo),  Richard Schwartz (lower left photo) and Brad Yates of the Ontario office of Colliers International represented the buyer, Denver-based DCT Industrial Trust, an institutional investor and owner of industrial real estate. The seller, was Quagletti M J & P Trust, a private investor who was represented by Mike Quagletti with Industrial Realty.

Contact:  Darcie Giacchetto, Spaulding Thompson & Associates, 949.278.6224