Faris Lee Investments Completes $4.51 Million Sale of Goodwill Property in Santa Clarita, CA

  

IRVINE, CA – Faris Lee Investments, the nation’s largest retail-specialized investment advisory firm, has completed the $4.51 million sale of a single-tenant property occupied by Goodwill of Southern California (GSC) (top left rendering).

Renovated in 2011, the 21,600 square foot property is situated on 1.08 acres and is located at 18901 Soledad Canyon Road in Santa Clarita, Calif.

 Donald MacLellan (middle right photo), senior managing partner, and Christopher Tramontano (middle left photo), managing director, of Faris Lee Investments represented the seller, Paragon Commercial Group from El Segundo, Calif. along with Adam Fisher at Centerra Retail Group who provided the local leasing market expertise. 

The buyer was 11730 Ventura Blvd, LLC, a private 1031 exchange buyer from Ventura, Calif. who was represented by Illi Commercial Real Estate.  The closing cap rate was 7 percent, which according to CoStar is the lowest cap rate for a Goodwill-occupied property in California for the past seven years.

 “Faris Lee positioned the proven strength of the tenant, the long-term lease and opening success of the store as our marketing strategy,” said Tramontano.  “There was significant offer activity and we sold the asset at very close to the asking price and at a record-breaking low cap rate.”

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

Darcie Giacchetto

949.278.6224

Spaulding Thompson & Associates

For Faris Lee Investments

www.farislee.com.

Colliers International and CBRE Team Complete Largest Sale in Six-Building Industrial Center Disposition at Brea Canyon Commerce Center in Brea, CA

  

June 26, 2012 – Brea, Calif. – As part of six-building marketing program, Colliers International, the third largest global real estate services organization, along with CBRE, have completed the $5.64 million sale of a 70,492-square-foot industrial distribution property located within Brea Canyon Commerce Center (top left photo) at 1415 Moonstone in Brea, Calif.

Ian Britton (middle right photo) and John Long (middle left photo) of Colliers International, along with Tom Dorman (lower right photo) of CBRE represented the seller, Cohen Asset Management in the transaction.

 Fred Chen of Focus Group represented the buyer, Perfect 85 Degrees, Inc. Perfect 85 Degrees is an expanding Taiwanese bakery and has retail locations in both Irvine and Hacienda Heights.  Specializing in fresh pastries and baked goods, this building will be used as a central bakery to support their expanding retail operation.

Built in 1989, the facility includes seven dock positions, a fenced yard and 2,700 square feet of office space. This transaction marks the largest transaction from among the five buildings sold thus far within Brea Canyon Corporate Center after an aggressive, 18-month marketing program from the Colliers/CBRE team.

 All told, the five buildings which total approximately 230,000 square feet were sold to a diverse group of buyers and just one 19,779 square foot building remains available within the project.  This building currently has multiple offers in place and should close escrow by the end of June according to Dorman.

 “The seller, Cohen Asset Management, purchased the six buildings from the former owner/occupant, Simpson Manufacturing in 2010,” said Britton. “The ownership reconditioned the buildings once Simpson vacated, which included adding modern landscaping, new paint, resurfacing of the parking lot areas and enhancing the overall image of the project.  Lot lines were also adjusted allowing future buyers to have fenced yard areas and adequate parking.”

 “This project was extremely successful and well-timed given the sharp increase in buyer demand over the last 12 to 18 months,” said Britton. “The majority of the buyers took advantage of record low interest rates on SBA financing, requiring a modest 10 percent down payment.” 

 Britton and Dorman added that as the overall market vacancy rate tightened, buyers from neighboring submarkets like Santa Fe Springs and City of Industry began to target the project due to its attractive business park environment, low tax rate and proximity to quality residential options.

  

Contact:

Darcie Giacchetto

Spaulding Thompson & Associates

949.278.6224

TNP Strategic Retail Trust Acquires Visalia Marketplace in Visalia, CA

 IRVINE, CA – TNP Strategic Retail Trust, Inc. (the “Company”), a public non-traded REIT that invests in grocery and drug-store anchored, multi-tenant necessity retail properties and other real estate-related assets, announced the completion of the Company’s 20th acquisition, Visalia Marketplace (top left photo) a 200,794-square-foot retail center located in Visalia, Calif.

Visalia Marketplace was recently renovated in 2008. The center is 92 percent leased and anchored by Save Mart Supermarkets and Kmart. Other national and regional tenants include Starbucks, Brandman University and Great Clips.

The anchor tenants have long-term leases, with Save Mart Supermarket’s lease expiration at the end of 2028 and Kmart’s lease expiration in 2024.

“We believe we have found exceptional value in this property, acquiring it for $1.8 million less than an appraised value established by KeyBank in June 2012,” said Steve Corea, senior vice president of acquisitions for Thompson National Properties.

“Further, this property has the zoning and land parcels to add 60,000 square feet of additional leasable area and has excellent freeway frontage and minimal lease rollover during the next five years.”

 

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

Jill Swartz at

949-485-1552,

 jill@spotlightmarcom.com

www.tnpre.com.

Cuhaci & Peterson Architects Completes Design Work for six LA Fitness Centers throughout Florida

ORLANDO, FL — Cuhaci & Peterson Architects, Engineers, Planners based in Orlando’s Baldwin Park, recently completed design work on six LA Fitness Centers located in the Tampa, Jacksonville and Sarasota areas.

Lonnie Peterson, chairman at Cuhaci & Peterson Architects, said each facility includes 50,000 square feet of space and all have opening dates before the end of this year.

For more information, contact:  

Lonnie Peterson, Chairman Cuhaci & Peterson Architects, LLC, 407-661-9100;  

Jed Downs, President Cuhaci & Peterson Architects, LLC, 407-661-9100;  

Larry Vershel or Beth Payan, Larry Vershel Communications, Inc. 407-644-4142, lvershelco@aol.com   

Orange County, CA Retail Asset Commands $12.1 Million

  

SANTA ANA, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of a 58,450-square foot Burlington Coat Factory (top left photo) in Santa Ana. The sales price of $12,100,000 equates to $207 per square foot.

Paul Bitonti (middle right photo) a vice president investments in Marcus & Millichap’s Newport Beach office, represented the seller, a limited liability corporation. Mark Thiel (lower left photo), a senior associate in the firm’s San Diego office, represented the buyer, an Orange County-based private family partnership.

“The property was marketed to a wide range of potential buyers, including institutions, REITs and private investors, both foreign and domestic,” says Bitonti. “Investors were attracted to the excellent location and submitted multiple offers.”

“The asset is a high-identity building with 285 lineal feet of frontage along the Bristol street corridor,” adds Bitonti. “ The site’s average daily traffic count exceeds 40,000 cars per day and is home to numerous national and regional tenants, including Walgreens, IHOP, Target, Trader Joe’s, In-N-Out Burger, Burger King, Taco Bell, Starbucks and El Super.”

“This absolute net leased investment will provide the new owner with a rental increase of 2.7 percent in November 2013,” says Thiel. “There are also four five-year options to extend with 50-cent per square foot rent increases every five years.”

Built in 2000 on 5.3 acres, the Santa Ana Burlington Coat Factory is located at 2840 South Bristol St. at the northwest corner of Bristol Street and Segerstrom Avenue. The location is one mile north of South Coast Plaza, the largest shopping mall in California.

Contact:

Stacey Corso

Public Relations Manager

(925) 953-1716

           

Christopher A. Kelly joins Berger Commercial Realty as a research analyst

 FORT LAUDERDALE, Fla. (June 27, 2012) – Berger Commercial Realty, a full service commercial real estate firm based in Fort Lauderdale and serving clients around the state, announced Christopher A. Kelly (top right photo) has been hired as a research analyst.

 At Berger Commercial Realty, Kelly's primary focus will be providing in-depth information to the firm's brokerage team by collecting and analyzing current market data and trends, utilizing criteria such as property types, location, price, and occupancy and lease rates. He also will assist with the firm's social media initiatives.

 Kelly is working toward his bachelor’s degree in economics from Florida International University in Miami. He is a resident of Davie.

Contact: 

Marielle Sologuren

Pierson Grant Public Relations

(954) 776-1999 ext. 226

msologuren@piersongrant.com

Gladstone Commercial Corp. Announces Property Acquisition in Columbus, GA

MCLEAN, VA  /PRNewswire/ -- Gladstone Commercial Corporation (NASDAQ: GOOD) (the "Company") reported it purchased  a recently constructed 32,000 square foot state-of-the-art office and classroom facility located in Columbus, GA for $7.3 million.

The building is fully leased to the University of Phoenix and fully guaranteed by Apollo Group, Inc., its publicly traded parent company.

Apollo Group, Inc. is one of the world's largest private education providers and has been in the education business for more than 35 years. Apollo offers innovative and distinctive educational programs and services both online and on-campus at the undergraduate, master's and doctoral levels. 

 

 The Property was selected by University of Phoenix to accommodate additional capacity not available at its previous location in the same market. University of Phoenix student enrollment includes a mix of both on-campus and online classroom environments.

"This acquisition adds another first rate tenant and high value property to our existing portfolio," said Buzz Cooper, the Managing Director responsible for the transaction.

Additional information can be found at www.gladstonecompanies.com.

For Investor Relations inquiries related to any of the monthly dividend paying Gladstone funds, please visit www.gladstone.com.

Contact:

 Gladstone Commercial Corporation,

+1-703-287-5893

Web Site: http://www.gladstonecompanies.com