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Norco Retail Acquired for $4.4M

Barrett Heritage LLC purchased the retail building at 3699 Hamner Ave. in Norco, CA from Hunt Electronic USA, Inc. for $4.41 million, or approximately $340 per square foot, in an auction sale.

Built in 2005, the building totals 12,954 square feet on 1.2 acres, part of the Norco Freeway Retail Center, located at the southeast corner of 6th St., west of the 15 Freeway. Consisting of ten retail spaces, the asset was 90 percent leased at the time…

via Inland Empire Commercial Real Estate News From CoStar Group http://origin-www-dc.costar.com/News/Article/Norco-Retail-Acquired-for-$44M/154459?ref=/News/Article/Norco-Retail-Acquired-for-$44M/154459&src=rss

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Norco Retail Acquired for $4.4M

Barrett Heritage LLC purchased the retail building at 3699 Hamner Ave. in Norco, CA from Hunt Electronic USA, Inc. for $4.41 million, or approximately $340 per square foot, in an auction sale.

Built in 2005, the building totals 12,954 square feet on 1.2 acres, part of the Norco Freeway Retail Center, located at the southeast corner of 6th St., west of the 15 Freeway. Consisting of ten retail spaces, the asset was 90 percent leased at the time…

via Inland Empire Commercial Real Estate News From CoStar Group http://www.costar.com/News/Article/Norco-Retail-Acquired-for-$44M/154459?ref=/News/Article/Norco-Retail-Acquired-for-$44M/154459&src=rss

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Post Plaza Sold for $1.3M

Hammer Insurance Services, Inc. purchased the flex building at 9225 Charles Smith Ave. in Rancho Cucamonga, CA for $1.25 million, or about $112 per square foot, from a private trust.

Built in 2001, Post Plaza totals 11,124 square feet on almost three-quarters of an acre at the southeast corner of 6th St., with frontage on the 15 Freeway. The buyer is an owner/user and will be operating its insurance business at the subject property.

James Panting…

via Inland Empire Commercial Real Estate News From CoStar Group http://origin-www-dc.costar.com/News/Article/Post-Plaza-Sold-for-$13M/154317?ref=/News/Article/Post-Plaza-Sold-for-$13M/154317&src=rss

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Palm Desert Flex Bldgs Sold for $3.3M

Renken & Co. purchased two flex properties at 77622 Country Club Dr. in Palm Desert, CA for $3.3 million, or about $100 per square foot, from a private trust.

Built in 1988, the two buildings total 32,910 square feet on approximately 2.2 acres located at the northeast corner of Park Center Dr., part of the Country Club Business Park. The two assets were 97 percent occupied at the time of sale.

Steve Metzler of Industrial West, Inc. represented…

via Inland Empire Commercial Real Estate News From CoStar Group http://origin-www-dc.costar.com/News/Article/Palm-Desert-Flex-Bldgs-Sold-for-$33M/154315?ref=/News/Article/Palm-Desert-Flex-Bldgs-Sold-for-$33M/154315&src=rss

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Murrieta Retail Trades for $1.2M

Tuff Shed, Inc. purchased the retail building at 41034 Elm St. in Murrieta, CA for $1.18 million, or about $247 per square foot, from Monte Di Villa LLC. The buyer, a storage building and garage manufacturer, will be using the property.

Built in 2002, the building totals 4,750 square feet and sits on 3.4 acres located at the southwest corner of Monroe Ave. with freeway frontage west of the I-15.

Jon Friesen and Brian Bielatowicz of Lee & Associates…

via Inland Empire Commercial Real Estate News From CoStar Group http://origin-www-dc.costar.com/News/Article/Murrieta-Retail-Trades-for-$12M/154314?ref=/News/Article/Murrieta-Retail-Trades-for-$12M/154314&src=rss

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Colton Retail Sells for $3.6M

Outdoor Food Court LLC purchased the retail building at 1175 S. Mt. Vernon Ave. in Colton, CA for $3.6 million, or about $35 per square foot. The buyer plans to reconfigure the former Kmart store to become a multi-tenant retail building.

Built in 1991, the property totals 104,231 square feet on 8.6 acres located in the Cooley Ranch area off the 215 Freeway, just south of the 10 Freeway and across the street from Wal-Mart.

Jorge Yamzon and…

via Inland Empire Commercial Real Estate News From CoStar Group http://origin-www-dc.costar.com/News/Article/Colton-Retail-Sells-for-$36M/154414?ref=/News/Article/Colton-Retail-Sells-for-$36M/154414&src=rss

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Murrieta Retail Trades for $1.2M

Tuff Shed, Inc. purchased the retail building at 41034 Elm St. in Murrieta, CA for $1.18 million, or about $247 per square foot, from Monte Di Villa LLC. The buyer, a storage building and garage manufacturer, will be using the property.

Built in 2002, the building totals 4,750 square feet and sits on 3.4 acres located at the southwest corner of Monroe Ave. with freeway frontage west of the I-15.

Jon Friesen and Brian Bielatowicz of Lee & Associates…

via Inland Empire Commercial Real Estate News From CoStar Group http://www.costar.com/News/Article/Murrieta-Retail-Trades-for-$12M/154314?ref=/News/Article/Murrieta-Retail-Trades-for-$12M/154314&src=rss

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Corona Pointe Trades for $96.4M

Advanced Real Estate Services, Inc. acquired the Corona Pointe multifamily community at 3957 Pierce St. in Riverside, CA from Friedkin Realty Management Group for $96.4 million, or about $135,000 per unit.

The 605,460-square-foot, low-density, garden-style apartment property was built in 1986 on 34.1 acres in the La Sierra submarket of Riverside County. The 714 units are a mix of one- and two-bedroom apartments spread across 54 buildings with…

via Inland Empire Commercial Real Estate News From CoStar Group http://origin-www-dc.costar.com/News/Article/Corona-Pointe-Trades-for-$964M/154579?ref=/News/Article/Corona-Pointe-Trades-for-$964M/154579&src=rss

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Market Trend: Inland Empire’s Office Deliveries, Construction and Inventory

During the third quarter 2013, no new office space was completed in the Inland Empire market area.

This compares to six buildings totaling 104,662 square feet that were completed in the second quarter 2013, three buildings totaling 35,859 square feet completed in the first quarter 2013, and one building totaling 19,558 square feet completed in the fourth quarter 2012.

There were 135,402 square feet of office space under construction at the…

via Inland Empire Commercial Real Estate News From CoStar Group http://origin-www-dc.costar.com/News/Article/Market-Trend-Inland-Empires-Office-Deliveries-Construction-and-Inventory/154557?ref=/News/Article/Market-Trend-Inland-Empires-Office-Deliveries-Construction-and-Inventory/154557&src=rss

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CoStar’s People of Note (Nov. 10 – 16)

It’s time to update those contact managers with CoStar’s People of Note, reporting news on significant new CRE hires and promotions. This week’s issue includes the following markets: Pittsburgh, New York City, Orlando, Phoenix, Milwaukee, Greensboro/Winston-Salem, Greenville/Spartanburg, Los Angeles, Westchester/SoConn, and Tampa.
PITTSBURGH
Pelusi Stepping Down as HFF’s CEO
By Tim Trainor