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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://www.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 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 end of…

via Inland Empire Commercial Real Estate News From CoStar Group http://www.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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Park Haven Bus Ctr Sells for $8.1M

A joint venture of Cardinal Equities LLC and MDT Properties, Inc. acquired two office buildings at 3350 and 3380 Shelby St. in Ontario, CA for $8.1 million, or about $97 per square foot, from Chippewa Enterprises, Inc.

3350 Shelby St. is a three-story building that was built in 1987 and offers a gross building size of 55,520 square feet. 3380 Shelby St. is a two-story building that was built in 1990 and stands at 32,452 square feet. Both buildings…

via Inland Empire Commercial Real Estate News From CoStar Group http://origin-www-dc.costar.com/News/Article/Park-Haven-Bus-Ctr-Sells-for-$81M/154154?ref=/News/Article/Park-Haven-Bus-Ctr-Sells-for-$81M/154154&src=rss

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Market Trend: Inland Empire’s Industrial Vacancy Stays at 6.3%

The Inland Empire Industrial market ended the third quarter 2013 with a vacancy rate of 6.3%.

The vacancy rate was unchanged over the previous quarter, with net absorption totaling positive 2,412,767 square feet in the third quarter. That compares to positive 1,825,295 square feet in the second quarter 2013. Vacant sublease space increased in the quarter, ending the quarter at 545,512 square feet.

Tenants moving into large blocks of space…

via Inland Empire Commercial Real Estate News From CoStar Group http://www.costar.com/News/Article/Market-Trend-Inland-Empires-Industrial-Vacancy-Stays-at-63/154234?ref=/News/Article/Market-Trend-Inland-Empires-Industrial-Vacancy-Stays-at-63/154234&src=rss

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Blue Sky Hospitality Purchases Best Western Inn for $6.4M

A private investor sold the Best Western Inn @ Palm Springs motel at 1633 S. Palm Canyon Dr. in Palm Springs, CA to Blue Sky Hospitality Investment, Inc. for $6.4 million, or about $91,000 per room.

The 27,650-square-foot hospitality building was constructed in 1975 in the Coachella Valley submarket of Riverside County.

Steve Usher of Titan Hospitality represented both the buyer and the seller in the sale.

Please see CoStar COMPS #2841678…

via Inland Empire Commercial Real Estate News From CoStar Group http://origin-www-dc.costar.com/News/Article/Blue-Sky-Hospitality-Purchases-Best-Western-Inn-for-$64M/153874?ref=/News/Article/Blue-Sky-Hospitality-Purchases-Best-Western-Inn-for-$64M/153874&src=rss

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JV Pays $9.1M for Fontana Land

A joint venture between The Bascom Group LLC and Real Estate Development Associates has purchased 16.9 acres of industrial land at 11100 Hemlock Ave. in Fontana, CA from JM Eagle, a manufacturing company, for $9.07 million, or about $537,000 per acre.

The buyer has plans to build an industrial and distribution building totaling 350,000 square feet sometime next year. The unimproved land is located in the Airport Area submarket, and was level cleared…

via Inland Empire Commercial Real Estate News From CoStar Group http://origin-www-dc.costar.com/News/Article/JV-Pays-$91M-for-Fontana-Land/153450?ref=/News/Article/JV-Pays-$91M-for-Fontana-Land/153450&src=rss

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Market Trend: Inland Empire’s Retail Vacancy Decreases to 8.7%

The Inland Empire retail market experienced a slight improvement in market conditions in the third quarter 2013. The vacancy rate went from 8.9% in the previous quarter to 8.7% in the current quarter.

Net absorption was positive 343,466 square feet, and vacant sublease space decreased by 89,076 square feet. In second quarter 2013, net absorption was positive 149,165 square feet.

Tenants moving into large blocks of space in 2013 include:…

via Inland Empire Commercial Real Estate News From CoStar Group http://www.costar.com/News/Article/Market-Trend-Inland-Empires-Retail-Vacancy-Decreases-to-87/154024?ref=/News/Article/Market-Trend-Inland-Empires-Retail-Vacancy-Decreases-to-87/154024&src=rss

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More Store Closings, Asset Sales May Not Be Enough to Save Sears, Analyst Reports

Sears Holdings Corp. announced a number of actions this past week prior to releasing its earnings report for the third quarter. Sears warned that its third-quarter EBITDA loss will widen to $250 million to $300 million, compared with last year’s comparable-period EBITDA loss of $156 million.

The beleaguered retail giant said it would continue to evaluate its U.S. stores by reviewing each location, including leased locations that are set to expire…

via Inland Empire Commercial Real Estate News From CoStar Group http://www.costar.com/News/Article/More-Store-Closings-Asset-Sales-May-Not-Be-Enough-to-Save-Sears-Analyst-Reports/153939?ref=/News/Article/More-Store-Closings-Asset-Sales-May-Not-Be-Enough-to-Save-Sears-Analyst-Reports/153939&src=rss

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Amazon to Open Fourth CA Fulfillment Center in Moreno Valley

Amazon.com, Inc.is finalizing plans to open a new 1.2 million-square-foot fulfillment center in Moreno Valley, CA, the e-tailer’s fourth distribution center in California.

The giant online retailer will employ 1,000 people full time at the new center. Amazon’s other sites in the Golden State are located in San Bernardino, and the San Joaquin Valley communities of Patterson and Tracy, said Mike Roth, Amazon’s vice president of North America operations…

via Inland Empire Commercial Real Estate News From CoStar Group http://seattle.costargroup.com/News/Article/Amazon-to-Open-Fourth-CA-Fulfillment-Center-in-Moreno-Valley/153893?ref=/News/Article/Amazon-to-Open-Fourth-CA-Fulfillment-Center-in-Moreno-Valley/153893&src=rss

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Corona Industrial Sells for $4M

A private trust sold the industrial building at 1955 Sampson Ave. in Corona, CA to K&B Engineering for $4 million, or approximately $308 per square foot.

The buyer, a leader in communications engineering, is an owner/user currently headquartered at Corporate Terrace Plaza in Corona. K&B Electric plans to expand its business to the Sampson property.

The 13,000-square-foot building features 10 grade-level doors and sits on a large 6.54-acre…

via Inland Empire Commercial Real Estate News From CoStar Group http://seattle.costargroup.com/News/Article/Corona-Industrial-Sells-for-$4M/153655?ref=/News/Article/Corona-Industrial-Sells-for-$4M/153655&src=rss