10721 Jasmine St.
INLAND EMPIRE
Investment group 10721 Jasmine LLC has acuired a 410,000-square-foot class A industrial warehouse at 10721 Jasmine St. in Fontana from BlackRidge Real Estate Group for $25 million in this week’s roundup of commercial real estate news in the West. Anna’s Linens, headquartered in Costa Mesa, CA, signed a long-term lease for the entire building, which will serve as the national retailer’s new, centralized distribution center for the Western US. The facility also includes 20,000 square feet of office space. The buyer was represented by Jeff Cannon, corporate managing director, and Paul Jones, associate, of Studley’s Southern California Industrial Services Group. Said Cannon: “This was an opportunity to buy a building at below replacement costs and secure a long-term lease for the tenant at very favorable rents. The Inland Empire submarket is on the cusp of a monumental shift due to increased demand, and we anticipate significant rental rate increases over the next 12 to 24 months.” Scott Gladstone, COO of Anna’s Linens, said that the space will support the company’s long-term business and customer fulfillment goals. “By repositioning and expanding our distribution facility on the West Coast, we can significantly improve inventory allocation and fill rates at the store level,” Gladstone explained. “This represents a material change in Anna’s Linens’ operations, with the goal of enhancing customer service and increasing customer satisfaction.” BlackRidge Real Estate Group was represented in the transaction by Tom Taylor and Steve Bellitti of Colliers International.
8720 Rochester Ave.
Cabot Properties Inc. bought a 59,510 square-foot industrial building at 8720 Rochester Ave. in Rancho Cucamonga from Nichirin Flex USA for $3.75 million, a price 25% higher than the property would have traded for a year ago, according to Juan Gutierrez, a senior associate in the Inland Empire office of Voit Real Estate Services. “We know the market is improving steadily, and this sale is demonstrative of that improvement,” Gutierrez said. Gutierrez, along with Walt Chenoweth, Frank Geraci and Patrick Wood of Voit’s Inland Empire office represented the seller, a company that manufactures hoses for the automotive industry. Nichirin, an owner-user, had owned the building since it was built in 1989. Gutierrez said there is much pent-up demand from investors who are looking to purchase industrial assets in the Inland Empire, but many of them have been priced out of the class-A, big-box market and are starting to spend more time looking for value-add acquisitions in the smaller size ranges. According to Gutierrez, there has been a slight increase in rental rates in the Inland Empire, a trend that is contributing to improving cap rates, which is ultimately helping some of these recent acquisitions work out. Cabot Properties was represented by Barrett Woods of Lee & Associates.
COLORADO
Briarglen Apartments
Advenir, a provider of multifamily investment and management services, has acquired the 220-unit Briarglen Apartments in Colorado Springs for $16.35 million in the firm’s first acquisition in Colorado. Todd Linden, Advenir’s chief acquisition officer, said in announcing the deal: “We are attracted to the Colorado Springs market because of its high barriers to entry, affluent renter base and anticipated job growth. Briarglen Apartments presented a clear value-add opportunity to improve unit interiors and property amenities in order to significantly drive revenue growth.” Linden went on to say that Advenir is committed to growing its Colorado operation and is looking to acquire value-add multi-family properties in Denver and the surrounding areas. Advenir will implement a $1.1 million capital improvement program focused on beautifying the exterior, as well upgrading unit interiors. Advenir represented itself in the transaction. Doug Andrews of Apartment Realty Advisors represented the seller, Denver-based RedPeak Properties. Built in 1986 and partially renovated in 2007, Briarglen Apartments is 97% leased. It features 88 one bedroom/one bathroom units, 24 two bedroom/one bathroom units and 108 two bedroom/two bathroom units. Rents average $800-$1,200.
NORTHERN CALIFORNIA
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