WEST COVINA, CA-"When this building is renovated and the rents are up to market level, I expect they will have close to a 9-cap deal," the broker for the deal tells GlobeSt.com. "West Covina is a very hot market right now.
HUNTINGTON BEACH, CA-O Hill Properties, which also owns the Newport Beach Country Club, acquires the 140-acre development here from an affiliate of Santa Monica-based National Golf Properties, a real estate investment trust.
ANAHEIM, CA-Sublease space turning to direct space bumps up vacancy by nearly 2% on year-to-year basis, according to a report by Voit Commercial Brokerage.
DIAMOND BAR, CA-In the second of two recent leases, ADP soaks up 30,492 sf of space here for its tax and financial services division. Martin-Brattrud Properties is the building owner.
SANTA MONICA, CA-Movielink, a new venture formed by Warner Bros, Paramount, MGM, Sony and Universal Studios, leases 21,261 sf in four-year deal, moving from former temporary quarters in Westwood, Calif.
LONG BEACH, CA-Built in 1906, L'Opera office building in Downtown Long Beach houses maritime lawyers and one of the area's most successful restaurants. The six-story, 65,468-sf building is 93% occupied
LOS ANGELES, CA-Sales and leasing totals climb from last quarter and year-ago totals, a report from CB Richard Ellis shows, but activity produces scant absorption.
LA PALMA, CA-Automatic Data Processing Inc., part of Roseland, N.J.-based ADP's dealer services group, renews for five years in 37,904 sf at Arden Realty's 597,000-sf Centerpointe La Palma project.
PASADENA, CA-The four-story, 70,696-sf structural steel complex at the corner of South Lake and Cordova avenues will include 52,000 sf of office, 17,000 sf of shops, and a three-level underground garage with parking for 225 cars.
COMMERCE, CA-The growing firm will expand its 150,000-sf operation by adding another 100,000 sf, at a building with dock-high loading and rail service, also in Commerce.