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COLTON, CALIF. — Ashley Furniture Industries Inc. has acquired two industrial buildings in Colton. The transaction consisted of a 312,000-square-foot building and a 127,000-square-foot facility situated on 19.3 acres in the Cooley Ranch Industrial Park. “This transaction is one of the largest user-sale transactions in Southern California this year,” says Rick John, senior vice president of Ontario, Calif.-based Collins Commercial, which represented the buyer. Aaron Hodgdon, president of The Hodgdon Group, which also represented the buyer, notes that the acquisition will be an addition to Ashley Furniture Industries’ warehouse and manufacturing operation. The acquisition expands the company’s campus to approximately 1.4 million square feet. Gardena, Calif.-based Overton Moore Properties sold the assets for an undisclosed price. David Consani and Jim Koenig of CB Richard Ellis’ Ontario office represented the seller in the transaction. The acquisition price was not disclosed. The Hodgdon Group has represented Ashley Furniture Industries for the last 10 years on the development, purchase and leasing of more than 2 million square feet of industrial and manufacturing space. Additionally, the company is the exclusive representative for the Ashley Furniture Home Stores for retail real estate. — Amy Bigley

SAN RAMON, CALIF. — Bank of the West has signed a lease for 240,000 square feet of office space at Sunset Development Co.’s Bishop Ranch, a 585-acre business park in San Ramon. The San Francisco-based bank will consolidate its East Bay offices into Bishop Ranch 7, a three-story building on Camino Ramon. In a statement, Bank of the West’s President and CEO Michael Shepherd said, “the move to Bishop Ranch allows us to remain in the East Bay, accommodate future growth, enjoy greater efficiencies and provide our employees the high quality working conditions they deserve. With multiple leases expiring in 2010, this was an unmatched opportunity to combine our East Bay offices in a single location.” The bank currently has approximately 1,600 employees in seven separate buildings in Walnut Creek, Concord and Pacheco, Calif. The company plans to take occupancy in late 2010. This transaction marks one of the largest single office leases in the nation in recent months and the largest new lease on the West Coast. Additional details of the transaction were not disclosed. Bishop Ranch is a diverse business community including more than 550 companies in 30 industries. Bank of the West’s holding company, BancWest Corp., is …

WASHINGTON, D.C. — Washington-based Opus East and Phoenix-based Opus West are preparing for liquidation and reorganization under Chapter 7 and Chapter 11 bankruptcy filings, respectively. Opus East has already filed a petition, and Opus West is expected to enter into bankruptcy in early July. Both companies are independent entities of the Opus Corp.; these actions do not affect the remaining Opus companies, Opus North and Opus Northwest. “Declining real estate values and tight credit markets continue to impede the refinancing of assets and restructuring of lending agreements,” Mark Rauenhorst, CEO of Opus Corp., says in a statement. “A court-supervised process and transfer of distressed assets will assist Opus in reorganizing.” For Opus East, credit pressure comes from its development of the National Oceanic and Atmospheric Administration Center near the University of Maryland for the General Services Administration. According to Marshall Burton, executive vice president of Opus East, the GSA has been slow to make payments on more than $35 million in tenant improvements. Burton will oversee the disposition of Opus East’s assets. In addition to the GSA building, Opus East is developing 1015 Half Street, a 442,000-square-foot sustainable office building in Washington, and a 228,000-square-foot warehouse in Bethlehem Crossings Industrial …

ARLINGTON, VA. — Washington, D.C.-based MRP Realty and New York City-based Angelo, Gordon & Co. have purchased the 212,000-square-foot Hartford Building from Multi-Employer Property Trust, which was advised by Kennedy Associates Real Estate Counsel. The purchase price of the nine-story, Class A office building was not disclosed. The 6-year-old property, located at 3101 Wilson Blvd. in Arlington, is 100 percent occupied. Major tenants include Georgetown University and the architecture firm DMJM. Amenities include a fitness facility, a rooftop terrace and computerized access to the property. The first floor houses a TD Bank and the Georgetown Entertainment Group restaurant Sette Bello. “The Hartford Building represented a compelling opportunity given the excellent condition of the market and the building’s superb tenancy,” says Bob Murphy, managing principal of MRP Realty. Warren Dahlstrom and Brian Dawson of Cushman & Wakefield represented the seller — Jon Ross

WEST HOLLYWOOD, CALIF. — The city of West Hollywood has broken ground on its 25th Anniversary Capital Improvement Project. The $125 million project includes the development of three LEED-certified facilities and the expansion of the city’s open space. The first phase of development, which involves upgrading West Hollywood Park, includes a 42,000-square-foot library, two municipal parking garages, a coffee bar, and a new facility to house public meetings and City Government Access Television facilities. Designed by MDA Johnson Favaro, the library is expected to meet LEED Silver certification. In a statement, the city’s Mayor Abbe Land said “the new library will truly be a place where everyone can come together in an environment that fosters learning and community. We are so grateful to be able to help build a library that reflects the values of our city and will serve this community for decades to come.” Heery International is serving as construction manager for the project. According to a release, the company is in charge of commissioning services, which is a key part of the city’s pursuit of LEED certification, explains Daniel Adams, project manager for Heery. “[Heery] will play a significant role in monitoring sustainable initiatives and ensuring the …

NEW YORK CITY — In what is perhaps the largest loan financing since the collapse of the credit markets, the Bank of America Tower at One Bryant Park has received approximately $1.28 billion to refinance the property. Reports indicate that the loan will be used to retire the property’s existing construction loan, pay back investors and complete construction of the tower. Groundbreaking for the Bank of America Tower first occurred in 2004. The project was initially financed with $650 million in Liberty Bonds, a program that provided tax-exempt financing for areas of lower Manhattan affected by the 9/11 attacks. The size of the new financing is estimated at $325 million larger than the initial construction loan, representing an appreciation of the property. Construction is now on schedule to be complete by early 2010. The project is owned by a 50/50 joint venture between The Durst Organization and Bank of America. The tower, which was designed by Cook + Fox Architects, contains 2.1 million square feet of office space over 55 stories. It is located in New York City’s Times Square, adjacent to Henry Miller’s Theatre, which is also being redeveloped by the partnership. The tower is currently 98 percent leased, …

COLUMBIA, S.C. — The Home Depot will open a 465,000-square-foot rapid deployment center, meant to serve as a distribution point for 150 stores in the Southeast, in Columbia next January. Located in the Lexington County Industrial Park, plans call for 171 dock doors and 18,000 square feet of office space. Columbia-based Miller-Valentine Group has broken ground on the project, which will be constructed in 28 weeks. The facility is part of the home improvement retailer’s plan to move from a decentralized retailer system — every store carrying a large amount of goods — to a regional system. “In the past, they’ve kept a lot of on-hand stock in the stores,” says Kurt Eyring of Miller-Valentine. The new warehouse will also allow The Home Depot to expand its product line, he says. When completed, approximately 300 workers will find employment in the new center. But judging from other deployment centers that have been built throughout the country, Chuck Salley of Colliers Keenan’s Columbia office says he doesn’t expect the project to generate more development. “In other markets that really hasn’t been the case,” Salley says. “It will be a nice job creator.” The Home Depot considered a number of locations for …

FORT WORTH, TEXAS — With infrastructure and site work wrapping up, vertical construction has commenced for Presidio Junction, a 300-acre mixed-use project located at the intersection of North Tarrant Parkway and Interstate 35W in north Fort Worth. At full build-out, the project will comprise more than 1 million square feet of retail and restaurant space; 1,300 apartments; and 750,000 square feet of hotel and Class A office and medical office space. It is owned and is being developed by Newport Beach, Calif.-based LNR Commercial Property Group. Lowe’s Home Improvement Warehouse has been announced as the project’s first major retail tenant. The pad site for the retailer is expected to deliver for construction by June 2010, with completion slated for the fourth quarter of 2010 or the first quarter of 2011. The Weitzman Group, which is handling the retail component of Presidio Junction, is advanced negotiations with potential junior anchor tenants, including a major toy retailer, a pet supplier, an office supplies retailer, two discount apparel stores, a grocer, a fitness center and a major discount store. The project is set to take advantage of a favorable trade area, which includes growing suburbs and a strong daytime population fueled by, among …

ATLANTA — Cobalt Industrial REIT II, an affiliate of Dallas-based Cobalt Capital Partners, has purchased a nine-building portfolio in the 587-acre Shawnee Ridge industrial park from SAR at Shawnee Ridge for an undisclosed amount. The properties, which total 1.7 million square feet and are 82 percent leased, are located in the Atlanta’s northeast submarket. Chris Riley, Frank Fallon and Brian Budnick of CB Richard Ellis’ Atlanta office represented the seller, and Cobalt was represented in house. According to Lewis Friedland of Cobalt Capital, the company purchased the buildings as part of an Atlanta industrial expansion plan. “We already own a significant portfolio of light industrial properties in Atlanta,” he says. The low level of industrial activity in Atlanta doesn’t bother Friedland, who expects tenants to start making moves soon. Each building in the Shawnee Ridge portfolio averages 189,000 square feet, a size Friedland targets when dealing in the Atlanta market. “We’re still seeing strong demand from tenants in the 10,000- to 50,000-square-foot range,” he says. Overall, the Class A warehouses, which were constructed in the 1990s are in “very good condition,” Friedland says. To attract new tenants, however, Cobalt will undertake a small amount of interior and exterior renovations. Cobalt …

CHICAGO — Plans were recently unveiled for an approximately $350 million green renovation of Chicago’s iconic Sears Tower. The project will reduce the building’s electricity use by up to 80 percent through a combination of energy savings and co-generation — equating to savings of 68 million kilowatt hours per year. The project architect for the renovation is local design firm Adrian Smith + Gordon Gill Architecture (AS+GG). Upgrades to the building begin with the exterior. The tower’s 16,000 windows will be replaced and glazed, amounting to a 50 percent savings in heating costs. The building’s boilers are being replaced with new gas-fired units that utilize fuel cell technology and are up to 90 percent more energy efficient. High-efficiency chillers are also being installed and upgrades will be performed to the distribution system. The tower’s 104 high-speed elevators and 15 escalators are also being modernized, which will result in a 40 percent reduction in energy use. The project will also place an emphasis and the tower’s water and lighting systems. Upgrades to the building’s restroom fixtures, a condensation recovery system and the installation of water-efficient landscaping will reduce water usage by up to 24 million gallons per year. An advanced lighting …