Western

Wallis Annenberg Hall Debuts at USC in Los Angeles

by Nellie Day November 7, 2014

LOS ANGELES – The University of Southern California (USC) has completed its new Wallis Annenberg Hall at Annenberg School for Communication and Journalism. The $40-million project features 88,000 square feet situated over five levels. The new building is near the USC Central Campus in Los Angeles. It will house broadcast network equipment, media classrooms and laboratories. The project was constructed by Bernards and designed by Dan Benjamin of Harley Ellis Devereaux. This is Bernards’ third major project with USC. The building was named for the benefactor, Wallis Annenberg, president of the Annenberg Foundation and the longest-serving USC trustee.

November 7, 2014

Northrop Grumman Renews at Kearny Mesa Spectrum Center

by Nellie Day November 7, 2014

SAN DIEGO – Northrop Grumman Systems Corporation has renewed its lease for 182,870 square feet of office space at the Kearny Mesa Spectrum Center. The three-building office campus is located at 9326 and 9356 Spectrum Center Blvd. and 4830 Ruffin Road in San Diego. Northrop Grumman is the property’s original tenant. It has occupied this space for nearly 10 years. The campus was built in 2005. It features a large data center, 608 surface parking spaces, electric vehicle charging stations and a cafeteria with multiple outdoor eating areas, among other things. Northrop Grumman was represented by CBRE’s Tom Martinez and Evan Knutsen. The landlord, American Fund US Investments, LP, was represented by Tom Wilcox and Jay Arnett of Colliers International.

November 7, 2014

California Industrial Western

Duke Realty to Develop New 783,407 SF Industrial Building in Perris

by Nellie Day November 7, 2014

PERRIS, CALIF. – Duke Realty has announced plans to build a new 783,407-square-foot spec bulk warehouse building in the Inland Empire East submarket of Perris. The new building will be located near the Ramona Expressway and I-215. The building will be called Perris Logistics Center II. It is currently pre-leasing. The building is scheduled for completion in August 2015. Steve Bellitti and Thomas Taylor of Colliers serve as the leasing agents.

November 7, 2014

Arizona Office Western

Palm Valley Office Park I & II in Goodyear Sell for $15.3M

by Nellie Day November 6, 2014

GOODYEAR, ARIZ. – Palm Valley Office Park I & II, an 83,575 square foot office project in Goodyear, has sold to Kootenay Holdings for $15.3 million. The space is located at 1616 and 1646 North Litchfield Road. The seller was Steve Schrag, REO asset manager, of Key Bank c/o KeyCorp Real Estate Capital Markets. The transaction was executed by Bob Buckley, Tracy Cartledge and Steve Lindley of Cassidy Turley’s Capital Markets Group. Jeffery Hartland and Scott Boardman of Cassidy Turley’s Office Group will handle the building’s leasing.

November 6, 2014

Arizona Retail Western

Dollar Tree to Open Four Stores in Arizona

by Nellie Day November 6, 2014

PHOENIX – Dollar Tree has opened four stores in Arizona. The locations include a 10,800-square-foot space now open at Chandler Festival in Chandler; a 10,204-square-foot space at Cotton Plaza in Surprise; an 8,625-square-foot space in Bell Camino Shopping Center in Sun City; and a 7,840-square-foot space located at the southwest corner of Guadalupe Road and Hawes Road in Mesa. Dollar Tree was represented by Kurt Kalocin of SRS.

November 6, 2014

Colorado Industrial Western

Denver Industrial Building Sells for $10M

by Nellie Day November 6, 2014

DENVER – A 189,210-square-foot industrial building in Denver has sold to Gladstone Commercial Corporation for $10 million. The building is located in an industrial park, near Downtown Denver. It has direct rail service and easy access to I-25, 1-270 and the Denver airport.

November 6, 2014

California Office Western

San Rafael Office Building Changes Hands

by Nellie Day November 6, 2014

SAN RAFAEL, CALIF. – Ellis Partners LLC has acquired a 130,237-square-foot office building in San Rafael for an undisclosed sum. The building is located at 4040 Civic Center Drive. The seller was an institutional investor. Cushman & Wakefield will handle the leasing of the property and CBRE will take on the property management assignment for the new ownership. This acquisition represents the fourth purchase by Ellis Partners with capital partner Artemis Real Estate Partners.

November 6, 2014

California Office Western

ThinkFactory Media Leases 33,444 SF in Los Angeles

by Nellie Day November 6, 2014

LOS ANGELES – ThinkFactory Media has leased 33,444 square feet of office space in Los Angeles. The space is located at 1640 S. Sepulveda Blvd. ThinkFactory will use this space for its corporate headquarters and production services. The landlord, Ocean West Capital Partners and Westbrook Partners, was represented by JLL’s Carl Muhlstein, Hayley Blockley and Jaclyn Ward.

November 6, 2014

Retail Utah Western

South Towne Center Mall, Marketplace in Sandy Sell for $205M

by Nellie Day November 5, 2014

SANDY, UTAH – A partnership between Pacific Retail Capital Partners, Silverpeak Real Estate Partners and the Merchant Banking Division of Goldman Sachs has acquired the 1.3 million-square-foot South Towne Center Mall and adjacent Marketplace in Sandy for $205 million. The 966,000-square-foot South Towne Center Mall is a two-level, enclosed regional mall that contains about 150 shops and restaurants. The mall’s anchors include Macy’s, Dillards, JCPenney and Utah’s largest Forever 21. The 312,000-square-foot Marketplace is anchored by Super Target. The properties are situated about 16 miles south of Salt Lake City. The partnership plans to execute a large-scale mall renovation. Gensler Associates will create the new design. Current plans feature upgrades to the mall’s infrastructure, including lighting, flooring, restrooms, a new children’s play area and a revamped food court with expanded food offerings. Pacific Retail will oversee all operations at South Town Center, including its renovation. The seller was Macerich. The sale is consistent with the company’s strategy of selling non-core assets and redeploying the proceeds into its development pipeline.

November 5, 2014

Colorado Office Western

Ivanhoé, Callahan Acquire Interest in Downtown Denver Portfolio

by Nellie Day November 5, 2014

DENVER – Ivanhoé Cambridge and Callahan Capital Properties have acquired a 40 percent interest in a Denver-based portfolio that includes the US Bank Tower, the Tabor Center and the adjacent Two Tabor development site. The interest was purchased from Canada Pension Plan Investment Board for more than $200 million. The 572,000-square-foot Tabor Center is located at 1200 17th Street. The property includes a 30-story trophy office tower and a 163,000-square-foot, mixed-use property with retail and health club amenities. The 520,000-square-foot US Bank Tower is located at 950 17th Street. The 26-story, Class A tower is just steps from Tabor Center. These acquisitions position Ivanhoé Cambridge as one of the main landlords in Denver’s commercial business district. The firm now has an ownership position that represents about 6 percent of Downtown Denver’s Class A office inventory. This is Ivanhoé’s sixth acquisition with Callahan, bringing the partners’ U.S. office platform investments to more than $2.4 billion. A Callahan affiliate continues to be an equity partner and asset manager for these properties.

November 5, 2014

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