Southern New Mexico's industrial market, particularly Dona Ana County, has remained stable through 2013. We project solid growth in this arena for 2014. A majority of the growth will be in the Santa Teresa area where Union Pacific is in the middle of a massive investment that will create the largest intermodal inland port in the United States. This project has already brought jobs and more than $40 million to New Mexico contractors so far. It is expected to create more than 600 permanent jobs in mechanical, electrical, architectural, utilities, track and civil engineering. Santa Teresa’s intermodal station has started to generate significant conversations with major companies for distribution and warehouse properties. Growth in Santa Teresa is further fueled by the proximity to the Mexican border where many of these same companies operate maquiladora plants on the Mexican side. We continue to struggle to meet demands for large-box users in Santa Teresa due to the limited availability of space in the area. This problem is compounded by the tight lending market, where little equity is available to developers looking to bring new speculative space on line. Additionally, many of the users looking in the Santa Teresa area typically do not …
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AVONDALE, ARIZ. — Lake Washington Partners has purchased the Coldwater Depot Logistics Center, a 600,000-square-foot distribution center in Avondale, for an undisclosed sum. The 54-acre site is located at 1100 North 127th Ave. in southwest Phoenix. The existing distribution center is occupied by Conn’s Furniture. The site can accommodate an additional 400,000 square feet of distribution/warehouse facilities. Lake Washington will manage the site’s future construction and development. It acquired the property from Trammell Crow Company and Clarion Partners.
SANTA FE, N. MEX. – A joint venture between PCCP, LLC and 1754 Properties LLC has acquired the 158-room La Posada de Santa Fe Resort and Spa for an undisclosed sum. The resort is located at 330 E. Palace Ave. in downtown Santa Fe near the new Santa Fe Community Convention Center. The JV plans to carry out a $5-million improvement project at the resort. It will then be rebranded under Starwood Hotels & Resorts’ The Luxury Collection brand. The hotel originally opened in 1940. It has undergone more than more than $7.6 million in renovations since 2008. The seller, Ektornet, had purchased the resort in 2007 from a prior partnership that involved 1754 Properties.
PHOENIX — MIG Real Estate has acquired Arcadia Gateway Center, an 89,835-square-foot office building in Phoenix, for an undisclosed sum. The Class A center is located at 4222 East Thomas Road near Arcadia Crossing and Desert Palm. It is currently 93 percent leased. Cushman & Wakefield represented the seller in this transaction.
AVONDALE, ARIZ. — Lake Washington Partners has purchased the Coldwater Depot Logistics Center, a 600,000-square-foot distribution center in Avondale, for an undisclosed sum. The 54-acre site is located at 1100 North 127th Ave. in southwest Phoenix. The existing distribution center is occupied by Conn’s Furniture. The site can accommodate an additional 400,000 square feet of distribution/warehouse facilities. Lake Washington will manage the site’s future construction and development. It acquired the property from Trammell Crow Company and Clarion Partners.
SANTA FE, N. MEX. – A joint venture between PCCP, LLC and 1754 Properties LLC has acquired the 158-room La Posada de Santa Fe Resort and Spa for an undisclosed sum. The resort is located at 330 E. Palace Ave. in downtown Santa Fe near the new Santa Fe Community Convention Center. The JV plans to carry out a $5-million improvement project at the resort. It will then be rebranded under Starwood Hotels & Resorts’ The Luxury Collection brand. The hotel originally opened in 1940. It has undergone more than more than $7.6 million in renovations since 2008. The seller, Ektornet, had purchased the resort in 2007 from a prior partnership that involved 1754 Properties.
PHOENIX — MIG Real Estate has acquired Arcadia Gateway Center, an 89,835-square-foot office building in Phoenix, for an undisclosed sum. The Class A center is located at 4222 East Thomas Road near Arcadia Crossing and Desert Palm. It is currently 93 percent leased. Cushman & Wakefield represented the seller in this transaction.
IRVINE, CALIF. — Von Karman Plaza, a 241,539-square-foot retail property in Irvine, has received $35 million in refinancing. The plaza is located at 16585 Von Karman Ave. The center was undergoing a repositioning prior to the refinancing, as several large blocks of space had been vacated, including a Sam’s Club building. The owner, Harsch Investment Corp., renovatedthe plaza and has since filled a majority of the vacated space with new tenants, including Walmart. The loan features a 10-year term and a 30-year amortization schedule. It was arranged by Ken Griggs and Paddy Ryan of Norris, Beggs & Simpson Financial Services. Financing was provided by ING Investment Management.
LOS ANGELES — The Balcony at Beverwil, a 75,000-square-foot retail center in Los Angeles, has received a $28-million loan. The center is located on the southeastern corner of Pico Boulevard and Beverwil Drive. It was built in 1996. The current owner acquired the asset in 2007. It assumed a $30-million securitized loan from PNC Bank upon acquisition. The new 10-year loan has a 30-year amortization schedule and an interest rate in the mid-4 percent range. It was provided by Allstate. The loan was originated by Pacific Southwest Realty Services.
SEBASTOPOL, CALIF. — The Barlow, a 212,000-square–foot, mixed-use industrial and retail lifestyle center in Sebastopol, has received two loans totaling $28.8 million. The center is located at 6770 McKinley Street. It is anchored by Kosta Browne Winery. The Barlow features two full-scale production wineries, four wine tasting rooms, two breweries, a gin and vodka distillery, a coffee roaster, two restaurants, a grocery store, a tea company, a full-scale production bakery and various other artisan producers. The project’s remaining space may be utilized by a boutique hotel with a spa. Financing was arranged by Ethan Schelin of Lucent Capital.