The Las Vegas market has a total office inventory of 60.7 million square feet in 3,820 buildings. There were 13 buildings completed in 2011 totaling 724,535 square feet. An additional 550,000 square feet was still under construction at the end of the fourth quarter. Net absorption in 2011 was a positive 402,712 square feet, largely due to the Metropolitan Police Department moving into their new 390,000-square-foot facility during the third quarter. The total office vacancy rate valley wide was 19.4 percent at the end of the fourth quarter, which did not include shadow inventory. As this article was being submitted, Auction.com was completing another round of asset sales. Of the 25 property deed sales on the block in Las Vegas, four were office projects totaling about 204,000 square feet. Two of the14 non-performing notes were secured by office product totaling 103,000 square feet. The largest office project sold in the auction was the 124,082-square-foot Sahara Plazas. Sahara Plazas is located in the central portion of Las Vegas and consists of 10 individually parceled Class B buildings situated on 7.87 acres. The largest non-performing note secured by an office product was Charleston Valley View at 86,586 square feet. This property is …
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CHICO, CALIF. – The 164-unit Trans Pacific Gardens II in Chico has sold to DHI Trans Pacific Gardens Associates by Trans Pacific Limited Partnership for $9.25 million. The community is located at 729 Nord Ave. The transaction was negotiated by Steven A. Nelson and Al R. Inouye of Hendricks & Partners’ Sacramento, Calif., office.
SALT LAKE CITY — Franchisee Mark Peterson plans to bring several new Taco Bells to Utah. The state hasn’t received a new Taco Bell in more than 10 years. The first location will be a 2,500-square-foot store in Payson that will debut in May. Peterson has also purchased land for a Taco Bell in Herriman, and has several more locations in the works. He is working with CBRE’s Salt Lake City office to select more sites. Russ Harris, vice president and retail specialist at CBRE, represents Taco Bell.
BRISBANE, CALIF. — A 132,000-square-foot warehouse facility in Brisbane has sold to William Spencer for $16 million. William Spencer is considered both an owner/user and an investor in this transaction. The facility is located at 325 Valley Drive. The buyer was represented by Marshall Hydorn of Cassidy Turley. The seller was IAC 325 Valley Drive, LLC.
TORRANCE, CALIF. — Regency Centers has begun construction on South Bay Village, a 109,293-square-foot neighborhood center in Torrance. The center will be anchored by Orchard Supply Hardware and HomeGoods. They are both scheduled to open in September. In addition to these anchors, the center will include a future 30,000-square-foot anchor and one outparcel. South Bay Village will be constructed on the site of a former Kmart. The center is being built by Moorefield Construction and designed by Architects Orange.
SAN JOSE, CALIF. — Relectric Supply Company has leased a 76,972-square-foot industrial building in North San Jose that is located at 2390 Zanker Road. Relectric is relocating from a 26,000-square-foot facility it had leased on nearby Rogers Avenue. The new space will provide Relectric with warehouse/manufacturing and office space. The company was represented by Steve Horton and Kelly Yoder with Cassidy Turley. The building is owned by RREEF.
CITRUS HEIGHTS, CALIF. – The 124-unit Antelope Woods Apartments in Citrus Heights has received $7,260,000 in financing. The refinance loan includes a seven-year term and a 30-year amortization under Fannie Mae’s Early Rate Lock Program. It was written to a 75 percent loan-to-value with a 1.43x debt-service coverage ratio. The property was built in 1986 and is situated on more than five acres. Financing was provided by Jeff Burns and Verne L. Murray of Walker & Dunlop. The loan was originated by Ron Peters of Preferred Capital Advisors.
SANTA MONICA, CALIF. — A six-unit apartment building located at 1247 Berkeley Street in Santa Monica has sold to a private investor for $1,975,000. The community was built in 1961 and contains 8,990 rentable square feet. The buyer was represented by Robert Narchi of Marcus & Millichap’s West Los Angeles office. The seller, also a private investor, was represented by Tony Azzi from the same office.
SAN JOSE, CALIF. — Flextronics International USA has leased 130,455 square feet of Class A office space at the new America Center campus in North San Jose. This will allow the electronics manufacturing services provider to expand its U.S. headquarters, which is currently based in nearby Milpitas. The firm will occupy more than half of the six-story, 213,800-square-foot building, which is located at 6201 America Center Drive. Flextronics was represented by Dan Hollingsworth, Tom McGovern, Steve Pace and Karen Sigl with Cassidy Turley in this transaction.
SHERMAN OAKS, CALIF. – An office building commonly known as the “Wallace Library” along the Ventura Boulevard corridor in Sherman Oaks has been leased by a private record label. The 2,500-square-foot boutique office building is located at 15464 Ventura Blvd. It is named after Randall Wallace, a legendary producer and director who worked on “Braveheart,” “We Were Soldiers” and “Secretariat.” Wallace, the trustee of the Randall Wallace Family Trust, was represented by Ash Joshi of Capital Realty Solutions in this lease transaction.