MURRAY, UTAH — Parley’s Partners has begun construction on Birkhill on Main, a new $45-million mixed-use development in Murray. It will be located at 4255 South Main Street. The project will include 311 luxury apartment homes, as well as a three-story office building upon build-out. Phase I will feature 137 units, including 41 market-rate and 96 affordable housing units in a five-story building. Phase II, set to commence in June 2013, will add 65 more units. Phases III and IV will include 109 additional units and a 35,400-square-foot office building, respectively. The first three phases are expected to be complete by 2016, with Phase I wrapping up in March 2013. Phase IV’s completion will be based upon pre-leasing. The eco-friendly, transit-oriented project is being built by Kier Construction and designed by KTGY Group.
Western
RIVERSIDE, CALIF. – Spectra Premium has signed a 52-month lease for 85,000 square feet at the Meridian Business Park. It is located at 14530 Innovation Drive in Riverside. The auto parts distributor will use the Class A building for its West Coast distribution operations. Spectra was represented by Ryan Miller of Voit’s Inland Empire office. The landlord, GE Capital Real Estate, was represented by Walt Chenoweth, Frank Geraci, Juan Gutierrez and Patrick Wood of the same office.
BUENA PARK, CALIF. – Home Design Outlet Center has leased an 18,179-square-foot industrial building in Buena Park. The outlet center plans to use the space as a product showroom and West Coast distribution center. Home Design was represented by Chuck Wilson and Brian Chastain of Colliers International. The landlord, RREEF, was represented by CBRE’s Laird Perkins.
SAN DIEGO — Regency Centers Corporation has purchased Balboa Mesa Shopping Center, a 189,321-square-foot, infill shopping center in San Diego, for $59.5 million. The Vons-anchored center is located at Balboa Avenue and Genesee Avenue. It is 95 percent leased. Other notable anchors include Kohl’s and CVS/pharmacy. The seller was Balboa Realty LLC.
MERCER ISLAND, WASH. – A 171-unit, Class A mixed-use property on Mercer Island has received a $53.9-million permanent loan. The apartment community also features 17,000 square feet of retail space. The property was built in 2009 along the island’s main thoroughfare. Mercer Island sits on Lake Washington, which is between Seattle and Bellevue. The loan was arranged by Amos Smith and Ryan Chapman of Johnson Capital’s Irvine office. The funds were provided by Fannie Mae. The new non-recourse loan will replace a construction loan. It has a fixed interest rate during the 10-year term.
CYPRESS, CALIF. – C&D Zodiac has signed a long-term lease for 85,773 square feet at an industrial building in Cypress. It is located at 11240 Warland Drive. The firm will use the space to expand its aircraft division. C&D was represented by Frank Adler and Jeff Hirsch of Lee & Associates Newport Beach. The landlord, Warland Investments Company, was represented by the Klabin Company.
PHOENIX – Spectrum Labs has leased 25,569 square feet of lab office space at the Southbank Business Park in Phoenix. It is located at 2801 S. 35th Street. The veterinary solutions company will use the space for lab testing. Spectrum Labs was represented by Jeff Conrad of Lee & Associates Arizona. The landlord, Hannay Real Estate Advisors, was represented by CBRE’s Bill Bayless.
PHOENIX – A 4,100-square-foot, single-tenant retail property in Phoenix that is triple-net leased to Wells Fargo has sold to 8155th Ave. LLC for $9.15 million. The property was built in 2008 at 32nd and Camelback Road. The buyer was represented by Andrew Greenberg of ERG Property Advisors. The seller, TradeCor LLC, was represented by Jereme Snyder and Eric Carlton of Colliers International.
HAYWARD, CALIF. – Solta Medical has extended its lease for 88,000 square feet of space inside two Class A office/R&D buildings at the Mount Eden Business Park in Hayward. The properties are located at 25881 & 25901 Industrial Blvd. The lease was valued at $4 million. The landlord, Mount Eden Business Park, LLC, was represented by Dan Bergen and Casey Ricksen of Colliers International.
SCOTTSDALE, ARIZ. – A 35,000-square-foot medical office building and an adjacent two-acre property have sold to LGE Design Build and Anderson Commercial Real Estate for $3.7 million. They are located at 8550 and 8600 E. Anderson Drive in Scottsdale. The two-acre property has the potential for a 72,000-square-foot, four-story building. The seller, Silverleaf Perimeter Center, LLC, was represented by Mark Stratz, Ray Harris, Tyler Wilson and Scott Baumgarten of Cassidy Turley BRE Commercial.