TEMPE, ARIZ. – MTD Southwest has signed a lease renewal for 81,200 square feet of warehouse and distribution space in Tempe. The property is located at 9235 S. McKemy Street. MTD Southwest was represented by James Harper of Cassidy Turley BRE Commercial. The landlord, McKemy Holdings, represented itself in this transaction.
Western
GOLETA, CALIF. – A new 106-room Courtyard by Marriott has opened in Goleta. Thisis the city’s first-ever Marriott hotel. A joint venture between R.D. Olson Development and Wynmark Company broke ground on the 68,000-square-foot hotel less than a year ago. The hotel was designed by Lee and Sakahara Architects and built by R.D. Olson Construction. The cost of construction totaled $12 million. The Courtyard by Marriott is situated on 3.02 acres near the Goleta Technology Park, the University of California, Santa Barbara,gent and the Pacific Ocean.
DENVER — JCR Capital (JCR) has allocated $25 million for CapRock Partners to purchase distressed assets and non-performing industrial loans throughout California. The capital was originated through JCR’s second fund, the JCR Commercial Real Estate Finance Fund II, L.P. (Fund II). This fund is open to new investors through the end of 2012. CapRock and the Denver-based real estate fund manager have already teamed up on three investments through this new joint venture, which totaled $10.2 million.
AVONDALE, ARIZ. – The 301-unit Coldwater Springs Apartments in Avondale has sold to Bascom Arizona Ventures for $27.2 million. The Class A community was built in 2007. The acquisition’s financing was arranged by CBRE’s Brandon Smith and Brian Eisendrath. It was provided by Ares Management. On-site property management will be handled by Morrison, Ekre & Bart Management Services. Jim Crews of Cushman & Wakefield of Arizona represented both the buyer and the unnamed seller in this transaction.
LOS ANGELES — DCT Industrial Trust has agreed to purchase a four-property portfolio totaling 563,000 square feet for an undisclosed sum. The portfolio contains three properties within the Los Angeles International Airport submarket and one property within the Chicago O’Hare International Airport submarket. The Class A air freight buildings boast a 99.6 percent total occupancy rate. They are leased to eight tenants. The off-market transaction is anticipated to close in the fourth quarter of 2012.
TEJON RANCH, CALIF. — Tejon Ranch Company and The Rockefeller Group have partnered to develop The Outlets at Tejon Ranch. The outlet center will be located where Interstate 5 and Highway 99 meet, just south of Bakersfield. The site’s infrastructure work has already commenced. The outlet center is scheduled to open in spring 2014. EWB Development is handling the new project’s leasing.
The Idaho retail market is showing signs of growth. Boise and Twin Falls are experiencing new developments breaking ground and national retailers are expanding or moving into the area. Much of this new development is coming in from California, Utah, Colorado and Arizona. Tenants are making deals again. Anchor tenants in second-generation space are looking in that $8-per-square-foot to $11-per-square-foot range for larger spaces. Shop spaces in A+ locations are still demanding high $20 per square foot lease rates and even into the low $30 per square foot for the higher-end projects like Meridian Town Center and the Whole Foods/Walgreens developments in Boise. Local and regional retailers are making a strong push to secure prime space as they are seeing lease rates start to rise. Many tenants are more willing to lock into longer lease terms if they can keep a lower rate. Landlords are beginning to provide tenant improvement allowances so long as the lessees can prove financial stability. Idaho is also experiencing retail market trends that are similar to the rest of the country. Larger healthcare facilities are driving the expansion of surrounding retail developments in Nampa and Twin Falls. Additionally, a few of the big box retailers …
ANAHEIM, CALIF. – The 222-room Embassy Suites – Anaheim-North has sold to Urban Commons, LLC for $25.5 million. The seller, FelCor, will use the net proceeds to repay a portion of the $88-million balance on its CMBS loan that matures in 2013. FelCor was represented by HREC Investment Advisors.
SCOTTSDALE, ARIZ. – East Thunderbird Square South, a 161,997-square-foot, grocery-anchored shopping center in Scottsdale, has sold to Holualoa Companies for $20.55 million. The square was 64 percent leased at the time of sale. Notable tenants include Smart & Final, AZ Air Time, Bridgestone Tires, Leslie’s Poolmart and Steinway Piano Showroom. The three outparcels that house M&I Bank, Burger King and Taco Bell were not part of the sale. Glenn Smigiel, Bob Young, Steven Brabant, Rick Abraham, Nancy Romanovsky, Kevin Schuck and Max Bippus of CBRE’s Phoenix office represented the seller, Gregg Williams of Trident Pacific Real Estate, the court-appointed receiver for the asset, in this transaction.
PHOENIX – TeleTech Holdings has leased 25,678 square feet in the Black Canyon Corporate Center in Phoenix. The five-year lease will allow TeleTech to double in size. It operates a call center for its subsidiary company, Revana, out of the space. John Bonnelland Don Muddof Jones Lang LaSalle’s Phoenix office represented the owner, Parallel Capital Partners, in this transaction.