NAMPA, IDAHO — Developers Diversified Realty Corp. has opened the 52,000-square-foot Edwards Nampa Gateway Stadium 12 Theatre at the 921,200-square-foot Nampa Gateway Center in the Boise metro area. DDR Builders, a subsidiary of Developers Diversified, served as general contractor and oversaw the construction of the $12 million theater, Regal Entertainment Group’s latest location. In addition to the theater, approximately 30,000 square feet of complementary retail will be opening at the shopping center.
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LOS ANGELES — Studley has negotiated Gordon & Rees LLP’s new 10-year lease for 40,355 square feet of space at the 73-story US Bank Tower, located at 633 West 5th Street in downtown Los Angeles. The law firm, which was subleasing floors 49 and 52 from Pacific Enterprises, will now occupy two contiguous floors — 52 and 53. Studley’s Mark Sullivan and Andrew Lustgarten represented the law-firm tenant, which has been in the building since 2006, in the transaction; the landlord, Maguire Partners, was represented in-house by Josh Wrobel. According to Studely, Gordon & Rees received a significant tenant-improvement allowance, allowing the firm to upgrade and reconfigure its space on the two contiguous floors at no out-of-pocket cost.
RIVERSIDE, CALIF. — Lee & Associates has closed the $4.2 million sale of a 111,316-square-foot industrial building located at 1850 Atlanta Ave. in Riverside. The freestanding industrial facility is situated on 10 acres of fenced-in property. Lee & Associates’ Bruce Springer and Vince Anthony represented the seller, Fleetwood Enterprises, in the transaction, and the brokerage firm’s Jeff White, along with Brad Yates of Grubb & Ellis, represented the buyer, Crystal Windows.
POWAY, CALIF. — On behalf of the landlord, Cushman & Wakefield has facilitated L.A. Fitness International LLC’s 15-year, approximately $11.47 million lease renewal for 40,567 square feet of retail space at 12648 Poway Rd. in Poway. Doing business as LA Fitness, the tenant plans to renovate the space, which is situated within the recently renovated Poway Crossings, an 114,811-square-foot retail center that includes a Rite Aid location. Cushman & Wakefield’s John Jennings and Kam Walton represented the lessor, Poway Crossings Investors LLC, in the deal; the lessee represented itself.
SHERMAN OAKS, CALIF. — Marcus & Millichap has brokered the more than $2.5 million sale of a bank-owned condominium site located at 13712 Valleyheart Drive in Sherman Oaks. Estimated to be 75 to 80 percent complete, construction was halted by the original developer approximately 10 months ago, leaving an estimated $500,000 of work remaining for the new buyer. Marcus & Millichap’s Ronald Harris and Paul Darrow represented the seller, a financial institution, in the transaction.
SUNNYVALE, CALIF. — Cassidy Turley CPS and CB Richard Ellis teamed up in a more than 257,000-square-foot lease renewal and expansion at the Sunnyvale City Center, a three-building, 472,358-square-foot Class A office campus located at 100, 150 and 190 Mathilda Place in downtown Sunnyvale. Cassidy Turley CPS’s Steve Horton and CB Richard Ellis’ Jeff Houston represented the property owner, JP Morgan, in the transaction, and Jones Lang LaSalle’s Andy Poppink and Bart Lammersen represented the tenant, Broadcom. With its renewed lease for 180,134 square feet at 150 Mathilda Place and its 77,050-square-foot expansion at 100 Mathilda Place, Broadcom will now occupy more than half of the entire campus.
SAN FRANCISCO — Grubb & Ellis has presided over the sale of a five-story, 23,000-square-foot retail building located at 459 Geary St. between the Clift Hotel and Curran Theatre in San Francisco’s Union Square. The sale price was not disclosed. Grubb & Ellis’ Daniel Cressman and Michael Taquino represented both the private-investor buyer and the seller, Walter Fong, who had operated Courtoué, a high-end men’s clothing store, at the property for more than 30 years.
SEATTLE — Marcus & Millichap has brokered the more than $1.9 million sale of the 27-unit Towne Apartments, located at 1717 12th Ave. in Seattle. The multifamily property consists of studio and one-bedroom units. Marcus & Millichap’s Robert Francis, Timothy McKay and Marc Cunningham represented the buyer, a limited liability company, in the transaction, and McKay represented the private-investor seller.
OXNARD, CALIF. — Marcus & Millichap has brokered the $19 million sale of Newport Landing 1 and 2, a 170-unit apartment community located at 5200-5300 South J St. within 1 mile of the Port Hueneme Naval Base in Oxnard. Built in 1965 and 1970, the 170,382-square-foot multifamily complex consists of separate but identical 85-unit buildings situated on more than 6.5 acres of land, together offering 40 one-bedroom/one-bath units, 110 two-bedroom/1.5-bath townhomes and 20 three-bedroom/1.5-bath townhomes. Marcus & Millichap’s Lane Schwartz and Jerry Wise represented both the private-investor buyer and the seller, one of the nation’s largest institutional lenders, in the REO transaction.
BURBANK, CALIF. — Cast & Crew Entertainment Services has signed a new headquarters lease for 51,064 square feet of Class A office space at 2300 Empire Ave. within Empire Center in Burbank. The 10-year lease is valued in excess of $15 million. Studley’s Scott Katcher and Len Nadler represented the provider of payroll services to the entertainment industry in the transaction; CB Richard Ellis’ Patrick Church and Anneko Greco represented the landlord. The first signed tenant at the 7-story, 364,000-square-foot, LEED Gold-certified project, Cast & Crew is expected to occupy the entire fifth floor of the newly built building on March 1, 2011.