ALBUQUERQUE, N.M. — NAI Maestas & Ward Commercial Real Estate’s Jim Hakeem represented Twisters in the purchase of a 25,000-square-foot parcel of vacant land in the retail center located near the northwest corner of Paseo del Norte and Wyoming in Albuquerque. Terms of the deal were not disclosed. According to NAI Maestas & Ward, the acquisition will accommodate the fast-casual restaurant company’s 15th location.
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MOUNTAIN VIEW, CALIF. — Cassidy Turley BT Commercial Palo Alto has presided over the $8.55 million investment sale of a 23,611-square-foot Class A office building, located at 800 California Street in downtown Mountain View. The three-story, multi-tenant building was fully leased at the time of trade. In the transaction, Cassidy Turley’s Brian Henry, Kalil Jenab and Mike represented both the buyer and seller, Menlo Park, Calif.-based Peninsula Land & Capital LLC and 800 California LLC, respectively.
SAN DIEGO — Jones Lang LaSalle has closed a $13.5 million lease renewal and expansion at the San Diego Tech Center, a landmark, Class A complex located at 9645 Scranton Road in the Sorrento Mesa area of San Diego. The new 60-month lease totaling more than 96,000 square feet renews Novatel Wireless’ commitment for four suites at the property and adds 20 percent more space. Jones Lang LaSalle’s Jay Alexander, Chad Urie and Tim Olson represented MPG Office Trust – San Diego Tech Center in the transaction, and Cushman Wakefield’s Dennis Hearst and David Viani represented the tenant. The San Diego Tech Center includes a five-acre Japanese garden and an on-site Karl Strauss Brewery.
POMONA, CALIF. — On behalf of Structural Composites Industries, The Saywitz Co. has negotiated an 11-year, $11 million manufacturing and industrial lease for 173,200 square feet at 336 Enterprise Place in Pomona. Barry Saywitz of the Newport Beach, Calif.-based brokerage firm represented the tenant in the transaction; the seller, TA Realty Associates, was represented by Davis Partners.
SANTA BARBARA, CALIF. — Lee & Associates Central Coast has brokered the $11.5 million sale of the 36,767-square-foot Anacota Plaza, a mixed-use property located at 610 Anacapa St. in downtown Santa Barbara. The deal included the buyer, The Hutton Foundation, signing a long-term lease for Antioch University to occupy 31,429 square feet. Lee & Associates’ Clarice Clarke represented both the buyer and the new tenant. The remaining 5,338 square feet is occupied by a locally owned restaurant.
MESA, ARIZ. — Marcus & Millichap has brokered the almost $12.86 million sale of the 126-unit Cypress Court assisted-living and memory care property, located at 310 South 63rd St. in Mesa. The three-story, 81,995-square-foot property includes a main dining room, a dietary department, administrative offices, three elevators and a central courtyard. Marcus & Millichap’s Mark Myers, David Guido and Joshua Jandris represented an Indiana-based nonprofit in its disposition of the 145-bed property to Emeritus Senior Living.
LAS VEGAS — As part of a packaged sale, The Siegel Group Nevada has acquired 18 multifamily properties, located just east of the Paradise corridor in Las Vegas. Terms of the deal were not disclosed. Recently foreclosed upon and acquired from a private seller at a substantial discount, the apartment properties consist of 15 4-unit buildings and three 6-unit buildings.
There is a visible upside to the Boise retail market as we begin 2011. Major employers such as Micron Technology, Hewlett-Packard and Albertsons seem to be holding their own after some layoffs in recent years. A number of national retailers are considering smaller store footprints, which has led them to consider smaller markets like Boise. And pedestrian friendly downtown Boise endured the economic downturn reasonably well, remaining an employment and cultural center that’s home to dozens of local shops and other small businesses. In addition to art galleries, restaurants, coffeehouses, jewelers, wineries, salons, apparel shops and gift shops, national tenants such as The North Face, Anthropologie, Urban Outfitters and Office Depot are well located in the city. After a brutal 2009 and soft 2010, the Boise retail leasing market is showing signs of recovery, despite that the greater Boise area posted negative absorption of about 100,000 square feet last year due to a few large move outs. One long-delayed major lifestyle retail project is moving ahead and is a positive sign that confidence is returning to the market. After a 3-year delay, CenterCal Properties is breaking ground later this year on the 90-acre mixed-use Meridian Town Center in the growing …
PALM DESERT, CALIF. — Barnhart Balfour Beatty has completed the $4.5 million upgrade to the clubhouse at Desert Willow Golf Resort, located approximately 11 miles east of Palm Springs in Palm Desert. The clubhouse now offers an additional 12,000 square feet of outdoor patio space, with an increased seating capacity of 100 outdoor dining seats and an increased banquet capacity of 250. The clubhouse interior has been expanded by 5,300 square feet. Barnhart Balfour Beatty’s construction management staff consisted of Layne Arthur, Mark Chappell and Erin Driscoll. The City of Palm Desert Redevelopment Agency funded the project, which was designed by SMS Architects and MDR Architects.
ALBUQUERQUE, N.M. — NAI Maestas & Ward Commercial Real Estate has brokered the sale of the former Spiritual Renewal Center, located at 6400 Coors Blvd. NW in Albuquerque, to the Episcopal Diocese of the Rio Grande. The two-building complex had a list price of $1.95 million. NAI Maestas & Ward’s Jim Hakeem represented the seller in the transaction.