LAS VEGAS — CORE Construction-Nevada has completed the new five-story, 187,467-square-foot Campos Office Building and Parking Structure at 215 E. Bonanza Road in Las Vegas. The Nevada State Public Works Board contracted CORE to complete the $26.8 million project, which began in early March 2008. Designed by award-winning SH Architecture to meet or exceed a LEED Silver rating, the project included demolition of the original two-story, 40,000-square-foot structure on the 1.6-acre site. The Nevada State Department of Parole and Probation occupies a majority of the building, and the Nevada Department of Transportation is also a tenant.
Western
LOVELAND, COLO. — Investment group MJB RV2 LLC has purchased the three-story, 39,000-square-foot Rangeview Two lakefront office building for $10.75 million. Built in 2006 and 100 percent occupied, Rangeview Two is part of the Rangeview office campus on Rocky Mountain Avenue in Centerra, McWhinney’s 3,000-acre, master-planned development. Peter Kast of Fort Collins, Colo.-based Realtec Commercial Real Estate and Mark Norem of Montana-based Mark Norem Real Estate assisted in the Class A office sale.
SANTA ANA, CALIF. — Lee & Associates has arranged the $1.5 million purchase of a 14,784-square-foot industrial building located at 2614 Rousselle St. in Santa Ana. Greg Diab and Jack Haley of Lee & Associates – Orange Inc. represented the undisclosed buyer in the transaction, and Steve Eberle of the Eberle Company represented the seller, Kuntz Real Estate Trust.
MUKILTEO, WASH. — InterContinental Hotels Group (IHG) has opened a new 134-room Staybridge Suites located at 9600 Harbour Place in Mukilteo. The Staybridge Suites Seattle North-Everett is owned and managed by Mukilteo Hotel LLC, an affiliate of the 360 Hotel Group, under a license agreement with a company in IHG. The five-floor property features three suite options — deluxe studio, one-bedroom and two-bedroom/two-bath — all of which include in-room DVD/CD players and fully equipped kitchens. On-site amenities include an indoor pool; a five-hole putting green; complimentary guest laundry and workout facilities; a complimentary 24-hour business services center; a guest library; and BridgeMart®, the hotel’s 24-hour convenience store.
OXNARD, CALIF. — A new 38,500-square-foot student services center has opened at Oxnard College. Designed by west Los Angeles-based Nadel Architects, the $18 million structure allowed for the consolidation of a number of administrative and student offices, including the cafeteria, student business office, admission and records, financial aid, career and transfer center, health services, and disabled student services. The new center will help the 118-acre campus expand to serve 11,500 students.
SAN DIEGO — The Peckham Family Trust is developing Harbor Point, a new two-story, 24,000-square-foot mixed-use building located at 5055 N. Harbor Drive in the Point Loma area of San Diego. Johnson & Jennings General Contracting is performing ground-up construction of the building, which is slated for completion in August 2010. Harbor Point will consist of nine office suites above three ground-floor retail suites and includes secured, covered parking and an open second-floor courtyard. F.L. Hope Architecture & Planning is the LEED project designer, SENTRE Partners is the development manager and B&G Consultants is the construction manager.
SAN FRANCISCO BAY AREA — Terranomics Retail Services has assisted Target Corp. in its recent acquisition of an approximately 118,000-square-foot retail building in Oakland and 10 acres of land in San Jose as part of the discount retailer’s plans for two new store openings in 2011. Terms of the South Bay and East Bay transactions were not disclosed. In the first transaction, Matt Kircher of Terranomics Retail Services, the retail division of BT Commercial, handled Target’s acquisition of the leasehold interest of a former Expo Design Center building, located at 1555 40th St. in Oakland, from The Home Depot. Kircher also represented the retailer in its 10-acre, north San Jose land purchase from Hunter Storm Properties. Target will be constructing a 138,000-square-foot store on the property.
HOLLYWOOD, CALIF. — Madison Partners has arranged the nearly $5.5 million sale of the 36-unit Orange Towers Apartments located at 1757 N. Orange Drive in Hollywood. Directly across the street from the Kodak Theatre, Mann’s Chinese Theatre and Hollywood & Highland entertainment complex, the 100 percent occupied building comprises 14 one-bedroom/one-bath units and 22 two-bedroom/two-bath units. The five-story apartment complex was originally constructed in 1965 and renovated in 2007-2008. Madison Partners’ Darin Beebower represented both the buyer, Los Angeles-based Lion Real Estate Group, and the seller, Orange Towers Associates LLC.
SANTA MONICA, CALIF. — Marcus & Millichap has handled the $4 million sale of a 15-unit apartment property located at 1114 6th St. in Santa Monica. Constructed in 1961, the property consists of 15,156 rentable square feet. Marcus & Millichap’s Tony Azzi represented the seller, a partnership.
The Orange County industrial market continues to suffer from the effects of the national recession — widespread job losses, corporate downsizing, a lack of liquidity and an overall resetting of property values. Local businesses are postponing capital expenditures, reducing workforces and attempting to shed excess space, which has caused the availability rate for industrial product to increase by 70 percent since the first quarter of last year. North Orange County has experienced seven consecutive quarters of negative net absorption. The vacancy rate is just shy of 6 percent, while the availability rate is approaching 11 percent. The sharp increase in availability, coupled with an overall lack of demand, has created a tenant’s market where landlords are forced to be creative and are offering substantial rate reductions, free rent and moving allowances to entice tenants. Despite the aggressive attempts by landlords to lure tenants to their vacant buildings, many tenants do not have the confidence in their businesses to justify a large-scale move and are working with their existing landlords to complete short-term renewals. Although asking lease rates haven’t moved much given the lack of velocity and tenant demand, recently completed deals show that lease rates are down 25 to 30 …