CHANDLER, ARIZ. — Gilbane Development has delivered a new 83,000-square-foot build-to-suit office property for Dulles, Va.-based Orbital Sciences Corp.’s Arizona Program Management Center. McShane Construction completed the three-story, state-of-the-art office building and an adjacent two-story parking structure, which are located at the northwest corner of Price and Dobson roads within 4 miles of Interstate 10 in Chandler. Dallas-based Gromatzky Dupree & Associates provided the architectural services for the development, which is applying for LEED Silver certification.
Western
GARDEN GROVE, CALIF. — Corix Utilities U.S. Inc. has signed a 3-year lease for a 62,888-square-foot industrial property, and Bacozone Inc. has signed a 5-year lease on a 30,000-square-foot industrial property. Both properties are located in Garden Grove, and Voit Real Estate Services’ Mike Bouma represented both of the lessors — CRP II Monarch LLC and Kilroy Realty L.P, respectively — in the transactions. Voit’s Louis Tomaselli and Mitch Zehner assisted on the latter lease.
LAS VEGAS — Crisci Builders has completed construction on its new two-story, 15,256-square-foot commercial office building, Crisci Professional Plaza, located at 8845 W. Flamingo Rd. in Las Vegas. Crisci Builders will occupy 9,450 square feet of the development, which includes a 48-foot-tall rotunda with a dual-spiral staircase. Construction on the facility began in January 2009.
GILBERT, ARIZ. — Eagle Commercial Realty Services has brokered the $2.75 million sale of the leasehold interest in a freestanding Walgreens Pharmacy, located at 754 North Higley Rd. in Gilbert. Eagle Commercial’s Alan Davidson and Jeffery Gorden represented the seller, Gilbert Brown Southwest LLC, along with co-trustees Wells Fargo Bank N.A. and the University of Southern California. Amer Kasm of AZUR Realty Partners represented the undisclosed buyers.
DOWNEY, CALIF. – Rexford Industrial LLC has purchased the 176,000-square-foot RIF IV Cornerstone, a newly constructed light industrial property located at 9220-9268 Hall Rd. in Downey, for $10 million. Consisting of 45 industrial condominium units situated on approximately 9 acres of land, Rexford’s acquisition came directly from the lender out of foreclosure in an off-market transaction.
SAN DIEGO — AMCAL Multi-Housing and Las Palmas Foundation will hold the grand opening of Los Vientos, a new affordable-housing development located in the Barrio Logan neighborhood of San Diego. Designed by local San Diego architects Austin Veum Robbins and Parshalle, the 89-unit Los Vientos consists of two buildings featuring four four-bedroom units, 35 three-bedroom units and 50 two-bedrooms units. It also includes two children’s play areas in the courtyard, an outdoor barbecue area and a 1,400-square-foot community clubhouse with a computer lab. With rents ranging from $450 to $1,180 per month, the affordable-housing development will be available to residents who earn 30 to 60 percent of the area median income.
CONCORD, CALIF. — Kilpatrick & Co. has represented the sellers of a 20-unit property in Concord for $2.98 million. Located at 3886 Mulberry Dr., the property features 16 two-bedroom/one-bath units and 4 two-bedroom/1.5 bath, split-level units. Kilpatrick & Co.’s Zach Evanish represented the undisclosed sellers.
LOS ANGELES — Investment Real Estate Associates (IREA) brokered the $35 million sale of a 208-room landmark hotel located where Sunset Boulevard meets the 405 freeway in the Brentwood area of Los Angeles. IREA’s Yubin Tao represented the seller, a private party, while the firm’s Clark Everitt, William Everitt and James Bekker represented the buyer, also a private party. The hotel property was built in 1973 and completely renovated in 2006.
LOS ANGELES — Snyder Langston has completed the Loyola Marymount University (LMU) William H. Hannon Library, a 120,000-square-foot, three-level university facility located on the LMU campus at 1 LMU Dr. in Los Angeles. Designed by AECOM, the library is pursuing a LEED Silver rating. The library project broke ground in May 2007.
MARINA DEL REY, CALIF. – Through a strategic alliance with Phoenix-based Alliance Residential, Behringer Harvard has acquired the 140-unit Redwood Lofts located at 4055 Redwood Avenue in Marina del Rey. The new development consists of four four-story buildings situated on a 2.6-acre site 15 miles west of Los Angeles’ city center. The acquisition of Redwood Lofts was made through a joint venture of Behringer Harvard Multifamily REIT I Inc. and PGGM Private Real Estate Fund, a vehicle for real estate investments for large Dutch pension funds. Behringer Harvard plans to rebrand the multifamily community to Forty55 Lofts.