FRUITA, COLO. — Stan Johnson Co. has brokered the sale of a Walgreens store in Fruita, located along Interstate 70, just 15 miles west of Grand Junction. An individual investor purchased the 14,490-square-foot store in a tax-deferred 1031 exchange. Stan Johnson Co.’s Ken Hedrick and Jerry Hopkins represented the seller, a merchant Walgreens developer, and the firm’s Jim Gibson represented the buyer. This constitutes the 17th drugstore transaction for the brokerage firm in 2009.
Western
PHOENIX — CB Richard Ellis (CBRE) has negotiated a 38,988-square-foot lease at a warehouse/distribution building located at 1511 S. 47th Ave. in Phoenix. Pat Feeney, Dan Calihan and Rusty Kennedy of CBRE’s Phoenix office represented the landlord, Los Angeles-based EJM Development, in the 3-year lease agreement. Lee & Associates’ Allen Lowe represented the tenant, Calhoun, Ga.-based Mohawk Industries Inc. Financial terms of the transaction were not disclosed.
SAN CLEMENTE, CALIF. — A 1,300-square-foot The Flame Broiler restaurant recently opened at Centro Properties Group’s Ocean View Plaza, located between Camino de los Mares and Interstate 5 in San Clemente. NAI Capital’s Les Yamamoto represented The Flame Broiler, and Centro Properties Group was represented in house by Matthew Berger and Gavin Gray.
PORTLAND, ORE. — Reno, Nevada-based DP Partners will break ground on a 10.7-acre, 105,000-square-foot build-to-suit headquarters property in Portland for Morgan Distributing LLC. Located at LogistiCourt at Portal Way, the new building will accommodate Morgan’s central operations as well as the warehousing and distribution of Anheuser-Busch products when completed in spring 2010. Group Mackenzie and Perlo McCormack Pacific, both based in Portland, are the architect and contractor, respectively, on the project.
BARSTOW, CALIF. — Revolutions has purchased the more than 35,000-square-foot Barstow Bowling Alley, located at 750-760 East Main Street in Barstow. Dr. Ronald J. Barbieri of the Inland Empire North office of Lee & Associates represented both the buyer and undisclosed seller in the transaction.
LOS ANGELES — Restaurateur James Li has opened a new 1880 Café on the ground floor of Held Properties’ 1880 Century Park East office building, located in the Century City submarket of Los Angeles. The restaurant’s 1,100-square-foot interior incorporates green building materials such as low VOC paint.
FREMONT, CALIF. — Silicon Valley investors Asilomar Partners have purchased a three-building, 195,000-square-foot research and development campus from UBS Realty, an institutional commercial real estate owner, for an undisclosed amount. Located at 49000 Milmont Drive in Fremont, the property had been marketed for more than 4 years, most recently as a residential redevelopment site. However, in the short term, Asilomar plans to keep it as an office/R&D project and will divide the buildings down to roughly 12,000 square feet. Mike Webber of GVA Kidder Mathews represented Asilomar in the transaction.
AUBURN, WASH. — Marcus & Millichap Capital Corporation (MMCC) has arranged a $6 million, 10-year fixed-rate loan to refinance the Auburn Center, a 45,402-square-foot neighborhood retail center located in Auburn. Arranged by Glenn Gioseffi, a director in MMCC’s Seattle office, the refinancing package was provided by a local bank. Built in 1991, the Auburn Center was refinanced at a loan-to-value of 50 percent with a 30-year term.
HUBBARD, ORE. — Marcus & Millichap Real Estate Investment Services has brokered the sale of a 14,578-square-foot industrial property in Hubbard. Located at 2363 Industrial Ave., the asset commanded a sales price of $1.05 million. Michael Kapnick and Ryan O'Leary of Marcus & Millichap’s Portland office handled the transaction.
Since the beginning of 2009, six new office projects containing 254,000 square feet of space have been delivered. As of the second quarter, these projects were 53 percent occupied. This strong absorption came primarily from one tenant, Fidelity Investments, which moved into a 112,000-square-foot build-to-suit project designed to handle the firm’s human resources outsourcing work. This project was developed by Forest City Covington in Mesa Del Sol, a master-planned, mixed-use community located just south of the airport on a mesa overlooking the Rio Grande Valley. In a rare occurrence, no multi-tenant office projects were under construction during the second quarter. This is good news for these recently completed office projects. New speculative projects are likely to remain on the drawing board as developers face financing challenges with high pre-leasing requirements. The excess amount of unsold office condominiums on the market (approximately 300,000 square feet) may aggressively compete for tenants by offering lease-to-purchase options. The Albuquerque metro area is poised for growth during the next few years. It has earned some high rankings by national media, placing it among the top metro areas. The bottom line is the Albuquerque metro area is being discovered for its excellent climate, strong workforce and …