RIVERSIDE, CALIF. — Barnhart Balfour Beatty has been chosen by the University of California, Riverside, (UCR) as construction manager at risk for a $104 million, more than 800-bed student village. Designed by Sasaki Associates to achieve LEED Gold certification, the 350,000-square-foot Glen Mor 2 apartment development will include a parking structure, a food emporium and recreational facilities. Groundbreaking for the Glen Mor 2 project is expected to take place in June 2011, with completion planned for July 2013.
Western
SAN BERNARDINO, CALIF. — A joint venture has acquired the 1.4 million-square-foot Cajon Distribution Center located at 7010 and 7140 North Cajon Blvd. in San Bernardino. Terms of the transaction were not disclosed. Built in 2008, the Class A industrial center is a two-building, cross-dock property located on a 63-acre site in Southern California’s Inland Empire market. CB Richard Ellis’ Darla Longo and Peter McWilliams and Jones Lang LaSalle’s Mike McCrary represented the unnamed institutional seller in the transaction. The joint venture consists of San Diego-based Westcore Properties, Aliso Viejo, Calif.-based CT Realty Investors, PCCP LLC and Behringer Harvard.
TEMECULA, CALIF. — Grubb & Ellis has negotiated the sale of the 69,000-square-foot Temecula Creek Plaza, a retail center located at 31021 – 31141 Temecula Pkwy. in Temecula. Financial terms of the deal were not disclosed. Built in 2007 and 68 percent leased at the time of sale, Temecula Creek Plaza is anchored by CVS/pharmacy and Guaranty Bank. Grubb & Ellis’ Michelle Schierberl and Donald Ellis, with assistance from Robert Griffith of Financial Services Asset Management, represented the property’s receivership in the transaction, and William Meinhold of Swoboda Hospitality Specialists represented the private-investor buyer.
TOLLESON, ARIZ. — Cole Real Estate Investments has acquired the 466,694-square-foot Home Depot Distribution Center, located within Tolleson Commerce Park in Tolleson, from USAA Real Estate Co. for $30.4 million. Constructed in 2010, the warehouse/distribution facility is NNN leased with 20 years remaining on the initial lease term. CB Richard Ellis’ Jack Fraker represented the seller in the all-cash transaction; Cole was represented in-house by Boyd Messmann.
CHANDLER, ARIZ. — CB Richard Ellis has negotiated the $24.7 million sale of Ocotillo Springs Apartments, a 272-unit luxury community located at 825 W. Queen Creek Road in Chandler. Built in 1998 and 98 percent occupied at the time of sale, Ocotillo Springs includes two resort-style swimming pools, a state-of-the-art fitness center and an upscale clubhouse. CBRE’s Tyler Anderson and Sean Cunningham represented the seller, a Boston-based private-equity firm; the buyer was Weidner Investment Services of Kirkland, Wash.
VAN NUYS, CALIF. — Marcus & Millichap has completed the $2 million purchase of a 23-unit apartment property located at 13562 Vanowen Street in Van Nuys. Constructed in 1971, the two-story property features 11 one-bedroom/one-bathroom units, four two-bedroom/one-bathroom units and eight two-bedroom/two-bathroom units surrounding a courtyard swimming pool. Marcus & Millichap’s Rick Raymundo represented the buyer, 13562 Vanowen Apartments LP, in the transaction.
RENO, NEV. — Clark & Sullivan Construction has completed work on the more than $54 million Reno Center of Molecular Medicine at the University of Nevada in Reno. The first new building of its type to be built on campus in more than 20 years, the 140,000-square-foot project featured the addition of a 3-story medical office building and a 3-story laboratory with a bridge connecting to the existing medical school, totaling. Dekker/ Perich/Sabatini was the architect on the project, which commenced in December 2008.
LOS ANGELES — In a multiple store site agreement, The Westfield Group and Costco Wholesale Corp. have announced the future addition of a 146,000-square-foot Costco to anchor Westfield’s proposed The Village at Westfield Topanga within the San Fernando Valley’s Warner Center business district in Los Angeles. The other two U.S. markets included in the agreement are Sarasota, Fla., and Wheaton, Md. The new Costco at The Village at Westfield Topanga is expected to open in late 2012.
SAN DIEGO — Chatham Lodging Trust has signed a $32 million contract to acquire an upscale, extended-stay hotel in north San Diego in an all-cash transaction. Upon completion of the acquisition, the hotel REIT’s 13th property purchased or under contract in the past 4 months, the property will be managed by Island Hospitality Management.
The Las Vegas office market features a number of unique characteristics. For example, the Class A office market is not concentrated into a central business district. Office users in the downtown area consist almost exclusively of tenants that require proximity to the courts or government offices. Consequently, the tenant mix is limited to uses associated with litigation and government services. Other Class A tenants are spread around the valley at projects such as Hughes Center, a location favored by financial services, gaming interests and transactional law firms. The pool of Class A tenants is relatively shallow, measuring 6.2 million square feet or 13 percent of the overall office market. Reasons include a narrow economic focus — primarily gaming and tourism — and a lack of regional or national corporate headquarters. Consequently, speculative development and operation of Class A office space favors local players (i.e., developers, lenders and brokers). The speculative office pipeline for Las Vegas is dry except for one notable project. Tivoli Village, a 750,000-square-foot retail/office project, is anticipated to deliver its first phase in October. Despite office vacancy in excess of 20 percent, the developers, a partnership between IDB Group of Israel and local developer EHB Companies, have …