LAS VEGAS — InterContinental Hotels Group has announced that the Holiday Inn Las Vegas will open next month 1 mile from the Strip. Flamingo Structures LLC has invested $35 million to develop the 129-room property, which will offer a variety of amenities including Forte Grille, an outdoor pool, a fitness center and 42-inch flat-screen televisions in each guestroom. The location will showcase the hotel chain’s new sign, which represents the standards of the $1 billion Holiday Inn brand re-launch program.
Western
LAS VEGAS — Marnell Properties will soon break ground for the $29 million Marnell Air Cargo Center, an air-freight logistics center located at McCarran Airport in Las Vegas. Situated on 19.15 acres at the airport’s new Terminal 3, the 200,928-square-foot project will house the freight and mail-sorting operations of FedEx, Southwest Airlines, Worldwide Flight Services, Allegiant Air, UPS and others. Expected to be completed in fourth quarter 2010, the project was fully financed through Mutual of Omaha Bank. R&O Construction is the general contractor, and Marnell Architecture is serving as the executive architect on the project.
PASADENA, CALIF. — Hendricks & Partners has brokered the more than $3 million sale of an 18-unit apartment community, located at 260-264 Alpine St. in Pasadena. Hendricks & Partners’ Kevin Hurley and Kevin Lutz represented the seller, 260 & 264 Alpine LLC of Huntington Beach, Calif. The buyer was Aphrodite Akopiantz and Patricia Cavender of Sierra Madre, Calif.
National retailers have taken a step back this year and have begun looking at opening up new locations in the San Jose area in 2011 and 2012. There are fewer retailers currently active in the San Jose retail market, which can have a negative effect on the absorption of large blocks of space that come into the market as retailers downsize. Former Mervyns sites continue to be the largest weight in the market due to the substantial size of each space — sites average 85,000 square feet. It is difficult to find tenants to occupy the entire store, and it is often cost prohibitive to subdivide these properties. Retail vacancy increased in the second quarter of this year. Year-over-year, Silicon Valley’s overall vacancy rate has gone to 6 percent from 3 percent at the end of the first half of 2008. Anticipate retail vacancy to climb to 7.5 percent by year’s end. The good news is that compared with other retail markets on the West Coast, the Silicon Valley retail market has not experienced a tremendous amount of overbuilding. The amount of jobs lost so far has been less extreme when compared with San Francisco, San Mateo and Alameda. Since …
TORRANCE, CALIF. — Marcus & Millichap has handled the $28.1 million court-appointed receiver’s sale of the 152-unit Hampton at South Bay, a luxury multifamily apartment property located at 20707 Anza Ave. in Torrance. The buyer is a Los Angeles-based private investor. Marcus & Millichap’s Greg Harris and Ron Harris represented the receiver, Michael Fiorina of Los Angeles-based Total Cos.
TUCSON, ARIZ. — Jones Lang LaSalle’s Tim Glenn and Bill Honsaker and Steve Cohen of PICOR Commercial Real Estate Services have represented KLA-Tencor Corp. in the $5.3 million sale of a 60,000-square-foot industrial building, located at 3740 E. Universal Way in Tucson. Grubb & Ellis’ Robert Davis represented the undisclosed buyer in the transaction.
NORTH LAS VEGAS, NEV. — Glencoe Properties Inc. has purchased from Virgin Territory LLC a 31,363-square-foot retail pad at Lowe’s Plaza, a 171,347-square-foot shopping center located at Craig Road and Jones Boulevard in North Las Vegas. The company plans to operate a Burger King restaurant on the site. Territory Inc.’s Nick Hannon represented the seller, and Dan Adamson of ROI Commercial Real Estate represented the buyer.
MARICOPA, ARIZ. — Avalon Investments Inc. has finished Phase I of Edison Place, which includes a new freestanding 5,392-square-foot Big O Tires building. Construction of Phase I of the 5-acre retail development in Maricopa started in July 2009, and Phase II is expected to begin construction in spring 2010.
PHOENIX — Colliers International has negotiated Snell & Wilmer LLP’s 187,748-square-foot lease renewal at One Arizona Center, located at 400 E. Van Buren St. in Phoenix. Snell & Wilmer initially moved to the Class A office tower in 1992; General Growth Properties acquired the property in 2004. Colliers’ Phil Breidenbach represented the owner in the transaction, and Chuck Nixon of CB Richard Ellis represented Snell & Wilmer.
VACAVILLE, CALIF. — California Capital & Investment Group represented both the buyer, 580 Orange Building LP, and the seller, Tony Batarse Family Trust, in the $3.75 million disposition of a one-story, 21,500-square-foot retail building, located at 580 Orange Dr. in Vacaville. At closing time, the property was 100 percent leased to AutoFocus Inc., which operates a Volkswagen dealership on the site.