ARCADIA, CALIF. — McCarthy Building Cos. has broken ground on a five-story, 154,486-square-foot patient tower at the Methodist Hospital of Southern California in Arcadia. The $140 million development features a first-floor emergency room, a 20-bed intensive care unit and 40 surgical beds. The added space will increase the hospital’s emergency room beds by 65 percent and will grow the ICU by one third. The total cost of the development is estimated at $218 million, which will be funded through HUD bonds. Delivery is slated for 2011.
BREA AND FULLERTON, CALIF. — Voit Commercial Brokerage has brokered two industrial transactions in Orange County worth $5.8 million. Albany Synergistics has purchased a 32,559-square-foot industrial property, located at 615 and 655 Berry St. in Brea, from North Anaheim Associates for $4.5 million. Voit’s Mike Hefner represented Orange, Calif.-based Albany Synergistics, and Voit’s Mitch Zehner and Louis Tomaselli represented the seller. Zehner and Tomaselli also represented both parties in GLI Kimberly’s sale of a 7,247-square-foot warehouse to Fullerton Development for $1.3 million. The property is located at 1556 Kimberly Ave., Unit 16, in Fullerton.
EDMONDS, WASH. — Norris Beggs & Simpson has secured $3.7 million in financing for the 38-unit Fairway Apartments. The 15-year-old complex is located at 7310 208th St. S.W. in Edmonds. The 3-year loan comes with a 6.25 percent interest rate and a 30-year amortization schedule. Erich Guenther of NBS’ Seattle office arranged the loan.
SEATTLE — Timothy McKay of Marcus & Millichap’s Seattle office represented a private investor in the sale of a four-unit apartment complex to an undisclosed party for $1 million. The complex, located at 2331 Minor Ave. E in Seattle, includes two two-bedroom/one-bathroom units and two one-bedroom/one-bathroom units. Amenities include four garages and three off-street parking spots.
TUCSON, ARIZ. — Sara Lee has signed a 32,932-square-foot warehouse lease with EastGroup Properties. Terms of the lease were not released. The property is located at 3925 N. Benan Venture Dr. in Tucson. R.A. Herrington of Colliers Turley Martin Tucker’s St. Louis office represented Sara Lee, and Rob Glaser of Tucson-based PICOR Commercial Real Estate Services represented the landlord.
LAS VEGAS — The grand opening has been held for M Resort Spa Casino, a $1 billion resort located at the intersection of South Las Vegas Boulevard and St. Rose Parkway in Las Vegas. Situated on more than 90 acres on the Las Vegas Strip, the project was developed by Anthony Marnell III, chairman and CEO of M Resort, and Tony Marnell, chairman of Marnell Corrao Associates. The hotel portion of the resort features 390 guestrooms and suites ranging in size from 550 to 2,400 square feet. M Resort also contains nine restaurants and five destination bars, including a buffet, an Italian restaurant, a steak and seafood restaurant, a wine bar, a patisserie, a deli, a Mediterranean restaurant and a top-floor lounge. Entertainment options include a casino with 1,900 slot machines, a 12-table poker room, 64 game tables, and a race and sports book betting arena. The 100,000-square-foot Villaggio Del Sole Pool & Entertainment Piazza features a pool, concerts and other special events. The resort also includes the 23,000-square-foot Spa Mio. Finally, M Resort contains more than 60,000 square feet of conference space, including a 17,400-square-foot ballroom, multiple reception areas and a business center.
VICTORVILLE, CALIF. — Stirling Capital Investments has disposed of a 53-acre land parcel located within Southern California Logistics Airport in Victorville. The site was acquired by Dr Pepper Snapple Group Inc., which plans to develop its 850,000-square-foot western hub at the site. The facility will be able to produce up to 40 million cases of beverages per year for distribution throughout California and part of the Southwest. Construction is expected to begin this month, with completion slated for second quarter 2010. Southern California Logistics Airport is a redevelopment of the former George Air Force Base into a multimodal freight transportation hub. It is being master developed by Stirling Capital Investments, a joint venture between Denver-based DCT Industrial Trust and Foothill Ranch, Calif.-based Stirling.
LOS ANGELES AND HOLLYWOOD, CALIF. — Marcus & Millichap has brokered the sales of three Los Angeles-area multifamily properties for a total of approximately $5.8 million. First, the firm completed the sale of a 24-unit apartment building, located at 7621-7627 South Broadway, for $1.9 million. Josh Cohen and Tom Watkins of Marcus & Millichap’s Long Beach, Calif., office represented both undisclosed parties in the transaction. Nate Bascom, also of the Long Beach office, provided additional assistance on the buyer side. Cohen & Watkins also represented both sides in the disposition of a 12-unit apartment building located at 4214 S. Hoover Street in Los Angeles. Both parties were undisclosed. The property traded at a price of $672,000, or $154 per square foot. Finally, Marcus & Millichap’s Long Beach office brokered the sale of a 15-unit apartment building, located at 1401-1407 Havenhurst Dr. in West Hollywood, for $3.3 million. Marcus & Millichap’s Steve Soqui represented the seller, while Brendan Erickson, also with the firm, represented the buyer. In addition, Michael Derk with Marcus & Millichap’s Capital Markets group secured acquisition financing for the property in the amount of $2.15 million.
LOS ANGELES — Meridian Capital Group has arranged a total of $7.18 million in financing for four Southern California multifamily properties. First, Alex Katz of Meridian’s Los Angeles office secured a $5.15 million loan for two properties, totaling 58 units, at 1707-1759 Calle Jules in Vista and 1337 North Broadway in Escondido. Terms of the loan include a 5.78 percent fixed rate, non-recourse, and a 10-year term. Additionally, Ben Grossman, also of Meridian’s Los Angeles office, secured $2.03 million for 16 multifamily units located at 5414 Fountain Ave. in Hollywood and 14 Ozone Ave. in Venice Beach. Meridian originated the loan on behalf of Monem Corp. Terms of the loan include a 5.5 percent fixed interest rate and a 10-year term. The borrowers in both transactions were undisclosed.
CARLSBAD, CALIF. — Newport National Corp. is developing the third and final building at its Ventana Real Office Park in Carlsbad. The last building, located at 2175 Salk Ave., is slated for completion in October. The Class A office park will feature three buildings totaling 218,530 square feet. Currently signed tenants include Euro RSCG Direct Response, BBQ’s Galore, EISI and Brightstar. McArdle Associates Architecture is providing architectural services for the project. TSA Contracting Inc. is serving as general contractor. The property is being marketed by Mark Avilla, Justin Halenza and Matty Sundberg of Grubb & Ellis|BRE Commercial.