CUPERTINO, CALIF. — Tantau Investments LLC, a joint venture between Ralph Borelli, John Salera, Ron Tate and Larry Wallerstein, has completed the development of Cupertino Crossing, a 102,360-square-foot office building located within the Vallco Industrial Park in Cupertino. Built to LEED-Silver specifications, the building features a solar photovoltaic energy system, a cool roof, cool walls and the highest quality expansive glass frontage available. The property can accommodate multiple tenants divisible to 25,000 square feet or a single tenant. Sylvester R. Ramirez Associates provided architectural services for the project; Devcon Construction Inc. served as general contractor. Todd Shaffer, Mary Blaser and Patty McGuigan of Cornish & Carey Commercial have been retained to market the property.
Western
SCOTTSDALE, ARIZ. — First American Title Insurance has signed a 7-year lease for 93,753 square feet of office space at Pima Center, which is located at 9000 E. Pima Center Parkway in Scottsdale. The lease was valued at $14.63 million. Bill Blake, Colton Trauter, Craig Coppola and Andrew Cheney of Lee & Associates represented the landlord, Opus West, in the transaction.
LAS VEGAS — Phoenix Recycling Technologies has leased 75,000 square feet of industrial space at 4775 E. Cheyenne Ave. in Las Vegas. The 10-year lease is valued at $4.2 million. Jennifer Levine of Grubb & Ellis|Las Vegas represented the tenant; Xavier Wasiak, also of Grubb & Ellis|Las Vegas, represented the landlord, LV Cheyenne LLC, in the transaction.
SAN FRANCISCO — Deerfield, Ill.-based Walgreens has signed an agreement to acquire 12 Rite Aid locations in San Francisco and eastern Idaho. The seven San Francisco locations are 1300 Bush St., 5280 Geary Blvd., 1496 Market St., 776 Market St., 200 W. Portal Ave., 1830 Ocean Ave. and 3931 Alemany Blvd; and the five Idaho locations are 1000 Pocatello Creek Rd. in Pocatello, 960 W. Bridge St. in Blackfoot, 1139 Addison Ave. East in Twin Falls, 904 E. Main St. in Burley and 1745 W. Broadway St. in Idaho Falls. Terms of the transaction were not disclosed.
SAN DIEGO — CB Richard Ellis has closed several leases that brings Harsch Investment Properties’ Sorrento Heights Corporate Center, a 78,047-square-foot office building, to full occupancy. The property is located at 10509 Vista Sorrento Parkway in San Diego’s Sorrento Mesa area. The recent leases include a 60-month, 4,052-square-foot lease inked by Lee & Associates; a 65-month, 4,051-square-foot lease signed by Carl Warren & Company; Del Mar Datatrac’s 39-month, 10,365-square-foot lease; Debra Chew’s 12-month, 1,344-square-foot lease; and a 40-month, 2,919-square-foot lease inked by The Retirement Group. The five leases total 22,731 square feet with a combined consideration of approximately $2 million. Mike Hoeck and Ryan Egli of Grubb & Ellis brokered the transactions on behalf of the landlord.
LONG BEACH, CALIF. — DeVry University has signed an 11-year lease for a 47,500-square-foot built-to-suit office building at Douglas Park, a master-planned 261-acre mixed-use project in Long Beach. DeVry is the first tenant announced within the 54.5-acre portion of the park being developed by San Francisco-based Newcastle Partners and RREEF Alternative Investments. Construction on the building, which is located at Conant Avenue and Lakewood Boulevard, is expected to commence in May, with completion slated for March 2010. Design to obtain LEED Silver certification, the building will offer 360 parking spaces, outside gathering areas, building connectivity and infrastructure for solar power.
CALIFORNIA — PCCP LLC has acquired the A note of a loan previously held by Column Financial. The company purchased the B note of the same loan from Column Financial in December 2007. The loan is secured by two hotels owned by The Carlyle Group: the 309-room Crowne Plaza at San Francisco International Airport in Burlingame, Calif., and the 156-room Holiday Inn Express in Walnut Creek, Calif. PCCP now holds both the A and B notes of the whole loan, which was originally a $48.3 million senior loan secured by a portfolio of four hotels in Northern California.
SPRING VALLEY, CALIF. — Westcore Properties’ entities, Gladstone LLC and West Palm Blackpoint Associates LP, have completed the disposition of Sweetwater Village Shopping Center, which is located at 3505-3515 Sweetwater Springs Blvd. in Spring Valley. Attiq Investments LLC acquired the two-story, 43,400-square-foot property for $6.2 million. Attiq, a food distributor, plans to occupy the 28,000-square-foot vacant anchor space. Pete Bethea, John Jennings and David Bradley of Cushman & Wakefield represented the sellers; Brad Ihde of USA Realty & Loans represented the buyer in the transaction.
LAS VEGAS — The Sauter Companies has completed the sale of Barcelona Hotel & Casino, a 178-room hotel and casino property located at 5011 E. Craig Rd. in Las Vegas. The Siegel Group purchased the property for $12 million from Jewel Dixon Jr. The transaction included the hotel and casino, Green Valley Grocery-leased convenience store and gas station, and 5 acres of vacant land. Patrick Sauter of The Sauter Companies brokered the transaction.
PHOENIX — Bill Bayless and Andrew Brigham of CB Richard Ellis’ Phoenix office represented Phoenix-based Furniture Values International LLC in the 7-year, 323,345-square-foot lease of Valley West Distribution Center in Phoenix. The property is located at 601 N. 75th Ave. Furniture Values International is a distributor of home furnishings, including the aspenhome™ furniture line. Paul Schifman provided in-house representation for the landlord, Oakland, Calif.-based Myron Zimmerman Investments.