COMMERCE, CALIF. — Newport Beach, Calif.-based Western Realco is developing Randolph Business Center, a $40 million distribution facility located at 5959 Randolph St. in Commerce. The 400,000-square-foot facility will feature 30-foot clear heights, an ESFR, 59 dock-high loading spaces, skylights, 356 on-site parking spaces, a 165-foot deep secured service yard and the ability to accommodate up to 10,000 square feet of office space. Tustin, Calif.-based Bastien and Associates Inc. is providing architectural services for the project, which is slated for completion in May 2009. Whittier, Calif.-based Oltmans Construction Co. is serving as general contractor.
DENVER — Houston-based The Hanover Company, in partnership with MetLife Inc., is developing Acoma, a 17-story residential tower located in Denver’s Golden Triangle district. Located at 816 Acoma, the project features one- and two-story residences with open layouts, ranging in size from 792 to 2,659 square feet, and 10- to 20-foot ceilings. The property also features a plush E-Lounge with HDTV, billiards and a dual-sided fireplace; a gourmet kitchen with intimate seating and personal wine lockers; a private screening room with surround sound and leather club seating; and an executive conference room and business center. Additionally, the project features the Sky Lounge, which offers indoor/outdoor fitness and entertaining space, including a heated pool with in-water chaise shelf, spa and seasonal towel service; a fireplace and grilling area; a fire pit with seating and views of the Rocky Mountains; trellised terraces; multiple seating areas and dining lanai; and a spa-inspired aqua lounge with poolside fitness center. Move-ins are slated to begin in February 2009.
STOCKTON, CALIF. — Opus West Corp. has completed the first phase of Opus Logistics Center – Stockton (OLC). Located on 474 acres in central Stockton, the completed phase offers two speculative buildings comprising approximately 388,000 and 736,000 square feet. The facilities feature cross-dock loading areas, 32-foot clear heights, ESFR fire sprinklers, and ample truck and trailer parking. The site is also a State Enterprise Zone and a Foreign Trade Zone. When complete, the industrial campus will consist of approximately 13 build-to-suit and spec buildings totaling more than 8.2 million square feet. Opus West Architects & Engineers and Ware Malcomb are serving as architects for OLC; Opus West Construction Corp. is serving as general contractor.
PHOENIX — Cole Credit Property Trust III Inc. (CCPT III) has commenced sale of approximately $2.5 billion in common stock. CCPT III is offering up to 230 million shares of its common stock for sale at $10 per share and up to an additional 20 million shares of its common stock for issuance under its distribution reinvestment program at $9.50 per share. The trust plans to use the net proceeds to acquire freestanding, single-tenant and multi-tenant retail properties net leased to investment grade and other creditworthy tenants. CCPT III is a non-traded, real estate investment trust (REIT), which focuses on the acquisition and management of a diversified portfolio of retail real estate. Cole Capital Corp. will manage the 250 million share best efforts offering.
HUNTINGTON BEACH, CALIF. — DJM Capital Partners Inc. has received approval from the city of Huntington Beach for the development of The Village at Bella Terra, a mixed-use project offering retail and residential space. Located within Bella Terra, the project will offer 138,000 square feet of ground-level retail space with 700 residential units above. The Village is the final phase of DJM Capital’s Bella Terra, which includes an 800,000-square-foot retail center and the 428,244-square-foot office complex. The new portion will feature a resort-style pool, secluded courtyards and gardens, and Village Green, an acre green space offering a children’s playground.
LAS VEGAS — The Place/BV Student Housing Fund LLC is developing Rebel Place, a 480-bed student housing project in Las Vegas. Serving the students of the University of Nevada at Las Vegas, the property will feature one-, two- and three-bedroom units with private bathrooms. Additionally, the fully furnished units will offer fully equipped kitchens, washers, dryers and wiring for cable and Internet services. Community amenities include a clubhouse with an activity center, online gaming, a computer lab, a state-of-the-art fitness center, a tanning bed and a resort-style pool with a poolside theater. Completion is slated for summer 2009. BVP Managers LLC, a joint venture between Atlanta-based Place Properties LP and Chicago-based Blue Vista Capital Management LLC, manages the fund.
CALABASAS, CALIF. — DTS Inc. has acquired a three-story, 85,948-square-foot office building, which is located at 5220 Las Virgenes Rd. in Calabasas. Built in 1999, the multi-tenant property was valued at $15.64 million. The property features 347 parking spaces, an on-site gym, locker rooms and showers, outdoor patios and a cafeteria. Carlo Brignardello and Mathew Miller of Cresa Partners represented the buyer; Gary Weiss and Lynwood Fields of Madison Partners represented the seller, Countrywide Home Loans Inc., in the transaction.
PUYALLUP, WASH. — Portland-based NBS Real Estate Capital, on behalf of Morrison Street Fund I LP, has sold a 108,644-square-foot industrial property in Puyallup. Located at 507 N. Levee Rd., the property sold for $7.63 million. The buyer was not disclosed. NBS Real Estate Capital originally acquired the property in 2006.
RENO, NEV. — ProLogis has leased 272,000 square feet of industrial space in two shell-development facilities in Reno. Husqvarna Professional Products Inc. has signed a lease for 90,000 square feet of previously un-leased space at ProLogis’ Silver Lake Business Park. The company plans to use the facility to distribute its products to customers throughout the West Coast. Additionally, Jacobson Companies Inc., an Iowa-based third-party logistics provider, has inked a deal for 182,000 square feet of shell-development space at Tahoe-Reno Industrial Center Building 1.
CALIFORNIA — A $6.25 million joint-bid between Menomonee Falls, Wis.-based Kohl’s Corp. and Los Angeles-based Forever 21 Inc. has taken 46 former Mervyns LLC locations. Kohl’s will assume ownership of 31 locations and Forever 21 will assume 15, pending bankruptcy court approval. “This is a mutually beneficial relationship wherein combining resources provides for the most optimal real estate portfolio selection and highly competitive pricing,” explains Vicki Shamion, vice president of public relations and community relations at Kohl’s. Kohl’s purchased locations in numerous cities, including Salt Lake City; Henderson, Nev.; and Whittier, San Rafael, Downey, Eureka, Monrovia, Hayward, Redondo Beach, Rancho Cordova and Capitola, Calif. Forever 21’s locations include Glendale and Tucson, Ariz.; Sandy, Utah; Albuquerque and Santa Fe, N.M.; Laredo and Harlingen, Texas; and Lakewood, Cerritos, Montebello, Victorville and Calexico, Calif. “Kohl’s assessed the Mervyns’ portfolio and strategically selected locations that would benefit our under-penetrated markets,” says Shamion. “We feel that these locations would be hard to duplicate in a ground-up environment and provide opportunities to more convenient to our customers. Forever 21 did their own analysis. Ultimately, we combined both lists and did a joint bid.” Kohl’s plans to open approximately 50 new locations in 2009, including the majority …