ALBUQUERQUE, N.M. — The first phase of Fidelity Investments’ new 217,892-square-foot office building has opened in Albuquerque. Located at Mesa del Sol, the two-story building will house the company’s human resource services, which provide corporate clients with payroll, health and welfare, and human resources services. The second phase is slated for completion in March 2009. Dekker/Perich/Sabatini designed the building, which is expected to achieve LEED Gold certification. Klinger Constructors LLC is serving as general contractor for the company.
PATTERSON, CALIF. — Bob Sanner, Rick Sanner and Tom McMullan of NAI BT Commercial’s Leased Investment Group represented the undisclosed seller in the disposition of a Long’s Drugs-occupied retail building in Patterson. Located at 1080 Sperry Ave., the 15,789-square-foot property sold for $7.09 million or nearly $405 per square foot. The buyer was not disclosed.
SAN DIEGO — Ground has broken for the development of Bay View Village, a retail/office building located at Clairemont Drive and Denver Street in San Diego. The 11,160-square-foot project will feature 5,549 square feet of ground-floor retail space that is divisible to 690 square feet and 5,220 square feet of upper level office space that is divisible to 557 square feet. The project is a development of Makena Great American.
COSTA MESA, CALIF. — Donahue Schriber has completed two financial transactions: a $121 million bank syndication loan and a $187 million refinancing of nine retail properties. The $121 million loan was made by a syndication of lenders led by Bank of America and including Wells Fargo Bank, PNC Bank and US Bank. Additionally, Teachers Insurance and Annuity Association of America (TIAA) provided $187 million in fixed-rate financing for the refinancing of a nine-center retail portfolio. The Costa Mesa-based company will use the additional monies to fund future developments and acquisition opportunities in the western United States.
CHANDLER, ARIZ. — Gilbane Development Co. has selected McShane Construction Co. to provide design/build construction services for a three-story, 82,000-square-foot office facility for Dulles, Va.-based Orbital Sciences Corp. Located at the northwest corner of Price and Dobson roads, the build-to-suit project will feature 322 offices and connect via a walkway to Orbital Sciences’ existing adjacent campus. The project is also designed to achieve LEED certification upon delivery in April 2009. Dallas-based Gromatzky Dupree and Associates is providing architectural services for the project.
RENO, NEV. — Phillips Edison & Co. has purchased Silver State Plaza, a retail center in Reno, for an undisclosed price. Fresh & Easy Neighborhood Market and Dollar Tree anchor the 155,647-square-foot center. The seller was not disclosed. This transaction is the company’s second acquisition in Nevada.
SALT LAKE CITY — Denver-based MediaNews Group has completed the disposition of the former home of Salt Lake City Tribune. The vacant 10-story, 84,300-square-foot office is located at 137-147 S. Main St. in downtown Salt Lake City. 39/42 LLC, an investment group affiliated with Vasilios Priskos of InterNet Properties Inc., purchased the property, which was built in 1924, for $3.9 million. The buyer plans to redevelop the property, which offers 5,000 square feet of storefront along South Main. Tom Lee of Denver-based Frederick Ross Co. represented the seller in the transaction.
PLACER COUNTY, CALIF. — Placer County has approved a plan for a 600-acre regional university campus just west of Roseville, Calif. Envisioned for Philadelphia-based Drexel University, the site is located south of Pleasant Grove Creek between Brewer Road and the western boundary of Roseville. A total of 1,150 acres is being donated by the Angelo K. and Sofia Tsakopoulos family, William and Claudia Cummings, the Wayne Prim family and their partners. The university, which may serve up to 6,000 students, could pump $150 to $200 million annually into the local economy. Drexel has 5 years to accept the land donation and then several years after that to establish a campus on the property.
ONTARIO, CALIF. — LBSW LLC has purchased Airport Tech Center, a 47,345-square-foot multi-tenant industrial/office business park in Ontario. The transaction was valued at $5.6 million. The 80 percent-occupied center encompasses four buildings located at 59 S. Miliken Ave. and 4335, 4355 and 4405 E. Airport Dr. Douglas Wells of Penta Pacific Properties represented the buyer; Alan Pekarcik and Dan Vittone of Voit Commercial Brokerage represented the seller, Essex Realty Management, in the transaction.
SACRAMENTO, CALIF. — Construction is now underway for the second phase expansion of the Fine Arts Building at American River College in Sacramento. Designed by the Sacramento office of HGA Architects and Engineers, the expansion will double the size of the existing 27,000-square-foot facility with rehearsal rooms, a black box theater, a new recording suite, music practice rooms and an expanded lobby. The first phase included the addition of a fly tower, a new scene shop, a recording studio, faculty offices and practice rooms, as well as upgrading the mechanical and electrical systems. The complete renovation is estimated to cost $19 million. Completion is slated for January 2010.