PHOENIX — Three companies have signed leases with Related Urban totaling more than 30,000 square feet for space in the firm’s Offices on High Street, located in CityCenter of CityNorth in Phoenix. Capital Processing Network has signed an 8-year lease for 18,136 square feet. The company will occupy the top floor of a three-story building on High Street starting in September. Alaris Business Centers has signed an 11-year lease for 15,000 square feet of office space on High Street. The firm will also occupy the space in September.
Western
The proverbial good news–bad news scenario is at play when it comes to land values and transactions in Albuquerque, New Mexico. As always, the good news first. Albuquerque did not experience the effects of mammoth overbuilding and the resulting plummeting disintegration of value that has infected many other markets. The 180 degree reversal of values that commenced in the run-up to 2008 in areas like Phoenix and Las Vegas and continues as we write is in stark contrast to current Albuquerque price levels, where generally most commercial property and land in particular have suffered far less than in those areas and other markets nationally. There is, however, still bad news if you’re a local owner, prospective seller or broker trying to make a living in the land business. Historically Albuquerque has lagged behind most other areas of the country in economic timeline trends. If you subscribe to the theory that a housing sales slump is the precursor of a commercial real estate decline it’s easy to extrapolate why non-residential land here is beginning to experience a current decrease in demand. Current reports from appraisers and brokers in the residential subdivision business provide a gloomy picture of north of 10,000 lots …
LONG BEACH, CALIF. — W.E. O’Neil Construction has completed improvements to passenger waiting areas and a VIP passenger lounge at the Carnival Cruise Terminal in Long Beach. The improvements allow the terminal to accommodate Carnival’s new 3,000-person cruise ship, Splendor. Designed by Teltra Design, the project involved the demolition of all existing interior and exterior finishes on the baggage and restroom building, installation of footing and column supports for overhead canopies and the build out of a new 15-foot long custom transaction counter. Additional work included new stucco, concrete, steel and sheet metal finishes, roof, HVAC system and surrounding landscape.
TORRANCE, CALIF. — Torrance Unified School District and Barnhart Inc. have broken ground on $9.4 million in construction projects for four high schools in the area. Torrance, North, South and West High Schools will be receiving new sport stadiums. The existing stadiums will be torn down and replaced. The stadiums will feature sports fields, 8-lane tracks, aluminum bleachers and press boxes. Construction is slated for completion by September. School Bond Measure Z, a $90-million funding program passed in November 2008, is funding the projects. Westberg+White provided architectural services for the projects.
VALLEY VILLAGE, CALIF. — Jeffrey Louks of Marcus & Millichap and Vince Norris of Hendricks & Partners represented the undisclosed seller in the disposition of a 54-unit apartment complex in Valley Village. Located at 5717 Laurel Canyon Blvd., the property sold for $9.75 million. The buyer was not disclosed.
BOTHELL, WASH. — Pacific Medical Centers has leased 30,000 square feet of space within Building One of the Woodlands Technology Center (WTC) at Canyon Park Business Center in Bothell. Pacific Medical Centers is a network of outpatient clinics, which provide a broad range of healthcare services to the greater Seattle area. The company plans to open its Bothell branch in January 2010 and will occupy the entire third floor of Building One.
TIGARD, ORE. — Portland, Ore.-based TCTPI LLC has acquired Tigard Central Industrial Park in Tigard for $7.46 million. Located at 12670-12700 SW Hall Blvd., the five-building property offers 208,640 square feet of industrial space. The seller was Portland-based Jempak Partners LLC. Greg Nesting and Scott Finney of Portland-based Norris & Stevens represented both parties in the transaction.
NORTH HOLLYWOOD, CALIF. — H K Properties has purchased a 24-unit apartment complex, which is located at 12717-33 Barbara Ann St. in North Hollywood, for $3.2 million or $133,333 per unit. The 23,232-square-foot property offers 12 two-bedroom/one-bath units, 12 three-bedroom/one-and-a-half bath units, balconies, patios, on-site laundry facilities and vaulted ceilings. The seller was Trion Properties LLC. Rick Raymundo of Marcus & Millichap represented both parties in the transaction.
HUNTINGTON BEACH, CALIF. — Phil Voorhees, Patrick Toomey and Megan Read of CB Richard Ellis represented the sellers, David and Diana Bonadonna, in the disposition of Shore House Café, a 5,690-square-foot restaurant located at 520 Main St. in Huntington Beach. The property sold to a private investor for $1.8 million. The buyer plans to continue restaurant operations on the site as an owner/user after an extensive renovation.
LAS VEGAS — Staples Contract & Commercial Inc. has signed a lease for a 37,500-square-foot industrial property in Las Vegas. The property is located within Beltway Business Park at 6975 S. Decatur Blvd., Building 6, Ste. 190. The lease is valued at $1.5 million. Dan Doherty, Patti Dillion and Ben Campbell of Colliers International – Las Vegas, along with David Ginther of Fischer & Co., represented the lessee; Rod Martin of Majestic Realty Co. represented the lessor, Beltway Business Park Warehouse 3 LLC, in the transaction.