SANTA MARIA, CALIF. — Regency Realty Group has completed the disposition of the leasehold interest in a 95-year ground lease in Santa Maria Commons, a 117,000-square-foot retail center in Santa Maria. An undisclosed buyer acquired the leasehold interests for $10 million. Located at 2407 S. Broadway, the center is tenanted by Kohl’s, Rite Aid and Wachovia. Tom Lagos, Bill Bauman and Kyle Miller of Colliers International represented the seller in the transaction.
GLENDORA, CALIF. — Burbank, Calif.-based Gangi Development Co. has completed the development of Vermont Avenue Lofts, a $14.2 million project located at 130 N. Vermont Ave. in Glendora. The project features 26 for-sale single-story flats and two-story loft condominiums and 6,000 square feet of for-sale retail/office space. Additionally, the development features a walking paseo accented by water features and large concrete planters. The project was designed by Mark Gangi of Gangi Development and Stefanos Polyzoides of Pasadena, Calif.-based Moule and Polyzoides Architects and Urbanists. Construction financing was provided by Wells Fargo Bank.
CHANDLER, ARIZ. — Mark McGovern and Jeff Rice of CBRE Capital Markets’ San Diego Central office has originated $48.6 million in financing for Westcor, a Macerich company, to refinance two community retail centers in Chandler. The properties are Chandler Festival, a 368,000-square-foot retail center located on West Chandler Boulevard and Price Freeway, and Chandler Gateway, a 255,289-square-foot retail center located on Chandler Boulevard. Tenants for the centers include Nordstrom Rack, Ultimate Electronics, Ross Dress For Less, TJ Maxx, OfficeMax, PetSmart, The Men’s Warehouse, Oreck Floor Care, Sleep America, Hall of Frames and Foster’s Leather.
MURRIETA, CALIF. — McCarthy Building Companies Inc. is nearing completion for the 72,000-square-foot expansion of the Women’s Center emergency room at Rancho Springs Medical Center in Murrieta. Located at 25500 Medical Center Dr., the $32.38 million project comprises a two-story, cast-in-place concrete building with stud framing, plaster exteriors and punched windows. The company is also performing site work at the 5.5-acre property, including construction of a 252-space parking lot. Completion is slated for early November. McCarthy was tapped for the project by Universal Health Services Inc.
BOULDER, COLO. — Mortenson Construction has been selected to construct the Visual Arts Complex on the Boulder campus of the University of Colorado. The 170,000-square-foot facility will house the CU Art Museum and the Department of Art and Art History. The CU Art Museum will provide permanent exhibition spaces, which will showcase its permanent collection, Colorado Collection. The $48.5 million complex, which is seeking LEED Gold certification, was designed by Colorado-based OZ Architecture and Boston-based KMW Architects. The new structure will replace the Sibell Wolle Fine Arts Building, which was razed in late 2007.
BURBANK, CALIF. — Santa Barbara, Calif.-based Invest West Financial Corp. and Santa Barbara Capital have acquired Gateway at Burbank, which is located at the northwest corner of Alameda Avenue and San Fernando Road in Burbank. Ralphs Grocery and CVS/pharmacy anchor the 74,391-square-foot retail center. The transaction was valued at $40.5 million and required the assumption of the existing $31.6 million loan. The seller was Bellevue, Wash.-based Lakha Investments. Marcus & Millichap represented the buyer in the transaction.
STEAMBOAT SPRINGS, COLO. — The Atira Group is investing $875 million in two Steamboat Springs developments: Edgemont and Thunderhead/Ski Time Square. The company is investing $175 million in Edgemont, a direct ski-in/ski-out community located on the edge of the Steamboat Ski Resort. With building completion slated for 2010, the project will offer one- to five-bedroom residences. Additionally, the development features an outdoor heated pool and hot tubs, a fitness center and sauna, a family room with pool tables and foosball and a community barbeque and fire pit. Additionally, The Atira Group is investing $700 million in the redevelopment of Thunderhead/Ski Time Square. Under development in a joint venture with Cafritz Interests, the 7-acre site will offer ski-in/ski-out access to a new pedestrian-friendly mixed-use development along Burgess Creek.
LAS VEGAS — Las Vegas-based Crisci Builders, acting as general contractor, has completed the construction of The Dr. Miriam & Sheldon G. Adelson School, an independent Jewish high school located at 9700 W. Hillpointe Rd. in Las Vegas' Summerlin area. The 135,000-square-foot facility features classrooms with integrated media technology and computers, a media center and research library, music and art facilities, a performing arts center, a high-tech computer center and a full-service dining facility. Additionally, the 13.7-acre property features a physical education facility with a competition-size swimming pool, a regulation-size basketball court, an indoor track, a volleyball court, outdoor tennis courts and a soccer field. Phoenix-based DLR Group provided architectural services for the $55 million project.
TORRANCE, CALIF. — Kyle Matthews of Marcus & Millichap’s Encino, Calif., office represented the undisclosed seller in the disposition of a Rite Aid location in Torrance. The 26,400-square-foot, net-leased property sold for $4.12 million. Additionally, Matthews represented the undisclosed buyer in the transaction.
ONTARIO, CALIF. — The City of Ontario has unveiled its new Citizens Business Bank Arena, an entertainment and sports destination in Ontario. Located at 4000 Ontario Center Pkwy., the 225,000-square-foot venue offers 9,500 fixed seats and portable risers to accommodate approximately 11,089 spectators for concerts, 9,736 for hockey and 10,832 for basketball. The center, which is owned/built by the city of Ontario and operated by AEG, is home to Ontario Reign, the area’s ECHL hockey team. Additionally, the arena is the centerpiece of Piemonte at Ontario Center, an urban, mixed-use development.