MORENO VALLEY, CALIF. — Springfield, Mo.-based O’Reilly Automotive Inc. has acquired a 408,000-square-foot distribution center, which is located at 24520 San Michele Ave. within San Michele Distribution Center in Moreno Valley. The property sold for $25 million. The buyer plans to house a state-of-the-art conveyor system in the space. Jeff Hubbard and Scott Ostlund of Lee & Associates represented the seller, Springfield-based Ozark Automotive Distributors, in the transaction.
LYNWOOD, CALIF. — Maurius Jeffrey of Marcus & Millichap brokered the disposition and acquisition of a 13-unit apartment building in Lynwood. Located at 3582 Brenton Ave., the property sold for $1.3 million. The asset features seven one-bedroom/one-bath units, five two-bedroom/two-bath units, a two-bedroom/two-bath unit, individual garage parking and an enclosed courtyard. The buyer and seller were not disclosed.
PHOENIX — Kraus-Anderson® Construction Co. is nearing completion on a new Tutor Time childcare learning center on behalf of Boca Ratio, Fla.,-based Tutor Time Child Care Network. The 25,587-square-foot center is located at 9th Street and Bell Road in Phoenix. The project owner is Phoenix-based PDG American Shopping Center; the architect is Phoenix-based Bollinger & Carderas.
LOUISVILLE, COLO. — KeyBank Real Estate Capital has closed a $4.9 million Fannie Mae loan for Grandview Flatirons, a 130-unit apartment community in Louisville. Built in 1990, the property is owned by Meadow Ridge Apartments Ltd.
ANAHEIM, CALIF. — Jonathan Mitchell and Christopher Stensby of Marcus & Millichap represented the undisclosed seller in the disposition of Fay Lane Apartments. Located in Anaheim, the nine-unit apartment property sold for $1.1 million.
EL CAJON, CALIF. — Ledcor Construction Inc. has been selected as general contractor for the development of a Public Safety Center, which will be located at 100 Civic Center Way in downtown El Cajon. The five-story, 119,392-square-foot facility will feature 12 detention cells, evidence storage space, an indoor shooting range, administrative offices, an emergency operations center, a communication center and crime scene investigation laboratories. Construction is slated to begin in May with completion scheduled for May 2011. KMA Architecture & Engineering is providing architectural services for the $40 million project, which is being developed by the city of El Cajon.
SAN DIEGO — The Department of the Navy and Clark Realty Capital have completed the development of Pacific Beacon at Naval Base San Diego. The three-story luxury high-rise residences can accommodate more than 1,800 unaccompanied service members stationed in the San Diego metro area. Constructed by Clark Construction Group and Clark Builders Group, the property features 941 dual master suites; a Sky Terrace with a heated pool and hot tub; a rooftop lounge with fire pits, outdoor seating and barbecues; a WiFi café; game rooms; a poker room; a grand lobby with a large indoor fireplace; a courtyard with grill areas; three fitness facilities; two sand volleyball courts; two basketball courts; two horseshoe pits; a running track and a sports field. Torti Gallas and Partners provided architectural services for the project.
BROOMFIELD, COLO.. — Regency Centers is set to open Shops at Quail Creek, a 137,429-square-foot shopping center located at West 136th Avenue and Zuni Street in Broomfield. The center will be anchored by a 100,000-square-foot King Soopers grocery store. Additional tenants will include Quail Creek Wine and Spirits, Corona’s Mexican Grill, Dental One and FirstBank.
EL CAJON, CALIF. — John and Cynthia Grooms have acquired El Teroso Apartments in El Cajon for $3.8 million. Located at 434-456 S. Mollison Ave., the 41-unit, 32,875-square-foot property features studio, one- and two-bedroom units, as well as one- and four-bedroom houses. The property also features a pool and a landscaped courtyard. Eric Comer, Jim Neil and Merrick Matricadi of CB Richard Ellis represented the buyer and the seller, First Regional Bank, in the transaction.
Odds are that Las Vegas developers, landlords and brokers did not mind putting 2008 in the rear-view mirror. Unfortunately, odds are also good that 2009 will be even more challenging. Commercial real estate certainly finds itself in unprecedented times. At the end of 2008, the Las Vegas office market had about 5.5 million square feet of vacant space, with the vacancy rate rising to 17.24 percent. This number doesn’t include the increasing amount of sublease space on the market or what is even harder to track, shadow space — unused space not being marketed. Even with the amount of vacant space on the market, there is roughly 2.2 million square feet under construction, most of which will hit the market in 2009. Based on historical absorption averages, the estimated supply of existing vacant space now would take about 5 years to absorb. The average asking lease rate ended 2008 at $2.40 per square foot, but is expected to decrease during first quarter 2009. Landlords have tried to maintain their face rates, but will generally bend significantly to make a deal. Available shell space on the market has more leasing challenges than second-generation space. With the cost of construction exceeding the …