LA MIRADA, CALIF. — Champion Exposition Services has signed a 5-year lease for a 76,244-square-foot office building in La Mirada. Located at 14701 Industry Circle, the property lease is valued at $3.3 million. Cameron Driscoll and Luke McDaniel of Voit Commercial Brokerage’s Anaheim, Calif., office represented the lessee; Steve Sprenger of Grubb & Ellis represented the lessor, Berns & Sanderson, in the transaction.
SOUTH EL MONTE, CALIF. — Primestor Development is developing the third phase of Plaza Del Sol, a retail center in South El Monte. Located at Durfee Avenue and Thienes Street, the 168,291-square-foot center will be anchored by a Marshall’s. The center will feature Santa Barbara-style architecture. Completion is slated for this winter.
MISSION VIEJO, CALIF. — Scott Hook of Marcus & Millichap’s Newport Beach, Calif., represented the undisclosed buyer in the acquisition of three single-tenant buildings that are pad sites to Trabuco Hills Shopping Center. The properties sold for $14.4 million or $594 per square foot. The sites are located at 27785, 27845 and 27865 Santa Margarita Pkwy in Mission Viejo. Walgreens, Ramona Tire and Claim Jumper currently occupy the buildings. The seller was not disclosed.
CHULA VISTA, CALIF. — MDS Contracting Inc., serving as general contractor, has completed the construction of Nico’s Steak & Chop House, which is located within Otay Ranch Town Center at 2015 Birch Rd. in Chula Vista. The $3.5 million, 6,500-square-foot steakhouse/bar is owned by Jimmy DiMatteo. The 250-seat restaurant was designed by Graham Downes Architecture.
POMONA, CALIF. — Pacific Medical Building is developing an outpatient care center for the Western University of Health Sciences in Pomona. Located on East Second Street, the three-story, 68,000-square-foot Patient Care Center will accommodate multi-disciplinary teaching, clinics and office space. Additionally, the center will feature a pharmacy, optometry clinic, an outpatient dental clinic and an attached seven-level parking structure. Completion is slated for this fall.
Las Vegas’ retail market is now clearly showing the strain of the recession. Decreased consumer spending has directly impacted local retailers, as unemployment climbs and shoppers find themselves with less discretionary income. Holiday season revenues were the weakest on record, and luxury stores, apparel chains and department stores all reported declining sales. Meanwhile, developers continue to experience difficulties securing financing for planned projects. As a result, several planned projects are on hold, and few of the currently planned and under construction projects should open in 2009 and 2010. Underperformance, the liquidity crunch and tighter credit terms with vendors, combined with the recession, made it impossible for many large box retailers to remain in business, thus bringing on the vast amount of power center vacancies. Small local retailers relied on SBA loans and equity from residential properties and saw both of these sources vanish, thus preventing many from opening new stores and leaving many strip centers with higher vacancies. Retailers that are performing well are very cautious regarding expansion. With already close to 3 million square feet of vacant large box retail space in the Las Vegas market, expect to see vacancies continue to rise this year. However, increased vacancies provide …
SAN DIEGO — Staples Construction, serving as general contractor, has completed the first of two buildings comprising 161,871 square feet of office/industrial space at Nexus University Science Center, which is located at 4737 and 4785 Executive Dr. in San Diego. The two-story, 58,904-square-foot building offers floor plates ranging in size from 25,945 to 46,564 square feet. The property features 16-foot floor-to-ceiling clearance and space suitable for biology and chemistry labs, vivarium and NMR rooms, and other ancillary uses. Pacific Cornerstone Architects provided architectural services for the project, which is being developed by Nexus Properties Inc.
CARLSBAD, CALIF. — Construction is underway for the $86 million renovation of Carlsbad High School, which is located at 3557 Lancer Way in Carlsbad. The project includes construction of a new stadium and 11 new permanent education structures. The first phase, which includes the stadium, involves the demolition of the existing stadium and the development of a $13.6 million, 3,900-seat athletic stadium with aluminum bleachers, a synthetic track and field area, and a 10,000-square-foot building housing locker rooms, restrooms and concessions. Completion of the first phase is slated for spring 2010. The second phase includes the construction of one- and two-story education buildings comprising 90,000 square feet of classroom, performing arts, vocational education lab and food service space. Completion of the entire project is scheduled for fall 2011. McCarthy Building Companies Inc. is serving as general contractor; Perkins+Will is providing architectural services for the project.
SAN MARCOS, CALIF. — Newport National Corp. is currently developing Nordahl Medical Centre, a Class A medical condominium project in San Marcos. Located at 838 Nordahl Rd., the three-story, 55,450-square-foot building features suites ranging in size from 1,000 to 55,450 square feet on floor plates of approximately 19,000 square feet. TSA Contracting Inc. is serving as general contractor for the project, which was designed by McArdle Associates Architects. Bank of America provided financing for the project. Completion is slated for May. Mark Avilla and Matty Sundberg of Grubb & Ellis|BRE Commercial are the exclusive marketing and sales team for the center.
REXBURG, IDAHO — Danny Shin, Michael Beckstead and Mathew Bird of Marcus & Millichap represented the seller, Nauvoo LLC, in the disposition of Nauvoo House Apartments in Rexburg. Located at 175 W. Fifth South St., the 76,800-square-foot student-housing community features 382 beds in 64 three-bedroom/two-bath units. The property is located minutes from the BYU-Idaho campus. The property sold to an undisclosed seller for $6.5 million or $101,563 per unit.