With a population of 2.2 million, Portland is the 28th largest metropolitan area in the country, the fourth largest city on the West Coast and the largest city in Oregon. Sportswear and equipment businesses Nike, Adidas-America and Columbia Sportswear are all headquartered in Oregon. National publications often cite the Portland area for its coolness factor. In 2009, Men’s Journal named Portland the third “Best Beer Town in the U.S.,” the Wall Street Journal dubbed it the fourth best “Youth Magnet City” and it was third in the Forbes annual list of safest major cities. Unfortunately, it’s not all positive news for the area. Oregon has the fourth highest statewide unemployment rate in the country. During the past year, Oregon has lost 100,000 jobs, and the unemployment rate is now holding steady at 11.5 percent. However, for the real estate sector, the state had the foresight to have well thought out land-use planning laws, and this has benefited the region in these tough times. In the early 1970s, Governor Tom McCall commissioned a study on the future of the Willamette Valley, whose farms and forests were being threatened by a wave of new growth and poorly planned development. Knowing that Oregon’s …
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TUCSON, ARIZ. — Ryan Cos. US Inc. will develop an approximately 150,000-square-foot corporate headquarters for UniSource Energy Corporation on a 2-acre site at Broadway Boulevard and Scott Avenue in downtown Tucson. The building is expected to be completed by fourth quarter 2011 and achieve LEED certification at the Gold or Platinum level.
PHOENIX — CB Richard Ellis (CBRE) has negotiated the $3.88 million sale of a 77,778-square-foot single-tenant warehouse located at 824 E. University Dr. in Phoenix. CBRE’s Joe Porter, Pat Feeney, Dan Calihan and Rusty Kennedy represented the seller, RGR Development Corp., in the transaction. Represented by Bill Hudson of Ross Property Advisers and Sperry Van Ness’ Adam Lopez, the buyer, Majik Ventures LLC, plans to relocate to the new building in August.
KENNEWICK, WASH. — Marcus & Millichap has negotiated the more than $3.1 million sale of Steptoe Car Wash & Mini Storage, a 22,526-square-foot self-storage facility located at 2001 Steptoe St. in Kennewick. Steptoe was built and opened in 2004. Marcus & Millichap’s Joel Deis and Christopher R. Secreto represented the seller, a partnership.
WALNUT CREEK, CALIF. — The approximately 250,000-square-foot new corporate headquarters for AAA Northern California, Nevada and Utah has officially opened in Walnut Creek. Korth Sunseri Hagey Architects was the project designer, and Gensler created the interior design. The six-floor project began in January 2007.
ANAHEIM, CALIF. — DAUM Commercial Real Estate Services has represented The Ducoing Family Trust in its $4.075 million acquisition of a 26,400-square-foot industrial building located at 1251 N. Jefferson Ave. in Anaheim. DAUM’s Chris Migliori represented the buyer in the transaction, and Voit Commercial represented the seller.
SEATTLE — Marcus & Millichap has handled the $3.6 million purchase of Alki Place Apartments, a 28-unit apartment property located at 3000 60th Ave. Southwest in Seattle. The property consists of 16 750-square-foot, one-bedroom/one-bathroom units, six 825-square-foot, two-bedroom/one-bathroom units and six 875-square-foot, two-bedroom/two-bathroom units. Marcus & Millichap’s Dan Swanson represented the buyer, a private investor, in the transaction.
LANCASTER, CALIF. – Barnhart-Heery has completed the $22.2 million William J. “Pete” Knight Veterans Home of California in the city of Lancaster. The single-story, 46,620-square-foot complex consists of two residential wings with a total of 60 beds for full-time residents, a 50-person Adult Day Health Care wing, and a services and administration wing. The four wings all surround a central courtyard. Located on a 30-acre site, the home will provide California’s disabled and aging veterans with rehabilitative, residential and medical care services.
ORANGE, CALIF. — DAUM Commercial Real Estate Services handled the $2.83 million purchase of a 29,800-square-foot industrial building located at 671 N. Poplar St. in Orange. DAUM’s Chris Migliori represented Bernie Smokowski in the purchase of the property from Gallegos Brothers II LLC, which was respresented by Lee & Associates.
GALT, CALIF. — NAI BT Commercial has handled the more than $5 million sale of a newly constructed 21,304-square-foot freestanding retail building located at 10520 Twin Cities Rd. in Galt between Sacramento and Stockton. Tractor Supply Company has a 15-year net-lease agreement on the property. NAI’s Andy Bogardus, Douglas Longyear and Chris Sheldon represented the seller, and the brokerage firm’s Jay Hagglund joined Bogardus in representing the buyer.