What area is your expertise? The greater Salt Lake City area and Utah. What trends do you see presently in retail development in your area? After a record year in 2007, with absorption of over 1.9 million square feet of retail space, this year is expected to slow down somewhat due to the pullback by many retailers nationwide and the tightening of the financial markets. Existing centers will remain strong and should not experience any significant increase in vacancy or decrease in lease rate. What type of retail product is doing well in your area? Grocery-anchored centers are still very strong mainly because the support types tenants are still expanding and our market remains one of the strongest in the country. What retailers are new to your area? The Cheesecake Factory, Whole Foods Market, Ulta, Sunflower Market, El Pollo Loco, Shari’s Restaurant, Corner Bakery, Red Mango, Stage Stores, Egg & I, and In & Out Burger. Who are the active retail developers in your area? The Boyer Company, The Woodbury Corporation, Amsource Development, Four Square Development and Taubman. Please name one or two significant retail developments in your area. What impact will these projects have on the market? The City …
What area is your expertise? Phoenix metropolitan area — office What trends do you see presently in office development in your area? Deliveries of office buildings have slowed for the first time in several years. During first quarter 2008, only 66 buildings were delivered compared to 110 buildings second quarter 2007. However, there is still more than 6.8 million square feet under construction. Who are the active office developers in your area? Opus West, ALTER Group, Lincoln Properties, RYAN Companies, McShane Construction, DMB Associates and Higgins Development Partners. Please name one or two significant office developments in your area. What impact will these projects have on the market? Opus Pima Center — Scottsdale has virtually run out of land for new development. Therefore, developers chose to negotiate 65-year ground leases with the Native Americans to develop on their land. This project is part of a master development totaling over 3.5 million square feet of office, industrial, and retail. The project is a 209-acre, mixed-use business park located along the Loop 101 Freeway (major Valley freeway) at the Via De Ventura / Pima/90th Street interchanges in Scottsdale. The underlying land owner is the Salt River Pima-Maricopa Indian Community. The master developer …
THOUSAND OAKS, CALIF. — NewMark Merrill Cos. has broken ground for the development of Thousand Oaks Marketplace, a 155,000-square-foot project in Thousand Oaks. The $40 million project will feature a 125-room Hampton Inn Suites Hotel, a 13,000-square-foot Walgreens Pharmacy and 74,477 square feet of retail space with 10 to 15 stores. The development is situated on a 12-acre site at the corner of Ventu Parkway and Hillcrest Road. Wells Fargo Merchant Bank is providing financing for the project, while McKentley-Malak Architects is providing architectural services. HMH Contractors is serving as general contractor.
AURORA, COLO. — Forest City Science + Technology Group, a division of Forest City Enterprises Inc., has broken ground for the construction of Colorado Science + Technology Park at Fitzsimons in Aurora. Initial plans include the development of Forest City’s first life science building, which will accommodate the growth of the region’s existing life science industry as well as existing incubator tenants on site. Additionally, the site will feature a Hyatt Place hotel and conference facility, and an approximately 175,000-square-foot office building for University Physicians Inc. At full development, the 578-acre project is projected to generate statewide totals of $11.5 billion in economic production, $4.3 billion in annual personal income and nearly 100,000 jobs. The Colorado Science + Technology Park at Fitzsimons, which is located near Interstate 225 and Colfax, is a 184-acre medical and research.
BROOMFIELD, COLO. — Regency Centers is developing Shops at Quail Creek, a shopping center located at West 136th Ave. and Zuni St. in Broomfield. The center will feature approximately 152,000-square-foot of upscale retailers, banks and restaurants, including a 100,870-square-foot King Soopers. Additionally, the project will feature town center aesthetics, including pedestrian-friendly crosswalks, large sidewalks, distinctive architectural storefronts, large outdoor gathering areas and connectivity to a city-adopted regional trail. Ground broke this month with completion slated for April 2009.
PHOENIX — Dublin, Calif.-based Granite Capital Investments Inc. has acquired V3 Corporate Center, a 40,026-square-foot office building, for $10.5 million. Located at 1048 N. 44th St. in Phoenix, the Class A building is currently 100 percent occupied by V3 Landmark Engineering, Meridian West Development, Pinnacle Design and Blockbuster Video. Built in 2006, the property features flat screen televisions in the restrooms, an on-site fitness facility and a large rooftop bar/patio. Phoenix-based Meridian West HQ LLC was the developer/seller. Eric Wichterman and Ann Sondrol of Grubb & Ellis|BRE Commercial, along with Steve Kohls of Lee & Associates, represented both parties in the transaction.
GARDENA, CALIF. — Roland Products, a distributor of European cookware, bedding and appliances, has purchased a 40,032-square-foot industrial building in Gardena. The company plans to use 27,786 square feet of the building for warehousing and housing its sales force; the balance will be occupied by Clover Specialists. The property is located at 1700-1702 El Segundo Blvd. Joshua May of Grubb & Ellis’ South Bay office represented the buyer; Rudy Lara of Daum Commercial represented the seller, Gardena-based David Yi, in the $5.5 million transaction.
CARDIFF BY THE SEA, CALIF. — Property West has purchased Cardiff by the Sea Apartment Homes, a 300-unit multifamily community located at 2170 Carol View Dr. in Cardiff by the Sea, for $71 million. Situated on a 21.86-acre site, the 284,360-square-foot property offers one-, two- and three-bedroom units ranging in size from 700 to 1,160 square feet. Additionally, the community features two swimming pools, three spas, two tennis courts and a fitness center. Ed Rosen, John Chu and Alejandro Lombrozo of Cushman & Wakefield represented the buyer and the seller, Essex Property Trust, in the transaction.
RENO, NEV. — United Construction Co. has completed the construction of the Nevada Air National Guard Air Intelligence Exploitation Facility in Reno. The $14 million facility is located at 1776 National Guard Way at the Reno Tahoe International Airport. First of its kind, the building will serve as a prototype for all future Sensitive Compartmentalized Intelligence Facilities (SCIF) for the Armed Forces. Partners of the two-story, 39,127-square-foot project included Sheehan Van Woert Bigotti, Gardner Engineering, Nelson Electric, Delta Fire, CFA and Ferrari Shields.
LA CANADA FLINTRIDGE, CALIF. — La Canada Properties and Mattix Development Partners are redeveloping La Cañada-Flintridge Town Center in La Canada Flintridge. A 45,000-square-foot Sports Chalet is the first store to open for business at the property, which is located at Foothill Boulevard and Angelus Crest Highway. The 11-acre site features 144,000 square feet of development, including two major retail tenants, five shop buildings, a freestanding parking structure and the existing Sports Chalet corporate office building. A collaborative effort between Long Beach, Calif.-based Perkowitz+Ruth Architects and Studio One Eleven, the revitalized center will also feature a new infrastructure and a public park. Other tenants will open as respective tenant improvements are completed.