LAS VEGAS — TNP Vulture Fund VIII has sold a 45 percent interest in an 11-story office building and adjacent four-story parking structure to TNP/SLI Green Building Fund for an undisclosed price. Located at 302 E. Carson in Las Vegas, the property was originally purchased in 2008 from Barden Entertainment Group. The owners plan to renovate the vintage 1965 building to meet LEED Silver certification. Partners in the project include the co-owners and Shangri-La Construction. Completion is scheduled for mid-2009.
Western
PHOENIX — Phoenix-based Summit Builders has completed the design/build conversion of an office building into Hilton Garden Inn, which is located on Van Buren St. in Phoenix. The 10-story, 121,000-square-foot hotel features 192 rooms, a swimming pool, a kitchen, a restaurant and lounge, a laundry facility, a fitness center and a business center. Additionally, all mechanical, plumbing and electrical systems were replaced. Windsor Hotels LLC owns the property. Phoenix-based Orcutt Winslow provided design services for the project.
COMMERCE, CALIF. — N.J.-based Bergen Shippers, a national logistic service provider to the apparel industry, has signed a 5-year lease for approximately 90,000 square feet of space in Commerce. The property is located at 6000 Rickenbacker Rd. The transaction is an expansion with landlord RREEF from an original 2-year lease of 30,000 square feet of space. Brett Dedeaux and Mark Repstad of Binswanger/Realty Advisory Group represented Bergen in the transaction.
FRESNO AND EL CAJON, CALIF. — KeyBank Real Estate Capital has closed two loans totaling $8.9 million for two multifamily properties in California. In the first transaction, KeyBank provided a $4.9 million Fannie Mae supplemental loan to Provence at the Dominion LLC for Le Provence, a 268-unit condominium complex in Fresno. Additionally, KeyBank provided a $4 million Fannie Mae assumption and supplemental loan to R&V Management Corp. for Coral Gardens Apartments, a 200-unit garden-style apartment complex in El Cajon.
HAWTHORNE, CALIF. — Vought Aircraft Industries Inc. has signed a 5-year extension on its 1.39 million-square-foot lease at Kearny Real Estate Company’s Century Business Center in Hawthorne. Kearny acquired the center, which formerly served as a manufacturing facility for Vought, in 2005 with Vought leasing back 1.39 million square feet. The Dallas-based company manufactures commercial and military aero structures.
RENO, NEV. — Los Angeles-based Majestic Bell LLC, an affiliate of Majestic Investments LLC, has acquired an 82,934-square-foot office building in Reno for $12 million. Situated on a 6.21-acre site, the property is fully occupied by AT&T, which signed a 10-year NNN lease at closing of escrow. Majestic was represented by Cameron Pacific, the acquisition and finance arm of Majestic Investments; AT&T was represented by CB Richard Ellis. The seller was not disclosed.
BURBANK, CALIF. — Burbank-based Burbank Holdings Corp. has purchased Verdugo Gardens, a 34-unit multifamily property located at 275 W. Verdugo Ave. in Burbank. The property sold for $7.26 million or $213,603 per unit. Built in 1985, the complex features two- and three-bedroom units. The buyer plans to upgrade the property and provide affordable housing. Kevin Lutz and Kevin Hurley of Hendricks & Partners’ Pasadena, Calif., office represented the seller, Los Angeles-based Jamco Holdings Corp., in the transaction.
HENDERSON, NEV. — Las Vegas-based Crisci Builders, serving as general contractor, has broken ground for the construction of Henderson Supportive Housing, which will be located at 600 N. Major Ave. in Henderson. Accessible Space Inc. contracted Crisci to build the two-story, 25-unit apartment complex. Designed by Creative Design Architecture Inc., the $3.6 million, 21,350-square-foot project is slated for completion in late November.
PATTERSON, CALIF. — Rhode Island-based CVS Pharmacy Inc. has leased approximately 80,600 square feet in Patterson. The space is a portion of the 529,970-square-foot building at Keystone West Business Park. Patterson Industrial Center LLC, a partnership of McShane Development and MetLife, owns the property. John McManus and Chuck Belden of Cushman & Wakefield represented the tenant; Kevin DalPorto of CB Richard Ellis represented the landlord in the transaction.
HELENA, MONT. — Chicago-based Lillibridge has completed the development of St. Peter’s Medical Group, an 80,000-square-foot medical office building in Helena. Located on the campus of St. Peter’s Hospital, the $15 million project houses the hospital’s primary care clinics, including Family Health Clinic, Hawkins-Lindstrom Clinic, Internal Medicine Associates and Medical Specialists of Helena. The building features in-house laboratory services, digital X-ray services, an outpatient pharmacy, administrative office space and a pneumatic tube to the main hospital building.