CONTRA COSTA COUNTY, CALIF. — AvalonBay Communities Inc., Millennium Partners, the San Francisco Bay Area Rapid Transit (BART) and the County of Contra Costa are breaking ground for the development of Avalon Walnut Creek at Contra Costa Centre, a transit-oriented mixed-use development in Contra Costa County. When complete, the project will feature 422 residential apartments, of which 85 will be affordable units; 100 condominium units; 35,000 square feet of local service retail space; a civic use area; a 19,400-square-foot business conference center; and 270,000 square feet of office space.
LAS VEGAS — CORE Construction-Nevada has been selected as general contractor for the construction of the PDM Steel Service Center in Las Vegas. Developed by PDM Steel, the project features a 95,000-square-foot distribution facility at the intersection of Alto Avenue and Abels Lane. Situated on a 9-acre site, the property will offer a 5,280-square-foot sales office, an 84,840-square-foot warehouse space and a 4,880-square-foot shipping office. Completion for the $8.83 million project is scheduled for March 2009. Portland, Ore.-based VLMK Consulting Engineers is serving as the project’s engineer of record.
PARK CITY, UTAH — Thompson National Properties LLC, on behalf of the Vulture Fund, has purchased the Blind Dog Building in Park City for an undisclosed price. The property, which is located at 1781 and 1787 Sidewinder Dr., is commonly referred to as the Blind Dog Building because it is anchored by the Blind Dog Restaurant. The three-story, more than 15,000-square-foot building was built in two phases, with the final phase completed in 2002. At the time of acquisition, the value-add property was 73 percent occupied. The seller was not disclosed.
CHANDLER, ARIZ. — Los Altos, Calif.-based West Valley Properties Inc. has purchased The Boardwalk at Andersen Springs, a neighborhood retail center located at 1949-1989 W. Ray Rd. in Chandler, for $19.35 million. Built in 1988, the single-story retail center offers 92,231 square feet of retail space. At the time of acquisition, the property was 95 percent occupied by a variety of tenants, including Sprouts, Deserts Schools Federal Credit Union, a day spa, a yoga studio and Blockbuster Video. Cam Stanton of CB Richard Ellis’ Phoenix office represented the seller, Los Angeles-based BOAS Boardwalk LLC, in the transaction. Rocco Mandala of CBRE|Melody’s Phoenix office arranged the financing, which was provided by Aetna Life Insurance Company.
ALISO VIEJO, CALIF. — Renaissance Hotel & Resorts has opened Renaissance ClubSport Aliso Viejo Hotel & Fitness Resort within Summit Office Campus, a 1.7 million-square-foot mixed-use business complex in Aliso Viejo. The boutique-style hotel, sports and fitness resort offers 174 guestrooms, a 75,000-square-foot world-class fitness facility, 5,500 square feet of flexible meeting space and a restaurant and lounge. Managed by Marriott for Leisure Sports Inc. and R.D. Olsen, the property is a world-class hotel, sports and fitness concept that caters to both business and leisure travelers. The fitness center features a 12,000-square-foot fitness area, an outdoor aquatic area with two swimming pools and a splash ‘n play area for children, a whirlpool and a garden patio area for dining or special events.
VANCOUVER, WASH. — Vancouver-based HIRE I – Arnada Pointe (220) LLC has acquired Polo Club, a 200-unit multifamily community in Vancouver, for $16.9 million. Located at 4820 NE Hazel Dell Ave., the 193,404-square-foot apartment community features a mix of one-, two- and three-bedroom units averaging 967 square feet. The community also features a pool, a fitness center, a basketball court, a playground and additional storage. The units feature washers/dryers, fireplaces, patios/balconies and vaulted ceilings. At the time of acquisition, the property was 95 percent occupied. Phil Oester of Hendricks & Partners’ Portland, Ore., office represented the seller, Portland-based The Polo Club LLC, in the transaction.
PARK CITY, UTAH — Thompson National Properties LLC, on behalf of the Vulture Fund, has purchased the Blind Dog Building in Park City for an undisclosed price. The property, which is located at 1781 and 1787 Sidewinder Dr., is commonly referred to as the Blind Dog Building because it is anchored by the Blind Dog Restaurant. The three-story, more than 15,000-square-foot building was built in two phases, with the final phase completed in 2002. At the time of acquisition, the value-add property was 73 percent occupied. The seller was not disclosed.
BREA, CALIF. — Regency Centers is breaking ground for the redevelopment of Brea Marketplace, a 351,982-square-foot shopping center located at 835 E. Birch St. in Brea. The two-phase redevelopment plan includes a new façade, tile roof, landscaping, new signage, site work, lighting and re-surfacing the parking areas. Currently, the center features a 37,000-square-foot 24-Hour Fitness, Beverages and More, Fidelity Investments, and a variety of restaurants and service businesses. A 20,331-square-foot Circuit City is currently under construction, with completion slated for mid-July. The second phase will feature a T.G.I. Friday’s restaurant and the development of an adjacent two-story, 4,000-square-foot office building. Completion is slated for 2009.
DALLAS — Riverstone Residential Group has added 14 new apartment communities to its portfolio. Located in eight states, the properties encompass 2,372 units, bringing the total number of units under management to 192,000. The additions are located in California, Connecticut, Idaho, North Carolina, Oregon, Tennessee, Texas and Washington. “We are very pleased to welcome these fine properties to the Riverstone family,” said Christy Freeland, CEO of Riverstone Residential Group. “We believe Riverstone is the property management company of choice because of the high caliber of our management professionals, our presence in states coast-to-coast and the competitive advantages we provide through our unique selection of integrated ancillary products and services.” In other company news, Riverstone has recently hired Craig Rooney as senior vice president for the Southern California region. Rooney’s responsibilities will include oversight of a portfolio of more than 12,000 apartment units located in communities throughout the region. He will also play a key role in the development of new business. “We are delighted to place Craig in this leadership role,” said Walt Smith, president of Riverstone HSC Residential’s Western Division. “His experience over the last 20 years has made him one of the true local experts of Southern California’s …
SYLMAR, CALIF. — Ko’s Foothill Glen Apartments Inc. has purchased Foothill Glen Apartments, an 81-unit apartment community in Sylmar. Located at 13490-13520 Foothill Blvd., the 68,380-square-foot property consists of four two-story buildings. Community amenities include picnic and barbeque areas, four separate laundry facility rooms, secured entry and gated carport parking with remote access. Foothill Glen Apartments LLC sold the property for $12.85 million or $158,642 per unit. Rick Raymundo of Marcus & Millichap represented the seller and procured the buyer in the transaction.