CAMARILLO, CALIF. — David Wise of American Corporate Real Estate Services represented the undisclosed buyer in the acquisition of Plaza 5051 at Mission Oaks, a Class A office building located at 5051 Verdugo Way within Mission Oaks Business Park in Camarillo. The three-story, 51,500-square-foot building, which was completed in 2007, was listed at $17.88 million. Bill Kiefer, Steve Economos and Geoff DeWolf of NAI Capital represented the seller, The Foundation Group, in the transaction. The purchase price was not disclosed.
SHERIDAN, COLO. — Weingarten Realty has leased 55,000 square feet to Knoxville, Tenn.-based Regal Entertainment for the development of a 14-screen theater at River Pointe at Sheridan Shopping Center in Sheridan. Located at the intersection of South Santa Fe Drive and West Hampden Avenue, the cinema is slated to open in third quarter 2009. Regal Entertainment, a subsidiary of Anschutz Company, operates 6,787 screens in 552 locations throughout the United States under the names of Regal Cinemas, United Artists Theatres and Edwards Theatres.
The Phoenix retail market expansion has slowed down considerably as it experiences the continued effects of the economic downturn. A decline in consumer spending, negative job growth and a housing market still struggling to recover will keep development to a minimum while vacancies increase in existing centers. At the end of 2008, the valley’s vacancy was 10 percent and should rise above 11 percent during 2009. A return to record vacancy rates seen during the 1980s is unlikely because of the slowdown in construction. In 2008, there was roughly 6.5 million square feet of new retail space delivered, but in 2009 planned projects will be put on hold. One reason is there is no pre-leasing being done, and in many cases banks require guaranteed tenants before they will consider construction loans. In response, developers are changing their focus from new ground-up development to infill and redevelopment properties. Expect more national, regional and local retailers to close during 2009. The list of major store closures in 2008 included national retailers Mervyn’s, Linens ‘n Things and Circuit City. There is still a short list of national retailers looking for space in the valley, including Wal-Mart, Fresh & Easy, Fry’s and Dunkin Donuts. …
PALO ALTO, CALIF. — BRIDGE Housing Corp. is developing Fabian Way Senior, an affordable senior-living apartment community in Palo Alto. Located at 3895 Fabian Way, the $22.9 million community will feature 56 units, with 20 units restricted for seniors with special needs. Additionally, the community will offer private decks, a landscaped courtyard and a community room for activities, services and classes. The community is part of a larger site acquired by BUILD LLC, a partnership between BRIDGE and CalPERS. Financing for the project is being provided by BUILD LLC, State of California Prop 1C Multifamily Housing Program, Silicon Valley Bank Community Development Finance, Union Bank of California N.A., Santa Clara County, City of Palo Alto, the Opportunity Fund, the Sobrato Family Foundation and the Housing Trust of Santa Clara County. Steinberg Architects provided architectural services; Segue Construction is serving as general contractor for the project. Completion is scheduled for early 2010.
MESA, ARIZ. — Wichita, Kan.-based Hawker Beechcraft has completed the first phase of its newest maintenance facility at Phoenix-Mesa Gateway Airport in Mesa. The 26,000-square-foot facility will accommodate maintenance needs of customers and serve as the company’s southwest regional service center. The second phase includes an additional 26,000-square-foot hangar and 22,000 square feet of administrative office space.
SAN DIEGO — Breshears & Ghianni Builders Corp. has selected Johnson & Jennings General Contracting to complete tenant improvement (T.I.) construction for the offices of the San Diego Health and Human Agency, which is located at 5055 Ruffin Rd. in the Kearny Mesa area of San Diego. The improvements include the build out of health examination rooms, interview rooms, cubicles and clerical support facilities. Ware Malcomb is providing architectural services for the project, which is slated for completion in January.
SAN DIEGO — Wrapfiber LLC, composed of principals of The Fyfe Company, has acquired a 17,612-square-foot flex building, which is located at 8380 Miralani Dr. in the Mira Mesa area of San Diego. Roanoke, Va.-based ITT Night Vision sold the property for $2.2 million. The buyer plans to use the property for its headquarters; the remaining 7,000 square feet will be available for lease. Bill Haines and Kendra van Note of Grubb & Ellis|BRE Commercial represented the buyer; Sean Williams and Mike Macie of Cushman & Wakefield represented the seller in the transaction.
LOS ANGELES — Thompson National Properties LLC recently acquired Kodak Hollywood Campus, which is located in Los Angeles’ Hollywood district. The two-building Class A campus consists of 102,800 square feet of office and production space. Located at 1017 N. Las Palmas Ave., the three-story office/production facility offers approximately 83,950 square feet of space, including screening rooms, editing bays, recording facilities, cabling and infrastructure. The two-story office building, which is located at 6700 Santa Monica Blvd., offers 18,850 square feet of office space. The property is 100 percent leased to Eastman Kodak. The seller and sales price were not disclosed.
LOS ANGELES — Meridian Capital Group has arranged $20 million in permanent financing for a 10-property multifamily portfolio in Southern California. The 163-unit property recently underwent extensive renovations. Alex Katz of Meridian’s Los Angeles office negotiated the financing on behalf of the borrower, Los Angeles-based Capital Foresight LP. Terms of the non-recourse loan include a 5.75 percent fixed-rate interest for 5 years.
NORTH HILLS, CALIF. — Tony Azzi of Marcus & Millichap’s West Los Angeles office has brokered the disposition and acquisition of 8615 Columbus Avenue in North Hills. The 42-unit multifamily property sold for $3.8 million or $151 per square foot. The building was constructed in 1970. The seller and buyer were not disclosed.