LAS VEGAS — The Place/BV Student Housing Fund LLC is developing Rebel Place, a 480-bed student housing project in Las Vegas. Serving the students of the University of Nevada at Las Vegas, the property will feature one-, two- and three-bedroom units with private bathrooms. Additionally, the fully furnished units will offer fully equipped kitchens, washers, dryers and wiring for cable and Internet services. Community amenities include a clubhouse with an activity center, online gaming, a computer lab, a state-of-the-art fitness center, a tanning bed and a resort-style pool with a poolside theater. Completion is slated for summer 2009. BVP Managers LLC, a joint venture between Atlanta-based Place Properties LP and Chicago-based Blue Vista Capital Management LLC, manages the fund.
CALABASAS, CALIF. — DTS Inc. has acquired a three-story, 85,948-square-foot office building, which is located at 5220 Las Virgenes Rd. in Calabasas. Built in 1999, the multi-tenant property was valued at $15.64 million. The property features 347 parking spaces, an on-site gym, locker rooms and showers, outdoor patios and a cafeteria. Carlo Brignardello and Mathew Miller of Cresa Partners represented the buyer; Gary Weiss and Lynwood Fields of Madison Partners represented the seller, Countrywide Home Loans Inc., in the transaction.
PUYALLUP, WASH. — Portland-based NBS Real Estate Capital, on behalf of Morrison Street Fund I LP, has sold a 108,644-square-foot industrial property in Puyallup. Located at 507 N. Levee Rd., the property sold for $7.63 million. The buyer was not disclosed. NBS Real Estate Capital originally acquired the property in 2006.
RENO, NEV. — ProLogis has leased 272,000 square feet of industrial space in two shell-development facilities in Reno. Husqvarna Professional Products Inc. has signed a lease for 90,000 square feet of previously un-leased space at ProLogis’ Silver Lake Business Park. The company plans to use the facility to distribute its products to customers throughout the West Coast. Additionally, Jacobson Companies Inc., an Iowa-based third-party logistics provider, has inked a deal for 182,000 square feet of shell-development space at Tahoe-Reno Industrial Center Building 1.
CALIFORNIA — A $6.25 million joint-bid between Menomonee Falls, Wis.-based Kohl’s Corp. and Los Angeles-based Forever 21 Inc. has taken 46 former Mervyns LLC locations. Kohl’s will assume ownership of 31 locations and Forever 21 will assume 15, pending bankruptcy court approval. “This is a mutually beneficial relationship wherein combining resources provides for the most optimal real estate portfolio selection and highly competitive pricing,” explains Vicki Shamion, vice president of public relations and community relations at Kohl’s. Kohl’s purchased locations in numerous cities, including Salt Lake City; Henderson, Nev.; and Whittier, San Rafael, Downey, Eureka, Monrovia, Hayward, Redondo Beach, Rancho Cordova and Capitola, Calif. Forever 21’s locations include Glendale and Tucson, Ariz.; Sandy, Utah; Albuquerque and Santa Fe, N.M.; Laredo and Harlingen, Texas; and Lakewood, Cerritos, Montebello, Victorville and Calexico, Calif. “Kohl’s assessed the Mervyns’ portfolio and strategically selected locations that would benefit our under-penetrated markets,” says Shamion. “We feel that these locations would be hard to duplicate in a ground-up environment and provide opportunities to more convenient to our customers. Forever 21 did their own analysis. Ultimately, we combined both lists and did a joint bid.” Kohl’s plans to open approximately 50 new locations in 2009, including the majority …
SAN DIEGO — The Challenged Athletes Foundation has acquired a 14,485-square-foot office building, which is located at 9591 Waples in San Diego’s Sorrento Mesa area. The two-story, Class B building sold for $1.66 million during a public auction. The building will house the organization’s headquarters, the Challenged Athletes Hall of Fame, a multi-purpose room, donor recognition walls and a specialized athletic facility with adaptive equipment. Funding for the acquisition was provided by Qualcomm Million Dollar Challenge, and Deni and Jeff Jacobs. Josh Burland of CB Richard Ellis represented the buyer; the seller, WT Lender Services as trustee for Wells Fargo, was self-represented.
SCOTTSDALE, ARIZ. — PG&J Properties LLC has acquired a medical office building, which is located at 9745 N. 90th Pl. in Scottsdale. Scottsdale Medical Building LLC sold the property for $1.9 million or $326 per square foot. The buyer, a group of doctors, plans to relocate to the building, which was 35 percent occupied at the time of acquisition. Eric Tollefson of Ensemble Devman Group represented the buyer; Ray Harris of Grubb & Ellis|BRE Commercial represented the seller in the transaction.
NEW YORK — RCS Real Estate Advisors, a New York-based real estate advisory firm, has been selected to provide property/lease disposition services for BTWW Retail, subject to bankruptcy approval. RCS is expected to develop and implement a marketing plan to dispose of 78 leases located throughout Arizona, Colorado, Georgia, Idaho, Montana, North Dakota, Nebraska, New Mexico, Nevada, Ohio, Oklahoma, Oregon, South Dakota, Texas, Washington and Wisconsin. The locations range from 4,200 to 53,000 square feet.
VISALIA, CALIF. — Honolulu-based A&B Properties, the real estate subsidiary of Alexander & Baldwin, has acquired Midstate 99 Warehouse Portfolio, a 790,370-square-foot warehouse facility located in Visalia, for an undisclosed price. The four-building property is currently 94 percent leased to a mix of retail and wholesale tenants. The property is located within a 480-acre master-planned logistics park.
CHULA VISTA, CALIF. — Terra Vista Genpar LLC, with R&V Management as the managing member, has purchased Terra Vista at Otay Ranch Condominiums, which is located at 1441 Santa Lucia Rd. in Chula Vista. The $18 million sale consisted of 118,699 rentable square feet, including 111 of the total 168 condominium units in the complex. Montecito Crossings LLC, with Lehman Brothers as the previous managing member, sold the property. The property offers a mix of five floorplans ranging in size from 709 to 1,356 square feet. Community amenities include a resort-style swimming pool, a spa, a state-of-the-art fitness center, a playground, a barbeque area and a clubhouse. Diane Miramontes, Darcy Miramontes and Hunter Combs of Grubb & Ellis|BRE Commercial represented the buyer; Janine Hudson of Land American handled escrow; and Helen Wilson and Susie Restine of LandAmerica served as title representation. Jason Shidler represented First Republic Bank, which provided the financing.