LAS VEGAS — CORE Construction~Nevada has completed the construction of Durango Village, a professional office park located at 6002 S. Durango Dr. in Las Vegas. Developed by Arizona-based SAXA, the project consists of 12 commercial office buildings totaling 91,763 square feet. Tenants can lease or purchase space from 1,200 to 29,000 square feet. Phoenix-based DFD CornoyerHedrick provided architectural services for the project.
AVON, COLO. — Fort Worth, Texas-based Trademark Property Company is developing Vail Valley Center, an 80-acre mixed-use development located in Avon. With approximately 4,500 linear feet of Interstate 70 frontage, the property is slated to include a mix of national, regional and local specialized retailers, restaurants, entertainment and other commercial spaces. Additionally, the center will feature multifamily housing, hotels and Class A office product.
SALT LAKE CITY — The U.S. division of Sun Life Financial has acquired 28,517 square feet of space at a 13-story, 160,097-square-foot office tower located in downtown Salt Lake City. Sun Life now owns the entire building, which is located at 185 S. State St. At the time of acquisition, the property was 73 percent occupied. William Barres provided Sun Life’s in-house representation for the transaction. The acquisition price was not disclosed.
SANTA MONICA, CALIF. — Blair Chang of Prudential California Realty represented the undisclosed buyer in the acquisition of a two-building retail property, which is located at 2116 Main St. in Santa Monica. The 4,777-square-foot property sold for $3.85 million or $806 per square foot. At the time of acquisition, the property was 100 percent occupied by two tenants: Art Luna Salon and Santa Monica Kennels. Polly Johnson of Sperry Van Ness’ Los Angeles office represented the seller, Santa Clarita, Calif.-based NORSAN LLC, in the transaction.
LATHROP, CALIF. — FR/CAL Beta Northwest LLC, a joint venture between First Industrial and CalSTRS, has completed the sale-leaseback disposition of a 440,538-square-foot single-tenant distribution center located within Crossroads Commercial Center at 700 D’Arcy Pkwy. in Lathrop. 700 D’Arcy Parkway Investors LLC, a client advised by UBS Global Real Estate – US, purchased the property for an undisclosed price. Situated on a 28-acre site, the property is 100 percent occupied by JC Penney. Built in 1998, the property was redeveloped for the tenant in 2007 and offers 2 percent office space, 32-foot clear ceiling heights and on-site parking for up to 200 trailers. Andrew Sandquist, Robert Brennan, Jonathan Wolfe and Dave Haggerty of CB Richard Ellis brokered the transaction.
SANTA ROSA, CALIF. — Petaluma, Calif.-based Basin Street Properties has signed a 20-year, build-to-suit lease with the U.S. Department of Veteran’s Affairs to construct a two-story office building at Harvest Business Center in Santa Rosa. Located at 3841 Brickway Blvd., the V.A. clinic will occupy 26,000 square feet of the 39,540-square-foot property. The facility will accommodate a total staff of 70 and feature 14 examination rooms, two specialty treatment rooms, a radiology department, and offices that can be converted into treatment rooms.
CHULA VISTA, CALIF. — Capmark Finance Inc. has originated $55 million in interim financing for Village Walk at Eastlake in Chula Vista. Situated on a 13.24-acre site at the corner of Otay Lakes Road and Eastlake Parkway, the 157,710-square-foot retail center is anchored by Trader Joe’s, Borders Books & Music, Pier 1 Imports, Petco and Henry’s Market. Michael Dobbins of Capmark Finance’s San Diego office arranged the financing for the borrower, VWE LLC.
GILBERT, GOODYEAR AND PHOENIX, ARIZ. — Macy’s Inc. has plans to open three Macy’s stores in the Phoenix market within the next 2 years. First to open in April 2009 is a 120,000-square-foot, one-level store at SanTan Village in Gilbert. In fall 2010, a 120,000-square-foot, one-level store is slated to open at Estrella Falls in Goodyear, and a 150,000-square-foot, two-level store is expected to open at CityNorth in the Northeast Valley of Phoenix. Each of the new locations will offer apparel and accessories for the family, as well as select merchandise for the home. The stores will feature an open-air, lifestyle-center design, including a main street entrance configuration and emphasis on natural lighting via skylights and exterior windows. Santa Monica, Calif.-based Macerich is developing SanTan Village and Estrella Falls, while The Related Companies and Thomas K. Klutznick Company are developing CityNorth.
TOLLESON, ARIZ. — Cincinnati-based Victory Medals has acquired a 25,500-square-foot industrial facility, which is located at 525 S. 83rd Ave. in Tolleson, for $2.9 million. The buyer plans to use the property for a metal fabrication unit. Built in 1975, the property features a fully fenced yard with three overhead cranes. Mike Parker of Colliers International represented the buyer; Mark Phillips of Sperry Van Ness’ Phoenix office represented the seller, Irvine, Calif.-based Kerrigan Industries, in the transaction.
What area is your expertise? Sacramento Valley What trends do you see presently in retail development in your area? The retail market is experiencing declining rental rates for the first time in years. Mom and Pop retailers have virtually disappeared and national credit tenants are pulling back on expansion plans, while closing underperforming stores. The strip centers in many areas have been hit the hardest. What type of retail product is doing well in your area? Urban redevelopment projects have been the bright spot in the marketplace, particularly those that have located in underserved markets and filled by quality retail tenants. What retailers are new to your area? Boudin Bakery, The Counter Burger, Chico’s, Cold Water Creek, Orvis, New Balance, Smith & Hawkin, Sur La Table, White House|Black Market, Fresh N Easy, and CVS Pharmacy. Who are the active retail developers in your area? Donohue Schriber, Panattoni Development Co., Capital and Counties Development Group, Granite Bay Ventures, The Evergreen Company, Opus West, Peter Bollinger Investment Group, and Stonehenge Property Group. Please name one or two significant retail developments in your area. What impact will these projects have on the market? Florin Towne Centre — Florin Mall Redevelopment project. NWC of …
