GILBERT, ARIZ. — Grasser Investments LLC is developing Spectrum Commercial Core, a 5-acre mixed-use project located at the intersection of Loop 202 and Val Vista in Gilbert. AR Mays Construction has broken ground for the construction of Mountainside Fitness, which is located within the development. The project consists of ground-level retail space, Mountainside Fitness on the second level and office space on the third level. MCG Architects provided architectural services for the project.
Western
MERCED, CALIF. — Sundt Construction has been selected to construct a new social science and management building at the University of California, Merced. The three-story, 101,000-square-foot building will features classrooms, offices and a dry research lab. The $38 million project is designed to achieve LEED Silver certification by the U.S. Green Building Council. San Francisco-based Studios Architecture provided architectural services for the project. Construction is scheduled to begin in August with completion slated for March 2010.
PHOENIX — Alliance Residential Co. plans to develop a 240-unit luxury rental community in the heart of the Camelback Corridor in Phoenix. Located at the intersection of 16th Street and Campbell, the $36 million project will feature one- and two-bedroom apartment homes with loft-style floor plans, hardwood floors, center-island kitchens with granite countertops, spiral staircases and state-of-the-art amenities. The community will feature a 2,700-square-foot fully equipped clubhouse/social lounge, a wireless cyber café with coffee bar, a 2,300-square-foot fully equipped fitness center and a resort-style pool. Completion and occupancy are slated for fall 2009. The company acquired the 4.14-acre land site in May for $5 million.
PHOENIX — CB Richard Ellis Realty Trust and Duke Realty Corp., under a joint venture agreement, have acquired a 604,678-square-foot distribution center in Phoenix, for an undisclosed price. The property is fully leased to Amazon.com on a long-term basis. Located at 6835 W. Buckeye Rd., the property features 88 dock doors, three drive-in doors, a clear height of 30 feet and 14,000 square feet of office space. This acquisition is the first property purchased as part of a joint venture between the two companies. The partnership plans to acquire up to $800 million of newly developed bulk industrial build-to-suit projects from Duke during the next 3 years.
SCOTTSDALE, ARIZ. — Scottsdale-based Belleview at McCormick Ranch LLLP has acquired McCormick Place North and McCormick Place South in Scottsdale for $21.85 million. Located at 8250 E. Via Paseo Del Norte and 7350 N. Via Paseo Del Sur, the adjoining properties offer a total of 230 units. The communities offer a mix of studio, one- and two-bedroom units with ceiling fans, patios and vaulted ceilings. Community amenities include two large clubhouses, an exercise facility, two pools and Jacuzzis, an on-site putting green and covered parking. Brent Long and Greg Thielen of Hendricks & Partners represented the seller, Corona del Mar, Calif.-based McCormick Place LP, in the transaction. Financing for the transaction was obtained through Eric Inabinet of Capital Advisory Group.
MONROVIA, CALIF. — Serving as general contractor, SL Residential Inc., an affiliate company of Snyder Langston, has completed the construction of Colorado Commons, a mixed-use community in Monrovia. Located in the city’s historic downtown, Colorado Commons features 68 live/work townhomes, 4,400 square feet of retail space, a subterranean parking garage for residents and a multi-level public parking structure. Designed by Daniel Gehman of Thomas P. Cox Architects, the $36 million project features five low-rise buildings offering one- to three-bedroom flats and two-story townhomes ranging in size from 696 to 2,142 square feet. The project was developed by PCC Monrovia LLC, in a public-private venture with the Monrovia Redevelopment Agency.
CERRITOS, CALIF. — Piuma Properties has leased 605 Cerritos Distribution Center in Cerritos for $15.3 million. United Kingdom-based Bunzl leased the 178,454-square-foot industrial property, which is located at 15959 Piuma. Bunzl plans to house its distribution and storage operation of paper, plastic and containerized consumer projects in the facility. The building features concrete tilt-up construction, high-image architecture, 28 dock-high doors and a 32-foot minimum clear height. Clyde Stauff, David Prior and Todd Taugner of The Klabin Company represented the lessor, Piuma Properties, in the transaction; Mark Sonnenberg of Colliers International, along with Tom Cronin and Jed Zaun of Lee & Associates, represented Bunzl.
WHITE’S CITY, N.M. — Higgenbotham Auctioneers International is auctioning the entire municipality and the surrounding acreage of White’s City. The city, which was founded in the early 1920s by Charlie L. White, is seen as a national icon and has been managed by the White family since its foundation. Situated at the entrance to Carlsbad Caverns National Park, the city features two operating motels with 105 rooms, a RV park with 46 spaces with water and electricity, 25 campsites, a U.S. Post Office, a grocery store, two restaurants, gift shops, a gas station, a museum, an opera house and an ice cream parlor. Included in the auction are all assets of the city including its water rights for 460 acre feet of daily potable water usage, which is the only source of potable water for nearly 20 miles.
THOUSAND OAKS, ALAMEDA AND TORRANCE, CALIF. — First Industrial Realty Trust Inc. has acquired four buildings, totaling 444,000 square feet, through three transactions in the Los Angeles market. The company purchased a two-building, 184,000-square-foot portfolio, which is located just off the 101 Freeway in Thousand Oaks. The second acquisition was a 177,000-square-foot distribution center located at 220 W. Manville in the Alameda Corridor. The acquisition was for the company’s joint venture, FirstCal 1. In the third transaction, First Industrial acquired an 83,000-square-foot regional distribution center, which is located at 20700 Denker in Torrance. The following brokers assisted the transactions: Nick Gregg and Ken Ashen of CB Richard Ellis; John McKeown and Marc Bonando of Coldwell Banker Commercial; and Todd Taugner, Frank Schultz and David Prior of The Klabin Company.
RANCHO BERNARDO, CALIF. — CBRE Capital Markets has arranged a $62.5 million loan for Regency Centers for 4S Commons Town Center in Rancho Bernardo. Situated at the corner of Rancho Bernardo and Dove Canyon roads, the 265,609-square-foot Class A shopping center is anchored by Ralphs and Bed Bath & Beyond. The center is currently 99.5 percent occupied. The 9-year, interest-only permanent financing was provided by Allianz of America. Wayne Paulus of CBRE Capital Markets’ San Diego office and John Peterson of the company’s Portland office represented Regency Centers in the transaction.