What area is your expertise? The west Los Angeles office market. What trends do you see presently in office development in your area? There is a dramatic tightening of the market, with rents in some specific market areas jumping by 50 percent in the last 12 months. Who are the active office developers in your area? Legacy Partners, Blackstone, Lincoln Property, and Tishman Speyer. Where is the majority of development taking place? In and around Playa vista (the Howard Hughes project) Why is this area doing well? This is not only where the greatest amount of vacant developable land is, but it is also near to LAX, as well as being central to the residential communities of both West Los Angeles, Marina del Rey, Beverly Hills, the Palos Verdes Peninsula and the beach communities. What area do you expect to be the next big development market? This market will be strong for the next 10 years because there is a sufficient supply of vacant land. What areas are doing well in terms of office leasing? The whole West Side. Which areas are struggling with office leasing? Downtown Los Angeles Please give a measure of office vacancy rates. The vacancy rate …
LAS VEGAS — EJM Development Co. has completed the first phase of The Arroyo Corporate Center in southwest Las Vegas. Located between Rainbow Boulevard and Buffalo Drive, the first phase consists of two Class A office buildings totaling approximately 125,000 square feet. Each building offers fiber-optic wiring and covered parking. The development consists of a full range of business location options, including Class A office buildings, ranging from two to six stories, single-story office space and industrial buildings. JMA Architecture Studios is the architect of record, while Martin Harris Construction served as general contractor for the project.
PUYALLUP, WASH. — Beverly Hills, Calif.-based Barclay’s Realty & Management Co. has acquired two retail centers for $8.17 million. Located along Highway 161 in Puyallup, the centers, which totals 15,257 square feet, are currently leased to tenants such as Forza Coffee, Popeye’s, Go Wireless, FedEx Kinko’s and Payless Shoe Source. The Seattle-based Colliers Retail Investment Team, headed by Paul Sleeth, represented the buyer and the seller, South Puyallup Retail Investments LLC, in the transaction.
VENICE BEACH, CALIF. — Combined Properties Inc. is renovating and redeveloping Lincoln & Rose Shopping Center in Venice Beach. Located on Lincoln Boulevard at Rose Avenue, the 75,500-square-foot property will be anchored by a 48,500-square-foot Whole Foods Market, which is pursuing the Silver Level of LEED Certification. Renovations to the center include a new storm water management system with a bio swale, more than 65 new trees intended to increase the shade cover, and new and expanded sidewalks that are planned to improve walkability and access. Completion is slated for the end of the year. Studio 111 at Perkowitz+Ruth Architects is providing architectural services for the project.
EL SEGUNDO, CALIF. — Peter Yousefi and Jeremy Jurow of NAI Capital represented the For Stars Catering Inc. in the disposition of a 12,319-square-foot industrial building, which is located at 215-233 California St. in El Segundo. CRS LLC and Stuart Sackley purchased the property for $3.55 million. The buyers plan to redevelop the property into eight to 10 loft-style units with creative office space and garages for sale. Bill Ruane and Matt Crabb of RE/MAX Beach Cities represented the buyers in the transaction.
MONTROSE, CALIF. — Glenwood Springs, Colo.-based Hert Development Co. has purchased the Best Western Red Arrow Motor Inn, which is located at 1702 E. Main St. in Montrose. The 59-room hotel sold for $2.75 million. Christian Child and Mike Francis of Marcus & Millichap’s Salt Lake City office represented the seller, Indiantown, Fla.-based MJGJ LLC, in the transaction.
MESA, ARIZ. — DeBartolo Development has broken ground for the construction of Mountain Vista Marketplace in Mesa. The 114-acre, 1.3 million-square-foot mixed-use project will feature 700,000 square feet of retail space, 384 upscale apartment residences and two national-brand hotels. The more than 300,000-square-foot first phase is slated for completion in spring 2009. Currently signed tenants include SuperTarget, Marshalls, Petco, Bank of America, Dick’s Clothing and Sporting Goods, Cracker Barrel Old Country Store® restaurant and Shoe Carnival. CLC Associates provided architectural services for the project, while VCC USA served as general contractor.
WESTLAKE VILLAGE, CALIF. — IMT REIT Capital LLC has purchased Townhomes at Westlake Village, which is located at 601 Hampshire Rd. in Westlake Village. Wilshire Equities sold the 253-unit property for $68.5 million. The buyer plans to invest $3 million in upgrades to the 37-year-old community. Dean Zander of Hendricks & Partners’ Los Angeles office represented both parties in the transaction.
PALM DESERT, CALIF. — Orlo Styles LLC has developed Waring Medical and Professional Plaza, a 65,000-square-foot office project in Palm Desert. Located along Fred Waring Drive, the project currently offers 47,000 square feet of available space. Signed tenants include VIP Urgent Care, Law Office of Mark McGowan, Shaw Capital, TLC Laser Eye Care, James Todd Brunson M.D., CAPAX Insurance, Wahlin Wealth Management and Tenryu Yoga. Michael Meade and Ren Glanz of Lee & Associates are handling the marketing and leasing of the project.
BROOMFIELD, COLO. — Drake Real Estate Services has developed Broomfield Corners, a five-acre retail center in Broomfield. Slated to open this fall, the center will feature fast-food and fast-casual restaurants, including Carl’s Jr., Noodle & Company, del Taco and Qdoba Mexican Grill. Other tenants include Chase Bank, NextCare, Game Stop and Sprint. Additionally the project will include public art and sculptures along the pedestrian walkway. MCG Architecture provided architectural services for the project.