Western

RHAPSODY PARTNERS COMPLETES 50,990-SQUARE-FOOT OFFICE BUILDING

by admin May 5, 2008

FEDERAL WAY, WASH. — Rhapsody Partners has developed Cedar Park at West Campus, a Class A office building located in Federal Way. Designed by Lance Mueller Architects, the 50,990-square-foot building is located within West Campus of Federal Way at 33455 6th Ave. The project features two floors of office space, an outdoor plaza, an underground parking and a flexible plan with a large contiguous open space and lobby area. Seattle-based Ferguson Construction Inc. provided preconstruction, design overview and construction services for the building.

May 5, 2008

GROUND BREAKS FOR EXPANSION, RENOVATION OF PARADISE PLAZA

by admin May 2, 2008

SPARKS, NEV. — Primestor Development has broken ground for the expansion and renovation of Paradise Plaza, a 164,000-square-foot retail center in Sparks. The development includes a 22,000-square-foot expansion and a complete façade renovation. Located at Oddie Boulevard, El Rancho Drive and Sullivan Lane, the 15.5-acre property includes the existing Paradise Plaza center, which is anchored by K-mart, Wells Fargo Bank, Jack in the Box, H&R Block, Payless Shoe Source and Dollar Tree. The expansion will include a 14,550-square-foot Walgreens store, two new building pads and a drive-through ATM.

May 2, 2008

Industrial Western

THE PRES COMPANIES SELLS THREE INDUSTRIAL BUILDINGS

by admin May 2, 2008

TEMECULA, CALIF. — The PRES Companies has completed the disposition of three industrial buildings, which are located within its newly completed Temecula Corporate Center in Temecula. Garmon Corp. purchased the buildings, which total 38,500 square feet, for an undisclosed price. Located at 27461, 27497 and 27503 Via Industria, the buildings are situated within Temecula’s premier business park, Westside Business Center. Rob Gunness, Dan Yeilding, Scott Stewart and Mike Williams of CB Richard Ellis’ Temecula office are the exclusive marketing and sales agents for the property.

May 2, 2008

Office Western

WRIGHTWOOD CAPITAL PROVIDES $28 MILLION ACQUISITION LOAN

by admin May 2, 2008

SEATTLE — Wrightwood Capital has provided a $28 million loan for the acquisition of the Fourth & Pike Building, which is located at 1424 Fourth St. in Seattle. The 10-story, more than 96,700-square-foot building has been designated a landmark building under the Seattle Landmarks Preservation Board. The building is currently leased to a mix of tenants, including Ben Bridge Jeweler, Quicksilver and The Walking Company. The borrower is John Klimp of The Mayfield Company. The opportunity was sourced through Tom Bracken of Capmark Finance.

May 2, 2008

Office Western

MERIDIAN CAPITAL ARRANGES $10 MILLION LOAN FOR TAFT BUILDING

by admin May 2, 2008

HOLLYWOOD, CALIF. — Meridian Capital Group has arranged $10 million for the refinancing of the Taft Building, a 12-story, 105,000-square-foot office building in Hollywood. Located at the intersection of Hollywood and Vine streets, the property was designed in the Renaissance Revival style and comprises more than 130 office tenants and 2 ground-floor retail spaces. The loan will be used for capital improvements, including restoration of the exterior façade and recapturing the main lobby entrance. Allan Lieberman of Meridian’s New York office negotiated the loan on behalf of the borrower, 1680 Vine Investment Company LLC.

May 2, 2008

Office Western

CROWNE DEVELOPMENT TO BUILD $12.27 MILLION OFFICE PARK

by admin May 2, 2008

HENDERSON, NEV. — Crowne Development is developing Crowne Professional Park, a six-building office park located at Interstate 215 and Stephanie Street in Henderson. The 65,000-square-foot park offers office condos ranging in size from 2,500 to 15,000 square feet. The complex also offers highly accented exteriors, decorative breezeways and balconies. Suzanna Rutar Architects provided architectural services for the $12.27 million project, which is slated for completion in June. Ron Opfer of Coldwell Banker Premier Realty is handling the marketing of the condos.

May 2, 2008

Market Reports Oregon Western Market Reports

Portland Multifamily

by admin May 2, 2008

What area is your expertise? Apartment brokerage in Portland What trends do you see presently in multifamily development in your area? Downtown development is strong. Large, high-end transactions from late 2007 continued into first quarter 2008. The high level of acquisition activity on the institutional front will continue in 2008. By the end of 2007, activity of smaller (below $5,000,000) properties was down 20 percent from 2006. This will be the trend for 2008. Who are the active multifamily developers in your area? Opus Development, Trammell Crow, Unico and Gerding Edlen. Please name one or two significant multifamily developments in your area. What impact will these projects have on the market? The Wyatt — Northwest submarket — just completed — Bob Ball and Evergreen Signature, LLC, developers. It was converted from condos to high-end apartments – will fit growing demand for luxury apartments. The Lovejoy — Northwest submarket — under construction — Unico, developer. Mixed-use with Safeway grocery store, 231 units of multifamily space and office. Supplying grocery to an area of Northwest/downtown neighborhood that has not had a grocery store. Where is the majority of development taking place? Why is this area doing well? Downtown core – close-in (to …

May 2, 2008

Retail Western

JOINT VENTURE COMPLETES 507,000-SQUARE-FOOT RETAIL CENTER

by admin May 1, 2008

APPLE VALLEY, CALIF. — A joint venture between Weingarten Realty and Malcolm Riley & Associates has completed the development of Jess Ranch Marketplace, a new retail center located at the corner of Bear Valley Road and Jess Ranch Parkway in Apple Valley. The 507,000-square-foot center is anchored by Mervyn’s Department Store, PetsMart, Rite Aid and WinCo Foods. Other tenants include Best Buy, Bed Bath & Beyond, 24 Hour Fitness, a 12-screen Cinemark Theatre and various restaurants. Weingarten will manage the property.

May 1, 2008

Office Western

BIXBY LAND ACQUIRES OFFICE COMPLEX FOR $36.4 MILLION

by admin May 1, 2008

SANTA CLARA, CALIF. — Bixby Land has acquired Coronado One, a two-story office complex located at 3111 and 3141 Coronado Dr. in Santa Clara, for $36.4 million. The 118,400-square-foot property is currently leased to Applied Materials Inc. Peter Castleton of Voit Commercial Brokerage, along with Eric Fox of Commercial Property Services, represented the buyer and undisclosed seller in the transaction.

May 1, 2008

Office Western

57,000-SQUARE-FOOT OFFICE CAMPUS COMPLETE IN SAN DIEGO

by admin May 1, 2008

SAN DIEGO — Soledad Development has developed Highland Skypark, a 57,000-square-foot office campus located on Ruffin Road in San Diego. The project features five office buildings ranging in size from 4,765 to 20,060 square feet. Smith Consulting Architects provided architectural services for the project. Planning & Engineering served as civil engineer; Ridge Landscape Architects provided landscape architectural services; Prime Structural engineers served as structural engineer; DEC Engineers provided mechanical engineer services; and MPE Consulting served as electrical engineer. TSA Consulting Inc. served as general contractor for the project.

May 1, 2008

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