DENVER — Denver-based ProLogis, the world’s largest owner, manager and developer of distribution facilities, has unveiled major strategic initiatives in an effort to address market conditions. While the company will complete any projects that are currently underway, ProLogis does not expect any new development activity for the foreseeable future and will not pursue entry into any new markets until conditions improve and liquidity returns. In addition to the development freeze, the company is revising its dividend rates for 2009, which were released earlier this year as $2.28 per share. The new rate reflects an annualized dividend of $1.00 per common share for 2009, subject to market conditions and REIT distribution requirements. The company will also reduce its G&A spending by 20 to 25 percent through a combination of workforce and business spending reductions. Additionally, Jeffrey Schwartz has resigned as the company’s chairman and chief executive officer. Walter Rakowich has been named chief executive officer and Stephen Feinberg will assume the role of chairman.
BOISE, IDAHO — Wells Fargo has closed an approximately $37 million mini-permanent loan for Hawkins Companies for retail properties in Montana, Oregon, Arizona, Idaho and South Carolina. The portfolio of retail properties includes three Walgreens in Billings and Hamilton, Mont., and Warrenton, Ore.; two retail buildings totaling 42,122 square feet in Marana, Ariz.; a three-story, 80,535-square-foot office/retail building, which serves as Hawkins Companies’ headquarters in Boise Sportman’s Warehouse in Columbia, S.C. Susan Jones of Wells Fargo Middle Market Real Estate office in Boise handled the transaction.
PARAMOUNT, CALIF. — McCarthy Building Companies Inc. has completed a 6,000-seat stadium at Paramount High School in Paramount. As the first phase of a $70 million campus renovation, the stadium features a Field Turf synthetic field for football and soccer; a nine-lane, all-weather urethane track; a lighted scoreboard; equipment for track and field activities, including the high jump and pole vault; and a fully equipped press box with an elevator. McCarthy is currently constructing a baseball complex, which is also part of the first phase of development. The complex will feature a collegiate-level field with 350-foot left and right field lines, a 385-foot center field fence, a vinyl-coated backstop, fully sub-drained natural turf, concrete dugouts, multiple batting cages and enclosed bullpens. When fully completed in 2010, the renovation project will include a stadium field house, expansion to the existing gymnasium, a new mini gymnasium, a new library, upgrades to the existing auditorium and classrooms, and a new science building. LPA Inc. is providing architectural services for the projects. The projects are being funded through Measure AA, a $100 million bond that was approved in November 2006 by Los Angeles County voters.
SPARKS, NEV. — Fuchs Investments LLC has acquired a 152,800-square-foot industrial building in Sparks for an undisclosed price. Located at 1555-1645 Crane Way, the building is part of a 565,180-square-foot portfolio of industrial properties in Sparks and Reno, Nev. The seller was Irvine, Calif.-based The Passco Companies. Paul Perkins of NAI Alliance represented the seller in the transaction.
VISTA, CALIF. — Rita Lancaster-Hannah of Coldwell Banker Commercial (CBC) Almar Group represented Blue LLC and James Robert Purdy in the sale of Townsite Apartments, a 28,176-square-foot apartment building located at 131 Townsite Dr. in Vista. Len and Gwen Winton Enterprises Inc. acquired the 34-unit property for $3.6 million or $105,882 per unit. Built in 1987, the property consists of eight one-bedroom/one-bath units, 24 two-bedroom/two-bath units and two three-bedroom/two-bath units. Amenities include a swimming pool, an on-site laundry facility, garages and carports.
RANCHO DOMINGUEZ, CALIF. — First Industrial Realty Trust Inc. has acquired two industrial facilities in Rancho Dominguez. In the first transaction, First Industrial purchased a 122,000-square-foot bulk distribution center, which is located at 2960 E. Victoria St., through a sale-leaseback transaction. The property was acquired through First Industrial’s Development and Repositioning joint venture with the California State Teachers’ Retirement System (CalSTRS). In the second transaction, the company acquired a 23,000-square-foot truck terminal, which is located at 19021 S. Reyes Ave. First Industrial plans to redevelop the property by expanding the building and adding more than 20 dock-high doors. Additional details about the transactions were not disclosed. Steve Sprenger of Grubb & Ellis and Mike Gibbs of Burr & Temkin assisted in the acquisition of 2960 East Victoria; Jeff Smart and Blake Tippett of Grubb & Ellis assisted in the acquisition of 19021 South Reyes.
LOS ANGELES — CB Richard Ellis Group Inc. (NYSE: CBG) is planning to offer 50 million share of its Class A Common Stock in a public offering. Additionally, the company has provided underwriters of the proposed offering an option to purchase an additional 7.5 million shares to cover over-allotments. CBRE plans to use the net proceeds for general corporate purposes. Credit Suisse Securities (USA) LLC and Banc of America Securities LLC will act as joint bookrunning managers for the offering.
ORANGE COUNTY, CALIF. — Voit Commercial Brokerage has completed four industrial sale transactions in Orange County. In the first transaction, Anaheim, Calif.-based TC Specialties purchased a 12,000-square-foot industrial building, which is located at 460 Industrial Way in Placentia, Calif., for $2 million. Dennis Demeis of Southwest Commercial represented the buyer; Mike Hefner of Voit’s Anaheim office represented the seller, The Prount Family Trust, in the transaction. In the second transaction, Ageel Mohammad has acquired a 9,685-square-foot industrial property for $1.8 million. The project is located at 3010 Miraloma Ave. in Anaheim. Larry Lawrence of Lee & Associates represented the buyer; Rob Socci and Hayden Socci of Voit’s Anaheim office represented the seller, Franklin Dennis Hirt, in the transaction. In the third transaction, Brian Williams of Voit’s Anaheim office represented Joseph Hoang in the acquisition of a 6,868-square-foot industrial building., which is located at 11264 Monarch St., Suite B in Garden Grove, Calif. Brian Burke sold the property for $1.4 million. Gary Marquis of Collins Commercial represented the seller. In the final transaction, Le Court Family Trust has purchased a 4,176-square-foot industrial property, which is located at 27176 Burbank Ave. in Foothill Ranch, Calif., for $1 million. Scott Kelley of The …
PALO ALTO, CALIF. — Embarcadero Capital Partners (ECP) has acquired 661 Bryant Street in Palo Alto from First Church of Christ, Scientist. ECP plans to renovate the 10,895-square-foot property for high-end office use. Designed by Elmer Grey and constructed in 1916 by Frank & Sons, the property was designated a historic landmark in 1978 (a Class 2 historic structure) by the city of Palo Alto. This transaction marks the first change of ownership since the building was constructed. The transaction value was not disclosed. Patty McGuigan, Dan Skehan and Randy Gabrielson of Cornish & Carey Commercial’s Palo Alto office represented the seller in the transaction. The First Church of Christ, Scientist merged membership with the Second Church of Christ, Scientist in 2006 and holds services at 3045 Cowper St.
PORTLAND, ORE. — Portland-based HFO Investment Real Estate has brokered three multifamily transactions in northeast and southeast Portland. In the first transaction, Metro Windser LLC acquired Rose Garden Apartments in northeast Portland for $1.25 million or approximately $78,125 per unit. The property offers 12 apartments and four retail spaces along Sandy Boulevard. HFO represented both the buyer and the seller, Portland-based Malcolm F. Johnson, in the transaction. In southeast Portland, Alameda, Calif.-based Portland Foxstar LLC completed the $1.4 million disposition of Foxstar Apartments. Foxstar Investments LLC purchased the 20-unit property for approximately $70,000 per unit. HFO represented the seller in the transaction. Additionally, HFO negotiated the acquisition and sale of Weathering Heights, a 16-unit apartment complex located at 2820 SE Gladstone St. in Portland. Reno, Nev.-based J. Barnes sold the property to Portland-based 2820 LLC for approximately $1.23 million or $76,563 per unit.