LAS VEGAS — CORE Construction~Nevada has broken ground for the construction of Campos Office Building and parking structure, which is located at 215 E. Bonanza Rd. in Las Vegas. Being built for the Nevada State Public Works Board, the property will offer a five-story, 84,814-square-foot office portion and a 103,247-square-foot parking structure. Completion of the $26.8 million project is slated for September 2009. SH Architecture provided architectural services for the project.
SAN BERNARDINO, CALIF. — George Smith Partners Inc. has arranged a $22.5 million bridge loan for the acquisition of Mountainside Village Apartments, which is located at 1660 Kendall Dr. in San Bernardino. Mountainside Village Apartments LP and Griffin Investments LLC purchased the community from RSV Mountainside Partners LLC for $26.5 million or $134,518 per unit. The borrower plans to complete extensive renovations and implement an aggressive management program to bring the rents up to current market levels. Steve Bram and Allison Higgins of George Smith Partners arranged the non-recourse, 36-month bridge loan at Libor plus 3.05 percent.
NORTH LAS VEGAS, NEV. — Sacramento, Calif.-based Panattoni Construction Inc. has broken ground for the construction of a 39,100-square-foot addition to the Civic Center Corporate Park in North Las Vegas. Located at 3828 Civic Center Dr., the single-story light industrial building is the latest component of the business park, which was developed by Panattoni Development Company LLC. The $3 million project is scheduled for completion in September. Tectonics Design Group provided architectural services for the project.
NORCO, CALIF. — Sero Properties LP has purchased Hidden Valley Village, a shopping center located at 1101-1161 Hidden Valley Pkwy. in Norco, for a consideration in excess of $8 million. Anchored by a freestanding CVS/pharmacy, the 32,296-square-foot retail center also has a 13-tenant satellite building. At the time of acquisition, the property was 85 percent occupied. Tanel Harunzade, Brian Jensen and Kevin Byer of Charles Dunn Company, a partner of GVA Worldwide, represented the buyer and the seller, Sena Properties LLC, in the transaction.
LOS ANGELES — GE Real Estate has provided a $380 million first mortgage facility to Douglas Emmett Inc. for the acquisition of a six-building office portfolio located in Southern California. The 1.38 million-square-foot Class A portfolio includes 2001 Wilshire Boulevard in Santa Monica, Calif.; 9100 and 8383 Wilshire Boulevard in Beverly Hills, Calif.; 15250 and 16000 Ventura Boulevard in Sherman Oaks/Encino, Calif.; and 21300 Victory Boulevard in Warner Center/Woodland Hills, Calif. The properties are being acquired from Los Angeles-based Arden Realty. At the time of acquisition, the portfolio was 91 percent occupied by a variety of tenants, including Bosley Inc., Spark Networks, Shapell Industries, Dentsu America Inc., Zenith Insurance Company, Tobin Lucks, COMP Medical Group Inc., Zurich American Insurance and People’s Bank of California.
NORTH LAS VEGAS, CALIF. — Sacramento, Calif.-based Panattoni Development Co. has completed construction of the first phase of Civic Center Corporate Park, a $25 million master-planned business park in North Las Vegas. Located at the corner of Civic Center Drive and Alexander Road, the first phase consists of 16 for-sale or for-lease industrial units ranging in size from 4,008 to 8,652 square feet. Each unit features two docks and one grade-level door. The final 14-acre project will include four buildings ranging in size from 16,000 to 100,000 square feet.
NORTHRIDGE, CALIF. — Irvine, Calif.-based Western National Group is developing Meridian Place, a 202-unit apartment community located at 9423 Reseda Blvd. in Northridge. The community offers four floorplans ranging in size from 655 to 1,107 square feet. Community amenities include a clubhouse, an outdoor fireplace, a media center with gourmet kitchen, a recreation room with pool table, a theater with surround sound, a business center, a resort-style swimming pool and spa, a state-of-the-art fitness center and subterranean parking. Occupancy is slated for June.
WESTMINSTER, COLO. — NBS Real Estate Capital, on behalf of Morrison Street series of private equity funds, has purchased a two-building office portfolio, which is located at the intersection of 121st Avenue and Pecos Street in Westminster, for $12.25 million. In addition to the 117,705-square-foot property, the sale also included a 2.52-acre land parcel entitled for future development. At the time of acquisition, the property was 89 percent leased to six tenants.
IRVINE, CALIF. — Brian Childs of NAI Capital represented Simptomjune LLC in the disposition of a 9,900-square-foot office building, which is located at 9851 Irvine Center Dr. within Irvine Spectrum in Irvine. Victor S. Tanon acquired the two-story property for $3.96 million. Chris Deason of Voit Commercial represented the buyer, who plans to occupy the building as an owner/user.
AURORA, COLO. — Trammel Crow Co., on behalf of owner Principal Real Estate Investors, has broken ground for the construction of the final phase at Airways Business Center in Aurora. The phase will consist of three buildings totaling 220,730 square feet and offering 24-foot clear ceiling heights with wide column spacing, generous glass storefronts, extensive truck docks and secure outdoor storage. Located at the corner of Airport Road and 22nd Avenue, the 54-acre park currently features 585,000 square feet of space.