GUNNISON, ORE. — Pennbridge Capital has acquired the Holiday Inn Express Hotel & Suites in Gunnison from Teco Corp. for an undisclosed price. Located on Tomichi Avenue, the hotel, which was built in 2006, offers 84 standard rooms and 23 suites. Josh Lewis of Lee & Associates LA North/Ventura Inc. was the sole broker involved in the transaction and arranged the acquisition on behalf of the buyer.
BURBANK AND OCEANSIDE, CALIF. — Irvine, Calif.-based R.D. Olson Development has completed the disposition of two Southern California hotels to Apple REIT 8 for $80 million. The transaction consists of the five-story, 166-room Marriott Residence Inn located at 321 S. First St. in Burbank, and the four-story, 125-room Marriott Residence located at 3603 Ocean Ranch Blvd. in Oceanside. R.D. Olson recently developed the properties after acquiring the sites in 2005 and 2006.
DENVER — The Dallas office of Holliday Fenoglio Fowler LP (HFF) has arranged a $149.54 million loan for the construction of 1800 Larimer, a 22-story office development in Denver. Westfield Development Partners, the development arm of Denver-based Frederick Ross Co., is developing the 495,998-square-foot, Class AA, Platinum LEED pre-certified tower. Trey Morsbach and Clint Corn of HFF worked exclusively on behalf of Westfield to secure the 42-month, adjustable-rate loan through Wachovia Bank, N.A.
TUCSON, ARIZ. — Allied Trading and Transacting Corp. has purchased Old Spanish Trail Marketplace, which is located at 9560-9660 E. 22nd St. in Tucson. Brown Tucson LLC sold the 140,652-square-foot retail power center for $33.1 million. Jan Fincham and Patrick Dempsey of Lee & Associates Arizona brokered the transaction.
BATTLE GROUND, WASH. — The Gold Medal Group is developing Battle Ground Village, a 21-acre, 140,000-square-foot mixed-use retail project in Battle Ground. Located at 199th Street and Commerce Avenue, the $60 million development will feature a mixture of small and large retail stores, professional offices, restaurants and cafes. Designed by Myhre Group Architects to resemble a small European village, the center also features a 13,000-square-foot library, a seasonal farmers market, a central park pavilion, an urban trail system surrounding the development and a children’s nature park. The village is part of the master-planned Battle Ground Center, a 108-acre, mixed-use community that includes Battle Ground Village, the 38-acre Battle Ground Corporate Center, the Commerce East Industrial Park and Sixth Street Station, a community of 167 single-family homes.
NORTH LAS VEGAS, NEV. — United Construction has been selected to construct Southwest Gas Corp.’s new Southern Nevada Campus. Located at the corner of Centennial Parkway and Shatz Street in North Las Vegas, Northeast Centennial Operations Center will consist of two concrete tilt-up buildings totaling 101,981 square feet. One building will offer 73,000 square feet of office space, 21,000 square feet of warehouse space and a mezzanine level, while the second building will offer 7,049 square feet of industrial space. Additionally, the project will feature a storage yard and an outdoor-living demonstration area. The project broke ground in early May and completion is slated for April 2009. Upon completion, Southwest Gas Corp. plans to use the property as its primary facility in Southern Nevada.
TEMPE, ARIZ. — The Wolff Company has partnered with The Barker Pacific Group to develop South Bank, a 3.6 million-square-foot mixed-use district in Tempe. Located along Rio Salado Parkway between Rural Road and McClintock Drive, the 27.3-acre project will feature interconnected retail, office, hotel and residential space. The master-planned district features waterfront accessibility, a central plaza, a lakeside boardwalk, an iconic pier and a continuous linear park connecting the district to Mill Avenue and downtown Tempe. Construction on the $25 million infrastructure began in February and vertical construction is expected to begin in 2009.
SAN DIEGO — H.G. Fenton Development Co. is developing Aquatera, a residential community located in San Diego’s Mission Valley area. The 19-acre project will offer 254 one-, two- and three-bedroom apartment homes featuring granite countertops, ceramic tile entry ways, 9-foot ceilings, stainless steel appliances, washers/dryers, air conditioning, walk-in closets and a private patio or balcony. Additionally, the project will feature a fully equipped sports club, a Cyber Café, a gourmet kitchen, a pool table, a media center, and a resort-style pool with a spa and cabanas. Architects Orange provided architectural services for the project; Crane Development Corp. served as general contractor. Completion is slated for early 2009.
FREDERICK, COLO. — Panattoni Development Co. is currently developing a two-building industrial project in Frederick. Located along Interstate 25 between State Highways 119 and 52, the project will feature an 81,925-square-foot building offering showroom/light-industrial space and divisible to 16,500 square feet, and a 138,240-square-foot facility designed for warehouse or distribution space and divisible to 30,000 square feet. Mike Wafer and Steve Poole of Grubb & Ellis are marketing the project.
LAVEEN, ARIZ. — Phoenix-based Evergreen Development Co. is developing Laveen Ranch Marketplace, a 14.21-acre retail center located at the intersection of 51st Avenue and Baseline Road in Laveen. Safeway is currently constructing a 55,000-square-foot store on the site, and Fletcher Tire is building a freestanding store at the center. Safeway is slated to open in October, while Fletcher Tire and the retail center are expected to open in August. Current tenants include Rosattis Pizza, The UPS Store, Nails of the World and a Mexican restaurant. Butler Design Group provided architectural services for the center, while A.R. Mays served as general contractor.