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.
What area is your expertise? I currently have listings throughout the greater Sacramento area including Elk Grove, Power Inn, South Sacramento, West Sacramento, Northgate/Natomas and Rancho Cordova. What trends do you see presently in industrial development in your area? The most prevalent trend in industrial development is not to develop on speculation. Since 1999 we have averaged at least 1.9 million square feet of product in the pipeline at any given time. The current decrease in industrial development is certainly benefiting existing landlords during this time of economic softness and is playing a major role in suppressing vacancy levels. This trend was set in motion long before the economic downturn, marking the sixth consecutive quarter in which the pipeline has shrunk. What type of industrial product is doing well in your area? Second and third generation industrial properties are doing well during this downturn in the marketplace. Investors are looking for distressed properties while users are concerned with the bottom line. The price of industrial land coupled with high construction cost has made it very difficult for newer developments to pencil. Who are the active industrial developers in your area? Cable & Kilpatrick, Massie, Harsh Investments, Jackson Properties, Buzz Oates …
PHOENIX — Ryan Cos. has acquired a 4.8-acre land parcel at 3900 E. Camelback Rd. in Phoenix to develop a Class A office complex. 3900 Camelback Center will feature 177,520 square feet of office space. The three-story, LEED-certified project includes two levels of executive underground parking with direct access to the building’s lobby. Completion is slated for fourth quarter 2009. Ryan Cos. plans to relocate its Western Regional Headquarters to the new development. Jeff Wentworth, Blake Hastings and Nicole Cooley of Grubb & Ellis|BRE Commercial are the exclusive leasing agents for the property.
TUCSON, ARIZ. — Phoenix-based Presson Corp. has acquired Midpoint Plaza, a multi-tenant business park located at 1801 S. Alvernon in Tucson. Midpoint Investors LLC sold the 73,898-square-foot property for $5.9 million. Mike Hefner of Voit Commercial Brokerage and Rob Glaser of Picor represented both parties in the transaction.
NORTH LAS VEGAS, NEV. — The Las Vegas division of Panattoni Development Co. has completed the selling and leasing of Cheyenne Industrial Center in North Las Vegas. Located at the corner of Cheyenne Avenue and Marion Drive, the 492,500-square-foot industrial center is now 100 percent occupied. Alpha Engineering served as engineer for the project; BJG Architecture provided architectural services and Tectonics Design Group completed tenant improvements.