CARSON CITY, NEV. — An affiliate of Bronx, N.Y.-based Laub Realty has acquired Eagle Medical Center in Carson City in a sale-leaseback transaction. The 73,975-square-foot medical office property sold for an undisclosed price. The seller was Eagle Medical Center LLC. Dominic Brunetti, Scott Shanks and Scott Beggs of NAI Alliance brokered the transaction on behalf of the seller.
LOS ANGELES — IDS USA, an integrated distribution services provider, has signed a lease for AMB Galleano, a distribution center located in the Inland Empire West submarket of Los Angeles. The company plans to use the more than 645,000-square-foot facility for consolidation and expansion of its Los Angeles-based operations. Steve Sperber, John Isaacs, Walt Chenoweth and Frank Geraci of CB Richard Ellis represented IDS USA; Tim O’Rourke and Mike Fowler of Jones Lang LaSalle, along with Mike McCrary of Colliers International, represented the owner, AMB Property Corp., in the transaction.
UNIVERSITY PLACE, WASH. — Brandon Grishman of Marcus & Millichap has brokered the sales of two multifamily properties in University Place. In the first transaction, an undisclosed buyer acquired WestWind Apartments, a 32-unit multifamily property located at 7623 27th St. W. The six-building property sold for $2.72 million. The community’s units feature washers/dryers, refrigerators, dishwashers, ranges and large decks or patios. The seller was not disclosed. In the second transaction, the 22-unit Windsor Square Apartments sold for $1.29 million to an undisclosed buyer. Located at 7703 27th St. W., the three-building property offers units with refrigerators, ranges and decks/patios. The seller was undisclosed.
SAN BERNARDINO, CALIF. — Interline Brands Inc. has leased 141,650 square feet of distribution space in Westgate Building One at AllianceCalifornia, a 2.6 million-square-foot business development in San Bernardino. Located at 310 S. Tippecanoe St., the property will house a regional distribution center for Interline Brands. John McDaniel of Dallas-based Mohor Partners represented the tenant; Peter McWilliams, Ruben Goodsell and Michael McCrary of Colliers International represented the landlord, Hillwood, a Perot company, in the transaction.
LAS VEGAS — Contractor George Gekakis has begun construction of the 77-unit McKnight Senior Village II, the second phase of the 110-unit senior-living development. The property is located at 651 McKnight St. in Las Vegas. The new units will be housed in a four-story building on 2.14 acres of land. Amenities will include a 7,000-square-foot clubhouse, fitness center, craft room, health club and a full kitchen. McKnight Senior Village is being constructed to EnergyStar specifications. Delivery is slated for 2010.
CALIFORNIA — Alex J. Katz and Shana Klisanin of Meridian Capital Group’s Los Angeles office have secured a more than $27 million loan for an 11-property multifamily portfolio. The apartment complexes, which encompass 395 units, are located in Southern California. The non-recourse loan carries a 5.6 percent fixed interest rate for 10 years.
PHOENIX — Three companies have signed leases with Related Urban totaling more than 30,000 square feet for space in the firm’s Offices on High Street, located in CityCenter of CityNorth in Phoenix. Capital Processing Network has signed an 8-year lease for 18,136 square feet. The company will occupy the top floor of a three-story building on High Street starting in September. Alaris Business Centers has signed an 11-year lease for 15,000 square feet of office space on High Street. The firm will also occupy the space in September.
The proverbial good news–bad news scenario is at play when it comes to land values and transactions in Albuquerque, New Mexico. As always, the good news first. Albuquerque did not experience the effects of mammoth overbuilding and the resulting plummeting disintegration of value that has infected many other markets. The 180 degree reversal of values that commenced in the run-up to 2008 in areas like Phoenix and Las Vegas and continues as we write is in stark contrast to current Albuquerque price levels, where generally most commercial property and land in particular have suffered far less than in those areas and other markets nationally. There is, however, still bad news if you’re a local owner, prospective seller or broker trying to make a living in the land business. Historically Albuquerque has lagged behind most other areas of the country in economic timeline trends. If you subscribe to the theory that a housing sales slump is the precursor of a commercial real estate decline it’s easy to extrapolate why non-residential land here is beginning to experience a current decrease in demand. Current reports from appraisers and brokers in the residential subdivision business provide a gloomy picture of north of 10,000 lots …
LONG BEACH, CALIF. — W.E. O’Neil Construction has completed improvements to passenger waiting areas and a VIP passenger lounge at the Carnival Cruise Terminal in Long Beach. The improvements allow the terminal to accommodate Carnival’s new 3,000-person cruise ship, Splendor. Designed by Teltra Design, the project involved the demolition of all existing interior and exterior finishes on the baggage and restroom building, installation of footing and column supports for overhead canopies and the build out of a new 15-foot long custom transaction counter. Additional work included new stucco, concrete, steel and sheet metal finishes, roof, HVAC system and surrounding landscape.
TORRANCE, CALIF. — Torrance Unified School District and Barnhart Inc. have broken ground on $9.4 million in construction projects for four high schools in the area. Torrance, North, South and West High Schools will be receiving new sport stadiums. The existing stadiums will be torn down and replaced. The stadiums will feature sports fields, 8-lane tracks, aluminum bleachers and press boxes. Construction is slated for completion by September. School Bond Measure Z, a $90-million funding program passed in November 2008, is funding the projects. Westberg+White provided architectural services for the projects.