Western

CONSTRUCTION COMPLETE FOR 150,677-SF MEDICAL OFFICE

by admin October 23, 2008

RANCHO BERNARDO, CALIF. — Kilroy Realty LP, project owner, has completed the development of a 150,677-square-foot medical office building on Lot 2 at Innovation Corporate Center in Rancho Bernardo. The five-story building features 100,000 square feet of outpatient medical clinic space and 50,677 square feet of professional office space. Additionally, the property features a six-level, 205,000-square-foot parking structure. Scripps Health is expected to occupy the building. San Diego-based Pacific Cornerstone Architects designed the $53 million project. LBL Architects was retained by Scripps Health to design the medical portion of the project. Reno Contracting served as general contractor.

October 23, 2008

40,000-SQUARE-FOOT SCRIPPS COASTAL MEDICAL CENTER OPENS

by admin October 23, 2008

CARLSBAD, CALIF. — H.G. Fenton Company has completed the development of Scripps Coastal Medical Center in Carlsbad. Located at 2176 Salk Ave., the 40,000-square-foot project will house eight family and internal medicine physicians and one nurse practitioner. The project is Scripps Health’s first medical offices in Carlsbad.

October 23, 2008

Western

GUARDIAN INVESTS $30 MILLION IN KENNEDY WILSON

by admin October 23, 2008

BEVERLY HILLS, CALIF. — The Guardian Life Insurance Company of America has agreed to acquire a major interest in Kennedy Wilson, a real estate and investment firm. Under the terms of the transaction, Guardian will purchase $30 million of convertible subordinated debt in the company. When converted, the assets provide Guardian a 10 percent interest in the company, while Kennedy Wilson’s management retains a 54.1 percent ownership. De Guardiola Advisors Inc. acted as financial advisor to Guardian in the transaction.

October 23, 2008

Retail Western

117,000-SQUARE-FOOT RETAIL CENTER SELLS FOR $10 MILLION

by admin October 23, 2008

SANTA MARIA, CALIF. — Regency Realty Group has completed the disposition of the leasehold interest in a 95-year ground lease in Santa Maria Commons, a 117,000-square-foot retail center in Santa Maria. An undisclosed buyer acquired the leasehold interests for $10 million. Located at 2407 S. Broadway, the center is tenanted by Kohl’s, Rite Aid and Wachovia. Tom Lagos, Bill Bauman and Kyle Miller of Colliers International represented the seller in the transaction.

October 23, 2008

Multifamily Western

GANGI DEVELOPMENT COMPLETES VERMONT AVENUE LOFTS

by admin October 22, 2008

GLENDORA, CALIF. — Burbank, Calif.-based Gangi Development Co. has completed the development of Vermont Avenue Lofts, a $14.2 million project located at 130 N. Vermont Ave. in Glendora. The project features 26 for-sale single-story flats and two-story loft condominiums and 6,000 square feet of for-sale retail/office space. Additionally, the development features a walking paseo accented by water features and large concrete planters. The project was designed by Mark Gangi of Gangi Development and Stefanos Polyzoides of Pasadena, Calif.-based Moule and Polyzoides Architects and Urbanists. Construction financing was provided by Wells Fargo Bank.

October 22, 2008

Retail Western

CBRE CAPITAL MARKETS ARRANGES $48.6M FOR TWO RETAIL PROJECTS

by admin October 22, 2008

CHANDLER, ARIZ. — Mark McGovern and Jeff Rice of CBRE Capital Markets’ San Diego Central office has originated $48.6 million in financing for Westcor, a Macerich company, to refinance two community retail centers in Chandler. The properties are Chandler Festival, a 368,000-square-foot retail center located on West Chandler Boulevard and Price Freeway, and Chandler Gateway, a 255,289-square-foot retail center located on Chandler Boulevard. Tenants for the centers include Nordstrom Rack, Ultimate Electronics, Ross Dress For Less, TJ Maxx, OfficeMax, PetSmart, The Men’s Warehouse, Oreck Floor Care, Sleep America, Hall of Frames and Foster’s Leather.

October 22, 2008

Healthcare Western

COMPLETION NEARS FOR RANCHO SPRINGS MEDICAL CENTER EXPANSION

by admin October 22, 2008

MURRIETA, CALIF. — McCarthy Building Companies Inc. is nearing completion for the 72,000-square-foot expansion of the Women’s Center emergency room at Rancho Springs Medical Center in Murrieta. Located at 25500 Medical Center Dr., the $32.38 million project comprises a two-story, cast-in-place concrete building with stud framing, plaster exteriors and punched windows. The company is also performing site work at the 5.5-acre property, including construction of a 252-space parking lot. Completion is slated for early November. McCarthy was tapped for the project by Universal Health Services Inc.

October 22, 2008

Civic Western

MORTENSON SELECTED TO BUILD $48.5M VISUAL ARTS COMPLEX

by admin October 22, 2008

BOULDER, COLO. — Mortenson Construction has been selected to construct the Visual Arts Complex on the Boulder campus of the University of Colorado. The 170,000-square-foot facility will house the CU Art Museum and the Department of Art and Art History. The CU Art Museum will provide permanent exhibition spaces, which will showcase its permanent collection, Colorado Collection. The $48.5 million complex, which is seeking LEED Gold certification, was designed by Colorado-based OZ Architecture and Boston-based KMW Architects. The new structure will replace the Sibell Wolle Fine Arts Building, which was razed in late 2007.

October 22, 2008

Retail Western

JV ACQUIRES GATEWAY AT BURBANK

by admin October 21, 2008

BURBANK, CALIF. — Santa Barbara, Calif.-based Invest West Financial Corp. and Santa Barbara Capital have acquired Gateway at Burbank, which is located at the northwest corner of Alameda Avenue and San Fernando Road in Burbank. Ralphs Grocery and CVS/pharmacy anchor the 74,391-square-foot retail center. The transaction was valued at $40.5 million and required the assumption of the existing $31.6 million loan. The seller was Bellevue, Wash.-based Lakha Investments. Marcus & Millichap represented the buyer in the transaction.

October 21, 2008

Hospitality Western

THE ATIRA GROUP PLANS $875M RENOVATION FOR TWO DEVELOPMENTS

by admin October 21, 2008

STEAMBOAT SPRINGS, COLO. — The Atira Group is investing $875 million in two Steamboat Springs developments: Edgemont and Thunderhead/Ski Time Square. The company is investing $175 million in Edgemont, a direct ski-in/ski-out community located on the edge of the Steamboat Ski Resort. With building completion slated for 2010, the project will offer one- to five-bedroom residences. Additionally, the development features an outdoor heated pool and hot tubs, a fitness center and sauna, a family room with pool tables and foosball and a community barbeque and fire pit. Additionally, The Atira Group is investing $700 million in the redevelopment of Thunderhead/Ski Time Square. Under development in a joint venture with Cafritz Interests, the 7-acre site will offer ski-in/ski-out access to a new pedestrian-friendly mixed-use development along Burgess Creek.

October 21, 2008

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