Western

DRAKE REAL ESTATE SERVICES DEVELOPS FIVE-ACRE RETAIL CENTER

by admin May 6, 2008

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.

May 6, 2008

Central Valley's affordability, top quality attracts developers.

by admin May 6, 2008

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 …

May 6, 2008

Office Western

RYAN COS. TO DEVELOP OFFICE PROJECT

by admin May 5, 2008

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.

May 5, 2008

Office Western

PRESSON CORP. ACQUIRES 73,898-SQUARE-FOOT BUSINESS PARK

by admin May 5, 2008

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.

May 5, 2008

Industrial Western

$32 MILLION CHEYENNE INDUSTRIAL CENTER REACHES 100 PERCENT OCCUPANCY

by admin May 5, 2008

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.

May 5, 2008

Retail Western

GATEWAY VILLAGE SELLS FOR $47.2 MILLION

by admin May 5, 2008

CHINO HILLS, CALIF. — Los Angeles-based Grand Gateway I, II and III LLC has purchased Gateway Village, a 96,959-square-foot shopping center located at 3560-3670 Grand Ave. in Chino Hills. Newport Beach, Calif.-based Gateway Village I, II and III LP sold the property for $47.2 million or $487 per square foot. The eight-building property was 100 percent occupied at the time of acquisition. Current tenants include Henry’s Market (Wild Oats Market Inc.), Baja Fresh, Bank of America, Chevron, Coffee Bean & Tea Leaf, Chick-fil-A and Chili’s. Edward Hanley of Hanley Investment Group Real Estate Advisors represented both parties in the transaction.

May 5, 2008

Office Western

RHAPSODY PARTNERS COMPLETES 50,990-SQUARE-FOOT OFFICE BUILDING

by admin May 5, 2008

FEDERAL WAY, WASH. — Rhapsody Partners has developed Cedar Park at West Campus, a Class A office building located in Federal Way. Designed by Lance Mueller Architects, the 50,990-square-foot building is located within West Campus of Federal Way at 33455 6th Ave. The project features two floors of office space, an outdoor plaza, an underground parking and a flexible plan with a large contiguous open space and lobby area. Seattle-based Ferguson Construction Inc. provided preconstruction, design overview and construction services for the building.

May 5, 2008

Retail Western

GROUND BREAKS FOR EXPANSION, RENOVATION OF PARADISE PLAZA

by admin May 2, 2008

SPARKS, NEV. — Primestor Development has broken ground for the expansion and renovation of Paradise Plaza, a 164,000-square-foot retail center in Sparks. The development includes a 22,000-square-foot expansion and a complete façade renovation. Located at Oddie Boulevard, El Rancho Drive and Sullivan Lane, the 15.5-acre property includes the existing Paradise Plaza center, which is anchored by K-mart, Wells Fargo Bank, Jack in the Box, H&R Block, Payless Shoe Source and Dollar Tree. The expansion will include a 14,550-square-foot Walgreens store, two new building pads and a drive-through ATM.

May 2, 2008

Industrial Western

THE PRES COMPANIES SELLS THREE INDUSTRIAL BUILDINGS

by admin May 2, 2008

TEMECULA, CALIF. — The PRES Companies has completed the disposition of three industrial buildings, which are located within its newly completed Temecula Corporate Center in Temecula. Garmon Corp. purchased the buildings, which total 38,500 square feet, for an undisclosed price. Located at 27461, 27497 and 27503 Via Industria, the buildings are situated within Temecula’s premier business park, Westside Business Center. Rob Gunness, Dan Yeilding, Scott Stewart and Mike Williams of CB Richard Ellis’ Temecula office are the exclusive marketing and sales agents for the property.

May 2, 2008

Office Western

WRIGHTWOOD CAPITAL PROVIDES $28 MILLION ACQUISITION LOAN

by admin May 2, 2008

SEATTLE — Wrightwood Capital has provided a $28 million loan for the acquisition of the Fourth & Pike Building, which is located at 1424 Fourth St. in Seattle. The 10-story, more than 96,700-square-foot building has been designated a landmark building under the Seattle Landmarks Preservation Board. The building is currently leased to a mix of tenants, including Ben Bridge Jeweler, Quicksilver and The Walking Company. The borrower is John Klimp of The Mayfield Company. The opportunity was sourced through Tom Bracken of Capmark Finance.

May 2, 2008

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