JOLIET, CALIF. — Los Angeles-based O&S Holdings LLC has partnered with Hollywood, Fla.-based Strategic Retail Development to develop Bridge Street Town Centre, a 314-acre, 3.5 million-square-foot mixed-use project in Joliet. Located at the intersection of Interstates 55, Interstate 80 and Route 59, the approximately $1 billion project will feature 1.7 million square feet of upscale small shops, big-box retail stores and a variety of restaurants; a 60,000-square-foot upscale movie theatre; 96,000 square feet of office space, which includes office space above retail space; at least two hotels and a variety of residential units. Groundbreaking is slated for early 2009, with completion scheduled for 2010. Baltimore-based Development Design Group and Chicago-based OWP/P are providing design and architectural services for the project.
SACRAMENTO, CALIF. — Portland, Ore.-based NBS Real Estate Capital, on behalf of its Morrison Street series of funds, has acquired Mayhew Trade Center in Sacramento. Located at 9323 and 9333 Highway 50, the two-building flex/office property is currently divided into 10 tenant suites totaling 68,639 square feet. At the time of acquisition, the center was 82 percent leased to seven tenants. The seller was not disclosed.
IRVINE, CALIF. — The Koll Company has completed Koll Center III, a 188,374-square-foot business park located in Irvine. The park consists of 11 one- and two-story industrial/research and development buildings offering 56 units that range in size from 1,100 to 29,000 square feet. LPA Architects provided architectural services for the project. Michael Hartel, Kevin Turner, Joe Winkelmann and Travis Haining of Voit Commercial Brokerage are marketing the project.
SANTA BARBARA, CALIF. — Laguna Hills, Calif.-based DBN Development LLC has received approval to develop Radio Square, a mixed-use project located at 210 W. Carrillo St. in downtown Santa Barbara. The project will involve the demolition of an old strip center and the clean up of an environmentally impacted site. Environmental clean up is slated to begin late this year, with project completion scheduled for late 2010. The two- and three-story development will feature 32 residential units built over and around 16,000 square feet of commercial space and a subterranean parking area. Additionally, the project will incorporate the city’s sustainable design and green building practices with features such as tankless water heaters, accommodations for alternative transportation, renewable energy, water efficient landscaping and storm water management, as well as the storage and collection of recyclables. Santa Barbara-based The Conceptual Motion Company is providing architectural services for the project.
CATHEDRAL CITY, CALIF. — Gary Griggs and Brian Rissman of Marcus & Millichap have brokered the sale and acquisition of Palm Canyon Plaza in Cathedral City. Located at 68487 E. Palm Canyon Dr., the 23,681-square-foot office property sold for $2.15 million or $101 per square foot. The seller and buyer were not disclosed.
What area is your expertise? The west Los Angeles office market. What trends do you see presently in office development in your area? There is a dramatic tightening of the market, with rents in some specific market areas jumping by 50 percent in the last 12 months. Who are the active office developers in your area? Legacy Partners, Blackstone, Lincoln Property, and Tishman Speyer. Where is the majority of development taking place? In and around Playa vista (the Howard Hughes project) Why is this area doing well? This is not only where the greatest amount of vacant developable land is, but it is also near to LAX, as well as being central to the residential communities of both West Los Angeles, Marina del Rey, Beverly Hills, the Palos Verdes Peninsula and the beach communities. What area do you expect to be the next big development market? This market will be strong for the next 10 years because there is a sufficient supply of vacant land. What areas are doing well in terms of office leasing? The whole West Side. Which areas are struggling with office leasing? Downtown Los Angeles Please give a measure of office vacancy rates. The vacancy rate …
LAS VEGAS — EJM Development Co. has completed the first phase of The Arroyo Corporate Center in southwest Las Vegas. Located between Rainbow Boulevard and Buffalo Drive, the first phase consists of two Class A office buildings totaling approximately 125,000 square feet. Each building offers fiber-optic wiring and covered parking. The development consists of a full range of business location options, including Class A office buildings, ranging from two to six stories, single-story office space and industrial buildings. JMA Architecture Studios is the architect of record, while Martin Harris Construction served as general contractor for the project.
PUYALLUP, WASH. — Beverly Hills, Calif.-based Barclay’s Realty & Management Co. has acquired two retail centers for $8.17 million. Located along Highway 161 in Puyallup, the centers, which totals 15,257 square feet, are currently leased to tenants such as Forza Coffee, Popeye’s, Go Wireless, FedEx Kinko’s and Payless Shoe Source. The Seattle-based Colliers Retail Investment Team, headed by Paul Sleeth, represented the buyer and the seller, South Puyallup Retail Investments LLC, in the transaction.
VENICE BEACH, CALIF. — Combined Properties Inc. is renovating and redeveloping Lincoln & Rose Shopping Center in Venice Beach. Located on Lincoln Boulevard at Rose Avenue, the 75,500-square-foot property will be anchored by a 48,500-square-foot Whole Foods Market, which is pursuing the Silver Level of LEED Certification. Renovations to the center include a new storm water management system with a bio swale, more than 65 new trees intended to increase the shade cover, and new and expanded sidewalks that are planned to improve walkability and access. Completion is slated for the end of the year. Studio 111 at Perkowitz+Ruth Architects is providing architectural services for the project.
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.