ANAHEIM, CALIF. — Jonathan Mitchell and Christopher Stensby of Marcus & Millichap represented the undisclosed seller in the disposition of Fay Lane Apartments. Located in Anaheim, the nine-unit apartment property sold for $1.1 million.
EL CAJON, CALIF. — Ledcor Construction Inc. has been selected as general contractor for the development of a Public Safety Center, which will be located at 100 Civic Center Way in downtown El Cajon. The five-story, 119,392-square-foot facility will feature 12 detention cells, evidence storage space, an indoor shooting range, administrative offices, an emergency operations center, a communication center and crime scene investigation laboratories. Construction is slated to begin in May with completion scheduled for May 2011. KMA Architecture & Engineering is providing architectural services for the $40 million project, which is being developed by the city of El Cajon.
SAN DIEGO — The Department of the Navy and Clark Realty Capital have completed the development of Pacific Beacon at Naval Base San Diego. The three-story luxury high-rise residences can accommodate more than 1,800 unaccompanied service members stationed in the San Diego metro area. Constructed by Clark Construction Group and Clark Builders Group, the property features 941 dual master suites; a Sky Terrace with a heated pool and hot tub; a rooftop lounge with fire pits, outdoor seating and barbecues; a WiFi café; game rooms; a poker room; a grand lobby with a large indoor fireplace; a courtyard with grill areas; three fitness facilities; two sand volleyball courts; two basketball courts; two horseshoe pits; a running track and a sports field. Torti Gallas and Partners provided architectural services for the project.
BROOMFIELD, COLO.. — Regency Centers is set to open Shops at Quail Creek, a 137,429-square-foot shopping center located at West 136th Avenue and Zuni Street in Broomfield. The center will be anchored by a 100,000-square-foot King Soopers grocery store. Additional tenants will include Quail Creek Wine and Spirits, Corona’s Mexican Grill, Dental One and FirstBank.
EL CAJON, CALIF. — John and Cynthia Grooms have acquired El Teroso Apartments in El Cajon for $3.8 million. Located at 434-456 S. Mollison Ave., the 41-unit, 32,875-square-foot property features studio, one- and two-bedroom units, as well as one- and four-bedroom houses. The property also features a pool and a landscaped courtyard. Eric Comer, Jim Neil and Merrick Matricadi of CB Richard Ellis represented the buyer and the seller, First Regional Bank, in the transaction.
Odds are that Las Vegas developers, landlords and brokers did not mind putting 2008 in the rear-view mirror. Unfortunately, odds are also good that 2009 will be even more challenging. Commercial real estate certainly finds itself in unprecedented times. At the end of 2008, the Las Vegas office market had about 5.5 million square feet of vacant space, with the vacancy rate rising to 17.24 percent. This number doesn’t include the increasing amount of sublease space on the market or what is even harder to track, shadow space — unused space not being marketed. Even with the amount of vacant space on the market, there is roughly 2.2 million square feet under construction, most of which will hit the market in 2009. Based on historical absorption averages, the estimated supply of existing vacant space now would take about 5 years to absorb. The average asking lease rate ended 2008 at $2.40 per square foot, but is expected to decrease during first quarter 2009. Landlords have tried to maintain their face rates, but will generally bend significantly to make a deal. Available shell space on the market has more leasing challenges than second-generation space. With the cost of construction exceeding the …
EL CAJON, CALIF. — San Diego-based The Conrad Prebys Trust has purchased The Grove, a 144-unit multifamily community located at 346 Jamacha Rd. in El Cajon, for $14.7 million. Constructed in 1973, the community offers one-, two- and three-bedroom units with vertical blinds, refrigerators and dishwashers in select units. Additionally, the property features a swimming pool and spa, a sauna, a fitness room, a playground and on-site laundry facilities. Allen Chitayat of Hendricks & Partners’ San Diego office represented the seller, Los Angeles-based Grove Apartments LLC, in the transaction.
CORE CONSTRUCTION COMPLETES SUNSET PROFESSIONAL OFFICE BUILDING, TENANT IMPROVEMENTS LAS VEGAS — CORE Construction—Nevada has completed the construction of Sunset Professional Offices and the interior build out of Las Vegas Radiology at 7150 W. Sunset Blvd. in Las Vegas. The project consists of a two-story, 31,876-square-foot medical office building and a 5,000-square-foot interior build out. Las Vegas Urology developed the property. Vedelago Petsch Architects provided architectural services for the approximately $4.4 million project.
KIRKLAND, WASH. — The Foster Foundation has acquired an office property, which is located at 13 Central Way in Kirkland, for $1.9 million. The 3,879-square-foot property is situated on 0.11 acres. The seller was Summit Properties LLC. Chris Corr of GVA Kidder Mathews represented the buyer; Dino Christopolis of Marcus & Millichap represented the seller in the transaction.
15,200-SQUARE-FOOT SELF-STORAGE FACILITY FETCHES $1.2 MILLION OCEAN SHORES, WASH. — Joel Deis, Michael Morgan and Christopher Secreto of Marcus & Millichap represented the seller in the disposition of Exact Self-Storage, a 15,200-square-foot self-storage facility in Ocean Shores. Located at 943 Point Brown Ave. S., the 73-unit property sold for $1.2 million.