POMONA, CALIF. — Pacific Medical Building is developing an outpatient care center for the Western University of Health Sciences in Pomona. Located on East Second Street, the three-story, 68,000-square-foot Patient Care Center will accommodate multi-disciplinary teaching, clinics and office space. Additionally, the center will feature a pharmacy, optometry clinic, an outpatient dental clinic and an attached seven-level parking structure. Completion is slated for this fall.
Las Vegas’ retail market is now clearly showing the strain of the recession. Decreased consumer spending has directly impacted local retailers, as unemployment climbs and shoppers find themselves with less discretionary income. Holiday season revenues were the weakest on record, and luxury stores, apparel chains and department stores all reported declining sales. Meanwhile, developers continue to experience difficulties securing financing for planned projects. As a result, several planned projects are on hold, and few of the currently planned and under construction projects should open in 2009 and 2010. Underperformance, the liquidity crunch and tighter credit terms with vendors, combined with the recession, made it impossible for many large box retailers to remain in business, thus bringing on the vast amount of power center vacancies. Small local retailers relied on SBA loans and equity from residential properties and saw both of these sources vanish, thus preventing many from opening new stores and leaving many strip centers with higher vacancies. Retailers that are performing well are very cautious regarding expansion. With already close to 3 million square feet of vacant large box retail space in the Las Vegas market, expect to see vacancies continue to rise this year. However, increased vacancies provide …
SAN DIEGO — Staples Construction, serving as general contractor, has completed the first of two buildings comprising 161,871 square feet of office/industrial space at Nexus University Science Center, which is located at 4737 and 4785 Executive Dr. in San Diego. The two-story, 58,904-square-foot building offers floor plates ranging in size from 25,945 to 46,564 square feet. The property features 16-foot floor-to-ceiling clearance and space suitable for biology and chemistry labs, vivarium and NMR rooms, and other ancillary uses. Pacific Cornerstone Architects provided architectural services for the project, which is being developed by Nexus Properties Inc.
CARLSBAD, CALIF. — Construction is underway for the $86 million renovation of Carlsbad High School, which is located at 3557 Lancer Way in Carlsbad. The project includes construction of a new stadium and 11 new permanent education structures. The first phase, which includes the stadium, involves the demolition of the existing stadium and the development of a $13.6 million, 3,900-seat athletic stadium with aluminum bleachers, a synthetic track and field area, and a 10,000-square-foot building housing locker rooms, restrooms and concessions. Completion of the first phase is slated for spring 2010. The second phase includes the construction of one- and two-story education buildings comprising 90,000 square feet of classroom, performing arts, vocational education lab and food service space. Completion of the entire project is scheduled for fall 2011. McCarthy Building Companies Inc. is serving as general contractor; Perkins+Will is providing architectural services for the project.
SAN MARCOS, CALIF. — Newport National Corp. is currently developing Nordahl Medical Centre, a Class A medical condominium project in San Marcos. Located at 838 Nordahl Rd., the three-story, 55,450-square-foot building features suites ranging in size from 1,000 to 55,450 square feet on floor plates of approximately 19,000 square feet. TSA Contracting Inc. is serving as general contractor for the project, which was designed by McArdle Associates Architects. Bank of America provided financing for the project. Completion is slated for May. Mark Avilla and Matty Sundberg of Grubb & Ellis|BRE Commercial are the exclusive marketing and sales team for the center.
REXBURG, IDAHO — Danny Shin, Michael Beckstead and Mathew Bird of Marcus & Millichap represented the seller, Nauvoo LLC, in the disposition of Nauvoo House Apartments in Rexburg. Located at 175 W. Fifth South St., the 76,800-square-foot student-housing community features 382 beds in 64 three-bedroom/two-bath units. The property is located minutes from the BYU-Idaho campus. The property sold to an undisclosed seller for $6.5 million or $101,563 per unit.
PASADENA, CALIF. — Hudson Oaks LP, dba Abode Communities, has purchased a 33,670-square-foot apartment building, which is located at 1267 N. Hudson Ave. in Pasadena. The non-profit developer plans to convert the former 46-unit apartment property into low-cost senior housing. Robert Dixon of NAI Capital represented Abode Communities; Lee Ho of NAI Capital represented the seller, Quid Pro Quo, in the transaction, which was valued at $4.5 million. Construction is slated to begin in July.
DENVER — Denver Pavilions, which is located in downtown Denver, has unveiled a $25 million renovation plan for the retail center. Key features of the renovation include energy efficient escalators; Glenarm Street improvements, including valet service, enhanced customer entrances, new lighting and a pedestrian crosswalk; LED signs along 16th Street; elevator upgrades; enhanced lighting throughout the center; courtyard improvements; new landscape treatments; a new paint scheme; and clear way-finding signage and directories throughout the center. Companies working on the project include Semple Brown Design, CommArts and Buchanan Yonushewski Group. Completion is slated for the end of October.
VAIL VALLEY, COLO. — The Gates Residences has opened in Vail Valley. Located at the entrance of Beaver Creek Resort, the upscale condominium offers 49 luxury condos with two-, three- or four-bedroom residences ranging from 1,346 to 2,737 square feet. The condos feature alder wood stained millwork, granite countertops, alder wood mantels and granite-framed gas fireplaces. The community features a variety of services including housekeeping, laundry and dry cleaning, grocery delivery, mountain shuttle service, a private wine locker, après ski cheese and wine, ski tuning and waxing, warming racks for ski boots, ski lockers and boot dryers, and ski lesson arrangements. The project was developed by JMJ Development, a division of Dallas-based JMJ Holdings.
SCRIPPS RANCH, CALIF. — Coast Income Properties Inc. has planned a $4 million renovation for a 70,720-square-foot shopping center, which is located at 9838-9890 Hibert St. in Scripps Ranch. Renovations to the ranch-themed center will include new storefronts and corrugated roofs, as well as enhancements to the parking layout, hardscape and landscape features. Trader Joe’s will anchor the new center with a 15,000-square-foot location, which is slated to open this summer. Other tenants include Chuck E. Cheese and Supercuts. KTGY Group Inc. is providing architectural services for the project. BYCOR is serving as general contractor.