RENO, NEV. — 7-Eleven has broken ground for the development of a convenient store and fuel station at Damonte Ranch Town Center in South Reno. Current tenants of the 539,000-square-foot community shopping center include RC Willey, The Home Depot, Colonial Bank, Office Depot, Bully’s, Lamppost Pizza, Carvel Ice, McDonald’s, Starbucks Coffee and Mattress World. The center, which is owned by Lewis Retail Centers, is located at the corner of Damonte Ranch and Steamboat parkways.
SUNNYVALE, CALIF. — Laguna Niguel, Calif.-based Raintree Partners has acquired its first multifamily property. The firm purchased Trellis Square Apartment Homes, a 204-unit luxury apartment complex in Sunnyvale, for $38.25 million. Located at 963 E. El Camino Real, the property offers one- and two-bedroom units, a fitness center, a spa and a swimming pool. William Huberty and Matthew Holmes of CB Richard Ellis’ San Francisco office represented the seller, an affiliate of Northwestern Mutual, in the transaction. Financing was provided by Fannie Mae through Troy Tegeler and Bethany Bailey of CBRE Capital Markets.
SAN DIEGO — Philadelphia-based GVA Smith Mack has negotiated the lease renewal of 12205 World Trade Drive in San Diego. Johnson Matthey Inc. has resigned its lease for 35,094 square feet of office space. Jeff Mack of GVA Smith Mack represented the tenant in the transaction. The value of the lease was not disclosed.
DENVER — Denver-based ProLogis has closed on a $137.5 million, 5-year secured financing loan for ProLogis California Fund. The loan has a loan-to-value of approximately 50 percent with 21 industrial properties located in the Los Angeles Basin and Inland Empire. An undisclosed major life insurance company provided the financing.
RIVERSIDE, CALIF. — Sun Development and Management Corp. is developing a 132-room Hampton Inn & Suites by Hilton at Turner Riverwalk, a 1 million-square-foot, master-planned business park in Riverside. Located adjacent to the Medical Park at Riverwalk and the Shops at Turner Riverwalk, the hotel is slated for completion in first quarter 2010. Riverside Lodging Association purchased the 2.28-acre land parcel for the development of the hotel. When complete, Turner Riverwalk will feature 400,000 square feet of office space, 100,000 square feet of medical office space, 375,000 square feet of R&D and industrial space and 125,000 square feet of retail space.
INGLEWOOD, CALIF. — The Los Angeles office of Heery International has been awarded the construction management for Locust Street Senior Center and Housing Complex, which is located one block east of Inglewood’s historic downtown. The 90,000-square-foot senior center will be the first city-owned housing development in Inglewood’s history. The project will feature 58 senior apartments, a three-floor rooftop terrace, a 6,000-square-foot commercial kitchen, and Wi-Fi Internet access for residents and visitors. Kennard Design Group and WWCOT Architects are providing architectural services for the project, which is slated for completion in spring 2011.
VAN NUYS, CALIF. — Tony Azzi of Marcus & Millichap represented both parties in the disposition and acquisition of a 75-unit apartment property in Van Nuys. Located at 6919-6929 Sepulveda Blvd., the property sold for $5.62 million or $178.55 per square foot. The buyer and seller were not disclosed.
PHOENIX — Climatec has selected McShane Construction Co. for the renovation and remodeling of the company’s 103,000-square-foot corporate office building, which is located at 2851 W. Kathleen Rd. in Phoenix. The project calls for the partial demolition and reconstruction of the facility, which will include the incorporation of several of Climatec’s extensive product lines. Additionally, the renovations include redesign of interior spaces and entryway of the facility, and replacement of mechanical, electrical and plumbing systems. Dick & Fritsche Design Group is providing architectural services for the project, which is slated for completion this month.
CALABASAS, CALIF. — Kasower Properties LLC has acquired a 36,660-square-foot office building, which is located at 26010 Mureau Rd. within Calabasas Commerce Center in Calabasas. Arden Realty Inc. sold the property for $7 million. The buyer purchased the property to house its business, Canoga Park, Calif.-based Mighty Net Inc., a credit and financial information provider. Sperry Van Ness represented the buyer; Robert Erickson and Marc Spellman of Lee & Associates—LA North/Ventura Inc. represented the seller in the transaction.
ORANGE COUNTY, CALIF. — The Northwestern Mutual Life Insurance Co. has completed the disposition of three multifamily properties located in Orange County. The properties, which total 1,368 units, sold for a total consideration of $201 million. In the first transaction, Newport Beach, Calif.-based Pacific Coast Management acquired Aventine @ Aliso Viejo, a 386-unit luxury apartment community located at 22501 Chase in Aliso Viejo, Calif., for $56.2 million. In the second transaction, Walnut Creek, Calif.-based Sequoia Equities has purchased Alize @ Aliso Viejo, a 484-unit rental property located at 2 Enterprise St. in Aliso Viejo, for $75 million. In the third transaction, Newport Beach-based Stoneridge Capital Partners acquired Avila @ Rancho Santa Margarita, a 498-unit community located at 22751 El Prado Ave. in Rancho Santa Margarita, Calif., for $70 million. Joe Leon and Dean Zander of Hendricks & Partners, along with Ray Eldridge and Kevin Mulhern of CB Richard Ellis, brokered the transactions.