LOS ANGELES — J.H. Snyder Co. has broken ground for the construction of the final phase of NoHo Commons, a mixed-use development located in the North Hollywood area of Los Angeles. Located at the corner of Lankershim and Weddington, the final phase consists of a 30,000-square-foot, seven-screen movie theater being developed by Laemmle Theatre; a 182,000-square-foot office building with 10,000 square feet of retail and restaurant space; and a 700-space parking garage. As part of North Hollywood’s revitalization program, the project also features the restored historic San Fernando Valley diner. The final phase is a joint venture between J.H. Snyder Co. and the Community Redevelopment Agency of the City of Los Angeles to redevelop and construct a transit oriented development near the North Hollywood station. The three-phase, $375 million NoHo Commons project currently consists of 730 residential units and 60,000 square feet of retail/commercial space.
Western
Sylmar, Calif. — Newport Beach, Calif.-based Voit Development Co. is developing North Valley Commerce Center, a 201,326-square-foot industrial business park located at the intersection of Olden Street and San Fernando Road in Sylmar. The seven-building park offers for-sale or for-lease units ranging in size from 2,237 to 57,666 square feet. Poliquin Kellogg Design Group provided architectural and design services for the project; Valley Commercial Contractors is serving as general contractor. Completion for the park is slated for April.
Reno, Nev. — Trammel Crow Co., on behalf of Multi-Employer Property Trust (MEPT), a $7.2 billion open-end commingled real estate equity fund, has purchased 104 acres in Reno for an undisclosed price. The company plans to use the land in the 2 million-square-foot expansion of Tahoe-Reno Industrial Center. Last year, MEPT acquired two newly constructed bulk distribution centers totaling more than 800,000 square feet, and expandable to 1 million square feet of bulk industrial space in the area.
ESCONDIDO, CALIF. — MMIC EMA MOB LLC has purchased a two-story, 50,000-square-foot medical office building, which is located at 225 E. Second Ave. in Escondido, for an undisclosed price. Built in 1994, the property was 95 percent leased at the time of acquisition. The major tenant is Graybill Medical Group. Tucker Hohenstein, Dan Tate and Terry Jackson of Cushman & Wakefield’s Carlsbad, Calif., office represented the seller, Escondido Medical Arts Association, in the transaction.
VICTORVILLE, CALIF. — Stirling Capital Investments has completed construction on Global Access Business Centre, a two-building Class A industrial complex located at the company’s Southern California Logistics Centre (SCLC) in Victorville. The 223,773-square-foot center offers industrial suites ranging in size from 3,500 to more than 60,000 square feet. In addition to completing the project, the company signed five leases totaling 49,050 square feet for the center. The new tenants include Sequoia Lighting, Prego Inc., PTL Electric, Stoody Industrial and Welding Supplies, and Product System Engineering.
Pico Rivera, Calif. — Seal Beach, Calif.-based Heslin Becker Properties LLC has completion the construction of Pico Plaza, a 30,000-square-foot retail center located at 9317 and 9321 Whittier Blvd. in the heart of Pico Rivera. Tenants of the shopping center include Rite Aid, Subway and Starbucks Coffee. Prior to redevelopment, Pico Plaza comprised two separate land parcels that featured a vacant Albertsons and a 90-percent vacant strip center. The company acquired the smaller parcel from an undisclosed seller. The owner of the larger parcel retained residual interest and partnered with Heslin Becker to redevelop the property.
PORTLAND, ORE. — Jennifer Medak, John Medak and Tom Dechenne of NAI Norris, Beggs & Simpson represented the undisclosed seller in the disposition of the 501 Hood Building in Portland. A private local investor acquired the property for $3.4 million. At the time of acquisition, the three-story, 22,926-square-foot office was 98 percent leased by medical and legal professionals.
Stockton, Calif. –— An undisclosed buyer has purchased a Days Inn hotel, which is located at 550 W. Charter Way in Stockton, for approximately $3.1 million. The transaction includes the 70-room hotel, a 10-year, triple-net leased Quiznos Sub restaurant and a vacant office/retail space. Taylor Flynn of Marcus & Millichap’s Oakland, Calif., office represented the undisclosed seller in the transaction.
TEMPE, ARIZ. — All City Towing has acquired a 16,766-square-foot industrial facility, which is located at 2031 W. 1st St. in Tempe. Jack Berg Family L.P. sold the property for $2.7 million. Mike Parker of Colliers International and John Soldo of CC Partners LLC represented the buyer; Bob Broyles of Coldwell Banker Commercial NRT represented the seller in the transaction.
CHULA VISTA, CALIF. — Aliso Viejo, Calif.-based Shea Properties is developing The Marketplace at Windingwalk, an approximately 104,000-square-foot neighborhood retail center located at the corner of EastLake Parkway and Birch Road in the Otay Ranch community of Chula Vista. The company recently signed five major leases for the center with a total consideration of approximately $45 million. The leases include a 55,985-square-foot Vons Supermarket, a 35,000-square-foot In-N-Out Burger, a 5,000-square-foot Bank of America location, a 4,500-square-foot Wells Fargo Bank, and a 5,109-square-foot Oggi’s Pizza & Brewing Co. Completion for the center is slated for this summer. The center is located at the gateway to the village of Windingwalk, a 2,300-unit residential community being developed by Brookfield Homes and Shea Homes.