SAN DIEGO — First Industrial Realty Trust has acquired an industrial/office building, which is located at 9880 Mesa Rim Rd. in San Diego’s Mira Mesa area, for $6.5 million. The 45,540-square-foot property is currently leased to Thermo Fisher Scientific through the end of 2008. Scott Dickson of Grubb & Ellis|BRE Commercial represented the buyer; Randy LaChance and Glen Volk of Voit Commercial represented the seller, Pacific Community Builders LLC, in the transaction.
RANCHO BERNARDO, CALIF. — Los Gatos, Calif.-based Granum Partners is developing Bernardo Terrace Corporate Center, a 330,000-square-foot office complex located at 11111 Rancho Bernardo Rd. in Rancho Bernardo. The first 110,000-square-foot building of the three-building campus is complete and move-in ready. When completed, the four-story buildings will feature 15-foot floor-to-floor heights, a high parking ratio, a fitness center and state-of-the-art technology such as broadband and fiber optics. The remaining two buildings will each offer 110,000 square feet of space. BPA Architecture Planning Interiors provided design services for the project; A.O. Reed served as construction manager.
CUPERTINO, CALIF. — RREEF Alternative Investments, the global alternatives asset management business of Deutsche Bank’s Asset Management division, has formed a joint venture with Snell&Co to acquire Torre Plaza in Cupertino for an undisclosed price. The 91,288-square-foot office building offers a unique butterfly designed-floor plate, which allows tenants twice the amount of exterior glass and natural light. Located at 10201 Torre Ave., the property was vacant at the time of acquisition. Cushman & Wakefield represented the undisclosed seller in the transaction.
SANTA CRUZ, CALIF. — Essex Property Trust has purchased Chestnut Town Homes and Apartments, a 96-unit multifamily property located at 525 Laurel St. in Santa Cruz. The 87,640-square-foot property, which also offers four commercial units, sold for $22.05 million or $220,500 per unit. Built in 2002, the community consists of two buildings offering a mix of one- and two-bedroom units. Jamie D’Alessandro and Brian Henry of Marcus & Millichap represented the seller, Wavecrest Development, in the transaction; Marcus & Millichap also represented the buyer.
LAS VEGAS — Cannery Casino Resorts is developing Eastside Cannery Casino & Hotel, which is located at 5255 Boulder Hwy. in Las Vegas. Slated to open August 28th, the $250 million property consists of a 16-story tower of bronze, glass and steel featuring a saw-tooth roofline. The casino offers more than 2,100 slot machines, 26 table games, a 450-seat bingo hall, a live keno lounge, a first-class poker room and a Race and Sports Book. The 300-room property also features 20,000 square feet of ballroom and meeting space, as well as a variety of restaurants and eateries, including CarveSM, Casa Cocina®, Sweet Lucy’s Tableside BuffetSM, The DeliSM, Snaps 24-Hour CaféSM and ONE SIXSM.
SURPRISE, ARIZ. — Scottsdale, Ariz.-based PM Canyon Ridge LLC has completed the disposition of Canyon Ridge, a 192-unit apartment community located in Surprise. Logan, Utah-based Wasatch Acquisitions and Capital Inc. purchased the Class A property for $17.65 million. The community consists of two-story rental buildings offering a mix of one-, two- and three-bedroom units. Community amenities include a resort-style pool and spa, an exercise facility and mountain views. The units feature 9-foot ceilings, washer/dryers, balconies/patios, air conditioning and fully equipped kitchens with refrigerators, microwaves, dishwashers and disposals. Bob Bruno and Mark Forrester of Hendricks & Partners’ Phoenix office represented the seller in the transaction.
SAN DIEGO — McCarthy Building Companies Inc. has topped out the new five-story Acute Care Pavilion for Rady Children’s Hospital-San Diego, which is located at 3020 Children’s Way in the Kearny Mesa area of San Diego. The 279,000-square-foot facility will feature 16 operating rooms with associated support departments, a 28-bed hematology and oncology unit, a 10-bed bone marrow transplant intensive care unit, a 32-bed neonatal intensive care unit and 84 acuity adaptable medical surgery beds. Situated on the southeast end of the Rady Children’s Hospital campus, the new $260 million facility will be connected to the existing facility by a bridge. San Francisco-based Anshen+Allen provided architectural services for the project, which is slated for completion in summer 2010.
MOUNTAIN VIEW, CALIF. — California-based NAI BT Commercial Palo Alto has arranged the sale of the Mountain View Courtyards office complex located at 1200-1390 Villa St. in Mountain View. The 170,763-square-foot office complex, which was 100 percent leased at the time of sale, includes new Class A interiors, volleyball and basketball courts, and a full service fitness center. Metzler Realty Advisors has acquired the facility from Broadreach Capital Partners for more than $62.2 million. David Hiebert of NAI BT Commercial Palo Alto represented the seller in the transaction.
PETALUMA, CALIF. — Stephens & Stephens LLC has acquired two industrial buildings in Petaluma for approximately $18 million or $98 per square foot. Located at 755-775 Southpoint Blvd., the properties total 183,406 square feet. At the time of sale, the properties were approximately 95 percent occupied. Trevor Buck of NAI BT Commercial’s North Bay office represented the buyer in the transaction. The seller was Pine Creek Properties.
ONTARIO, CALIF. — InterContinental Hotels Group (IHG) has opened the 16th Hotel Indigo property and the first property in California with the opening of Hotel Indigo Ontario Rancho Cucamonga. Located at 3333 Shelby St. in Ontario, the 92-room hotel is the first boutique hotel in the city. The hotel features oversized lobby chairs; inviting guestrooms with plush bedding, hardwood floors and spa-inspired showers; a Phitness studio with cardio equipment and free weights; Phi, an on-site casual dining restaurant; a 24-hour business center; two meeting rooms; a complimentary airport shuttle and wireless high-speed Internet access. The hotel is owned by 3333 Shelby LLC and managed by Rim Hospitality, under a license agreement with a company in the InterContinental Hotels Group.
