CHANDLER, ARIZ.-Desert Viking Cos. is currently developing San Marcos Commons, a $100 million mixed-use development located in Chandler’s historic district. The company recently completed the project’s first phase, The Villas at San Marcos, which features 79 two- and three-story townhomes. The residential portion offers for-sale units featuring granite countertops, ceramic tile floors, 10-foot ceilings, patios and balconies, and two-car private garages, as well as an amenity set, including multiple courtyard areas, a swimming pool/spa and barbecue areas. Current commercial tenants of the completed residential component include Sushi Eye in Motion, LaStalla Cucina Rustica, San Tan Brewing Company and El Zocalo’s Mexican Grille, as well as other independent restaurants and salons. Additional phases of the 15-acre San Marcos Commons project will add more than 150,000 square feet of retail, restaurants and office space.
PHOENIX — Flagstaff, Ariz.-based Krista R. Corp. has purchased Park Plaza Hotel, a hotel located at 2641 W. Union Hills Dr. in northwest Phoenix, for $8 million. Built in 1988 as a prototype Wyndham Garden Inn, the hotel underwent a $3 million renovation in 2005. The property features 166 rooms, including 16 suites, a 6,800-square-foot meeting space, an on-site restaurant and lounge, a fitness center and an outdoor heated swimming pool. Steve Chylko of Phoenix-based Arizona Real Estate Group represented the buyer; Jeff Cunningham and Tim Ives of CB Richard Ellis (CBRE) represented the seller, a joint venture between Minnetonka, Minn.-based Carlson Hotels and Newton, Mass.-based HPT SPES II, in the transaction.
LAS VEGAS — Nevada Power Company has signed a long-term lease to occupy Building 5 at Beltway Business Park, a 400-acre business park in Las Vegas, from City of Industry, Calif.-based Majestic Realty Co. for an undisclosed price. Located at 7155 Lindell Rd., the facility offers 288,000 square feet, including more than 135,000 square feet of tenant-improved mezzanine office space. Nevada Power is expected to take occupancy in third quarter. Developed by Majestic and Thomas & Mack Co., the Beltway Business Park is slated to consist of 55 buildings and total nearly 6 million square feet when completed in 2012.
LAMESA, CALIF. — Vickie Winters of Dwinn-Shaffer & Co. represented the company in arranging $7.5 million in first mortgage financing and a $1 million accounts receivable line of credit for Community Convalescent Hospital of LaMesa, an assisted-living facility in LaMesa. The 119-bed skilled-care facility is located at 8665 LaMesa Blvd. The permanent loan represents 75 percent of value, and was financed for 5 years at a fixed rate based on a 25-year amortization.
SAN DIEGO — Falcon Real Estate Investment Co. has acquired University Pacific Centre, a four-story, 96,581-square-foot office building located at 8899 University Center Ln. in San Diego’s University Towne Center. The company purchased the property for $42 million, on behalf of GEM University Pacific LLC, an overseas private investor in a 1031 exchange. At the time of acquisition, the property was 87 percent leased to tenants, including Pharmaceutical Research Associates, EpiCept Corp. and the Merrill Corp. Adam Edwards, Daniel Broderick and Rick Stumm of Eastdil Secured represented the seller, San Francisco-based Alecta Real Estate USA LLC, in the transaction; Falcon represented the buyer.
SAN DIEGO — WNM Properties LLC has purchased Citibank Office Plaza, a five-building, multi-tenant office complex located at 11818-11858 Bernardo Plaza Ct., for $12 million. The 51,830-square-foot property is currently 47 percent occupied by eight tenants, including Citibank, Architects BPA Associates, Southwest Consulting Group and Prime Structural Engineers. Steve Rowland, Michael Roberts, Chris Hobson and Robert Kuzman of Grubb & Ellis|BRE Commercial represented the seller, Citibank, in the transaction; Triwell Properties represented the buyer. Citibank plans to lease back the bank branch building on a long-term basis.
INDIO, CALIF. — Beaty Pacific Development Inc. is developing Pacific Industrial Park, an industrial park located at the intersection of Indio Boulevard Madio Street in Indio. The property will offer eight buildings for sale or lease ranging in size from 5,000 to 7,500 square feet. Additionally, the park will feature secured fenced yards that will allow users to store excess materials in outside storage. Try Kudlac and Brian Ward of CB Richard Ellis are marketing the property on behalf of the developer.
SAN DIEGO — Abrams Westview Plaza is developing the 96,500-square-foot Abrams Westview Plaza, a Class A office building located in the Scripps Ranch area of San Diego. Slated for completion in October, the three-story building is suited for high-tech or corporate headquarters office users. Designed by Peter Bassett of Smith Consulting Architects, the property features fiber optic infrastructure for high-speed communications, a two-level parking structure, showers, lockers, a sports court and an outdoor patio/break area. Bycor Construction is acting as general contractor; Ahles Landscape Architecture is providing landscape architectural services for the project.
SAN DIEGO — Abrams Westview Plaza is developing the 96,500-square-foot Abrams Westview Plaza, a Class A office building located in the Scripps Ranch area of San Diego. Slated for completion in October, the three-story building is suited for high-tech or corporate headquarters office users. Designed by Peter Bassett of Smith Consulting Architects, the property features fiber optic infrastructure for high-speed communications, a two-level parking structure, showers, lockers, a sports court and an outdoor patio/break area. Bycor Construction is acting as general contractor; Ahles Landscape Architecture is providing landscape architectural services for the project.
IRVINE, CALIF. — BRIDGE Housing Corp. has completed Woodbury Walk, a 150-unit apartment community located at 99 Talisman in Irvine. Situated within the Woodbury master-planned development, Woodbury Walk features 30 one-bedroom, 74 two-bedroom and 46 three-bedroom units. Additionally, the community features outdoor play space for children and a community/classroom space for all residents. KTGY Group Inc. provided architectural services, while Wermers Multifamily Corp. served as general contractor for the project. Financing for the project was provided by City of Irvine, County of Orange HCS, MMA Financial, Wells Fargo Bank and the California Community Reinvestment Corp.