Western

AVNET BUILDING SELLS FOR $35.2 MILLION

by admin July 29, 2008

CHANDLER, ARIZ. — Los Angeles-based FORT Properties has purchased the newly completed Avnet Building, which is located at 6700 W. Morelos Pl. in Chandler, for $35.2 million. Situated within Chandler Freeways Business Park, the 230,000-square-foot industrial property is fully leased by Phoenix-based Avnet Inc. Ryan/Pilgrim Investments Chandler Freeways LLC, an entity led by Ryan Companies US Inc., sold the property. Chris Toci, Ted Harrison, Mark Detmer and Bo Mills of Cushman & Wakefield of Arizona Inc. negotiated the transaction. Robert Alter of FORT Properties provided in-house representation for FORT Properties. Jeff Majewski of CB Richard Ellis Capital Markets arranged financing through Wachovia Bank.

July 29, 2008

TRIO PACIFIC COMPLETES DISPOSITION OF 103,252-SF OFFICE BUILDING

by admin July 29, 2008

EL SEGUNDO, CALIF. — Trio Pacific LLC has completed the disposition of a six-story office building, which is located at 2401 El Segundo Blvd. in El Segundo. TA Associates Realty purchased the 103,252-square-foot property for $24.5 million. The building houses an elite roster of defense- and aerospace-related tenants, including Aerospace Corp., Mitre and Lockheed Martin. Michael Ross, Fred Cordova and Douglas Brawn of Colliers International’s Torrance, Calif., office represented both parties in the transaction.

July 29, 2008

Office Western

POINT. 360 ACQUIRES OFFICE BUILDING FOR $8 MILLION

by admin July 29, 2008

BURBANK, CALIF. — Point. 360, a full-service audio and video facility, has acquired a 31,317-square-foot building in Burbank for $8 million. Point. 360 has been leasing the property, which is located at 1122 and 1133 N. Hollywood Way, from Hollywood Way Office Ventures LLC for the past 10 years. Stacy Vierheilig-Fraser, Stella Kanyan and Eugene Page of Charles Dunn Company’s Studio City, Calif., office represented both parties in the transaction.

July 29, 2008

Retail Western

CONSTRUCTION COMPLETE FOR 18,400-SF RETAIL CENTER

by admin July 29, 2008

FONTANA, CALIF. — Colton, Calif.-based Hodgdon Miank Construction Inc. has completed the construction of Heritage Crossing, an 18,400-square-foot retail center in Fontana. The $6.8 million project consists of a multi-tenant retail building, a state-of-the-art Jump Start Express Car Wash and Miguel’s Jr. Mexican Food restaurant. The project is located at 7460 and 7490 Cherry Avenue in the northwest portion of Fontana. Hodgdon Miank served as general contractor for the site while working with the two separate owners, Heritage Crossing LLC and Miguel’s, which owns its own building. Irvine, Calif.-based Andy Perez & Associates provided architectural services for the project. RBI Retail Brokers’ Riverside, Calif., office is marketing and leasing the property.

July 29, 2008

Industrial Western

COLLIERS INTERNATIONAL BROKERS $1.16M INDUSTRIAL BUILDING SALE

by admin July 29, 2008

PHOENIX — Phoenix-based Detail Design and Fabrication has purchased a freestanding industrial building, which is located at 4635 S. 33rd St. in Phoenix, for $1.16 million. Situated on approximately 22,050 square feet of land, the 8,817-square-foot facility offers 3,000 square feet of office space. LGE Design built the property in 2000. Evan Koplan, Mike Parker and John Soldo of Colliers International’s Scottsdale, Ariz., office represented the buyer; Darryl Szarka of DKS Development represented the sellers, Richard and Linda Gramhill of Phoenix.

July 29, 2008

Arizona Market Reports Western Market Reports

Bloomingdale's, IKEA, and CineMark added as new retailers.

by admin July 29, 2008

What area is your expertise? Phoenix and Tucson What trends do you see presently in retail development in your area? Infill, redevelopment and lifestyle type centers. What type of retail product is doing well in your area? Grocery anchored, New Power Centers with added lifestyle hybrid, and Lifestyle Centers. What retailers are new to your area? Fresh N Easy, Cabellas, Bass Pro Shops, CineMark, Bloomingdales and IKEA. Who are the active retail developers in your area? Vestar, Macarich, General Growth, Kimco, DeRito Partners, and Pederson Group. Please name one or two significant retail developments in your area. What impact will these projects have on the market? City North is a 5.5 million-square-foot, mixed-use development by Thomas J. Klutznick Co. and Related Urban. The retail center is anchored by Bloomingdale’s and Nordstrom. The site will draw shoppers from all over the city, while initially hurting other successful retail development sales, but in the long term it will be a great addition to the Phoenix area. Where is the majority of development taking place? Why is this area doing well? Southeast Valley and West Valley. The new retail development is following the housing growth. What area do you expect to be the …

July 29, 2008

Office Western

$1.5 MILLION RENOVATION BEGINS ON OFFICE BUILDING

by admin July 28, 2008

PHOENIX — Scottsdale, Ariz.-based Washington & 25th Street LLC are renovating a 33-year-old, two-story 17,444-square-foot office building, which is located at 2502 E. Washington St. in Phoenix. The more than $1.5 million renovation includes a redesign of the property’s exterior façade, extensive interior improvements, replacement of the windows, the installation of an elevator, upgrades to the electrical service and mechanical system and the installation of a new roof. Scottsdale-based Perlman Architects provided design services for the project; Gilbert, Ariz.-based Bjerk Builders Inc. is serving as general contractor. Completion is slated for November. Nashville, Tenn.-based W.D. Schock has signed a 5-year, 8,722-square-foot lease for the first floor of the property. Virgil Berry of Phoenix-based Berry Realty & Associates represented the tenant; Chris Ackel, Pat Horan and Tyler Hanney of CB Richard Ellis’ Phoenix office represented the landlord in the transaction.

July 28, 2008

Multifamily Western

BUCHANAN STREET PARTNERS PROVIDES $21.6M ACQUISITION, RENOVATION LOAN

by admin July 28, 2008

LOS ANGELES — Buchanan Street Partners has provided $21.6 million of principal in a joint venture with The Kor Group for the acquisition and renovation of the Pegasus apartment tower in downtown Los Angeles. Located at 612 Flower St., the 250,458-square-foot multifamily/retail property offers 322 residential units and 12,500 square feet of retail space. Current retail tenants include Daily Grill, Rosenaur Wu, Downtown Florist and Café Primo. The partnership plans to upgrade the multifamily portion of the property, which was built in 1949 as the corporate headquarters for Mobil Oil and was converted into apartments in 2003.

July 28, 2008

Retail Western

92,300-SQUARE-FOOT RETAIL PROPERTY SELLS

by admin July 28, 2008

EAST PALO ALTO, CALIF. — Jacksonville, Fla.-based Regency Centers has acquired a 92,3000-square-foot retail building, which was formerly occupied by EXPO design Center, in East Palo Alto. Located at 1771 E. Bayshore Blvd., the property sold for an undisclosed price. The buyer plans to market the former single-tenant space as a multi-tenant property. Patrick McGaughey and Sam Finne with Terranomics Retail Services, the retail arm of NAI BT Commercial, represented the seller, Atlanta-based The Home Depot, in the transaction.

July 28, 2008

Industrial Western

ASTRONIC INC. ACQUIRES 73,742-SQUARE-FOOT INDUSTRIAL FACILITY

by admin July 28, 2008

ALISO VIEJO, CALIF. — Astronic Inc., a full-service electronic manufacturing service provider, has purchased a 73,742-square-foot industrial facility, which is located at 2 Orion in Aliso Viejo, for $13.2 million. The company plans to relocate its headquarters to the new facility in first quarter 2009. Jeff Mitchell of Voit Commercial Brokerage’s Irvine, Calif., office represented the buyer; Gary Allen of Grubb & Ellis represented the seller, Tamiya America, a Japanese manufacturer of model and radio-control cars, trucks and tanks.

July 28, 2008

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