CARLSBAD, CALIF. — Zinola LP has purchased a 22,156-square-foot R&D building, which is located at 5816 Dryden Rd. in Carlsbad, for $3.4 million. Built in 1989 on 1.44 acres, the multi-tenant property is part of the Carlsbad Airport Center development. At the time of acquisition, the property was 100 percent leased to California Pegasus and Pelican Packaging. Brandon Keith of Commercial Realty Advisers represented the buyer; Paul Lafrenz, Shauna Fick, John Barksdale and Lars Eisenhauer of CB Richard Ellis represented the seller, California Pegasus LLC, in the transaction.
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What area is your expertise? • Office leasing and sales in Salt Lake County What trends do you see presently in office development in your area? • The office market continues to show positive net absorption and a sustained demand for office product. Developers and the capital markets have not been over-zealous by creating a large supply of speculative office product. Most of the new office construction has had substantial pre-leasing activity.There is also a greater interest in creating a more green and sustainable office buildings. Who are the active office developers in your area? • DDRS, Boyer Company, Woodbury Corporation and Hamilton Partners Please name one or two significant office developments in your area. What impact will these projects have on the market? • The Gateway in the downtown area of Salt Lake City continues to have an impact on the office market. Large and notable companies such as Fidelity and Ernst and Young continue to locate in this mixed-use project. Tenants seek to have amenities such as restaurants, shopping, entertainment, condos, and light-rail transportation at their doorstep. This project will continue to be the “pace-setter” in office development and will be the development that will have little, if …
SAN FRANCISCO — San Francisco-based Carmel Partners Inc. has completed three transactions in Northern California, Hawaii and Southern California. Carmel Partners Investment Fund II LP invested in the 205-unit Grosvenor Suites in San Francisco, the 857-unit Kukui Gardens in Honolulu and the four-property, 153-unit Westwood Collection in Los Angeles. Terms of the transactions were not disclosed.
SAN DIEGO COUNTY, CALIF. — Phoenix-based Opus West is developing Horizon Tech Center @ Scripps Ranch in San Diego County. Situated on an 11.3-acre site, the 158,000-square-foot project is being constructed to meet LEED Green Building Rating Systems certification requirements. The three-building campus features large, efficient floor plates; floor-to-floor heights designed to accommodate extensive lab and clean room areas; and 10-foot finished ceiling heights for office areas. Opus Architecture & Engineering, along with RJC Architects, provided architectural services for the project.
GREELEY, COLO. — Greeley Plaza LLC has purchased Chase Plaza, a 122,000-square-foot property located at 822 7th St. in downtown Greeley. Greeley Lincoln Park Properties, Colorado Recovery Properties and Robert G. Tointon sold the property for $9.9 million. Taylor Turano and Barry Higgins of Marcus & Millichap’s Denver office represented both parties in the transaction.
BEND, ORE. — Renaissance Homes is developing Fremont Place, a four-building, live-work multifamily community located within NorthWest Crossing in Bend. The project will feature 30 two-level townhomes each consisting of 600 square feet of commercial space on the first level and 1,200 to 1,600 square feet of residential space on the second level. The commercial space is restricted to services, such as beauty shops, law offices, neighborhood shops and other like businesses. Portland, Ore.-based Myhre Group Architects provided architectural and design services for the project, which is slated for completion in July.
SAN FRANCISCO — Lambert O’Connor Development has completed the disposition of the Potrero Hill Whole Foods Market property, which is located at 450 Rhode Island in San Francisco. A Southern California-based trade buyer acquired the 40,516-square-foot property for an undisclosed price, which was near the list price of $17 million or approximately $400 per square foot. Andy Bogardus and Doug Longyear of NAI BT Commercial represented the seller in the transaction.
LOUISVILLE, COLO. — ConocoPhillips has acquired Sun Microsystems Inc.’s StorageTek campus in Louisville for $58.5 million. Sun Microsystems will continue to lease back the 432-acre property until it fully relocates its operations to its nearby Broomfield, Colo., campus. ConocoPhillips reportedly plans to construct a corporate learning center and global technology center, which will house the company’s worldwide training center, on the site. Completion is slated for 2012. Kenneth Rudy and Michel Seifer, along with Stew Mosko of Fuller Real Estate, negotiated the transaction.
TEMPE AND CHANDLER, ARIZ. — Phoenix-based Biltmore Holdings has acquired a five-property, 515,722-square-foot flex-industrial portfolio in Tempe and Chandler from Phoenix-based DMC Investment Group for $55.5 million. The portfolio includes Kyrene Commerce Center in Tempe, which sold for $12.6 million; the $9.3 million Tempe Commerce Center in Tempe; Ocotillo Business Center in Tempe, which sold for $11.8 million; the $8.3 million Chandler Tech Center in Chandler; and the $13.5 million ADP Building in Chandler. Bob Buckley, Tracy Cartledge and Steve Lindley of Grubb & Ellis|BRE Commercial represented both parties in the transaction.
NORTH LAS VEGAS — Regency Centers has broken ground for the construction of Deer Springs Town Center, a 700,000-square-foot shopping center in North Las Vegas. The project, which is being constructed to meet LEED Silver certifications, will feature a town center with pedestrian-friendly crosswalks, large sidewalks, distinctive architectural storefronts, tree-lined boulevards, large outdoor gathering areas and a city-adopted Regional Trail. Slated to open in March 2009, the center will also feature a 132,360-square-foot Target, a 106,278-square-foot The Home Depot and a 65,000-square-foot Babies R Us, as well as PetSmart, Ross Dress For Less and Staples.