Western

GROUND BREAKS FOR QUAIL GARDEN CORPORATE CENTER

by admin July 17, 2008

ENCINITAS, CALIF. — Wiegand Neglia Corp. is developing Quail Corporate Center, an approximately 33,000-square-foot commercial project located at 662 Encinitas Blvd. in Encinitas. Designed by Hanna Gabriel Wells, the project consists of a single-story commercial office and/or medical condominium complex. Expected to be the first private LEED-certified building in Encinitas, the property will feature natural daylight and ventilation elements; an energy-efficient envelope and mechanical systems; reclaimed water for landscape irrigation and recycled material use. Completion is slated for second quarter 2009. Peter Curry and Matt Campbell of Grubb & Ellis|BRE Commercial are representing the property.

July 17, 2008

JV ACQUIRES 426-UNIT APARTMENT PORTFOLIO

by admin July 17, 2008

ALBUQUERQUE, N.M. — PCCP LLC has formed a joint venture with Salt Lake City-based Bridge Investment Group LLC to purchase a three-property multifamily portfolio located in the northeast quadrant of Albuquerque. The 426-unit portfolio includes the 267-unit Suncreek Village Apartments, which is located at 9900 Spain Rd.; Sungate Village Apartments, a 94-unit multifamily complex located at 10800 Comanche Rd.; and Rancho Verde Apartments, a 65-unit community located at 5800 Truchas Dr. The portfolio consists of 229 one-bedroom units and 197 two-bedroom units. Joe Romero of Grubb & Ellis represented the buyer; Paul Cauwels and Barbara Haase of Cauwels & Stuve Realty & Development Advisors LLC represented the seller, partnerships formed by Cauwels and Davis Associates, in the transaction. The acquisition price was not disclosed.

July 17, 2008

Mixed-Use Western

TRANSIT-ORIENTED MIXED-USE DEVELOPMENT UNDERWAY

by admin July 17, 2008

CONTRA COSTA COUNTY, CALIF. — AvalonBay Communities Inc., Millennium Partners, the San Francisco Bay Area Rapid Transit (BART) and the County of Contra Costa are breaking ground for the development of Avalon Walnut Creek at Contra Costa Centre, a transit-oriented mixed-use development in Contra Costa County. When complete, the project will feature 422 residential apartments, of which 85 will be affordable units; 100 condominium units; 35,000 square feet of local service retail space; a civic use area; a 19,400-square-foot business conference center; and 270,000 square feet of office space.

July 17, 2008

Industrial Western

CORE TO BUILD 95,000-SQUARE-FOOT DISTRIBUTION FACILITY

by admin July 17, 2008

LAS VEGAS — CORE Construction-Nevada has been selected as general contractor for the construction of the PDM Steel Service Center in Las Vegas. Developed by PDM Steel, the project features a 95,000-square-foot distribution facility at the intersection of Alto Avenue and Abels Lane. Situated on a 9-acre site, the property will offer a 5,280-square-foot sales office, an 84,840-square-foot warehouse space and a 4,880-square-foot shipping office. Completion for the $8.83 million project is scheduled for March 2009. Portland, Ore.-based VLMK Consulting Engineers is serving as the project’s engineer of record.

July 17, 2008

Office Western

THOMPSON NATIONAL PROPERTIES ACQUIRES OFFICE/RESTAURANT BUILDING

by admin July 17, 2008

PARK CITY, UTAH — Thompson National Properties LLC, on behalf of the Vulture Fund, has purchased the Blind Dog Building in Park City for an undisclosed price. The property, which is located at 1781 and 1787 Sidewinder Dr., is commonly referred to as the Blind Dog Building because it is anchored by the Blind Dog Restaurant. The three-story, more than 15,000-square-foot building was built in two phases, with the final phase completed in 2002. At the time of acquisition, the value-add property was 73 percent occupied. The seller was not disclosed.

July 17, 2008

Retail Western

THE BOARDWALK AT ANDERSEN SPRINGS TRADES HANDS FOR $19.35M

by admin July 16, 2008

CHANDLER, ARIZ. — Los Altos, Calif.-based West Valley Properties Inc. has purchased The Boardwalk at Andersen Springs, a neighborhood retail center located at 1949-1989 W. Ray Rd. in Chandler, for $19.35 million. Built in 1988, the single-story retail center offers 92,231 square feet of retail space. At the time of acquisition, the property was 95 percent occupied by a variety of tenants, including Sprouts, Deserts Schools Federal Credit Union, a day spa, a yoga studio and Blockbuster Video. Cam Stanton of CB Richard Ellis’ Phoenix office represented the seller, Los Angeles-based BOAS Boardwalk LLC, in the transaction. Rocco Mandala of CBRE|Melody’s Phoenix office arranged the financing, which was provided by Aetna Life Insurance Company.

July 16, 2008

Hospitality Western

174-ROOM RENAISSANCE CLUBSPORT OPENS

by admin July 16, 2008

ALISO VIEJO, CALIF. — Renaissance Hotel & Resorts has opened Renaissance ClubSport Aliso Viejo Hotel & Fitness Resort within Summit Office Campus, a 1.7 million-square-foot mixed-use business complex in Aliso Viejo. The boutique-style hotel, sports and fitness resort offers 174 guestrooms, a 75,000-square-foot world-class fitness facility, 5,500 square feet of flexible meeting space and a restaurant and lounge. Managed by Marriott for Leisure Sports Inc. and R.D. Olsen, the property is a world-class hotel, sports and fitness concept that caters to both business and leisure travelers. The fitness center features a 12,000-square-foot fitness area, an outdoor aquatic area with two swimming pools and a splash ‘n play area for children, a whirlpool and a garden patio area for dining or special events.

July 16, 2008

Multifamily Western

200-UNIT MULTIFAMILY COMMUNITY SELLS FOR $16.9 MILLION

by admin July 16, 2008

VANCOUVER, WASH. — Vancouver-based HIRE I – Arnada Pointe (220) LLC has acquired Polo Club, a 200-unit multifamily community in Vancouver, for $16.9 million. Located at 4820 NE Hazel Dell Ave., the 193,404-square-foot apartment community features a mix of one-, two- and three-bedroom units averaging 967 square feet. The community also features a pool, a fitness center, a basketball court, a playground and additional storage. The units feature washers/dryers, fireplaces, patios/balconies and vaulted ceilings. At the time of acquisition, the property was 95 percent occupied. Phil Oester of Hendricks & Partners’ Portland, Ore., office represented the seller, Portland-based The Polo Club LLC, in the transaction.

July 16, 2008

Office Western

THOMPSON NATIONAL PROPERTIES ACQUIRES OFFICE/RESTAURANT BUILDING

by admin July 16, 2008

July 16, 2008

Retail Western

REGENCY CENTERS BREAKS GROUND ON RETAIL CENTER REDEVELOPMENT

by admin July 15, 2008

BREA, CALIF. — Regency Centers is breaking ground for the redevelopment of Brea Marketplace, a 351,982-square-foot shopping center located at 835 E. Birch St. in Brea. The two-phase redevelopment plan includes a new façade, tile roof, landscaping, new signage, site work, lighting and re-surfacing the parking areas. Currently, the center features a 37,000-square-foot 24-Hour Fitness, Beverages and More, Fidelity Investments, and a variety of restaurants and service businesses. A 20,331-square-foot Circuit City is currently under construction, with completion slated for mid-July. The second phase will feature a T.G.I. Friday’s restaurant and the development of an adjacent two-story, 4,000-square-foot office building. Completion is slated for 2009.

July 15, 2008

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