Western

OPUS WEST CORP. RECEIVES APPROVAL FOR OFFICE PROJECT

by admin November 21, 2008

ROCKLIN, CALIF. — Phoenix-based Opus West Corp. has received approval from the city of Rocklin to develop a 20-acre speculative Class A office project within the 3,500-acre Stanford Ranch master-planned community. The project, Opus Point Stanford Ranch, will consist of three buildings totaling 360,000 square feet. Designed as a steel frame structure with floor-to-ceiling glass, the project will seek LEED Silver certification. Stanford Ranch is located at the intersection of Highway 65 and Interstate 80 in the South Placer County foothills.

November 21, 2008

$600 MILLION MEDICAL CENTER OPENS

by admin November 21, 2008

LOS ANGELES — Los Angeles County + USC Medical Center (LAC+USC) has completed the development of its new 1.5 million-square-foot facility. The more than $600 million medical center includes a seven-story clinic tower, an eight-story inpatient tower, a five-story diagnostic and treatment center and a central energy plant. The 334,000-square-foot clinic tower houses outpatient services, including radiation oncology, pediatrics, dental and orthopedics. The 681,000-square-foot, 600-bed inpatient tower encompasses intensive and acute care units, obstetrics and pediatrics. Additionally, the inpatient tower houses general administration offices, women’s services and a pharmacy. The 430,000-square-foot diagnostic and treatment building offers diagnostic imaging, radiology, surgery and core lab services. The 60,000-square-foot central plant building houses HVAC equipment, fire/life-safety systems, cooling towers, emergency generators, MEP systems and communication systems. McCarthy-Clark-Hunt served as general contractor for the project, which was designed by Los Angeles-based HOK Architects and Santa Monica, Calif.-based LBL Architects.

November 21, 2008

Seniors Housing Western

BOSTON CAPITAL ACQUIRES AFFORDABLE SENIOR-LIVING PROJECT

by admin November 21, 2008

PHOENIX — Boston-based Boston Capital has invested in Amber Pointe Apartments, a to-be-built, affordable senior-living project in Phoenix. Located south of downtown Phoenix, the property will feature 32 one-bedroom/one-bath units and 24 two-bedroom/two-bath garden-style units in a three-story building. The units are restricted to residents aged 62 or older with incomes at or below 40 and 50 percent of the area median income. The community will feature a community center, a computer room, laundry facilities and an intercom entry system. Boston Capital provided the tax credit equity for the development; Boston Capital Finance provided a $7 million construction loan and $1.1 million permanent loan. The general partner is Ohio-based NRP Group LLC.

November 21, 2008

Multifamily Western

UPR INVESTMENTS LLC TAKES 24-UNIT MULTIFAMILY PROPERTY

by admin November 21, 2008

FORT COLLINS, COLO. — UPR Investments LLC has acquired a 24-unit multifamily property for approximately $1.1 million. The property is located at 632-636 N. Shields in Fort Collins. Erik Broman and Brian Mannlein of Marcus & Millichap’s Fort Collins office represented the undisclosed seller in the transaction.

November 21, 2008

Multifamily Western

GUARDIAN MANAGEMENT TO ACQUIRE ATHERTON-NEWPORT ASSETS

by admin November 20, 2008

PORTLAND, ORE. — Guardian Management LLC has signed preliminary agreements to acquire the real estate portfolio of Orange County, Calif.-based Atherton-Newport Investments, which filed for Chapter 11 bankruptcy protection in January 2008. The assets include more than 4,000 apartment units located in Las Vegas, Phoenix, Seattle and Miami. Guardian plans to acquire the assets through the implementation of its first strategic investment fund, which was utilized to acquire the Southern California and Arizona offices of Sperry Van Ness. Pacific Northwest-based Avalon Holdings initiated and structured the transaction.

November 20, 2008

Industrial Western

MISSION WEST PROPERTIES JV SELLS TWO R&D PROPERTIES

by admin November 20, 2008

MORGAN HILL, CALIF. — Mission West Properties Inc., through its unconsolidated joint venture, TBI-MWP, has completed the disposition of two research and development assets in Morgan Hill. Selling for $65 million, the properties offer approximately 311,000 square feet of rentable space. Mission West received approximately $16.9 million in cash, its share of the net proceeds, for the transaction. In January 2003, Mission West acquired a 50 percent interest in the joint venture from the Berg Group under the Berg Land Holdings Option Agreement.

November 20, 2008

Retail Western

MACERICH CLOSES $250 MILLION REFINANCING LOAN FOR RETAIL CENTER

by admin November 20, 2008

PORTLAND, ORE. — The Macerich Company has agreed upon a $250 million loan for the refinancing of Washington Square Mall in Portland. The 7-year, fixed-rate loan is slated to close in December 2008 and the interest has been locked at 6 percent. The company’s current $128 million loan for the property is expected to mature in February 2009.

November 20, 2008

Office Western

LEE & ASSOCIATES BROKERS $2.6 MILLION OFFICE TRANSACTION

by admin November 20, 2008

MURRIETA, CALIF. — Tri-Valley Urology Medial Group has purchased an 8,590-square-foot office building in Murrieta for $2.6 million. The property is located at 25495 Medical Center Dr., Suites 204-208. Rob Crisell of Lee & Associates’ Temecula Valley, Calif., office represented the buyer and the seller, Rancho Springs Medical Venture LLC, in the transaction.

November 20, 2008

Retail Western

5,000-SQUARE-FOOT RETAIL CENTER FETCHES $2.5 MILLION

by admin November 20, 2008

LAS VEGAS — Lane Jacobs of Marcus & Millichap’s Las Vegas office represented the undisclosed buyer in the acquisition of a 5,000-square-foot retail strip center in Las Vegas. Located at 3805 E. Flamingo Rd., the two-tenant property sold for $2.5 million. The asset is currently long-term leased to Starbucks Coffee and Moneytree. The seller was not disclosed.

November 20, 2008

Office Western

BOSTON PROPERTIES CLOSES $375 MILLION LOAN FOR FOUR EMBARCADERO CENTER

by admin November 19, 2008

SAN FRANCISCO — Boston Properties Inc. has completed the financing of its Four Embarcadero Center in San Francisco. Terms of the 8-year, $375 million secured loan include a fixed rate of 6.10 percent per annum. A syndicate of insurance companies provided the financing. Located in San Francisco’s North Financial District, 47-story, Class A property offers approximately 937,000 square feet of rentable office space.

November 19, 2008

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