LOWRY, COLO. — Stanisz Development is developing Spruce Street Place, a professional/medical office and retail project in Lowry. Located at the corner of First Avenue and Spruce Street, the 21,268-square-foot building will offer 10,013 square feet of retail space on the ground level and approximately 11,255 square feet of professional office/medical space on the second floor. Additionally, a second phase of construction will include a freestanding 4,000 to 8,000-square-foot building, which will be located at the corner of Ultser Court and East First Avenue. Completion is slated for late summer of this year. Alan Ford Architects provided architectural services for the project. Rick Egitto, Gary Garcia and Megan Maddocks of Crimson Services are marketing the project.
Western
PALM DESERT, CALIF. — Peter Ioannou of Marcus & Millichap’s West Los Angeles office represented the undisclosed buyer in the acquisition of a 37,482-square-foot community shopping center in Palm Desert. Built in 1981, the center is located at 73091-73161 Country Club Dr. An undisclosed seller sold the property for $17.75 million.
SANTA MONICA AND LOS ANGELES, CALIF. — Tony Azzi of Marcus & Millichap’s West Los Angeles office represented both parties in the sale and acquisition of a 10-unit multifamily property located in Santa Monica. Located at 827 Third St., the 8,404-square-foot property, which was built in 1958, sold for $3 million. Additionally, Richard Ringer of Marcus & Millichap’s West Los Angeles office represented the seller in the disposition of a 17-unit multifamily property located in Los Angeles. Built in 1987, the 23,376-square-foot property sold for $5.93 million. The property is located at 11513-11515 Rochester Ave. The seller and buyer were not disclosed.
SEAL BEACH, CALIF. — Los Angeles-based Overton Moore Properties has completed the sale of three industrial buildings at Pacific Gateway Business Center in Seal Beach for a total of $38.8 million. Jerry Turpanjian acquired 1709 Apollo Ct.; Affliction Clothing purchased 1779 Apollo Ct; and Magtek, a world electronic transaction technology company, acquired 1710 Apollo Ct. The sold buildings total 240,089 square feet of high-image space. Brian DeRevere, John Schumaker, Ryan Peterson, Jeff Morgan and Bob Goodmanson of CB Richard Ellis are marketing the project.
PASADENA, CALIF. — Los Angeles-based IDS Real Estate Group has completed the $2.8 million renovation and restoration of 80 South Lake Avenue in Pasadena. The eight-story building offers 71,500 square feet of office space. The company restored and upgraded the building to Class A standards by renovating the exterior, the parking structure, building lobby, exterior landscaping, common areas and restrooms. Additionally, IDS rehabbed the interior corridors with architectural photographs collected from the Pasadena Museum of History. Several design firms worked on the project, including Los Angeles-based Wirt Design, Pasadena-based SKA Design and Culver City, Calif.-based LRM Landscape Architecture. Ontario, Calif.-based Jaska Building Systems served as general contractor. The building is currently 95 percent occupied by a variety of tenants such as Wells Fargo Bank, Starbucks Coffee and E-Z Delta.
LANCASTER, CALIF. — Dennis Marciniak and Larry McEwan of DAUM Commercial Real Estate Services represented the seller, Larwin Investment Co., in the disposition of two industrial buildings located at Fox Field Business Park in Lancaster. Burbank, Calif.-based McLain Holdings Group has acquired a 14,659-square-foot industrial facility, which is located at 4516 Runway Dr., for $1.28 million. The company intends to use the property as a storage facility for its media archives. David Young and Chad Gahr of NAI Capital represented the buyer. Additionally, Pacoima, Calif.-based Me Gusta Mexican Food Specialists, a manufacturer of Mexican foods, purchased a 6,448-square-foot industrial property, which is located at 4528 Runway Dr., for $761,000. The company plans to use the facility to manufacture a variety of Mexican foods. Claudia Gil of Guido Gil and Associates represented the buyer in the transaction.
PHOENIX — Phoenix-based ViaWest Properties has completed the sale of an 18,000-square-foot office/industrial building in Phoenix. CAS Real Estate Inc. purchased the property for $2.1 million. Located at 3725 E. Atlanta Ave., the property was purchased by ViaWest in 2006. Ken McQueen of Lee & Associates brokered the transaction.
SANTA FE SPRINGS, CALIF. — Ta Chen International, a Taiwan-based manufacturer/distributor of stainless specialty metal products, has signed a $6 million, 7-year lease for a 92,348-square-foot industrial property located in Santa Fe Springs. Located at 12825 Carmenita Rd., the property has easy access to 5 and 91 freeways. Cameron Driscoll and Luke McDaniel of Voit’s Anaheim, Calif., metro office represented the lessee; Clyde Stauff and Steve Calhoun of Colliers International represented the landlord, Santa Fe Springs-based Golden Springs Development Co., in the transaction.
SAN DIEGO — The Corky McMillin Companies recently broke ground for the development of a 104,397-square-foot Class A office building, which is located within the 360-acre Liberty Station mixed-use project in San Diego. Located on Decatur Road in the Lincoln Station Office District, the three-story Building 902 will feature open floor plates, a two-story lobby and two third-floor balconies with panoramic bay and downtown views. Designed by KMA Architecture & Engineering, the property is expected to achieve LEED certification. Green elements utilized in the project include water efficient fixtures to reduce water usage by 30 percent, fossil filter inserts for storm water quality control, roof slope and finishes to reduce heat island effect, and locally sourced materials to reduce environmental effects of processing and transportation, Additionally, 10 percent of all construction materials will be from recycled sources. Completion is slated for summer 2009. BYCOR General Contractors is overseeing the construction of Building 902. Don Mitchell, Scott Kincaid and Jill Morton of CB Richard Ellis are the exclusive leasing agents for the building.
WILDOMAR, CALIF. — San Clemente, Calif.-based Consolidated Contracting Services Inc. is constructing a 95,000-square-foot facility for Southern California Edison. Located on a 17-acre site in Wildomar, the project will feature a 64,000-square-foot administration building and a 13,000-square-foot garage building with a designated truck repair and wash rack area. Additionally, the project will offer six overhead steel canopies totaling 60,000 square feet of parking and storage space. Other site improvements include a parking lot, site walls, hardscape and artistic landscaping. Designed by Richard Yen & Associates, the project is seeking LEED Gold certification. Green elements include photovoltaic panels on the rooftop of the truck-parking canopy to lower electricity costs. Green Building Services is serving as a green consultant for the project; Hope Engineering is providing structural engineering services; C&C Engineering Inc. is serving as civic engineer; Walsh Engineers is providing electrical and mechanical engineering services; and Sweeny and Associates is serving as landscape architect. Completion is slated for February 2009.