SACRAMENTO, CALIF. — Sundt Construction has broken ground for the construction of Capital Unity Council’s new $15 million unity center, Capital Unity Center in Sacramento. Located at 1619 North St., the three-story, 32,529-square-foot project is designed to be an interactive learning experience that engages visitors with programs and activities that embrace inclusion, honor California’s diversity and motivate people to play an active role in building unity in their communities. Sundt is serving as general contractor for the project; Sacramento-based Paul Menard Associates and Albuquerque, N.M.-based Studio Southwest Architects are providing architectural services.
Western
EDGEWATER, COLO. — Greg Price and Josh Newell of Marcus & Millichap’s Denver office represented Dr. Paul Fishman, a private investor from Denver, in the acquisition of a 5,400-square-foot neighborhood shopping center, which is located at 2255 Sheridan Blvd. in Edgewater. Sheridan Legacy LLC and a Colorado-based limited liability company sold the property for $1.9 million or $351.85 per square foot. Russ Agnew of Marcus & Millichap’s Denver office listed and marketed the property on behalf of the sellers.
SAN DIEGO — San Diego-based Veralliance Properties, through its affiliate DMH Campus Investors, has acquired Neurocrine Biosciences Campus, a two-building campus located at 12780-12790 El Camino Real in San Diego’s Del Mar Heights submarket, for $109 million. The property includes two three-story buildings totaling 220,804 square feet, and a 4.2-acre parcel that is entitled for approximately 93,000 square feet of office space. Additionally, the sale included a 12-year leaseback to Neurocrine Biosciences for the laboratory building at 12780 El Camino Real. The office building is currently available for lease. Neil Fox and Mike Hoeck of Phase 3 Properties represented the seller, Neurocrine, dba Science Park Center LLC, and the buyer in the transaction.
BELLEVUE, WASH. — Michal Makar and Jack Standeford of CB Richard Ellis Capital Markets’ Seattle office have secured $185 million in construction/permanent debt loan financing for Bellevue Place LP. Bellevue Place plans to use the loan to refinance the existing Hyatt Regency Hotel and construct a new hotel tower. Built in 1989, the Hyatt Regency Bellevue consists of a 24-story tower offering 382 rooms; the new tower will add 351 rooms and 36,000 square feet of meeting space to the hotel, which is located in downtown Bellevue. Construction of the new tower is slated for completion in mid-2009. Pacific Life Insurance Co provided the financing.
RENO, NEV. — 800 Stillwell Partners LLC has purchased a 119,300-square-foot industrial building, which is located at 800 Stillwell Rd. in Reno. Bender Warehouse Company sold the property, which was built in 1958, for $3 million. Paul Perkins, Dave Simonsen, J. Michael Hoeck and Dan Oster of NAI Alliance negotiated the transaction. The property is being managed by AMH Properties.
SEATTLE — Transwestern Investment Company, on behalf of Aslan Realty Partners III LLC, has purchased Park Place, a 21-story, 310,000-square-foot office tower located in downtown Seattle. The company plans to implement a significant capital improvement program to upgrade the building’s common areas and systems. Wright Runsted & Co. have been retained to manage the property; Urbis Partners will handle the leasing. The seller and acquisition price were not disclosed.
NORWALK, CALIF. — MVP Carmenita, an affiliate of the Meridian family of companies, has purchased Carmenita Square Business Park, a 105,442-square-foot business park located on Carmenita Road in Norwalk, for $13.75 million. The park consists of three buildings, which offer units ranging in size from 412 to 7,409 square feet. At the time of acquisition, the property was 90 percent occupied. Robert Socci, Louis Tomaselli and Mitch Zehner of Voit Commercial Brokerage’s Anaheim, Calif., office represented the seller, Carmenita Square Business Park LLC, and the buyer in the transaction.
GLENDALE, ARIZ. — BRON-AZ Business Properties LLC has selected McShane Construction Corp. to provide design/build services for Glen Harbor Commerce Park, a master-planned commerce park located at the intersection of North Glen Harbor Boulevard and Northern Avenue in Glendale. The first phase of the project consists of four buildings totaling 86,968 square feet. The buildings will range in size from 14,105 to 37,067 square feet, and will be available to multiple tenants for lease and sale. More than 7.5 acres within the 14.1-arce park will be developed as part of the first phase. Construction has commenced and completion is slated for July. Dickinson Architects is providing architectural services for the project.
PALO ALTO, CALIF. — San Francisco-based Shorenstein Properties has acquired 601 California Avenue, a 111,653-square-foot office building located within Stanford Research Park in Palo Alto. Built in 1998, the two-story, Class A property is currently 100 percent leased to Wilson, Sonsini, Goodrich and Rosati. The property also includes parking for 385 vehicles. Terms of the transaction were not disclosed.
COLORADO SPRINGS, COLO. — Highland Ranch, Colo.-based KCOM Inc. has purchased Value Inn & Suites in Colorado Springs. The 111-room property sold for $4.15 million. Phil McDonald of Marcus & Millichap represented the seller, Colorado Springs-based Value Inn LLP, in the transaction.