LAS VEGAS — Venture Development Group has closed escrow and will develop a 4.25-acre land parcel into 23,600 square feet of retail shops and pads at the Mosaic at West Village in Las Vegas. Located at the intersection of Durango Drive and Post Road within the 700-acre West Village community, the project will feature restaurant and retail space ranging from 1,200 to 17,000 square feet. Dunkin’ Donuts is currently committed to the project, which offers lease rates of $3.50 per square foot or $0.45 NNN. The retail portion of the development is slated to break ground in June, with completion expected in December.
Western
SAN JOSE, CALIF. — Redback Networks, an Ericsson company, has signed a lease for 320,000 square feet of space at Corporate Technology Center in San Jose. The new lease doubles the company’s current holdings in San Jose and will be the R&D center for most of Ericsson’s fixed and mobile Internet infrastructure. Under the new lease, the company will occupy 100 Headquarters Way, 200 Holger Way, 250 Holger Way and 300 Holger Way. The buildings will primarily house Redback employees and a number of employees from Ericsson’s other acquisitions in Silicon Valley, including Entrisphere and Tandberg TV. Jeffrey Rodgers and Jeffrey Ramirez of Cornish & Carey’s Santa Clara, Calif., office represented Redback; The Staubach Company represented Ericsson; and the landlord, CarrAmerica, was self-represented in the transaction.
SAN JOSE, CALIF. — Equity Office Properties has completed the disposition of a 143,000-square-foot industrial facility, which is located at 350 E. Plumeria Dr. in San Jose. Newport Beach, Calif.-based KBS REIT II purchased the property for $35.7 million or $250 per square foot. Constructed in 1986, the 8-acre property underwent a $6 million renovation in 2008. At the time of acquisition, the property was 100 percent leased to NetGear Inc.
CARLSBAD, CALIF. — Santa Monica, Calif.-based Pacific Development Partners LLC has acquired a three-story, 85,000-square-foot mixed-use building, which is located at 1265 Laurel Tree Lane in Carlsbad, for $29.9 million. Developed by Biltmore Holdings, the facility is currently 100 percent leased by 24-Hour Fitness. Bill Barnett, Doug Hogan and Greg Lewis of Burnham Real Estate•ONCOR International represented the buyer in the transaction; the seller, Ascent-Biltmore Carlsbad LLC, was self-represented.
PHOENIX — Triple Net Properties LLC, on behalf of tenants-in-common, has purchased Townley Business Park, a nearly 176,000-square-foot business park located near the intersection of 23rd Avenue and Dunlap Road in Phoenix, for an undisclosed price. The garden-style park features three buildings and a 1.34-arce undeveloped parcel of land. The property is currently 80 percent leased to a variety of national and regional companies specializing in industries such as insurance, healthcare and real estate. The company purchased the park from ICP Real Estate, which was represented by Amr Ceran. Joseph Byers of Commercial Realty Capital arranged the financing, which was provided by PNC Bank.
CHANDLER, ARIZ. — Scottsdale, Ariz.-based Lees Mayfield Associates has broken ground for the construction of Chandler Echelon, a mixed-use business development located along Price Road Corridor in Chandler. The first phase of the project consists of a four-story, 190,000-square-foot office building, which was designed by Tempe, Ariz.-based DFD CornoyerHedrick. Phoenix-based The Weitz Company is acting as general contractor for the first phase. Additional plans for the development include the construction of a second, mirror-image office building; a 110-room Fairfield Inn & Suites; and a 150-room Courtyard, both hotels by Marriott International Inc. Delivery of the first phase is slated for fourth quarter 2008. Lees Mayfield is joined by co-developers REI Investments and White Lodging, both of Indianapolis, and Poe Companies of Louisville, Ky. Financing for the first office building was provided by Regions Bank of Birmingham, Ala.
SEATTLE — Queen Anne Manor LLC has acquired Queen Anne Manor, a 116-unit senior-housing community located at 120 Crockett St. in Seattle, for $17.2 million or $148,275 per unit. The seller, Seattle-based Alpha Care LLC, has owned and operated the property since 1980 as an assisted-living facility. The buyer plans to renovate the property to modernize operations while continuing to manage the building as an assisted-living facility. Josh Blake of Hendricks & Partners’ Seattle office negotiated the transaction.
LOVELAND, COLO. — The Boys & Girls Club of Larimer County and Loveland-based McWhinney are developing a new club facility, which will be located at 2500 E. First St. in southwest Loveland next to New Vision Charter School. The more than $3 million project will offer 20,000 square feet of space that will serve up to 300 children. The facility will feature a gymnasium, two classrooms, a learning center, a computer lab, a kitchen, office and storage space, an open game room, a library, two art rooms, a music room and a teen room. Sinnett Builders is serving as general contractor for the project, which is slated to open in August.
TEMECULA, CALIF. — Rancho Santa Fe, Calif.-based A&M Properties West Inc. has completed the disposition of Temecula Creek Villas, a 180-unit apartment community located at 31220 Samantha Lane in Temecula. A Newport Beach, Calif.-based private investor purchased the property for $36.9 million or $205,000 per unit. Constructed in 2007, the property consists of nine three-story buildings offering a mix of one-, two- and three-bedroom units averaging 1,073 square feet. The community also features detached garages, gated/controlled access, a fitness center, an indoor racquetball court, saunas, and a swimming pool and spa. Paul Runkle of Hendricks & Partners’ Inland Empire office represented the seller; William Battaglia of WB Holdings Inc. represented the buyer in the transaction.
MILPITAS, CALIF. — Westcore Properties LLC, doing business as Westcore Milpitas LLC, has acquired a nine-building industrial portfolio, which is located along Gibralter Drive in Milpitas, from Flextronics International USA Inc. for an undisclosed price. Situated on a 33.5-arce site, the portfolio offers 499,206 square feet of manufacturing space. Flextronics International USA will continue to occupy the buildings under a 10-year lease. Dan Hollingsworth of CPS/CORFAC International represented both parties in the transaction.