Western

TAUBMAN, MGM MIRAGE TO DEVELOP 1 MILLION-SQUARE-FOOT RETAIL PORTION AT M RE

by admin May 21, 2008

HENDERSON, NEV. — Taubman Centers Inc. has partnered with M Resort, Spa and Casino and MGM MIRAGE to develop a 1 million-square-foot retail component as part of the $1 billion M Resort, Spa and Casino development located at the intersection of Las Vegas Boulevard and St. Rose Parkway in Henderson. Owned and developed by Taubman, the retail portion will feature in-line shops, restaurants, theaters and fashion department stores. Construction is slated to start this year or next, with completion scheduled for late 2011 or early 2012.

May 21, 2008

TRANSWESTERN REALTY FINANCE PARTNERS CLOSES $25 MILLION LOAN FOR OFFICE PRO

by admin May 21, 2008

SAN MATEO, CALIF. — Transwestern Realty Finance Partners LLC has closed a $25 million mezzanine loan for San Mateo Executive Park, which is located off Highway 92 between Highway 101 and Interstate 280 in San Mateo. The five-building office park totals 261,000 square feet. Transwestern’s investment was made on behalf of Transwestern Mezzanine Realty Partners III LLC, a fully discretionary investment fund with more than $300 million in capital.

May 21, 2008

Mixed-Use Western

GROUND BREAKS FOR THE NOLEN

by admin May 20, 2008

San Diego ¬— San Diego-based Davies Development & Investments Inc. has broken ground for the development of The Nolen, a mixed-use office development located in downtown San Diego’s Ballpark District. Designed by Fehlman LaBarre Architects Inc., the 13-story project will offer ground-level retail space and office space on the remaining floors. Each office tenant will occupy an entire floor and will have private, password-protected elevator access. Additionally, the top five floors will feature private balconies. The company plans to submit the project for LEED certification. Completion is slated for the first half of 2009. B&G Consultants are providing construction management; PCL is serving as general contractor.

May 20, 2008

Office Western

CORE COMPLETES DURANGO VILLAGE PROFESSIONAL PARK

by admin May 20, 2008

LAS VEGAS — CORE Construction~Nevada has completed the construction of Durango Village, a professional office park located at 6002 S. Durango Dr. in Las Vegas. Developed by Arizona-based SAXA, the project consists of 12 commercial office buildings totaling 91,763 square feet. Tenants can lease or purchase space from 1,200 to 29,000 square feet. Phoenix-based DFD CornoyerHedrick provided architectural services for the project.

May 20, 2008

Mixed-Use Western

TRADEMARK TO DEVELOP 80-ACRE MIXED-USE DEVELOPMENT

by admin May 20, 2008

AVON, COLO. — Fort Worth, Texas-based Trademark Property Company is developing Vail Valley Center, an 80-acre mixed-use development located in Avon. With approximately 4,500 linear feet of Interstate 70 frontage, the property is slated to include a mix of national, regional and local specialized retailers, restaurants, entertainment and other commercial spaces. Additionally, the center will feature multifamily housing, hotels and Class A office product.

May 20, 2008

Office Western

SUN LIFE FINANCIAL PURCHASES 28,517 SQUARE FEET OF OFFICE SPACE

by admin May 20, 2008

SALT LAKE CITY — The U.S. division of Sun Life Financial has acquired 28,517 square feet of space at a 13-story, 160,097-square-foot office tower located in downtown Salt Lake City. Sun Life now owns the entire building, which is located at 185 S. State St. At the time of acquisition, the property was 73 percent occupied. William Barres provided Sun Life’s in-house representation for the transaction. The acquisition price was not disclosed.

May 20, 2008

Retail Western

TWO-BUILDING RETAIL PROPERTY SELLS FOR $3.85 MILLION

by admin May 20, 2008

SANTA MONICA, CALIF. — Blair Chang of Prudential California Realty represented the undisclosed buyer in the acquisition of a two-building retail property, which is located at 2116 Main St. in Santa Monica. The 4,777-square-foot property sold for $3.85 million or $806 per square foot. At the time of acquisition, the property was 100 percent occupied by two tenants: Art Luna Salon and Santa Monica Kennels. Polly Johnson of Sperry Van Ness’ Los Angeles office represented the seller, Santa Clarita, Calif.-based NORSAN LLC, in the transaction.

May 20, 2008

Industrial Western

CBRE COMPLETES DISPOSITION OF 440,538-SQUARE-FOOT INDUSTRIAL CENTER

by admin May 19, 2008

LATHROP, CALIF. — FR/CAL Beta Northwest LLC, a joint venture between First Industrial and CalSTRS, has completed the sale-leaseback disposition of a 440,538-square-foot single-tenant distribution center located within Crossroads Commercial Center at 700 D’Arcy Pkwy. in Lathrop. 700 D’Arcy Parkway Investors LLC, a client advised by UBS Global Real Estate – US, purchased the property for an undisclosed price. Situated on a 28-acre site, the property is 100 percent occupied by JC Penney. Built in 1998, the property was redeveloped for the tenant in 2007 and offers 2 percent office space, 32-foot clear ceiling heights and on-site parking for up to 200 trailers. Andrew Sandquist, Robert Brennan, Jonathan Wolfe and Dave Haggerty of CB Richard Ellis brokered the transaction.

May 19, 2008

Healthcare Western

BASIN STREET PROPERTIES TO BUILD V.A. OUTPATIENT CLINIC

by admin May 19, 2008

SANTA ROSA, CALIF. — Petaluma, Calif.-based Basin Street Properties has signed a 20-year, build-to-suit lease with the U.S. Department of Veteran’s Affairs to construct a two-story office building at Harvest Business Center in Santa Rosa. Located at 3841 Brickway Blvd., the V.A. clinic will occupy 26,000 square feet of the 39,540-square-foot property. The facility will accommodate a total staff of 70 and feature 14 examination rooms, two specialty treatment rooms, a radiology department, and offices that can be converted into treatment rooms.

May 19, 2008

Retail Western

CAPMARK FINANCE ORIGINATES $55 MILLION LOAN FOR RETAIL CENTER

by admin May 19, 2008

CHULA VISTA, CALIF. — Capmark Finance Inc. has originated $55 million in interim financing for Village Walk at Eastlake in Chula Vista. Situated on a 13.24-acre site at the corner of Otay Lakes Road and Eastlake Parkway, the 157,710-square-foot retail center is anchored by Trader Joe’s, Borders Books & Music, Pier 1 Imports, Petco and Henry’s Market. Michael Dobbins of Capmark Finance’s San Diego office arranged the financing for the borrower, VWE LLC.

May 19, 2008

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