RENO, NEV. — Columbus Nova has completed the disposition of a single-tenant, 148,319-square-foot industrial facility in Reno. Built in 1988, the light manufacturing and distribution property is occupied by RR Donnelley, a full-service provider of print and related services. A private investor from Utah purchased the facility for $9.59 million. Aiman Noursoultanova of CB Richard Ellis (CBRE) represented the seller in the transaction.
BURBANK, CALIF. — Buddy’s All Stars, a sport uniform screening and embroidery company, has acquired a 16,350-square-foot industrial building in Burbank. Located at 3216 W. Valhalla Dr., the property sold for $3 million. Mike LaRocque and Brendan Dell of DAUM Commercial Real Estate Services represented the buyer; Dale Pederson represented the seller, The Karalis Family Trust, in the transaction.
SEATTLE — Wrightwood Capital has provided a $7.5 million loan to Myron Lieberman for the acquisition of Campus View Apartments, which is located at 4322 7th Ave. in Seattle. Built in 1986, the five-story, more than 28,000-square-foot student-housing property features 40 two- and three-bedroom units surrounding an open courtyard. The building also offers a central elevator, ample parking and laundry facilities. Myron Lieberman plans to redevelop the building into a luxury student-housing facility. Renovations include the addition of a common outdoor living area with barbeques, lounges and dining areas, and individual unit upgrades, including kitchen and bathroom renovations and new appliances and carpeting. Allison Higgins and Steve Bram of George Smith Partners arranged the financing.
IRVINE, CALIF. — Maguire Properties has sold Main Plaza to Shorenstein Properties LLC for $211 million. The transaction includes nearly $10 million of cash reserves and assumption of approximately $161 million of project-level financing. The sale is subject to the assumption of the existing project financing and customary closing conditions. The transaction is expected to close third quarter 2008. Main Plaza is located in the heart of the airport area submarket of Irvine. It features two 12-story, Class A office buildings and two free-standing buildings totaling approximately 607,000 square feet. “This transaction demonstrates our commitment to our stated objective of disposing of certain Orange County properties to accomplish our balance sheet objectives,” says Nelson C. Rising, president and CEO of Maguire Properties. “We are extremely pleased with the timing and the results of this disposition.”
TUKWILA, WASH. — The Westfield Group has completed the renovation of Westfield Southcenter, a shopping center located in Tukwila. The $240 million renovation featured a three-level, approximately 400,000-square-foot expansion of retail space, which brings the total to 1.7 million square feet. The center is anchored by Nordstrom, JC Penney, Macy’s and Sears. The revitalized center also features a 16-screen, stadium-seating AMC cinema and more than 75 new specialty shops, including a flagship H&M, Gilly Hicks and a Borders® concept store. Additionally, the center offers a restaurant promenade that features five new signature restaurants.
PORTLAND, ORE. — InterContinental Hotels Group has opened Crowne Plaza Portland-Downtown, which is located at 1441 NE 2nd Ave. in Portland. The hotel is in the final stages of a $3 million conversion from a Holiday Inn. Renovations include a new lobby, new exterior paint, new furniture throughout the hotel, upgraded mattresses in the guestrooms and an upgraded bathroom package. The 10-story, 241-room hotel features a state-of-the-art fitness center, complimentary wireless high-speed Internet access, an indoor pool, a business center and complimentary airport shuttle, as well as a restaurant and lounge. The property is managed by Hollander Investments, under a license agreement with a company in the InterContinental Hotels Group.
SEATTLE — Allstate Real Estate Investment Group, through its commercial mortgage division, has provided a $28.65 million loan for the refinancing of Northgate North Shopping Center in Seattle. The borrower, Inland Western Retail Real Estate Trust Inc., acquired the 303,255-square-foot property in 2004. Currently the center is 97 percent leased and anchored by Target, Best Buy and Ross Dress For Less. Joel Simmons of Cohen Financial arranged the financing on behalf of Allstate.
NATIONAL CITY, CALIF. — Vancouver, Canada-based Amir Khalili has purchased a 68,084-square-foot shopping center, which is located at the intersection of Euclid Avenue and East Plaza Boulevard in National City. Tiburon, Calif.-based National Properties VII LLC sold the property for $15 million. At the time of acquisition, the property was 100 percent occupied by Ralphs, Walgreens, Blockbuster Video and Firestone Tires. Edward Hanley of Hanley Investment Group Real Estate Advisors represented both parties in the transaction.
SAN DIEGO — Metzler North America has acquired Paseo Del Mar in San Diego for $147.9 million. The three-building complex offers 232,435 square feet of Class A office space. Located at 12255 El Camino Real, the complex features Class A interior finishes, lockers, shower facilities and one level of below-grade executive parking. Lynn LaChappelle, Bob Prendergast, John Nesbitt and Ryan Dunigan of Jones Lang LaSalle represented the seller, KBS Realty Advisors, in the transaction.
SANTA ANA, CALIF. — Heery International, serving as construction manager at risk, has completed the topping out of the Fourth Appellate District, Division Three State Court of Appeal facility in Santa Ana. The more than $24 million project is slated for completion in May 2009. Designed by Carrier Johnson, the three-story, 52,000-square-foot facility will house the appellate courtroom, judges’ chambers and administrative offices. Located on West Santa Ana Boulevard, the building is situated in the heart of the civic district, which includes city hall and the Ronald Reagan Federal Building and Courthouse. This is the first new construction to be handled exclusively by the Administrative Office of the Courts.