GILBERT, GOODYEAR AND PHOENIX, ARIZ. — Macy’s Inc. has plans to open three Macy’s stores in the Phoenix market within the next 2 years. First to open in April 2009 is a 120,000-square-foot, one-level store at SanTan Village in Gilbert. In fall 2010, a 120,000-square-foot, one-level store is slated to open at Estrella Falls in Goodyear, and a 150,000-square-foot, two-level store is expected to open at CityNorth in the Northeast Valley of Phoenix. Each of the new locations will offer apparel and accessories for the family, as well as select merchandise for the home. The stores will feature an open-air, lifestyle-center design, including a main street entrance configuration and emphasis on natural lighting via skylights and exterior windows. Santa Monica, Calif.-based Macerich is developing SanTan Village and Estrella Falls, while The Related Companies and Thomas K. Klutznick Company are developing CityNorth.
Western
TOLLESON, ARIZ. — Cincinnati-based Victory Medals has acquired a 25,500-square-foot industrial facility, which is located at 525 S. 83rd Ave. in Tolleson, for $2.9 million. The buyer plans to use the property for a metal fabrication unit. Built in 1975, the property features a fully fenced yard with three overhead cranes. Mike Parker of Colliers International represented the buyer; Mark Phillips of Sperry Van Ness’ Phoenix office represented the seller, Irvine, Calif.-based Kerrigan Industries, in the transaction.
What area is your expertise? Sacramento Valley What trends do you see presently in retail development in your area? The retail market is experiencing declining rental rates for the first time in years. Mom and Pop retailers have virtually disappeared and national credit tenants are pulling back on expansion plans, while closing underperforming stores. The strip centers in many areas have been hit the hardest. What type of retail product is doing well in your area? Urban redevelopment projects have been the bright spot in the marketplace, particularly those that have located in underserved markets and filled by quality retail tenants. What retailers are new to your area? Boudin Bakery, The Counter Burger, Chico’s, Cold Water Creek, Orvis, New Balance, Smith & Hawkin, Sur La Table, White House|Black Market, Fresh N Easy, and CVS Pharmacy. Who are the active retail developers in your area? Donohue Schriber, Panattoni Development Co., Capital and Counties Development Group, Granite Bay Ventures, The Evergreen Company, Opus West, Peter Bollinger Investment Group, and Stonehenge Property Group. Please name one or two significant retail developments in your area. What impact will these projects have on the market? Florin Towne Centre — Florin Mall Redevelopment project. NWC of …
MESA, ARIZ. — Chicago-based The Alter Group has broken ground for the construction of the fourth building at its 50-acre Arizona Health & Technology Park in Mesa. Located at 5835 E. Still Circle, the two-story building offers 42,000 square feet of office/biomedical research space. The overall center is an alliance between The Alter Group and the Mesa Campus of A.T. Still University of Health Sciences. CB Richard Ellis facilitated the relationship and serves as the exclusive marketing agent for the property.
RENO, NEV. — The PENTA Building Group has been awarded the contract to construct the $42 million Davidson Mathematics and Science Center at the University of Nevada, Reno. Located on the southeast corner of the campus, the 105,000-square-foot facility will feature a 14,000-square-foot auditorium, a new dean’s office, chemistry and biology laboratories, state-of-the-art classrooms and major site improvements. Designed by Hershenow and Klippenstien, the project is slated for completion in December 2009.
EVERETT, WASH. — Los Angeles-based Covewood Manor LLC has acquired a 62,428-square-foot, Class A industrial building, which is located at 830 and 834 80th St. in Everett, for $8.85 million. At the time of acquisition, the property was fully occupied by triple-net tenants such as Diabold and Tyco. Barry Rothstein of NAI Capital’s Encino, Calif., office represented the buyer; Richard Peterson of NAI Puget Sound Properties represented the seller, Sound Venture Nine LLC, in the transaction.
CLACKAMAS, ORE. — Todd Harding and Blake Hering Jr. of NBS Financial represented both the lender and the borrower on the financing of a $11.3 million loan for two buildings at Clackamas Commons. Located at 12480-82 SE Capps Rd., the buildings total 145,300 square feet. The borrower, Clackamas Commons II LLC, received a 72 percent loan-to-value ratio on a 5-year term, 30-year amortization loan, which was provided by State Farm Bank FSB.
GUNNISON, ORE. — Pennbridge Capital has acquired the Holiday Inn Express Hotel & Suites in Gunnison from Teco Corp. for an undisclosed price. Located on Tomichi Avenue, the hotel, which was built in 2006, offers 84 standard rooms and 23 suites. Josh Lewis of Lee & Associates LA North/Ventura Inc. was the sole broker involved in the transaction and arranged the acquisition on behalf of the buyer.
BURBANK AND OCEANSIDE, CALIF. — Irvine, Calif.-based R.D. Olson Development has completed the disposition of two Southern California hotels to Apple REIT 8 for $80 million. The transaction consists of the five-story, 166-room Marriott Residence Inn located at 321 S. First St. in Burbank, and the four-story, 125-room Marriott Residence located at 3603 Ocean Ranch Blvd. in Oceanside. R.D. Olson recently developed the properties after acquiring the sites in 2005 and 2006.
DENVER — The Dallas office of Holliday Fenoglio Fowler LP (HFF) has arranged a $149.54 million loan for the construction of 1800 Larimer, a 22-story office development in Denver. Westfield Development Partners, the development arm of Denver-based Frederick Ross Co., is developing the 495,998-square-foot, Class AA, Platinum LEED pre-certified tower. Trey Morsbach and Clint Corn of HFF worked exclusively on behalf of Westfield to secure the 42-month, adjustable-rate loan through Wachovia Bank, N.A.