LOS ANGELES — G.A. Gertmenian & Sons, an importer and wholesaler of accent and area rugs, has broken ground for the construction of a 150,000-square-foot corporate headquarters and warehouse at 300 W. Avenue 33 in the Lincoln Heights area of Los Angeles. Whittier, Calif.-based Oltmans Construction Co. has been selected to oversee the design and build project for the development. The project will feature a concrete tilt-up structure and 25,000 square feet of mezzanine office space. HPA of Irvine, Calif., provided architectural services for the project, which is slated for completion in fall 2008.
Western
PERRIS, CALIF. — First Industrial Realty Trust is developing Rider Distribution Center, a 355,067-square-foot warehouse/distribution facility located at 175 E. Rider St. in Perris. Slated for completion in second quarter 2008, the property will be divisible to 100,000 square feet and feature 91 dock-high loading doors, three grade-level doors and a large truck lot. Jeff Givens and Stan Nowak of Coldwell Banker Commercial Almar Real Estate Group are the exclusive leasing agents for the new property.
PHOENIX — Torrance, Calif.-based SC Enterprises has purchased The Art Institute of Phoenix, a four-story building located at 2233 W. Dunlap Ave. in Phoenix, for $22.15 million. Built in 1998, the 92,103-square-foot building is 100 percent occupied by The Art Institute of Phoenix, a subsidiary of Pittsburgh-based Educational Management Corp. Barry Gabel, Mindy Korth and Mark Dancer of CB Richard Ellis’ Phoenix office represented the seller, Lakewood, Colo.-based 2233 Dunlap Associates, in the transaction.
IRVINE, CALIF. — White Road LLC has acquired a 62,587-square-foot manufacturing facility, which is located at 16912 Von Karman Ave. in Irvine, for $10.6 million. The freestanding building features five ground-level entrances, two dock-high doors with 18-foot clearance, 3,000 amp electrical service and a corporate headquarter office component. Prime Tech Cabinets Inc., an interior design and manufacturing company, will occupy the building. Greg Sargenti of Voit Commercial Brokerage’s Anaheim, Calif., office represented the buyer; Ken Ward of CRESA represented the seller, bkm Von Karman Associates, in the transaction.
CASA GRANDE, ARIZ. — Scottsdale, Ariz.-based The Wolff Co. has partnered with Gilbert, Ariz.-based Langley Properties to acquire the Legends, a 6,884-acre land parcel located in Casa Grande, from D.R. Horton Inc. for $70 million. Bounded by Miller Road, Highway 84, Montgomery Road and Russell Road, the property is zoned for 23,050 residential units and 450 acres of commercial buildings, as well as various public uses. The partnership plans to sell parcels to multiple homebuilders for development. Approximately 3,700 lots in phase one are already platted and engineered. The commercial land will be developed or sold.
AURORA, COLO. — Irvine, Calif.-based Lowry Village Apartments LLC – The Bascom Group LLC has purchased Lowry Village, a 450-unit apartment community located at 9913 E. First Ave. in Aurora, for $15 million. Built in 1973, the property consists of nine three-story, interior-hallway buildings offering a mix of 342 one-bedroom units and 108 two-bedroom/two-bath units. The property also features a leasing center, a clubhouse with a fitness center, a heated pool, six laundry facilities and two play areas. Chuck Sweeney of Hendricks & Partners’ Denver office represented the seller, Timberleaf Apartments LLC – Maxx Properties of Mamaroneck, N.Y., in the transaction.
RENTON, WASH. — Paul Sleeth of Colliers International brokered the two-part sale of North Benson Center, which is located in Renton, for a total consideration of approximately $49.7 million. The seller, Petro Benson LLC, contracted to sell the entire property to Trimark Property Group LLC; however, Cincinnatti-based bargain department store Fred Meyer exercised its first right of refusal. The store, which is owned by Kroger Co., was interested in owning the building and land that it occupies at the center – approximately 200,00 square feet. After contracting to acquire the entire center, Fred Meyer contracted to sell a 76,998-square-foot portion to Trimark for $17 million. The two transactions were simultaneously closed.
WEST HOLLYWOOD, CALIF. — Los Angeles-based CIM Group is developing 400,000 square feet of space at The Lot, the former Warner Hollywood Studios on Santa Monica Boulevard in West Hollywood. With construction slated to begin in 2008, the new buildings will vary in size and configuration, including two 150,000-square-foot, six-story office buildings. Designed by HLW Architects, the new project will feature modern features and state-of-the-art systems, as well as complement and reflect the architectural elements of the existing facilities in order to maintain the character of the historic property. Completion is scheduled for year-end 2009 or early 2010.
SAN JOSE, CALIF. — Pedro Arroyo and Vincent Aicale of Arroyo & Coates represented Tully Corners Associates LP in the disposition of Tully Corners Shopping Center, a 115,992-square-foot shopping center located at the corner of Tully and Quimby roads in San Jose, to WR Tully LP, an affiliate of Weingarten Realty Investors, and a private investment group as tenants-in-common. Built in 1988, the center is anchored by a Food Maxx grocery store, and contains national tenants such as Petco, Payless Shoe Source and Party America. The acquisition price was not disclosed.
HENDERSON, NEV. — Developer Anthony Marnell III has unveiled plans to develop M Resort, Spa and Casino, an 11-story resort located within the southern area of Las Vegas Valley in Henderson. The resort will feature 390 rooms and suites, 90,000 square feet of gaming space, and more than 40,000 square feet of meeting and conference space, as well as a variety of amenities, including a 20,000-square-foot spa and multiple restaurants, dining and entertainment options. M Resort, Spa and Casino has partnered with Marnell Corrao Associates on the design and construction of the project, which is slated for completion in spring 2009.