PASO ROBLES, CALIF. — Regency Centers is developing Golden Hills Plaza, a 291,612-square-foot retail center in Paso Robles. Located at Highway 46 and Golden Hills Road, the center will feature a 169,112-square-foot Lowe’s Home Improvement Warehouse and a 25,000-square-foot Bed, Bath & Beyond. The center will also feature sustainable design in conjunction with the company’s greengenuityTM program.
VISTA, CALIF. — Steve Huffman of Hendricks & Partners’ San Diego office has brokered two separate multifamily complex sales in Vista. In the first transaction, Encinitas, Calif.-based Las Terrazas Apartment Homes LP acquired Las Terrazas, an 82-unit apartment complex located at 1440 Oak Dr., for $9.74 million. Beverly Hills, Calif.-based KW/WDC Vista LLC sold the property. The property offers a variety of one- and two-bedroom floorplans ranging in size from 757 to 984 square feet. In the second transaction, KW/WDC Vista LLC sold Bougainvillea, an 82-unit multifamily property located at 1466 Bonair Rd., for $10.51 million. Built in 1977, the property offers 900-square-foot two-bedroom/one-and-one-half bathroom floorplans. The buyer was Encinitas-based Bougainvillea Apartment Homes LP.
FRESNO, CALIF. — Titan Real Estate Investment Group has purchased a two-building industrial warehouse facility for $5.1 million. The property, which is located at 2676 and 2686 S. Maple Ave. in Fresno, offers 150,000 square feet of space. The seller was GAF Materials Corp.
COMMERCE, CALIF. — Valassis Direct Mall Inc., a national marketing services company, has signed a 10-year lease to occupy a 235,000-square-foot distribution/manufacturing facility in Commerce. Located at 5500 Olympia Blvd., the property offers 36,538 square feet of office space and direct access to 5, 710, 60 and 10 freeways. Greg Dyer and Tres Reid of CB Richard Ellis’ Torrance, Calif., office represented the lessee; Jeff Stephens, John Privett and Cameron Merrill of CB Richard Ellis’s Commerce office represented the landlord, East Los Angeles, Calif.-based TELACU Industries, in the transaction.
What area is your expertise? Seattle, Washington What trends do you see presently in office development in your area? There are currently 13 office projects of 100,000 square feet or larger under construction in the Greater Seattle Office Market comprising approximately 3.7 million square feet. Who are the active office developers in your area? Daniels Development Company, Vulcan Real Estate, Schnitzer West, Touchstone, Opus Northwest and Martin Selig Real Estate. Please name one or two significant office developments in your area. What impact will these projects have on the market? 818 Stewart Building — Developed by Schnitzer West is due for delivery third quarter 2008. This is the first new Class A construction to be completed in the Courthouse district area of Seattle’s Central Business District (CBD). Fifth & Columbia — Developed by Daniels Development, it will become a key part of Seattle’s established financial district when it is completed in late 2010. Where is the majority of development taking place? Why is this area doing well? Much of the new construction in Seattle is occurring in the North CBD and South Lake Union areas. The North CBD houses the new federal courthouse and South Lake Union will be home …
AVON, COLO. — Dallas-based JMJ Holdings has completed the development of The Gates Residences, which is located at the entry to Beaver Creek Resort in Avon. The property features 49 luxury condominiums and various upscale amenities, including private drivers, an on-site concierge, ski valet, heated indoor pool and outdoor therapy pools, steam rooms and daily continental breakfast. Additionally, the property offers a private lounge with a fully equipped bar, library and meeting room, a state-of-the-art fitness facility, underground parking and an outdoor gathering deck, which overlooks Beaver Creek. The Gates Residences offers two-, three- and four-bedroom residences and penthouses ranging in price from $975,000 to $2.435 million. CFC Construction served as general contractor. Western Seasons Management Company is providing on-site management for the property.
PIERCE COUNTY, WASH. — IKEA has opened its 646,000-square-foot distribution center in Pierce County. Located within Frederickson Industrial Area, the facility is the first phase of a project that will eventually expand to more than 1 million square feet. The center will primarily serve IKEA stores in the northwest region, including four in western Canada and three in the United States (Renton, Wash., Portland, Ore. and Draper, Utah). When fully utilized, the center will employ approximately 125 employees and provide tax revenue for local governments and schools.
PHOENIX — Macerich, in partnership with DMB, has unveiled plans to develop Palisene, a retail center in northeast Phoenix. Located at the Scottsdale Road intersection, the 1 million-square-foot center will feature a retractable roof. Dillard’s has signed on to be one of four anchors of the project, which is slated for completion in 2011-2012.
PORTLAND, ORE. — Commercial Defeasance LLC has recently facilitated a $63 million defeasance transaction for ScanlanKemperBard Companies, a Portland-based private equity firm. The defeasance enabled ScanlanKemperBard to sell three of its Portland properties: The Mohawk Building, Jackson Tower and American Bank Building. LaeRoc Partners Inc. acquired the properties for an undisclosed price.
HENDERSON, NEV. — CORE Construction—Nevada has completed the construction of Nevada State College’s first permanent facility. Located at 1021 E. Paradise Hills Dr., the two-story, 42,000-square-foot building features laboratories and multiple classrooms. Originally planned as the school’s liberal arts building, the facility will now serve as a general education and student services building. CORE was contracted by Nevada State Public Works Board to construct the $13.3 million project. Carpenter Sellers Architects was the architect of record for the project.
