Western

RESEARCH CORPORATE CENTER SELLS FOR $7.7 MILLION

by admin May 27, 2008

TEMPE, ARIZ. — El Segundo, Calif.-based Tempe Investment Associates LLC, a Titan Real Estate Investment Company, has completed the disposition of Research Corporate Center in Tempe. Located at 2085 E. Technology Dr., the three-story, 45,238-square-foot office building sold for $7.7 million. The buyer was an undisclosed party out of California. Built in 1989, the center was 100 percent leased at the time of acquisition. The largest tenant is Cytec Engineering Materials Inc., a global specialty chemicals and materials company. Barry Gabel, Mindy Korth and Mark Dancer of CB Richard Ellis’ (CBRE) Phoenix office, along with Kevin Shannon and Ken White of CBRE’s South Bay, Calif., office, represented the seller in the transaction.

May 27, 2008

GRUBB & ELLIS|BRE BROKERS $3.9 MILLION INDUSTRIAL PROPERTY SALE

by admin May 27, 2008

SAN DIEGO — LDF LLC, a manufacturing company, has acquired a 23,568-square-foot industrial building for $3.9 million. Innovative Oil & Gas Development & Trading sold the property, which is located at 8710 Avenida de la Fuente in San Diego’s Otay Mesa area. Allen Evans of CB Richard Ellis represented the buyer; Robert Mooney of Grubb & Ellis|BRE Commercial represented the seller in the transaction.

May 27, 2008

Multifamily Western

49-UNIT APARTMENT COMPLEX TRADES HANDS FOR $2.3 MILLION

by admin May 27, 2008

ALBUQUERQUE, N.M. — Philadelphia-based NWJ Albuquerque Investment Fund II LLC has purchased Theta Apartments, a 49-unit apartment community located in Albuquerque, for $2.3 million. Built in 1972, the five-building community consists of 48 two-bedroom/two-bath units and one one-bedroom/one-bath manager’s unit. At the time of acquisition, the property was 97 percent occupied. Kunal Chothani of Investment Property Advisors represented the buyer; Pat Frerkes of Sperry Van Ness/Pat Frerkes Investments LLC represented the seller, Littleton, Colo.-based SIDMAR LLC, in the transaction.

May 27, 2008

Industrial Western

STIRLING CAPITAL COMPLETES 296,490-SQUARE-FOOT INDUSTRIAL BUILDING

by admin May 23, 2008

VICTORVILLE, CALIF. — Stirling Capital Investments has completed its fourth industrial building at the Southern California Logistics Centre (SCLC) in Victorville. The center, known as Distribution Centre 13A, consists of 296,490 square feet of industrial space. Located on a 17-acre site, the cross-docked facility features 32-foot clear height ceilings, ESFR sprinklers, 112 dock high loading doors, 147 truck trailer parking spaces and 164 automobile parking spaces along with a 185-foot concrete truck yard. Additionally, the building was designed for LEED certification and includes skylights and energy efficient lighting. The building is part of the 6.5 million-square-foot first phase of SCLC. Jay Dick, Darla Longo and Mark Latimer of CB Richard Ellis are marketing the facility.

May 23, 2008

Office Western

BRISTOL PARK MEDICAL PLAZA SELLS FOR $13 MILLION

by admin May 23, 2008

IRVINE, CALIF. — Irvine-based Sanderson J Ray has purchased Bristol Park Medical Plaza in Irvine for $13 million or $458 per square foot. Located at 250 E. Yale Loop, the 28,365-square-foot property is fully occupied by five tenants, including Bristol Park Medical and Irvine Diagnostics Center. Dennis Vaccaro of Faris Lee Investments represented the buyer and the seller, Orange County, Calif.-based Yorba Hawthorne LLC, in the transaction.

May 23, 2008

Retail Western

DANOSKI CLUTTS TO BUILD SECOND PHASE OF DESERT MARKETPLACE

by admin May 23, 2008

LAS VEGAS — Las Vegas-based Danoski Clutts Building Group has been selected to build the second phase of Desert Marketplace in Las Vegas. Located at Warm Springs and Durango, the project includes ground-up construction for 107,000 square feet of retail space. Tenants of the project will include TJ Maxx, Big 5 Sporting Goods, Petco and other major retailers. With completion slated for October, the project will feature steel, wood and masonry structures.

May 23, 2008

Office Western

CONSTRUCTION COMPLETE FOR 57,000-SQUARE-FOOT OFFICE CAMPUS

by admin May 23, 2008

SAN DIEGO — Soledad Development Group has completed the developed of Highland Skypark, a 57,000-square-foot office campus located along Ruffin Road in San Diego. Designed by Smith Consulting Architects, the $5 million project features five office buildings ranging in size from 4,765 to 20,060 square feet. Planning & Engineering served as civil engineer; Ridge Landscape Architects provided landscape architectural services; Prime Structural engineers served as structural engineer; DEC Engineers provided mechanical engineer services; MPE Consulting served as electrical engineer and TSA Contracting Inc. served as general contractor.

May 23, 2008

Mixed-Use Western

AFFORDABLE HOUSING ACQUIRES SITE FOR 23-STORY MIXED-USE PROJECT

by admin May 23, 2008

SAN DIEGO — Affordable Housing has acquired a 20,000-square-foot property, which is located at 1050 B St. in San Diego, for an undisclosed price. The company plans to develop Ten Fifty B, a 23-story mixed-use project, on the site. The project will feature 229 studio, one-, two- and three-bedroom apartments and approximately 14,000 square feet of retail space. Completion is slated for spring 2010. The seller, The Smiedt Children’s Trust and the Josephson Children’s Trust, received a combination of cash and retail space in the transaction. Timothy Winslow and Jason Kimmel of Grubb & Ellis|BRE Commercial represented the seller; the buyer was self-represented.

May 23, 2008

Market Reports Oregon Western Market Reports

We expect demand to continue for big box distribution space.

by admin May 23, 2008

What area is your expertise? Sales and leasing of industrial and commercial property in Portland, Oregon. What trends do you see presently in industrial development in your area? Industrial development continues to be fairly strong, provided land can be found to be developed. Overall, within the Portland Metropolitan Area industrial land supply is short on top-quality sites. Consequently, secondary and redevelopment sites, though limited in supply, continue to be the choices available to development firms. What type of industrial product is doing well in your area? There are two types that seem to be doing fairly well. One is 40,000 to 50,000 square foot and larger spaces for warehouse/distribution use in newer developments that are located along major freeways with easy access. The others are 5,000 to 20,000 square foot spaces for local or semi-regional companies with a need for corporate headquarters, assembly manufacturing and/or warehousing. Who are the active industrial developers in your area? Locally, firms such as Specht Development, Pacific NW Properties, PacTrust Development; national companies such as Opus, Prologis, Birtcher and Trammel Crow continue to be very active in our area. Please name one or two significant industrial developments in your area. What impact will these projects …

May 23, 2008

California Market Reports Western Market Reports

Urban infill in high demand.

by admin May 22, 2008

What area is your expertise? Generally speaking, my expertise is in multi-tenant retail centers with a mixed-use component as well as traditional grocery anchored centers. The areas that I cover are Los Angeles and Orange County, Calif. What trends do you see presently in retail development in your area? Since land costs have risen so dramatically, the general trend that we have seen is for more vertical development with a mixed-use component. What type of retail product is doing well in your area? Urban infill projects are doing very well. The tenants are not being aggressive like they were over the last few years so the focus has moved back to the urban infill locations. What retailers are new to your area? Clearly Tesco has made a big splash in our market, which has affected the plans of many of their competitors with regards to expansion. While we hear their expansion has stalled, we still believe that it is too early to tell how their entrance in the market will affect the grocery business. Who are the active retail developers in your area? There are many, but it’s very fragmented. Caruso, and CIM are some of the bigger players but …

May 22, 2008

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