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 …
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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.
TUCSON, ARIZ. — Allied Trading and Transacting Corp. has purchased Old Spanish Trail Marketplace, which is located at 9560-9660 E. 22nd St. in Tucson. Brown Tucson LLC sold the 140,652-square-foot retail power center for $33.1 million. Jan Fincham and Patrick Dempsey of Lee & Associates Arizona brokered the transaction.
BATTLE GROUND, WASH. — The Gold Medal Group is developing Battle Ground Village, a 21-acre, 140,000-square-foot mixed-use retail project in Battle Ground. Located at 199th Street and Commerce Avenue, the $60 million development will feature a mixture of small and large retail stores, professional offices, restaurants and cafes. Designed by Myhre Group Architects to resemble a small European village, the center also features a 13,000-square-foot library, a seasonal farmers market, a central park pavilion, an urban trail system surrounding the development and a children’s nature park. The village is part of the master-planned Battle Ground Center, a 108-acre, mixed-use community that includes Battle Ground Village, the 38-acre Battle Ground Corporate Center, the Commerce East Industrial Park and Sixth Street Station, a community of 167 single-family homes.