LAS VEGAS — Las Vegas Sands has entered into an agreement with Starwood Hotels & Resorts Worldwide Inc. to develop The St. Regis Residences at the Venetian Palazzo in Las Vegas. Currently under construction between Las Vegas Sands’ Palazzo and Venetian resorts on the Las Vegas strip, the property will feature 398 luxury residences, ranging in size from 1,700 to more than 10,000 square feet for a duplex villa with private pool. Additionally, the property will offer the Signature St. Regis Butler service, custom tailored experiences and luxury accommodations. Completion is slated for March 2010.
Western
PALM DESERT, CALIF. — Passco Companies Development has closed escrow on Washington Square, a 50,000-square-foot retail development center in Palm Desert. Located at Washington Street and Market Place, the 6-acre development is currently anchored by a 17,000-square-foot Rite Aid. With all other site work throughout the project complete, Passco is able to build out to ground lease five additional pad sites. The purchase price for the land, site improvements and Rite Aid structure was $12.5 million. Bank of the West provided an A&D loan totaling approximately $11.5 million for the acquisition. Paul Bitoni of Marcus & Millichap Investment Brokerage represented both parties in the transaction. The seller was not disclosed.
MORENO VALLEY RANCH, CALIF. — Lone Tree, Colo.-based SecurCare has purchased Self Storage Depot in Moreno Valley Ranch for $7.55 million. The 117,000-square-foot property is divided into 850 units. The seller was Corona, Calif.-based Moving & Self Storage Depot LLC. Stephen Grossman of Lee & Associates-Newport Beach Inc. represented the seller; the buyer was represented in-house.
SANTA ANA, CALIF. — Pacific Foods Distribution has purchased a 28,510-square-foot industrial property, which is located at 3431 W. Carriage Dr. in Santa Ana, for $4.9 million. Situated on a 1.9-acre site, the two-story facility features 6,000 square feet of high-image executive office space, five dock-high positions and access to the 55 and 405 freeways. Andy Friedman of Industrial Properties represented the buyer; Chris Migliori of DAUM Commercial Real Estate Services represented the seller, Mehrdad Safari, in the transaction.
SPARKS, NEV. — A San Juan Capistrano, Calif.-based private investor has purchased Sparks Plaza, an approximately 17,400-square-foot office flex building in Sparks. The fully leased, three-tenant property is located at 780 Vista Blvd. The transaction was valued at $3.92 million with a 6.8 percent CAP rate. Aiman Noursoultanova of CB Richard Ellis represented the seller, J.B. Company LLC, in the transaction.
What area is your expertise? The greater Salt Lake City area and Utah. What trends do you see presently in retail development in your area? After a record year in 2007, with absorption of over 1.9 million square feet of retail space, this year is expected to slow down somewhat due to the pullback by many retailers nationwide and the tightening of the financial markets. Existing centers will remain strong and should not experience any significant increase in vacancy or decrease in lease rate. What type of retail product is doing well in your area? Grocery-anchored centers are still very strong mainly because the support types tenants are still expanding and our market remains one of the strongest in the country. What retailers are new to your area? The Cheesecake Factory, Whole Foods Market, Ulta, Sunflower Market, El Pollo Loco, Shari’s Restaurant, Corner Bakery, Red Mango, Stage Stores, Egg & I, and In & Out Burger. Who are the active retail developers in your area? The Boyer Company, The Woodbury Corporation, Amsource Development, Four Square Development and Taubman. Please name one or two significant retail developments in your area. What impact will these projects have on the market? The City …
THOUSAND OAKS, CALIF. — NewMark Merrill Cos. has broken ground for the development of Thousand Oaks Marketplace, a 155,000-square-foot project in Thousand Oaks. The $40 million project will feature a 125-room Hampton Inn Suites Hotel, a 13,000-square-foot Walgreens Pharmacy and 74,477 square feet of retail space with 10 to 15 stores. The development is situated on a 12-acre site at the corner of Ventu Parkway and Hillcrest Road. Wells Fargo Merchant Bank is providing financing for the project, while McKentley-Malak Architects is providing architectural services. HMH Contractors is serving as general contractor.
AURORA, COLO. — Forest City Science + Technology Group, a division of Forest City Enterprises Inc., has broken ground for the construction of Colorado Science + Technology Park at Fitzsimons in Aurora. Initial plans include the development of Forest City’s first life science building, which will accommodate the growth of the region’s existing life science industry as well as existing incubator tenants on site. Additionally, the site will feature a Hyatt Place hotel and conference facility, and an approximately 175,000-square-foot office building for University Physicians Inc. At full development, the 578-acre project is projected to generate statewide totals of $11.5 billion in economic production, $4.3 billion in annual personal income and nearly 100,000 jobs. The Colorado Science + Technology Park at Fitzsimons, which is located near Interstate 225 and Colfax, is a 184-acre medical and research.
BROOMFIELD, COLO. — Regency Centers is developing Shops at Quail Creek, a shopping center located at West 136th Ave. and Zuni St. in Broomfield. The center will feature approximately 152,000-square-foot of upscale retailers, banks and restaurants, including a 100,870-square-foot King Soopers. Additionally, the project will feature town center aesthetics, including pedestrian-friendly crosswalks, large sidewalks, distinctive architectural storefronts, large outdoor gathering areas and connectivity to a city-adopted regional trail. Ground broke this month with completion slated for April 2009.
PHOENIX — Dublin, Calif.-based Granite Capital Investments Inc. has acquired V3 Corporate Center, a 40,026-square-foot office building, for $10.5 million. Located at 1048 N. 44th St. in Phoenix, the Class A building is currently 100 percent occupied by V3 Landmark Engineering, Meridian West Development, Pinnacle Design and Blockbuster Video. Built in 2006, the property features flat screen televisions in the restrooms, an on-site fitness facility and a large rooftop bar/patio. Phoenix-based Meridian West HQ LLC was the developer/seller. Eric Wichterman and Ann Sondrol of Grubb & Ellis|BRE Commercial, along with Steve Kohls of Lee & Associates, represented both parties in the transaction.