GARDENA, CALIF. — Roland Products, a distributor of European cookware, bedding and appliances, has purchased a 40,032-square-foot industrial building in Gardena. The company plans to use 27,786 square feet of the building for warehousing and housing its sales force; the balance will be occupied by Clover Specialists. The property is located at 1700-1702 El Segundo Blvd. Joshua May of Grubb & Ellis’ South Bay office represented the buyer; Rudy Lara of Daum Commercial represented the seller, Gardena-based David Yi, in the $5.5 million transaction.
What area is your expertise? Phoenix metropolitan area — office What trends do you see presently in office development in your area? Deliveries of office buildings have slowed for the first time in several years. During first quarter 2008, only 66 buildings were delivered compared to 110 buildings second quarter 2007. However, there is still more than 6.8 million square feet under construction. Who are the active office developers in your area? Opus West, ALTER Group, Lincoln Properties, RYAN Companies, McShane Construction, DMB Associates and Higgins Development Partners. Please name one or two significant office developments in your area. What impact will these projects have on the market? Opus Pima Center — Scottsdale has virtually run out of land for new development. Therefore, developers chose to negotiate 65-year ground leases with the Native Americans to develop on their land. This project is part of a master development totaling over 3.5 million square feet of office, industrial, and retail. The project is a 209-acre, mixed-use business park located along the Loop 101 Freeway (major Valley freeway) at the Via De Ventura / Pima/90th Street interchanges in Scottsdale. The underlying land owner is the Salt River Pima-Maricopa Indian Community. The master developer …
CARDIFF BY THE SEA, CALIF. — Property West has purchased Cardiff by the Sea Apartment Homes, a 300-unit multifamily community located at 2170 Carol View Dr. in Cardiff by the Sea, for $71 million. Situated on a 21.86-acre site, the 284,360-square-foot property offers one-, two- and three-bedroom units ranging in size from 700 to 1,160 square feet. Additionally, the community features two swimming pools, three spas, two tennis courts and a fitness center. Ed Rosen, John Chu and Alejandro Lombrozo of Cushman & Wakefield represented the buyer and the seller, Essex Property Trust, in the transaction.
RENO, NEV. — United Construction Co. has completed the construction of the Nevada Air National Guard Air Intelligence Exploitation Facility in Reno. The $14 million facility is located at 1776 National Guard Way at the Reno Tahoe International Airport. First of its kind, the building will serve as a prototype for all future Sensitive Compartmentalized Intelligence Facilities (SCIF) for the Armed Forces. Partners of the two-story, 39,127-square-foot project included Sheehan Van Woert Bigotti, Gardner Engineering, Nelson Electric, Delta Fire, CFA and Ferrari Shields.
LA CANADA FLINTRIDGE, CALIF. — La Canada Properties and Mattix Development Partners are redeveloping La Cañada-Flintridge Town Center in La Canada Flintridge. A 45,000-square-foot Sports Chalet is the first store to open for business at the property, which is located at Foothill Boulevard and Angelus Crest Highway. The 11-acre site features 144,000 square feet of development, including two major retail tenants, five shop buildings, a freestanding parking structure and the existing Sports Chalet corporate office building. A collaborative effort between Long Beach, Calif.-based Perkowitz+Ruth Architects and Studio One Eleven, the revitalized center will also feature a new infrastructure and a public park. Other tenants will open as respective tenant improvements are completed.
PASADENA, CALIF. — Rexford Industrial LLC has acquired RIF IV – San Gabriel LLC, a 31,546-square-foot, multi-tenant light industrial property located at 89-91 N. San Gabriel Blvd., 2670-2674 Walnut St. and 2675 Nina St. in Pasadena. The property consists of five single-story buildings and one two-story facility and offers 10 to 18-foot clear heights, four ground-level loading doors and a loading dock with two loading positions. The facility is currently 30 percent occupied by Schlanser Glass and The Plant Peddler. Eugene Sun of Region One Realty represented the buyer and the seller, Tsan Kuenn U.S.A. Inc., in the $4.7 million transaction.
IRVINE, CALIF. — San Diego-based Western Financial Planning Corp. has purchased a two-story office building for $3.7 million. Located at 9861 Irvine Center Dr. in Irvine, the 9,900-square-foot property offers 16 private offices, a built-in kitchen with bar, stove and cooking area, and signage on Irvine Center Drive. Western Financial plans to use the building to accommodate its growing business. Erik Thompson of DAUM Commercial Real Estate Services represented the buyer; Craig Fitterer and Mark Jerue of Lee & Associates represented the seller, A&L Holdings, in the transaction.
NEWPORT BEACH, CALIF. — GE Real Estate has provided a $63 million, 3-year loan to Koll/PER, a partnership between Newport Beach-based The Koll Company and the Public Employee Retirement System of Idaho. The financing will be used to refinance a nine-property Class B office and industrial portfolio in Arizona, California and Texas. Properties in the 744,851-square-foot portfolio are located in Houston, Dallas, Phoenix, Los Angeles and Orange County, Calif. CS Capital Management Inc. serves as advisor to the Public Employee Retirement System of Idaho.
PUYALLUP, WASH. — Wells Fargo has closed three separate Fannie Mae loans totaling $23 million for the acquisition of Phases I-V of Valley Townhomes in Puyallup. The loans feature a 7-year, interest-only term for the borrower, a Delaware Statutory Trust (DST), which was one of the first DST structures done by Fannie Mae. Valley Townhomes features 220 townhome units with attached garages, RV garages, playgrounds, ample parking and spacious grounds. Brian Manion of Wells Fargo Multifamily Capital’s Chicago office originated the financing.
DENVER — Randy Lee with Mumford Company’s Dallas office represented Motel 6 and Accor Hospitality in the sale of the Motel 6 in Denver. The 5-story, 138-room hotel is slated to undergo a refurbishment, which will include re-imaging the hotel’s exterior. The property will continue to operate as a Motel 6 under a long-term license agreement. The buyer and acquisition price were not disclosed.