Western

CORE CONSTRUCTION COMPLETES OFFICE BUILDING

by admin August 4, 2008

LAS VEGAS — CORE Construction—Nevada, acting as general contractor, has completed the construction of an office building, which is located at 7150 Cascade Valley Court in Las Vegas, for Fire Mesa Properties LLC. The 12,543-square-foot, single-story professional office building will operate on solar power. The project features various sustainable design elements including natural lighting for every office, recycled insulation from denim jeans, recycled glass floors, a heating/cooling system in certain locations that operates when a sensor detects carbon dioxide, a 125-square-foot area dedicated for recycling, pervious concrete used in the parking areas to recharge groundwater and landscaping created from recycled concrete of the pre-existing sidewalk. CORE provided ground-up, shell construction and tenant improvements for the $3 million project; Carpenter Sellers Architects served as architect of record.

August 4, 2008

MESA EXECUTIVE PARK TRADES HANDS FOR $7.25 MILLION

by admin August 4, 2008

MESA, ARIZ. — Scottsdale, Ariz.-based Wilson Property Services Inc. has purchased Mesa Executive Park, an 80,067-square-foot office complex in Mesa, for $7.25 million. Located at 1255 W. Baseline Rd., the park consists of four two-story buildings interconnected by elevated walkways and lush interior courtyard landscaping. At the time of acquisition, the property, which was built in 1982, was 61 percent leased to a variety of tenants, including Kimley-Horn & Associates, Maricopa County Environmental Services and Southwest Behavioral Health Services. Bob Young, Steve Brabant, Glenn Smigiel and Rick Abraham of CB Richard Ellis’ Phoenix office represented the seller, Newport Beach, Calif.-based KBS Realty Advisors, in the transaction.

August 4, 2008

Office Western

JV DEVELOPS 175,000-SQUARE-FOOT OFFICE PARK

by admin August 4, 2008

SACRAMENTO, CALIF. — The Allen Group and the California Farm Bureau Federation have created a joint venture to develop The River Plaza Corporate Center, a 175,000-square-foot office park located at 2500 River Plaza Dr. in Sacramento. The first phase of the project consists of six two-story buildings, which are slated for completion this summer. When complete, the center will offer 12 separate two-story buildings ranging in size from 11,000 to 17,000 square feet, in a garden office setting. Each for-sale building offers a private garage, stair and elevator access, ample on-grade parking and 24-foot vaulted open-beam ceilings with clerestory skylights on the second floor. Smith Consulting Architects provided architectural services for the project; Brown Construction is serving as general contractor. Bank of America provided construction financing for the project, and CB Richard Ellis has been retained to market the center.

August 4, 2008

Retail Western

RETAIL INVESTMENT PROPERTY SELLS FOR $2.2 MILLION

by admin August 4, 2008

SAN DIEGO — Icon LLC has completed the disposition of a ground-level retail space located in the Icon building at 315 10th Ave. in downtown San Diego. Shi Liang Zhu and Li Jun Chen purchased the property, Suites 101 and 102, for $2.2 million. Icon is a four-tower mixed-use project that contains approximately 330 condominiums and nearly 16,000 square feet of retail space. Danny Fitzgerald, Linville Martin and Michael Burton of Grubb & Ellis|BRE Commercial represented the seller; Eva Liew of Emperor Realty Group Inc. represented the buyer in the transaction.

August 4, 2008

Retail Western

2.1 MILLION-SQUARE-FOOT FACILITY COMPLETE AT WORLD MARKET CENTER

by admin August 1, 2008

LAS VEGAS — The PENTA Group has completed construction of the third building and parking structure at the 57-acre World Market Center Las Vegas complex. Located at 495 S. Grand Central Pkwy. in Las Vegas, the $550 million project offers 2.1 million square feet of space. Designed by JMA, the 16-story, steel-framed structure features contemporary architectural design with state-of-the-art amenities and technology. Additionally, the building features 34 escalators and 16 elevators. The project was awarded to PENTA by World Market Center LLC.

August 1, 2008

Mixed-Use Western

BUCHANAN STREET PARTNERS ARRANGES $65.2 MILLION LOAN

by admin August 1, 2008

PHOENIX — Buchanan Street Partners has arranged $65.2 million in financing for Park Place, a mixed-use construction development located in the Chandler submarket of Phoenix. Situated within the Price Road corridor, the 98-acre master-planned project will feature Class A office space, two hotels and retail space. The development features freeway visibility and convenient proximity to many amenities such as Chandler Fashion Center. Buchanan Street Partners arranged the financing on behalf of Cyburt Hall Partners.

August 1, 2008

Industrial Western

CBRE BROKERS $9.59 MILLION INDUSTRIAL PROPERTY

by admin August 1, 2008

RENO, NEV. — Columbus Nova has completed the disposition of a single-tenant, 148,319-square-foot industrial facility in Reno. Built in 1988, the light manufacturing and distribution property is occupied by RR Donnelley, a full-service provider of print and related services. A private investor from Utah purchased the facility for $9.59 million. Aiman Noursoultanova of CB Richard Ellis (CBRE) represented the seller in the transaction.

August 1, 2008

Industrial Western

INDUSTRIAL BUILDING SELLS FOR $3 MILLION

by admin August 1, 2008

BURBANK, CALIF. — Buddy’s All Stars, a sport uniform screening and embroidery company, has acquired a 16,350-square-foot industrial building in Burbank. Located at 3216 W. Valhalla Dr., the property sold for $3 million. Mike LaRocque and Brendan Dell of DAUM Commercial Real Estate Services represented the buyer; Dale Pederson represented the seller, The Karalis Family Trust, in the transaction.

August 1, 2008

Multifamily Western

WRIGHTWOOD CAPITAL PROVIDES $7.5 MILLION ACQUISITION LOAN

by admin August 1, 2008

SEATTLE — Wrightwood Capital has provided a $7.5 million loan to Myron Lieberman for the acquisition of Campus View Apartments, which is located at 4322 7th Ave. in Seattle. Built in 1986, the five-story, more than 28,000-square-foot student-housing property features 40 two- and three-bedroom units surrounding an open courtyard. The building also offers a central elevator, ample parking and laundry facilities. Myron Lieberman plans to redevelop the building into a luxury student-housing facility. Renovations include the addition of a common outdoor living area with barbeques, lounges and dining areas, and individual unit upgrades, including kitchen and bathroom renovations and new appliances and carpeting. Allison Higgins and Steve Bram of George Smith Partners arranged the financing.

August 1, 2008

Office Western

MAGUIRE PROPERTIES SELLS MAIN PLAZA FOR $211 MILLION

by admin July 31, 2008

IRVINE, CALIF. — Maguire Properties has sold Main Plaza to Shorenstein Properties LLC for $211 million. The transaction includes nearly $10 million of cash reserves and assumption of approximately $161 million of project-level financing. The sale is subject to the assumption of the existing project financing and customary closing conditions. The transaction is expected to close third quarter 2008. Main Plaza is located in the heart of the airport area submarket of Irvine. It features two 12-story, Class A office buildings and two free-standing buildings totaling approximately 607,000 square feet. “This transaction demonstrates our commitment to our stated objective of disposing of certain Orange County properties to accomplish our balance sheet objectives,” says Nelson C. Rising, president and CEO of Maguire Properties. “We are extremely pleased with the timing and the results of this disposition.”

July 31, 2008

Newer Posts

Older Posts