VISALIA AND LA QUINTA, CALIF. — Highland Development Co. has plans to develop a $35 million neighborhood shopping center in Visalia (Tulare County) and a $20 million retail center in La Quinta (Riverside County). The ground-up development in Visalia will include a specialty market, a drug store, a sit-down restaurant, and numerous quick-serve restaurants, cafés and retail shops, as well as a bank. Bounded by Caldwell and Kimball avenues and West and Court streets, the 14.3-acre property will feature more than 82,000 square feet of retail and restaurant space. Additionally, the company is developing The Plaza at Calle Tampico in the heart of La Quinta’s Downtown Village. Situated at the corner of Calle Tampico and Desert Club Drive, the project will feature a 13,969-square-foot Fresh & Easy Neighborhood Market grocery store and two retail pads with an aggregate total of 18,300 square feet of retail space. Groundbreaking is slated for August, with completion scheduled for February 2009.
Western
RIVERSIDE, CALIF. — Newport Beach, Calif.-based Marinita Development Co. has broken ground for the construction of Orangewood Centre, a retail center located at the intersection of Van Buren Boulevard and Dauchy Avenue in Riverside. Expected to open this summer, the project consists of four buildings ranging in size from 6,000 to 8,100 square feet. The center is currently 85 percent pre-leased to a variety of tenants, including Firestone Tire, Kragen Auto Parts, 7 Eleven, Subway, Sip’s Coffee, a dry cleaner and a nail salon. Costa Mesa, Calif.-based Nadel Retail Architects provided architectural services for the project; Los Angeles-based Mooreland Construction is serving as general contractor. Jeff Randolph of Irvine, Calif.-based Avalon Financial Group Inc. arranged the project financing, which was provided by Vineyard Bank.
LOS ANGELES — TC Bixel LLC has purchased a two-building office portfolio totaling approximately 98,000 square feet for $18.5 million. Located in Los Angeles, the portfolio consists of a 37,881-square-foot building located at 1111 W. 6th St. and a 59,997-square-foot property located at 1125 W. 6th St. Additionally, the transaction included a two-story parking structure, which is located at 1330 W. 5th St. The buildings feature renovated lobbies, renovated exteriors and new landscaping. Adam Tescher of CB Richard Ellis represented the buyer; Kevin Tamura of DAUM Commercial Real Estate Services, along with James Tagliere of Excel Real Estate Management Consultants Corp., represented the seller, Sixth Street Capital Investors, in the transaction.
TEMPE, ARIZ. — Rancho Palos Verdes, Calif.-based Ireland Miller has acquired a 30,000-square-foot, single-tenant office building, which is located at 5005 S. Wendler Dr. in Tempe, for $8.1 million. The property was constructed in 2003 as a build-to-suit for its current tenant, ITT Technical Institute. John Glassmoyer of CB Richard Ellis’ Phoenix office represented the seller, Sitka, Alaska-based Shee Atika Holdings, in the transaction.
TOLLESON, ARIZ. — Irvine, Calif.-based LBA Realty Fund III-Company IX has purchased McShane Westside Business Park, a four-building industrial park located at 86th Avenue and Buckeye Road in Tolleson. 86th Avenue Industrial Park LLC sold the property for $73 million. Recently developed by McShane/MetLife, the Class A park consists of a 164,210-square-foot facility, two 203,372-square-foot buildings and a 535,213-square-foot facility. Toci and Ted Harrison of Cushman & Wakefield, along with Allen Lowe and Matt Hobaica of Lee & Associates Arizona Inc., negotiated the transaction.
LAS VEGAS — Danoski Clutts Building Group has recently broken ground for the construction of Spencer Street Distribution, a distribution center located near Sunset and Spencer streets in Las Vegas. The 86,000-square-foot facility will be attached to a neighboring warehouse by a roof structure. The average tilt wall panel will be 35 feet with multiple door openings and dock levers. Completion is slated for fourth quarter. TRP Inc. is providing architectural services for the project.
LAS VEGAS — Meridian Capital Group has arranged a $13 million loan for a Los Angeles-based developer for the construction of an 84,239-square-foot shopping center in Las Vegas. Sherwin Aryeh of Meridian’s California office negotiated the loan, which has a rate of 2.25 percent plus LIBOR for an 18 month, interest-only term with a 6-month extension option. The project was 28 percent pre-leased with tenants, including Fresh & Easy, AT&T Mobile and Cici’s Pizza.
LANCASTER, CALIF. — Gregory Mills of Marcus & Millichap has completed the sale and acquisition of Flying Tiger Self Storage, a 666-unit self-storage facility, and Tiger Landing Retail Center, an 8,558-square-foot retail building, for $11 million or $94.56 per square foot. Located in Lancaster, the properties encompass 116,325 rentable square feet. Additonally, the retail center portion features a 2,420-square-foot convenience store. The buyers were Richard A. Patterson, Richard J. Patterson, Norris Whitmore and William Evans. The seller was Raznick Family Ventures.
SANTA FE SPRINGS, CALIF. — Birtcher Development & Investments has partnered with an institutional investor represented by Cornerstone Real Estate Advisers LLC to acquire a 608,220-square-foot industrial property in Santa Fe Springs for $68 million. Located at 9400 Santa Fe Springs Rd., the property sits on a 22.86-acre site and serves as a warehouse/distribution center for its existing tenant. Clyde Stauff of Colliers-Seely represented the buyer and the seller, Northwestern Mutual Life Insurance Co., in the transaction.
FEDERAL WAY, WASH. — Beverly Hills, Calif.-based FSC Realty LLC has purchased Pheasant Run, a 308-unit apartment community located at 27314 24th Place in Federal Way, for $30.4 million or approximately $99,000 per unit. Built in 1985, the property originally offered 368 units, but the seller, San Diego-based Pacifica Companies, completed successful condominium conversion of 60 units located on the northern section of the property. Kenny Dudunakis of Hendricks & Partners’ Seattle office brokered the transaction.