MORENO VALLEY, CALIF. — Dayville, Conn.-based United Natural Foods plans to lease a new 613,200-square-foot state-of-the-art distribution center in Moreno Valley. The company has signed a 10-year lease, featuring two additional 5-year options, for the distribution center. Located in Southern California’s Inland Empire, the property features 27,900 square feet of refrigerated storage, which is expandable to 49,700 square feet; 48,100 square feet of frozen storage, expandable to 75,300 square feet; a 32,800-square-foot refrigerated receiving/shipping dock; and 22,700 square feet of warehouse mezzanine space. Operations at the facility are slated to commence this summer. Blackrock is managing the property, which was developed by Overton Moore Properties.
Western
CHINO HILLS, CALIF. — Faris Lee Investments has completed the $6.25 million sale of two retail pads located within Crossroads Entertainment Center at the intersection of State Route 71 and Chino Avenue in Chino Hills. One pad includes a 5,500-square-foot building that will be occupied by Buffalo Wild Wings, which is slated to open in February. The second pad consists of a 5,600-square-foot building that includes a Starbucks Coffee and two other tenants. Built in 2006, the pads are each situated on a 1.3-acre site. Richard Walter and Donald MacLellan of Faris Lee Investments represented the seller/developer, Irvine, Calif.-based LNR Properties, as well as the buyer, Southern California-based Chino Starbuck/Wings LLC, in the transaction.
HENDERSON, NEV. — Wyndham Hotel Group has opened Wingate by Wyndham, a 99-room hotel located in Henderson. The property features 22 suites, 3,000 square feet of meeting space, 24-hour fitness and business centers, an outdoor heated pool and spa, and high-speed-wired and wireless Internet access. All guestrooms feature an office space with a desk, speakerphone and cordless phone with voicemail and conference call capabilities; a safe; an ironing board and an in-room coffeemaker. The hotel is the first to be built since the Wingate brand affiliated with the Wyndham Hotels and Resorts brand in May 2007.
CHINO HILLS, CALIF. — Faris Lee Investments has completed the $6.25 million sale of two retail pads located within Crossroads Entertainment Center at the intersection of State Route 71 and Chino Avenue in Chino Hills. One pad includes a 5,500-square-foot building that will be occupied by Buffalo Wild Wings, which is slated to open in February. The second pad consists of a 5,600-square-foot building that includes a Starbucks Coffee and two other tenants. Built in 2006, the pads are each situated on a 1.3-acre site. Richard Walter and Donald MacLellan of Faris Lee Investments represented the seller/developer, Irvine, Calif.-based LNR Properties, as well as the buyer, Southern California-based Chino Starbuck/Wings LLC, in the transaction.
PATTERSON, CALIF. — McShane Corp. and MetLife Real Estate Investments are developing KeyStone West Business Park, a 122-acre industrial park in Patterson. The park will accommodate up to three industrial facilities from 125,000 square feet to 1.5 million square feet. The first phase of development consists of a 530,000-square-foot industrial warehouse that will feature 120 docks, 32-foot clear height, 52-foot by 50-foot bays and parking for 90 truck trailers and 348 vehicles. McShane Construction’s Irvine, Calif., office, along with project architect Ware Malcomb, will provide comprehensive design/build construction services for the project. Groundbreaking is slated for January 2008, with completion scheduled for November 2008.
SCOTTSDALE, ARIZ. — Phoenix-based De Rito Partners Development Inc. has acquired Scottsdale Pavilions, a 1.1 million-square-foot retail center located at the intersection of Indian Bend Road and Loop 101 freeway in Scottsdale, for $88 million. The company plans to invest more than $25 million in renovations, which includes an addition of 150,000 square feet of retail space, for the property. De Rito Partners also plans to initiate a community outreach program to elicit feedback from the community regarding the future plans of the development. Originally developed in 1989 and 1991, Scottsdale Pavilions is located on land that is owned by the Salt River Pima-Maricopa Indian community. Andy Kroot and Brian Gast of De Rito Partners Inc. brokered the transaction between the buyer and the sellers, Robb Horlacher of Spire North LLC and Spire South LLC. Scott McPherson and Eric Inabinet of Capital Advisory Group LC arranged the financing for the transaction through a senior loan from GE Capital and a mezzanine loan from Seattle-based The Wolff Company.
FRESNO, CALIF. — G3 Development is developing North Pointe Business Park, a 230-acre master-planned industrial park in Fresno. Ware Malcomb Northern California has completed the architectural design services for three industrial buildings for the development. The planned buildings include two 65,454-square-foot facilities, which can be divided into six units, and an 86,000-square-foot property, which can be subdivided into four units. Each unit will feature truck docks and grade-level doors. Completion is slated for this spring. Pleasanton, Calif.-based ExTerra Realty Partners LLC is providing project management services for the project; Madera, Calif.-based Target Constructor Inc. is serving as general contractor.
SEATTLE — Strategic Capital Partners LLC through its fund, Strategic Partners Value Enhancement Fund, has acquired Newport Heights, an 80-unit apartment community in Seattle, through a partnership sponsored by Seattle-based Horizon Realty Advisors LLC. Built in 1985 and located in South King County, the property consists of 12 two-story buildings and is currently 99 percent occupied. Horizon plans to invest approximately $800,000 to renovate the property, including new exterior paint, new roofs, and interior upgrades including new flooring, appliances, lighting and counter tops.
SEATTLE — Strategic Capital Partners LLC through its fund, Strategic Partners Value Enhancement Fund, has acquired Newport Heights, an 80-unit apartment community in Seattle, through a partnership sponsored by Seattle-based Horizon Realty Advisors LLC. Built in 1985 and located in South King County, the property consists of 12 two-story buildings and is currently 99 percent occupied. Horizon plans to invest approximately $800,000 to renovate the property, including new exterior paint, new roofs, and interior upgrades including new flooring, appliances, lighting and counter tops.
TEMECULA, CALIF. — Rossi Concrete Inc. has acquired a 10,830-square-foot office property, which is located at 31565 Rancho Pueblo Rd. in Temecula, for $3.35 million. Located within The Rancho Pueblo project, the property features a business park environment with courtyards, a water feature, ample parking, two-story elevator service and easy access to Interstate 15. Jeff Givens of Coldwell Banker Commercial Almar Real Estate Group and Keren Calder of Southern California Investors represented the buyer; Tapley Commercial Real Estate represented the seller, Covenant Development Inc., in the transaction.