TEMPE, ARIZ. — Jeff Lion, a California investor, has purchased a 17,200-square-foot general industrial building in Tempe for $1.45 million. Located at 1104 W. Geneva, the property, which was built in 1980, was vacant at the time of acquisition. The buyer plans to market the property for lease. John Creedon of Corridor Commercial represented the buyer; Pete Klees of Grubb & Ellis|BRE Commercial LLC represented the seller, BRS-San Diego Commerce Center LLC, in the transaction.
WEST LOS ANGELES, CALIF. — Hold This LLC has acquired a 5,237-square-foot retail building, which is located at 3783-85 Cahuenga Blvd. in West Los Angeles. La Selva Associates Inc. sold the property for $2.1 million. The buyer plans to use the property as a post-production facility. Stacy Vierheilig-Fraser of Charles Dunn’s Studio City, Calif., office represented the buyer; Colliers Seeley represented the seller in the transaction.
What area is your expertise? Generally speaking, my expertise is in multi-tenant retail centers with a mixed-use component as well as traditional grocery anchored centers. The areas that I cover are Los Angeles and Orange County, Calif. What trends do you see presently in retail development in your area? Since land costs have risen so dramatically, the general trend that we have seen is for more vertical development with a mixed-use component. What type of retail product is doing well in your area? Urban infill projects are doing very well. The tenants are not being aggressive like they were over the last few years so the focus has moved back to the urban infill locations. What retailers are new to your area? Clearly Tesco has made a big splash in our market, which has affected the plans of many of their competitors with regards to expansion. While we hear their expansion has stalled, we still believe that it is too early to tell how their entrance in the market will affect the grocery business. Who are the active retail developers in your area? There are many, but it’s very fragmented. Caruso, and CIM are some of the bigger players but …
LAS VEGAS — CityCenter has unveiled its plans for a resort casino, which is slated to open in late 2009. Designed by Pelli Clarke Pelli Architects, ARIRA Resort & Casino will feature two curvilinear glass towers, lush foliage, wood and stone elements, and a three-story lobby and casino. Additionally, the project will feature a variety of dining options, including bistros, cafés and world-renowned restaurants. Other features include lounges, bars, nightclubs, a spa, a full service salon, a barbershop, a deluxe fitness room and a group exercise studio. ARIRA will be the core of CityCenter, a more than $8 billion vertical city currently under construction between the Bellagio and Monte Carlo resorts on the Las Vegas strip.
SAN FRANCISCO — Thornton Tomasetti Inc. has been selected to team up with Pelli Clarke Pelli Architects to provide structural design services for Transbay Transit Center in San Francisco. The new center will centralize the region’s transportation network by accommodating nine transportation systems, including AC Transit, Caltrain, MUNI, Golden Gate Transit, SamTrans, Greyhound, BART, WestCAT and the future California High-Speed Rail. For the centerpiece of the project, the design team has proposed transforming the roof of the transit center into a public park, City Park. The 5.4-acre park would feature attractions and amenities that characterize urban green spaces. The 40-acre redevelopment area surrounding the terminal station will be developed into residential and retail components.
MESA, ARIZ. — Carter Cos. is developing Falcon Crest Business Center at 4030 E. Quenton Dr. in Mesa. The 73,385-square-foot industrial facility is divisible to approximately 7,500 square feet and offers 10 truckwells and eight grade-level doors. Ergonomic Solutions Inc. (ESI) has pre-leased 31,712 square feet at the property, which is slated for completion in first quarter 2009. Garrett Schoenberger and Andrew Markham with Grubb & Ellis|BRE Commercial are marketing the project.
HENDERSON, NEV. — Taubman Centers Inc. has partnered with M Resort, Spa and Casino and MGM MIRAGE to develop a 1 million-square-foot retail component as part of the $1 billion M Resort, Spa and Casino development located at the intersection of Las Vegas Boulevard and St. Rose Parkway in Henderson. Owned and developed by Taubman, the retail portion will feature in-line shops, restaurants, theaters and fashion department stores. Construction is slated to start this year or next, with completion scheduled for late 2011 or early 2012.
SAN MATEO, CALIF. — Transwestern Realty Finance Partners LLC has closed a $25 million mezzanine loan for San Mateo Executive Park, which is located off Highway 92 between Highway 101 and Interstate 280 in San Mateo. The five-building office park totals 261,000 square feet. Transwestern’s investment was made on behalf of Transwestern Mezzanine Realty Partners III LLC, a fully discretionary investment fund with more than $300 million in capital.
San Diego ¬— San Diego-based Davies Development & Investments Inc. has broken ground for the development of The Nolen, a mixed-use office development located in downtown San Diego’s Ballpark District. Designed by Fehlman LaBarre Architects Inc., the 13-story project will offer ground-level retail space and office space on the remaining floors. Each office tenant will occupy an entire floor and will have private, password-protected elevator access. Additionally, the top five floors will feature private balconies. The company plans to submit the project for LEED certification. Completion is slated for the first half of 2009. B&G Consultants are providing construction management; PCL is serving as general contractor.
LAS VEGAS — CORE Construction~Nevada has completed the construction of Durango Village, a professional office park located at 6002 S. Durango Dr. in Las Vegas. Developed by Arizona-based SAXA, the project consists of 12 commercial office buildings totaling 91,763 square feet. Tenants can lease or purchase space from 1,200 to 29,000 square feet. Phoenix-based DFD CornoyerHedrick provided architectural services for the project.