LAS VEGAS — Timberwolf Investments is developing Tiamo Square, a retail center located on the northeast corner of Jones Boulevard and Springs Road in Las Vegas. The project will consist of a 21,000-square-foot building, which will accommodate up to 16 tenants, and a 2,000-square-foot, freestanding structure offering a drive-thru window. Additionally, the site has a pad for a future 2,000-square-foot retail building. Las Vegas-based JVC Architects is providing architectural and design serves for the project. Construction is slated to begin in July, with completion scheduled for the end of the year.
Western
LAS VEGAS AND HENDERSON, NEV. —Wrightwood Capital has provided a $9.6 million loan to Equity Based Services Inc. for the acquisition of a two-property, 996-unit self-storage portfolio in Las Vegas. The portfolio includes the more than 58,000-square-foot Storage One Bonanaza, which is located at 4851 E. Bonanaza Rd. in Las Vegas, and the more than 60,000-square-foot Storage One Racetrack, which is located at 733 S. Racetrack Rd. in Henderson. The opportunity was sourced through Saul Hoppenstein and James Elmore of Tavernier Capital.
DALLAS — The Dallas office of Holliday Fenoglio Fowler (HFF) has secured $117.65 million in financing for ING Clarion Partners for two industrial portfolios totaling approximately 2.7 million square feet in Arizona, California, New Jersey and Washington. On behalf of the borrower, John Rose of HFF arranged two separate 5-year refinancings through Northwestern Mutual. A $70 million, fixed-rate loan was provided for the Arizona, New Jersey and Washington portfolio, while a $47.65 million, fixed-rate loan was arranged for the California portfolio. The portfolios include 11 industrial properties, which are 100 percent occupied. Notable tenants include Payless Shoe Source Distribution Inc., Complete Logistics Company Inc. and Prime-Line Products Company.
SANTEE, CALIF. — Quality Controlled Manufacturing has purchased a 51,000-square-foot industrial building in Santee. Located at 9429 Abraham Wy., the property sold for $6.5 million. The buyer plans to operate a machine shop in the building. Glenn Arnold, Ken Ruppert and Kerry Schimpf of Grubb & Ellis|BRE Commercial represented the buyer; Ruppert and Schimpf also represented the seller, Bardon Cabinets, in the transaction.
BEAVERTON, ORE. — Portland, Ore.-based Larch Properties LLC has acquired Cambridge Park, an apartment community located at 17250-17260 SW Heritage Ct. in Beaverton. The 24-unit community sold for $2.29 million. Beaverton-based SKL Properties LLC sold the property. Grayson Pounder of Hendricks & Partners’ Portland office represented both parties in the transaction.
PHOENIX — Los Angeles-based Maximum Management Corp. has purchased a 20,400-square-foot industrial property, which is located at 3127 W. Virginia Ave. in Phoenix. Phoenix-based 15230 N. 75th Street LLC sold the property for $1.26 million. Paul Boyle and Rick Danis of Grubb & Ellis|BRE Commercial represented the buyer; Todd Hamilton and Rod Crotty of Cutler Commercial represented the seller in the transaction.
DENVER — Englewood, Colo.-based Triad Properties Limited has acquired Cherry Tree Apartments, which is located at 1969, 1975 and 1995 S. Decatur St. in Denver. The 49-unit property sold for $2.25 million or $45,918 per unit. Built in 1981 and 1987, the community was 97 percent occupied at the time of acquisition. Erik Robinson and Frank Farrell of Hendricks & Partners’ Denver office represented the seller, Denver-based Colorado Housing and Finance Authority, in the transaction.
What area is your area of expertise? My area of expertise is Southern California, but for the purpose of this interview I will focus on Los Angeles County. What trends do you see presently in multifamily development in your area? The rapid escalation of construction costs has subsided and in some cases is even coming down and labor is more widely available and less expensive. Despite reduced costs, land costs have started to come down. As demand for luxury condos wane, many development sites that were once slated for condo-construction will most likely be redirected to multifamily apartment buildings or mixed-use buildings. Who are the active multifamily developers in your area? A few major multifamily developers in the area are Legacy Partners, Related Development Company, NMS Properties, JPI Development, Lowe Enterprises, Fifield Company, and JSM Development. Please name one or two significant multifamily developments in your area. What impact will these projects have on the market? One significant multifamily development is the $600 million mixed-use development on Hollywood and Vine by Legacy Partners. This project is comprised of a hotel, retail space, condominiums, and 375 luxury apartments. It is scheduled for completion in 2009. Another major development is the NoHo …
SALT LAKE CITY — Rockefeller Group Development Corp., through its regional office in Irvine, Calif., has purchased approximately 57 acres of zoned industrial land in Salt Lake City. The company plans to develop a 930,000-square-foot six-building industrial park on the site, which is located between Interstate 80 and SR 201. Seeking Foreign Trade Zone designation, the property will consist of four 190,000-square-foot buildings and two smaller buildings ranging in size from 32,500 to 80,000 square feet. Construction is slated to begin in July, with completion scheduled for late 2010. Greg Hunter and Nancy Edwards of Commerce CRG, an alliance member of Cushman & Wakefield, represented The Rockefeller Group in the transaction.
RENO, NEV. — The PENTA Building Group has completed the $4.9 million Marguerite Wattis Petersen Foundation Athletic Academic Center at the University of Nevada, Reno. The Silver LEED-accredited facility includes an ADA ramp and new connection combining the new facility and existing Cashell building. Designed by James Mickey of Worth Group Architects, the 8,293-square-foot facility features a masonry and steel structure with a curtain wall system.