Wednesday, October 1, 2008

They're Building in...


Macerich, Inc. of Santa Monica, CA and Phoneix-based DMB Associates are creating a $1 billion core urban center in Phoenix. Scott Nelson is vice president of development at Macerich. Source: Globe

Tempe Mayor Hugh Hallman announced plans for a new $110-million Hyatt Regency. Anticipated groundbreaking is in 2009 for a 240-key hotel, 24 residential condominiums and 13,000 sf of meeting space. The hotel is being developed by a partnership between Global Hyatt Corp. of Chicago, IL and Valhalla Development Group of Scottsdale. The hotel is part of Hayden Ferry Lakeside, a SunCor Development Co.-owned mixed-use development. Donald Arones, Senior VP at Grubb & Ellis/BRE Commercial in Phoenix and Thomas F. Adelson, Executive VP at CB Richard Ellis in Phoenix commented on the project. Source: Globe


Northrop Grumman Corp. signed a 10-year lease for the Continental Tower office building in El Segundo. Eric Lastition, Geoff Ludwig and Greg Walsh of Colliers International represented the landlords, Barker Pacific Group Inc. and Prudential Real Estate Investors. David Kudrave of CB Richard Ellis in Los Angeles represented Northrop Grumman. Source: CPN

Shorenstein Properties L.L.C. of Los Angeles acquired the Main Plaza Towers office complex in Irvine. Source: CPN

In a joint venture, Angelo, Gordon & Co. and Centrum Properties, Inc. purchased the SFO Logistics Center and adjacent 5.2-acre land parcel in San Francisco. Holliday Fenoglio Fowler L.P. secured financing through Capmark Finance Inc. for the deal. Source: CPN

Hines acquired the Citigroup Center in Los Angeles for $280 million. Dave Congdon and Colin Shepherd are senior vice presidents at Hines in L.A. Jones Lang LaSalle’s managing director John McAniff, vice president Tim Miller and leasing director Greg Nassir represented the seller. The Bank of China has leased space in the building. Source: Globe

The replacement museum in Golden Gate Park for the earthquake-damaged California Academy of Sciences will open this week. The 410,000-sq-ft development was designed by architect Renzo Piano and contains a natural history museum, a planetarium, an aquarium, a rain forest and natural science research facilities. Webcor Builders was the contractor. Source: ENR

Hyatt Hotels & Resorts will unveil its first U.S. Andaz in Los Angeles in January. Architecture and interior design firm, Janson Goldstein, of New York, NY is transforming the existing Hyatt West Hollywood into the 257 guestroom Andaz. Source: Hospitality Design

Advanced Real Estate Services Inc. is converting the 207-room California Palms in Santa Ana into a 189-residence apartment community. NorthMarq Capital Inc. structured financing for the project. Source: CPN

AmWear International Inc. subleased 72,925 sq. ft. of space in Corona, CA. The firm will use the building as its administrative offices, warehouse and light assembly. Chris Migliori of Los Angeles-based DAUM Commercial Real Estate Services represented AmWear.
Migliori and Brian Doner of DAUM Commercial also represented the sublessor, Aqua Mix Inc. Source: NREI

Hines is developing the Transbay Tower in San Francisco. Senior VP, Paul Paradis, commented on recent developments. Hines’ team includes deisgner, Pelli Clarke Pelli Architects, and equity partner, MetLife. Earlier this year, the Transbay Joint Powers Authority board approved a contract with Pelli Clarke Pelli Architects for the transit terminal, which will centralize the region’s transportation network by accommodating nine transportation systems under one roof. The area surrounding the Transit Center will be redeveloped to include the office tower, retail and 3,500 new housing units along. Groundbreaking a Temporary Terminal begins November 2008. Construction of the new transit center will begin in 2010 and be completed in 2014. Source: Globe

Atlanta-based Home Depot Inc. has signed two build-to-suit lease agreements with ProLogis of Denver for regional distribution centers in Redlands, CA and Monroe, OH. Each facility will total approximately 658,000 sf. Larry Harmsen is ProLogis’ managing director and North American head of capital deployment. Source: Globe

Lowe Enterprises Investors, the investment management affiliate of national real estate company Lowe Enterprises, has acquired a 266,000-square-foot industrial distribution facility in central Los Angeles. Lowe Enterprises will assume property management of the facility and lead the capital improvement program, investing more than $5 million to improve the facility. Lowe staff handled the acquisition while the seller was represented by David Fults, Brian McLoughlin, Scott Heaton and Patrick Barnes from the CB Richard Ellis Inc.'s Central Los Angeles Office. Source: CPN

Avalon Bay Communities has begun Avalon Walnut Creek at Contra Costa Centre, a 422-unit apartment project at the Pleasant Hill rapid transit station in Walnut Creek. The project is part of a $400-million redevelopment joint-venture between Avalon of Alexandria, VA and developer, New York-based Millennium Partners. The project also includes 36,000 sf of retail and 19,400 sf of conference facilities. The project is scheduled for completion in 2010. MVE & Partners of Oakland is the architect; law firm, Godwin Proctor LLP, handled the bond sales process for Avalon; Tuan A. Pham is a Goodwin Proctor partner; and James Kennedy is Contra Costa county’s redevelopment director. Source:

The University of California at Irvine has begun construction of a new $221 million, 1,763-bed housing project being developed by American Campus Communities of Austin, TX. Wendell Brase is administrative and business services vice chancellor for UCI. The project was designed to meet Gold LEED certification and to promote the use of public transportation, bicycles and walkways. KTGY Group Inc. Architecture and Planning of Irvine is the architect for this and two previous UCI projects. Dan McAllister is a KTGY principal and lead designer on the project. Source: Globe

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