Las Vegas

VF Carson LLC, a joint venture of Thompson National Properties' TNP Vulture Fund VIII and TNP/SLI Green Building Fund, recently executed four new leases at the 302 E. Carson building leading the way for additional leasing activity at the newly green-renovated asset. Over the past few months, VF Carson has executed a lease with the Clark County Constable's Office for 12,300 rentable square feet for the entire 5th floor, Shangri-La Construction for 2,664 rentable square feet on the 3rd floor, as well as two lease expansions on the 3rd floor with ViaWest Inc. for 3,987 rentable square feet and Corelink Data Center LLC for 1,353 rentable square feet. Based on current executed leases, the 302 E. Carson building is approximately 40% leased. Throughout 2009, the joint venture has been focused on completing a major green renovation to increase the energy efficiency and environmental sustainability of the 302 E. Carson building. The joint venture called on the expertise of the fund's co-partner, Shangri-La Construction, which specializes in the construction, retrofit and redevelopment of commercial real estate to achieve increased environmental sustainability and energy efficiency, to renovate the asset with the goal of obtaining a Gold certification under the US Green Building Council's LEED Rating System. Upon certification, the 302 E. Carson building will become the first LEED Certified retrofit in the downtown Las Vegas submarket, which will further increase future leasing activity and drive rental rates, according to a prepared statement.

CB Richard Ellis Inc. represented the lessor, LBA Realty Fund II WBP II LLC, in the $1.58-million, 60-month lease of 17,637 square feet of office space to ITT Educational Services Inc. The property is located at 3825 W. Cheyenne Ave. in North Las Vegas.

CB Richard Ellis Inc. represented the buyer, Sunset Healthcare Investors LLC, in the $1.6-million sale of 4.74 acres of land from Sunset View LLC. The property is located at the Northeast corner of Sunset Road and Jones Boulevard in Las Vegas.

Denver

Centro Properties Group revealed that a 1,187-square-foot Great Cut recently opened at Aurora Plaza, located one mile west of Interstate 225 off of Exit 9, on the northwest corner of Peoria Street and East Sixth Avenue in Aurora, CO. Centro Properties Group is the owner of Aurora Plaza and was represented by Paul Sheppard with Centro Properties Group.

Apartment Realty Advisors recently brokered the sale of a 112-unit property located at 813 S. Circle Dr. in Colorado Springs, CO. The un-named buyer purchased the property for a price of $3.08 million, representing a price per unit of $27,500 and a price per square foot of $38.58. Built in 1969, South Circle Arms Apartments is a 112-unit, interior hall property offering residents spacious one, two, and three-bedroom units. Given its proximity to Fort Carson and Peterson AFB, the property is in a great position to take advantage of the anticipated troop growth in the coming years. In addition, the property is located next to the Valley High Golf Course and is just minutes away from the Citadel Mall. At the time of the sale, the property was 88% occupied.

Seattle

Mountain View Village Center, a 35,788-square-foot retail property located at 14415 SE Mill Plain Blvd. in Vancouver, WA, has sold for $6.8 million. Marcus & Millichap Real Estate Investment Services' Portland office brokered the transaction on behalf of the buyer and seller. The buyer and seller are both LLCs based in Oregon.

A prominent Seattle office high-rise, at 1111 Third Ave., was recently LEED certified to the Silver level. Archon Group LP, the building's owner, and CBRE's property management team took on multiple energy conservation projects to earn certification for the 34-story, 567,000-square-foot tower.

Portland

HD Fowler Co. has entered the Southern Oregon market with the opening of a 10,561-square-foot facility on South Stage Road in Medford. The company supplies a wide range of plumbing and irrigation equipment. The firm has been in the Pacific Northwest for over three generations. This will be its southernmost facility. Coldwell Banker Commercial NW assisted HD Fowler with the transaction.

San Diego

Jose Ricardo Rabines and Taal Rachel Safdie, trustees of the Rabines-Safdie Family Trust, purchased the 6,416-square-foot office building at 925 Fort Stockton Dr., in San Diego, CA for $2.55 million. CB Richard Ellis Inc. and CresaPartners represented the seller, Paseo de Mission Hills Two LLC. Colliers International and independent broker, John Lomac, represented the buyers. Located at the southeast corner of Fort Stockton Drive and Hawk Street in Mission Hills, the two-story office building was previously occupied by Prudential California Realty. The new owners will occupy a portion of the building to house their architectural firm with the balance available for lease.

KMA Architecture & Engineering has begun construction on a new Marine Corps Infantry Training Center at Camp Pendleton. The design and construction plans are targeted to meet LEED Gold certification standards. The project, designed by KMA in partnership with the Straub Construction Inc. design-builds team, is anticipated to be one of the first LEED certified on the base. Construction is expected to be completed by fall 2010. With a budget of $10 million, the two-story project will incorporate eco-friendly features including photovoltaic panels on roofs to offset building energy costs by an estimated 12.5% and water efficient landscaping with drought-tolerant native plant species to reduce irrigation requirements by 50%. Overall water-use reduction will be achieved with low-flow plumbing fixtures.

San Francisco

Unity Electronics, an electronics retailer, has expanded and relocated its corporate headquarters to Barrington Business Park in Hayward, CA. Their new corporate headquarters will consist of 9,600 square feet of office and light industrial space located at 2536-2538A Barrington Court. Unity has been at their current facility in Union City for over eight years. MAI Elevator Parts & Electric Supply also relocated its Hayward facility to 4,800 square feet to Barrington Business Park. It will serve as their sales and service center in the Bay Area. Barrington Business Park is a class-A 203,000-square-foot light industrial park that can accommodate users from 2,400 square feet and up. Business Park features include extensive glass line, professional landscaping, high-end office finishes, and dock and grade level loading. Its central location is ideal for Bay Area companies and service based companies that need access to the entire Bay Area. The project is locally owned and operated by San Francisco based Jaeger McHugh LLC. Colliers International's Oakland office represented the landlord in both transactions. Cornish and Carey, Hayward, represented Unity Electronics and MAI Elevator.

Terreno Realty Corp. acquired an industrial property located in San Jose, CA approximately $5.6 million. The company utilized cash on hand to fund the acquisition. The property consists of one multi–tenant industrial building containing approximately 72,000 square feet. The property is currently 100% leased to two tenants. The estimated stabilized cap rate of the property is 9.3%.

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Green Renovation Sparks Leasing Activity

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