News
Leasing and Development
May/19/2011

RANDL Industries moves to the Spokane Valley

Journal of Business

Real Estate Roundup
Compiled by Mike McLean / mikem@spokanejournal.com

RANDL Industries Inc., a Spokane Valley maker of sheet-metal components for electrical boxes, has leased 6,000 square feet of floor space in the Spokane Business & Industrial Park, at 3808 N. Sullivan, and moved there from smaller quarters at 9618 E. First. Dean Stuart, of Crown West Realty LLC, handled the transaction.


Read More »
Acquisition and Investment
Apr/28/2011

Petrus Partners Acquires Residential and Commercial land in Goodyear, AZ

www.phoenix.dbusinessnews.com

Phoenix – Petrus Partners Ltd. (“Petrus”), in association with Voyager Investment Properties, LLC (“Voyager”) of Scottsdale, AZ (Mark Voigt and Dave Rogers, Principals), purchased Phase IX (“Palm IX”) of the Palm Valley master planned community for $3.9 million. Palm IX includes 145 acres of zoned and approved Residential and Commercial Land with utilities to the site. The seller was Southwest Solar Technologies, Inc. and the sale marked Petrus’ 10th acquisition of residential land in the Phoenix M.S.A. since October 2008. Mike Ratliff, Dave Headstream, and Jason Hyams of CB Richard Ellis represented the seller.

Palm Valley, a successful 9,000-acre master-planned community developed by SunCor Development Co., includes exclusive gated single family subdivisions, a variety of mid-range single family subdivisions, a 1,400 acre business park, and a broad range of recreational and retail amenities. Palm Valley has continued to attract new homebuyers throughout the downturn and high-end homebuilders, such as Toll Brothers and TW Lewis, remain active and have sold 192 homes over the last 12 months with average prices in the large active adult segment exceeding $390,000. In February 2011, Westcor announced it would resume the planned construction of a 1.2 million square foot anchored regional mall, Estrella Falls, in Palm Valley with completion in 2014.

Palm IX has an approved zoning and development plan, or final plat, which calls for 43 acres of commercial parcels and 103 acres of single family residential lots (218 60-80 foot wide lots and 102 high-density lots). Suncor completed rough grading of the site as well as required improvements along Camelback Road on the property’s southern boundary at a total estimated cost of $1.7 million. Petrus and Voyager plan to sell Palm IX to a homebuilder(s) and commercial developer once the residential and commercial land markets recover.

Petrus Partners is the parent company of Crown West Realty, a full-service real estate investment, development, and management firm with offices in New York City, Phoenix, Denver, and Spokane. The Petrus Partners-Crown West Group manages a series of discretionary investment funds totaling over $200 million of equity and owns and manages land development investments together with eight million square feet of office, industrial, and mixed-use properties nationwide. Palm IX represents the Group’s 28th property acquired in the Phoenix M.S.A. since 2001.

Petrus actively seeks additional investment opportunities in residential lots and entitled and un-entitled land in the Phoenix M.S.A. Potential acquisition candidates should be submitted to Frank Walter (frankwalter@petruspartners.com or 212-977-3708), President of Petrus Partners.

Read More »
Leasing and Development
Mar/18/2011

Change of Habitat

by Craig Howard, News Editor

Spokane Valley Herald / Spokane Valley Online

In the true spirit of industriousness, the Habitat for Humanity retail store is moving to a new site in the Spokane Business & Industrial Park.

The 32,000-square-foot venue at 3808 N. Sullivan Road in Spokane Valley will represent the merging of Habitat's store at Trent Avenue near the Gonzaga University campus and a Spokane Valley location at Sprague and Bowdish that opened in December 2008. The upgraded facility - which will still feature the same variety of building surplus materials, household items, antiques and knickknacks - is scheduled to open April 1.

"This is a clean, bright building and it's new," said Gary Ragsdale, Habitat store manager. "we're getting feedback from people who say they wouldn't go downtown (to the Trent site) and they're ecstatic that we're going to be in the Valley."

Ragsdale and his crew began renovating the building in early February. He said the site has more of a spacious design than the Trent store, main home of Habitat retail operations for the past 10 years. "It doesn't have those nooks and crannies that aren't great for retail." Ragsdale said.

As for concerns over visibility in a business park, Habitat has invested in an area-wide marketing campaign that includes print, radio and television ads. The store itself is only a quick turn off Sullivan, about five to 10 minutes to the north of Interstate 90 and the Spokane Valley Mall.

"Location is always a concern for any kind of retail," Ragsdale said. "But I think we have the best location in the Industrial Park."

Proceeds from the store go to Habitat for Humanity programs that provide affordable housing for low-income residents. Last year, the Trent and Spokane Valley sites generated some $300,000 for the cause. According to Michone Preston, executive director of Habitat-Spokane, the retail venture accounts for around 10 percent of the agency's yearly revenue. Grants and donations from local businesses, individuals and the faith community comprise the bulk of the organization's budget. Last year, Habitat-Spokane ranked 11th among Habitat affiliates throughout the world in overall money raised. In addition to its local efforts, the agency donated $100,000 to support relief efforts in Haiti after the disaster there.

Preston said the new site will rely on word-of-mouth as well as local advertising to maintain and increase its customer base. She added that the store will also benefit from being "more of a destination for people."

"I think we've raised a lot of awareness," Preston said. "I'm hoping people will continue to find it."

The local branch of Habitat has helped to build over 200 homes for low-income families and individuals in the Greater Spokane area since 1987. The nonprofit, Christian-based organization was established in 1976 with a mission of eliminating poverty housing and homelessness and, since then, has provided over 1.5 million people throughout the world with quality, affordable homes.

Preston said Habitat is still considering another site in the north Spokane area at some point down the road. A ribbon cutting event for the Industrial Park location will be coordinated by the Greater Spokane Valley Chamber of Commerce sometime in May.

The upgraded Valley store will include a waiting area with free coffee and snacks for shoppers who need a break. A small library featuring new and used books will also be part of the terrain.

With an inventory that includes everything from tile to window frames and everything in between, Ragsdale said shoppers would be advised to stop by the surplus store "before heading to a big box store."

"If you have a project, make a list and visit us first," he said.

The old Valley site and the Trent store closed on March 1. Preston said fliers announcing the move were handed out to customers beforehand. The Trent location will be reopened March 21-26 for a liquidation sale with a variety of items at 75 percent off the original prices. The event will run from 9 a.m. to 6 p.m. each day. For more information call Habitat-Spokane at 534-2552.

Read More »
Acquisition and Investment
Feb/28/2011

Petrus Partners acquires residential lots in Goodyear, AZ

PHOENIX - Petrus Partners Ltd. (“Petrus”), in association with Voyager Investment Properties, LLC (“Voyager”) of Scottsdale, AZ (Mark Voigt and Dave Rogers, Principals), has purchased for $1.2 million 50 residential lots (55’ x 115’) in the Canyon Trails master planned community in Goodyear. The seller was an affiliate of Stearns Bank N.A. and the sale marked Petrus’ eighth acquisition of bank-owned residential R.E.O. in Phoenix since October 2008. Michael Martindale and Todd Vesledahl of CRA Ltd. represented the seller.

Continental Homes, now part of D.R. Horton, Inc., began developing Canyon Trails in 2000-01. Since then, a range of homebuilders have built out over 70% of the 2,000-acre project primarily by offering homes for the move-up segment. Canyon Trails enjoys easy access to downtown as well as a variety of nearby retail amenities. The purchased lots are situated in the Canyon Trails – Unit III subdivision, off of Cotton Lane less than one mile south of I-10. Santa Anna Homes began the project in June 2006 and developed and sold 98 homes at an average sale price of $264,000 by July 2008. Petrus and Voyager plan to sell the Canyon Trails lots to a homebuilder(s) once the housing market recovers.

Petrus Partners is the parent company of Crown West Realty, a full-service real estate investment, development, and management firm with offices in New York City, Phoenix, Denver, and Spokane. The Petrus Partners-Crown West Group manages a series of discretionary investment funds totaling over $200 million of equity and owns and manages land development investments together with eight million square feet of office, industrial, and mixed-use properties nationwide. Canyon Trails – Unit III represents the Group’s 27th property acquired in the Phoenix M.S.A. since 2001.

Petrus actively seeks additional investment opportunities in residential lots and entitled and un-entitled land in the Phoenix M.S.A. Potential acquisition candidates should be submitted to Frank Walter, President of Petrus Partners.

Read More »
Leasing and Development
Feb/24/2011

Coco-Cola to Open New Sales and Distribution Center

www.businesswire.com/news

RALEIGH, NC - Coca-Cola Bottling Co. Consolidated today announced it will open a new sales and distribution center in the Carolinas Distribution Center in Clayton. The 233,000 square foot replaces the company's existing 90,000 square foot building on South Wilmington Street.

"We are very pleased to be expanding our operations in the Raleigh market, more than doubling the size of our distribution center to better serve our customers in the Triangle," said Lauren Steele, Coca-Cola Consolidated spokesman.

The new sales and distribution center will serve the company's customers in Wake, Johnston, Franklin, Harnett, Orange and Chatham counties. All of the company's 184 local employees will move to the new facility.

The existing Raleigh Coca-Cola facility in South Raleigh was built in 1957 as a production and distribution center. Coca-Cola Consolidated acquired the building and the Coca-Cola sales franchise territory in 1968.

"We are looking forward to a modern and efficient distribution facility," Steele said. "Because the existing facility was built as a bottling plant, it never lent itself to efficient warehousing and loading dock capabilities."

North Carolina-based Coca-Cola Consolidated is the nation's largest independent Coca-Cola bottler. More than 2,800 of its approximately 5,800 employees work in North Carolina. Jones Lang LaSalle represented Coca-Cola Consolidated in the lease agreement, and Cassidy Turley represented the landlord, Crown West Realty.

Read More »
Leasing and Development
Feb/10/2011

Zome Design moves operations to The Park

Journal of Business
Real Estate Roundup
Compiled by Mike McLean / mikem@spokanejournal.com

Zome Design LLC, an apparel screen-printing and embroidery company, has leased 8,000 square feet of floor space in the Spokane Business & Industrial Park, at 3808 N. Sullivan, and has moved its production operations there from smaller quarters at 1821 W. Fifth. Chase Breckner of Crown West Realty, and Erik Nelson, of Kiemle & Hagood Co., handled the lease.

Read More »
Acquisition and Investment
Jan/20/2011

Petrus Partners acquires residential lots in Waddell, AZ

PHOENIX -Petrus Partners Ltd. (“Petrus”), in association with Voyager Investment Properties, LLC (“Voyager”) of Scottsdale, AZ (Mark Voigt and Dave Rogers, Principals), has purchased for $2.08 million 88 residential lots in the Cortessa master planned community in Waddell. The seller was an affiliate of Stearns Bank N.A. and the sale marked Petrus’ seventh acquisition of bank-owned residential R.E.O. in Phoenix since October 2008. Michael Martindale and Todd Vesledahl of CRA Ltd. represented the seller.

The Cortessa lots are in a master-planned community located in Waddell, an unincorporated area of Maricopa County, east of White Tank Mountain Regional Park, north of the Town of Buckeye and south of the City of Surprise.

Stardust Development of Scottsdale, AZ originally developed Cortessa through the preliminary plat phase and sold it in 2003 to a consortium of homebuilders, led by Standard Pacific. The master planned community comprises 614 acres and 1,732 residential lots and has already seen in excess of 1,200 new home sales to retail homebuyers. The purchased lots were once owned by Santa Anna Homes, which built and sold 116 homes in Cortessa at an average price of $282,000 from July 2006 through August 2008. Petrus and Voyager plan to sell the Cortessa lots to a homebuilder(s) once the housing market recovers.

Petrus Partners is the parent company of Crown West Realty, a full-service real estate investment, development, and management firm with offices in New York City, Phoenix, Denver, and Spokane. The Petrus Partners-Crown West Group manages a series of discretionary investment funds totaling over $200 million of equity and owns and manages land development investments together with eight million square feet of office, industrial, and mixed-use properties nationwide. Cortessa represents the Group’s 26th property acquired in the Phoenix M.S.A. since 2001.

Petrus actively seeks additional investment opportunities in residential lots and entitled and un-entitled land in the Phoenix M.S.A. Potential acquisition candidates should be submitted to Frank Walter, President of Petrus Partners.

Read More »
Acquisition and Investment
Jan/04/2011

Petrus Partners acquires 67 residential lots in Phoenix, AZ

PHOENIX - Petrus Partners Ltd. (“Petrus”), in association with Voyager Investment Properties, LLC (“Voyager”) of Scottsdale, AZ (Mark Voigt and Dave Rogers, Principals), has purchased for $2.0 million 67 residential lots in the Blossom Hills Two subdivision in Phoenix. The seller was JPMorgan Chase, N.A. and the sale marked Petrus’ sixth acquisition of bank-owned residential R.E.O. in Phoenix in the past two years. Brent Moser and Brian Rosella of Cassidy Turley BRE Commercial represented the Seller.

Blossom Hills Two constitutes 67 residential lots located in the South Mountain submarket of Phoenix, eight miles southeast of the Central Business District. South Mountain Park, encompassing 16,000 acres, runs along the southern boundary of the neighborhood and offers appealing mountain views. Given the proximity to downtown Phoenix, homebuilders have historically achieved success in the submarket with move-up and upscale housing priced from $300,000 to $600,000. Petrus and Voyager plan to sell the project to a homebuilder once the housing market has recovered.

Petrus Partners is the parent company of Crown West Realty, a full-service real estate investment, development, and management firm with offices in New York City, Phoenix, Denver, and Spokane. The Petrus Partners-Crown West Group manages a series of discretionary investment funds totaling over $200 million of equity and owns and manages land development investments together with eight million square feet of office, industrial, and mixed-use properties nationwide. Blossom Hills represents the Group’s 25th property acquired in the Phoenix M.S.A. since 2001.

Petrus actively seeks additional investment opportunities in residential lots and entitled and un-entitled land in the Phoenix M.S.A. Potential acquisition candidates should be submitted to Frank Walter, President of Petrus Partners.

Read More »
Leasing and Development
Dec/06/2010

Zome Design to open silk screen shop

Ed Clark's How's Business

Spokane Edition
Ed Clark / info@spokanehowsbusiness.com

Zome Design, LLC, a silk screen company, has leased approximately 8,000 square feet of space in Building #3 of the Spokane Business & Industrial Park, at 3808 N. Sullivan Road in the Spokane Valley. The business, owned by Brayden Jessen, offers screen-printing, embroidery, tackle-twill and more.They can print from one garment to one hundred thousand. Zome Design also specializes in web solutions offering design and development, hosting, e-commerce and search engine optimization. Zome Design's phone number is 509-279-2034. The Website is zomedesign.com. The lease activity was completed by Chase Breckner, marketing specialist at the Spokane Business & Industrial Park and Erik Nelson of Kiemle & Hagood Company.

Read More »
Leasing and Development
Nov/05/2010

DirecTV leases storage building

by Bert Caldwell
Here's the Dirt Weekly Report
The Spokesman Review

Satellite entertainment company DirecTV, Inc. has leased 10,600 square feet in Building 33 of the Spokane Business & Industrial Park, at 3808 N. Sullivan Road.

The company is using the building to store equipment and supplies.


Read More »