Colliers Macaulay Nicolls will consolidate operations in the Greater Los Angeles region to improve operational efficiencies. Currently the company operates 10 offices in the area. It will close two and move the operations into the remaining offices.

Holliday Fenoglio Fowler, L.P. arranged a $31 million refinancing for Village Hillcrest, a 577,535-sq.-ft. mixed-use development in San Diego. The loan featured a 5.97 percent rate and a 10-year term. Aldon Cole and Rob Hinckley negotiated this transaction.

Donahue Schriber Realty Group opened Smoke Tree Commons, a $19 million, 169,000-sq.-ft. shopping center in Palm Springs, Calif.

Marinita Development Co. began construction on Jefferson Square, a $24 million, 90,440-sq.-ft. shopping center in La Quinta, Calif. The first phase of the development will be completed at the beginning of 2009.

Hanley Investment Group Real Estate Advisors negotiated the sale of three shopping centers in Arizona and Southern California for $17 million. The centers included Tableland Village II, a 39,618-sq.-ft. center in Mesa Ariz., University Village West, a 9,510-sq.-ft. center in Riverside, Calif., and Starbucks Retail Center, a 5,939-sq.-ft. center in Victorville, Calif. Edward B. Hanley, Carlos J. Lopez, Cameron Rafati and Jeremy S. McChesney negotiated these transactions.

Hanley Investment Group Real Estate Advisors negotiated the sale of 855-901 Euclid Ave., a 68,084-sq.-ft. shopping center in National City, Calif., for $15 million. Edward B. Hanley, of Hanley Investment Group, represented both parties in the transaction.

Grubb & Ellis Capital Markets Group arranged a $15 million loan for West Bluff Plaza Shopping Center, a 56,608-sq.-ft. retail property in Carlsbad, Calif. The loan featured a 10-year term. Gary Goss negotiated this transaction.

Hodgdon Miank Construction, Inc. completed construction of Heritage Crossing, a $7 million, 18,400-sq.-ft. shopping center in Fontana, Calif.

Faris Lee Investments negotiated the pre-sale of a freestanding 17,272-sq.-ft. Rite Aid in Lake Elsinore, Calif. from Peninsula Retail Partners to Eletreby Enterprises Inc. for approximately $8 million. Jeff Conover, of Faris Lee, represented the seller in the transaction. CB Richard Ellis represented the buyer.

Sperry Van Ness negotiated the sale of a triple net-leased, 8,050-sq.-ft. retail property in Norco, Calif. for approximately $5 million. Fouy Ly, of Sperry Van Ness, represented the seller in the transaction. Crystal Cove Wealth Management represented the buyer.

Faris Lee Investments negotiated the sale of Brighton Retail Plaza, an 11,742-sq.-ft. retail property in Montclair, Calif., from Brighton Retail Plaza, LLC to the Gindi Family Trust for $4 million. Jeff Conover and Dennis Vaccaro, of Faris Lee, represented the seller in the transaction. RE/MAX represented the buyer.

Faris Less Investments negotiated the sale of 4,000-sq.-ft. Washington Mutual building at South Bay Pavilion in Carson, Calif., from HREG Genesis Carson, LLC to Vantuf, LLC for $3 million. Richard Walter and Donald MacLellan, of Faris Lee Investments, represented both parties in the transaction.

Charles Dunn negotiated the sale of a 4,582-sq.-ft. retail building in Hollywood, Calif. Susan Harris, of Charles Dunn, represented the buyers in the transaction.

Shifting Tides

Vacancy rates are rising in San Francisco, San Diego and Los Angeles. However, developers have responded to the glut. In each market, retail completions are down from 2005 and 2006 peaks.