DENVER — Pinnacle Real Estate Advisors LLC has brokered the $1.2 million purchase of a 17-unit apartment complex located at 1671 Cook St. in Denver. The property was built in 1960 and consists of one bedroom-one bath units. Pinnacle’s Kyle Malnati represented the buyer, 1671 Cook Street LLC, and the seller was The Floyd Sterling Gordon and Evelyn Dolores Zoe Gordon Trust.
Western
SUNNYVALE, CALIF. — Marcus & Millichap has arranged the $43.8 million sale of Avalon at Parkside, a 192-unit apartment community located in the heart of the Silicon Valley at 355 N. Wolfe Rd. in Sunnyvale. Marcus & Millichap’s Stanford Jones, Phil Saglimbeni and Sal Saglimbeni represented AvalonBay Communities Inc. in its sale of the 204,600-square-foot property, which was completed in 1991, to Acacia Capital Corp.
ENGELWOOD, COLO. — Healthcare Trust of America Inc. has agreed to acquire Hampden Place Medical Center for approximately $18.6 million. Located near the Swedish Medical Center in Englewood, the new state-of-the art medical office building houses an ambulatory surgery center, medical imaging, physiotherapy and medical offices for orthopedic, hematology-oncology and related-physician practices.
GILBERT, ARIZ. – CB Richard Ellis (CBRE) has negotiated the $13.2 million sale of Val Vista Towne Center, a 93,372-square-foot community shopping center located at the intersection of Val Vista Drive and Warner Road in Gilbert. Built in 2000, Val Vista Towne Center was 96 percent leased at the time of sale and includes tenants such as Target, Ross Dress for Less, Staples and Petco. CBRE’s Bob Young, Steve Brabant, Glenn Smigiel and Rick Abraham represented the seller, Houston-based Weingarten Realty Investors, in the transaction. The buyer was North American Development Group.
CHANDLER, ARIZ. — Coaction Group has broken ground on the first phase of the $8 million Dobson and Pecos Village, a 30,000-square-foot medical and professional center located at the intersection of Dobson and Pecos roads in Chandler. Slated for completion in April 2010, the project features 25,000 square feet of professional medical offices; a bank is anticipated to join the mix in Phase II.
TUSTIN, CALIF. — The $19 million Foothill High School Science Center has been completed in Tustin. Funded by the $80 million Bond Measure G passed by voters in 2002 to repair and renovate the 20 oldest schools in the Tustin Unified School District, the 48,000-square-foot center comprises two two-story buildings that house 14 classrooms consisting of 10 laboratories for biology, chemistry and physics, and four classrooms for earth and physical sciences. Barnhart-Heery was the construction manager for the project, and NTD Architecture provided design services.
SAN LEANDRO, CALIF. — Jones Lang LaSalle has represented Simmons Bedding Co. in a 5-year, 236,500-square-foot industrial lease renewal at 1700 Fairway Dr. in San Leandro. In the transaction, Jones Lang LaSalle’s Kevin Ahaesy, Jason Ovadia and Paul Roeser represented Atlanta-based Simmons, which operates 21 bedding manufacturing facilities across the United States.
LOS ANGELES — Marcus & Millichap has brokered the $1.9 million sale of 1973 S. Bedford St., a 16-unit apartment property located in west Los Angeles. The firm’s Earle Hyman represented both the buyer and the seller.
LAS VEGAS — InterContinental Hotels Group has announced that the Holiday Inn Las Vegas will open next month 1 mile from the Strip. Flamingo Structures LLC has invested $35 million to develop the 129-room property, which will offer a variety of amenities including Forte Grille, an outdoor pool, a fitness center and 42-inch flat-screen televisions in each guestroom. The location will showcase the hotel chain’s new sign, which represents the standards of the $1 billion Holiday Inn brand re-launch program.
LAS VEGAS — Marnell Properties will soon break ground for the $29 million Marnell Air Cargo Center, an air-freight logistics center located at McCarran Airport in Las Vegas. Situated on 19.15 acres at the airport’s new Terminal 3, the 200,928-square-foot project will house the freight and mail-sorting operations of FedEx, Southwest Airlines, Worldwide Flight Services, Allegiant Air, UPS and others. Expected to be completed in fourth quarter 2010, the project was fully financed through Mutual of Omaha Bank. R&O Construction is the general contractor, and Marnell Architecture is serving as the executive architect on the project.