DENVER — Pinnacle Real Estate Advisors LLC has brokered the $2.45 million sale of the 39-unit Lincoln Street Apartments, located at 6 Lincoln St. in the West Washington Park neighborhood of Denver. Built in 1964, the complex had only three vacancies at the time of sale. Pinnacle’s Bobby Hutchinson and Joe Hornstein represented the seller, BPMA Apartments LLC, and Greg Price of Marcus & Millichap represented the buyer, 6 Lincoln LLC.
Western
The capital market crash of 2007 and the global recession still cast a pall over Sacramento’s industrial landscape. Landlords are paying close attention to the State of California, the city’s biggest tenant, and its desire to extend leases where landlords will reduce rent (by up to 30 percent in some cases). There are no speculative developments of any significance underway in Sacramento and only a few are under development in the San Joaquin markets closer to the Bay Area, where greater population densities create some optimism. To date, the standout deal in Sacramento has been Buzz Oates Real Estate’s inking of Nestle Waters North America to a 215,000-square-foot deal on existing space at Younger Creek Drive in the Florin Fruitridge Industrial Park; the firm’s two-line bottling plant slated to open early next year. Sacramento’s traditional strength in securing large distribution commitments has recently been diverted south and west to Stockton, Tracy, Lathrop, Cordelia and as far south as Patterson. Dealmakers point to the availability of large tracts of land and closer proximity to bigger markets like the Bay Area and Southern California as key drivers. Right now, a geographic difference of 50 miles in one direction or the other is …
REDMOND, WASH. — Riverpark, Legacy Partners’ 6-acre mixed-use development in downtown Redmond, has opened at the intersection of Redmond Way and Bear Creek Parkway. The six-building complex features 319 luxury apartment homes, a 144-room Hotel Sierra, a 106,000-square-foot office building anchored by Group Health, street-level retail spaces for restaurants and boutiques, and a 750-vehicle parking structure. Tiscareno Associates was the project’s master-plan, retail-building and garage architect.
HILLSBORO, ORE. — Colliers International has brokered Acumed LLC’s $4.94 million purchase of a 52,807-square-foot flex facility at 4860 N.W. Shute Rd. in Hillsboro from Hansen Commercial Investments LLC. The transaction included 9 acres of land. Colliers International’s Paul Breuer represented the buyer, and Brad Fletcher, David Hill and Michelle Franceschi of Grubb & Ellis represented the seller.
LOS ANGELES — Charles Dunn Co. has brokered the $4.52 million sale of a 29-unit, bank-owned luxury apartment property at 700-704 N. Hill and 709-711 N. Yale streets in Los Angeles. The property is currently vacant and slated for completion in spring 2010. Charles Dunn’s Michel Hibbert represented both the seller, Gateway Business Bank, and the buyer, Super A Logistics Services LLC.
PHOENIX — Colliers International has brokered the $47.8 million acquisition of San Melia, a 488-unit luxury apartment community located at 14435 S. 49th St. in Phoenix. Built by Mark Taylor in 1998, San Melia features amenities such as a resort-style swimming pool with sand beaches, two sand volleyball courts, two basketball courts, tennis courts, two spas, a luxurious clubhouse, a state-of-the-art fitness center and garage parking. Colliers’ Cindy Cooke and Brad Cooke represented the buyer, Investment Property Associates LLC, and Apartment Realty Advisors’ Brad Goff and Bret Zinn represented the seller, TIAA-CREF.
SACRAMENTO — Grubb & Ellis has brokered the sale of 10000 Goethe Rd. in Sacramento to a private investor. Completed in 1997, the 126,000-square-foot Class A office building is 100 percent leased to the State of California on a long-term basis. Terms were not disclosed, but the sale is believed to be the largest single office-building transaction in the county in 2009. Grubb & Ellis’ Edward Suharski, Steven Golubchik and Seth McKinnon represented the joint venture in the transaction. The buyer represented itself.
Three significant Portland multifamily buildings delivered downtown in the first two quarters: Cyan/PDX (352 units developed by Gerding Edlen Development) and the Ladd (332 units developed by Opus Northwest) and the Riva on the Park (294 units developed by Trammell Crow). Downtown Portland has historically been a healthy submarket for multifamily, and much recent construction has been centered there, so the area is now becoming very competitive. All three of the aforementioned projects are also pursuing LEED certification, which appeals to Portland’s urban tenant. Vacancy is an important factor in Portland’s multifamily market as it is an indicator of the overall market’s health. The vacancy rate has been trending upward in recent quarters, which should continue in the second half of the year. It’s important to note that the increase in vacancy is due to economic pressure on tenants, not migration of people out of the metro area. Expect vacancy to regain its footing next summer or when economic conditions improve. Portland’s Urban Growth Boundary sets it apart from other multifamily markets in the West. The UGB has prevented overbuilding in both the single-family and multifamily markets in the last 5 years. This means that despite the recession, Portland’s apartment …
VISTA, CALIF. — Construction is now underway for Premier Crossing, a $20 million medical office park located at the corner of South Melrose Drive and Sycamore Avenue in Vista. Being developed by Brock Holdings and other undisclosed companies, the 10-building, 51,768-square-foot project will offer suites and buildings ranging in size from 2,400 to 6,292 square feet. The property, which was designed by Davis & Davis, features a contemporary exterior with granite-like burnished block, brushed aluminum accents and tinted high-performance glass. Richard & Richard Construction Co. is serving as general contractor for the project, which is slated for completion in June 2008.
GLENDALE, ARIZ. — Springfield, Mo.-based John Q. Hammons Hotels & Resorts Inc. has opened the four-star Marriott Renaissance Glendale Hotel & Spa, a 12-story hotel located within Westgate City Center at 9495 W. Coyotes Blvd. in Glendale. The 320-room hotel offers 33 suites, including three presidential suites and two concierge levels, an outdoor swimming pool, a state-of-the-art fitness center, an indoor lap pool, a conference center, a media center, the restaurant Soleil and Caffeina’s, a marketplace café. John Q. Hammons Hotel & Resorts Inc. will manage the hotel, conference center and media center.