DENVER — Jaaso Unlimited Series 1525 Yates Only LLC has purchased 1525 Yates Street, an 18-unit multifamily property in Denver, for $1.09 million or $45,718 per unit. Built in 1969, the property offers 12 one-bedroom/one-bath units, six studios and six two-bedroom/two-bath units. Matt Ritter and Jeff Johnson of Pinnacle Real Estate Advisors LLC represented the buyer; JB Hochman and Josh Newell, also of Pinnacle, represented the seller, L/D Properties Inc., in the transaction.
LEBEC, CALIF. — Brown Shoe Company Inc. has completed the development of its 350,000-square-foot Famous Footwear Distribution Center, which is located within Tejon Industrial Complex (TIC) in Lebec. According to Brown Shoe’s chairman and CEO, the new facility has an annual capacity of 32 million pairs of shoes and expected inventory turns of 17 to 22 times per year. The facility will serve all Famous Footwear stores located west of the Rocky Mountains and direct shipping to customers in that geographic region. Brown Shoe partnered with Fortna Inc., a supply chain strategy, design and implementation firm, to create a state-of-the-art logistics system for the new center. The facility features a cross belt unit sortation system, multiple sliding shoe sorters, a high-density storage and picking module, new warehouse management software and FortnaWCS, the Fortna warehouse control system. Clayco Inc., a St. Louis-based corporate real estate design-build and construction firm, owns the property, which is being leased to Brown Shoe.
ALISO VIEJO, CALIF. — Walker & Dunlop recently provided a $60 million conventional loan for Alize, a 484-unit apartment community located in Aliso Viejo. Built in 1999, the Class A property features a clubhouse with a deluxe kitchen, a state-of-the-art fitness center, an outdoor pool and individual parking garages. The loan was structured with a 10-year term with 2 years interest only and a 30-year amortization. Verne Murray and Jeff Burns of Walker & Dunlop arranged the financing for the borrower, Sequoia Equities.
SAN DIEGO — Coast Income Properties Inc. has completed the $4 million renovation of SR Ranch Shopping Center, which is located at 9838-9890 Hibert St. in San Diego’s Scripps Ranch area. Renovations to the 70,720-square-foot, ranch-themed property include new storefronts and corrugated roofs, as well as enhancements to the parking layout, hardscape and landscape features. Trader Joe’s recently opened a 15,000-square-foot location at the center. Other tenants include Chuck E. Cheese’s, Chicago Title, Realty Executives, Sombrero’s and Supercuts. BYCOR served as general contractor for the project, which was designed by KTGY Group Inc.
ONTARIO, CALIF. — Sears Holdings Corp. has renewed its lease with Dedeaux Properties LLC for a facility in Ontario. Sears Holdings Corp. currently leases an approximately 823,000-square-foot distribution facility, which is part of the 1.3 million-square-foot Dedeaux Inland Empire Park. The value of the lease was not disclosed.
POCATELLO, IDAHO — Ascension Group Architects was recently selected to provide design-build services for the $150 million replacement hospital for Portneuf Medical Center in Pocatello. The project consists of a new six-story addition to the east campus of the medical center along with interior renovation throughout the existing facility. Construction will include 187 beds, 320,000 square feet of new construction and 37,000 square feet of renovated space. When complete in mid-2011, the facility will house an intensive care unit, a cardiovascular intensive care unit, medical/surgical beds, obstetrics, a nursery, a neonatal intensive care unit, pediatrics, psychiatry, a surgical suite, an endoscopy suite, rehabilitation and an emergency department. Additionally, the expansion will include a two-story lobby and atrium, a dining room, a coffee shop, a central plant, and a helipad and hanger. Layton Construction is serving as general contractor for the project. Portneuf is owned by a joint venture between Portneuf Health Care Foundation Inc. in Pocatello and Plano, Texas-based Legacy Hospital Partners Inc.
ORANGE, CALIF. — The Abbey Company has acquired City Parkway, a 460,000-square-foot office complex located at 500-600 City Parkway W. in Orange. Maguire Properties sold the complex for an undisclosed price. The three-building complex consists of twin 10-story glass office buildings and a four-story office building.
PHOENIX — A joint venture between Orion/Robson Opportunity Partners LLC and a Canadian-based private investment firm has acquired the remaining unsold condominiums at Citi on Camelback in Phoenix. Located at 909 E. Camelback Rd., the 178 units sold for an undisclosed price. Built in 2002, Citi on Camelback consists of 30 units and offers numerous amenities. Robert Rizzi of New York-based Broad Street Advisors arranged the equity for the acquisition.
LOS ANGELES — Hye Y. Park of Los Angeles has purchased Normandie Apartments, a multifamily complex located at 247 S. Normandie in Los Angeles. The 36-unit community sold for $4.55 million or $178 per square foot. June Mock of Los Angeles-based Rosano Partners represented the buyer; Ed Fischer of Hendricks & Partners represented the seller, Los Angeles-based 247 Normandie LLC, in the transaction.
COMMERCE, CALIF. — Jeff Bethel and Peter Bacci of Lee & Associates represented Cook Family Trust in the $3 million acquisition of a 30,000-square-foot industrial building located in Commerce. Located at 6099 Triangle Dr., the property will house the business operations of Kaslen Textiles, a distributor of upholstery and drapery fabrics. Tom O’Loughlin, also of Lee & Associates, represented the seller, Chang Triangle LLC, in the transaction.