RIDGECREST, CALIF. — San Antonio-based K Partners Hospitality Group LP has broken ground for the development of a 94-room Hampton Inn & Suites in Ridgecrest. The three-story hotel will feature a business center, 800 square feet of meeting space, a fitness center, a complimentary hot breakfast, an outdoor pool and spa, and a suite shop. The hotel will be owned and operated by K Partners.
TUCSON, ARIZ. — Boston-based Intercontinental Real Estate Corp. has acquired a six-building industrial/research and development portfolio in Tucson for $46.3 million or $73.40 per square foot. Situated on 50.92 acres adjacent to the Tucson International Airport, the 606,027-square-foot portfolio consists of Tucson Technology and Commerce Center I, II, III, IV and Medina Business Center I & II. At the time of acquisition, the asset was 95 percent occupied by a variety of tenants, including Ferguson Enterprises, UPS, Solon AG and United Collections Bureau. A joint venture of the Muller Company and GE Real Estate sold the portfolio. Ryan Gallagher and Kelly Rohfeld with Grubb & Ellis, along with Russ Hall and Steven Cohen of Picor Commercial, brokered the transaction.
FONTANA, CALIF. — Whittier, Calif.-based Oltmans Construction Co., serving as general contractor, has completed the construction of a 93,183-square-foot, built-to-suit facility for Door Components Inc. Located at 7980 Redwood Ave., the facility, which features a skewed façade, will serve as the company’s headquarters. The building features 13,000 square feet of two-story office space, 11 dock-high loading positions and 30-feet of minimum warehouse clear height. The $11 million project also feature seismic stability and energy efficiency components. Irvine, Calif.-based HPA Inc. provided architectural services for the project; Rancho Cucamonga, Calif.-based WLC designed the interior spaces.
BELLEVUE, WASH. — Galvin Flying Services has selected MulvannyG2 Architecture to design Quad 7, a $40 million private business jet terminal at Boeing Field in Bellevue. The 9-acre development will include an executive terminal and seven hangars housing up to 25 private corporate jets. The 190,000-square-foot complex will be situated south of Boeing Field’s King County Terminal on Perimeter Road. Construction is slated to begin in early 2009. Ferguson Construction is serving as general contractor for the project.
TEMPE, ARIZ. — Town Lake Development Partners LLC and Hyatt Hotels & Resorts are developing a 240-room Hyatt Regency hotel at the Hayden Ferry Lakeside development, which is located on the south shore of Tempe Town Lake in Tempe. The 14-story hotel will feature 240 rooms, 24 condominiums, a 4,500-square-foot spa and 13,000 square feet of meeting space, including a 5,000-square-foot ballroom. Construction is expected to begin in summer 2009, with completion slated for spring 2011.
What area is your expertise? Multifamily Investments — Greater Seattle Area What trends do you see presently in multifamily development in your area? With vacancy rates below 5 percent in the greater Seattle area, we see continued rental rate growth, and continued demand for apartment rental units. In general, the number of apartment units is down, and more units in development for 2009 – 2011 will increase the unit count in the downtown areas. Who are the active multifamily developers in your area? Avalon, Lorig, SRM Development and SP Real Estate are some of the active multifamily developers with new projects underway. Please name one or two significant multifamily developments in your area. What impact will these projects have on the market? Avalon’s new Avalon at Meydenbauer recently opened in downtown Bellevue adding over 350 units within walking distance to Bellevue Square and the new Lincoln Center. SRM Development is underway with 130 units being developed in Seattle in South Lake Union nearby Vulcan’s new developments, Amazon’s new Headquarters and the new Bill and Melinda Gates Foundation. Where is the majority of development taking place? Why is this area doing well? The majority of new development is occurring in and …
RENO, NEV. — The Montebello at Summit, a 450-unit multifamily community, recently sold for $56 million or $124,444 per unit. Located at 5200 Summit Dr., the 499,995-square-foot property comprises 60 two-story buildings offering one-, two- and three-bedroom units. The community also features a 9,000-square-foot fitness center, a resort-style swimming pool with spa, a playground and a luxury clubhouse. Stanford Jones, Kenneth Blomsterberg, Dylan Mattole and Phil Saglimbeni of Marcus & Millichap brokered the transaction. The seller and buyer were not disclosed.
CHINO, CALIF. — AEP Industries Inc. has leased 143,877 square feet of industrial space within Watson Commerce Center Chino, which is located at 6949 Bickmore Ave. in Chino. The company signed an 88-month lease beginning January 15, 2009, for a total consideration of $7 million. AEP manufactures more than 15,000 types of multi-purpose and flexible packaging films. Chuck Belden of Cushman & Wakefield represented the lessee; Tom Taylor, Steve Bellitti and Josh Hayes of Colliers International represented the landlord, Watson Land Co.
SAN DIEGO — Saieb Abdulmeseh has acquired a 50,000-square-foot land parcel, which is located at 4724-4760 Federal Blvd. in San Diego. The property, which is improved with a 6,000-square-foot commercial building, sold for $1.12 million. The buyer plans to use the property for San Diego Pet Food. George Rodriguez of NAI San Diego represented the buyer; Rex Huffman of Voit Commercial represented the seller, Sedlack Development Company, in the transaction.
CHINO, CALIF. — The Los Angeles office of Holliday Fenoglio Fowler (HFF), on behalf of Komar Investments, has arranged an $11.2 million loan for the refinancing of Hillsborough Village in Chino. Located at 11902 Central Ave., the senior-housing community comprises three residential buildings with 100 one-bedroom units, 95 two-bedroom units and one three-bedroom unit. The property also features a clubhouse, pool and spa. The 6-year loan features a 5.82 percent fixed rate. The financing was provided by Wachovia Multifamily Capital, Inc. — FNMA.