ALAMOGORDO, N.M. — Arlington, Texas-based Ascension Group Architects has started an $18 million renovation and expansion project at Gerald Champion Regional Medical Center in Alamogordo. The endeavor includes renovating and expanding the existing facility, including the maternal/child areas, diagnostics, infusion, intensive care and surgery. Additionally, a new entry and waiting room will be built. Completion is slated for March 2010.
SAN DIEGO — H.G. Fenton Property Co. has acquired Ruffin Road Business Park, a two-building office complex located at 3949 and 3959 Ruffin Rd. in San Diego. The 45,842-square-foot park sold for $8.6 million. The property is currently occupied by Honeywell, Access Professional, Nsoro LLC and United Tote. Nick Psyllos and Paul Komadina of CB Richard Ellis represented the buyer and the seller, Buie San Jacinto LLC and 3949 & 3959 Ruffin Road LLC, c/o Shidler West Investment Partners LP, in the transaction.
FREMONT, CALIF. — Pedro Arroyo and Jamie Clifford of Arroyo & Coates represented Shea Properties in the disposition of Carrington Apartments in Fremont. Santa Clara, Calif.-based VWF Partners LP purchased the 151-unit community for an undisclosed price. Completed in 1972 and renovated in 2001, the property features one-and two-bedroom, garden-style apartments ranging in size from 560 to 960 square feet.
DENVER — Denver-based ProLogis has closed a $104.7 million secured financing on behalf of an affiliate of ProLogis North American Industrial Fund II. The 10-year loan has a coupon of 6.38 percent and represents a loan-to-value of approximately 58 percent on five geographically diverse U.S. industrial properties. The company will use the proceeds to refinance a $62 million secured debt facility, which was set to mature January 2009, and pay down $42 million of the Citi bridge debt facility. These actions will reduce 2009 maturities in the fund by approximately $104 million.
FREMONT, MILPITAS AND SAN JOSE, CALIF. — Boston-based International Real Estate Corp. has acquired an 800,000-square-foot industrial portfolio, which spans Fremont, Milpitas and San Jose. Milpitas Industrial Properties Inc. sold the portfolio for $68 million or approximately $85 per square foot. The center is currently 94 percent occupied by tenants, including Kraft Foods, Flextronics Inc. and Loomis Fargo & Co. Joe Moriarty, Bob Gilley and Steve Hermann of CB Richard Ellis brokered the transaction.
SANTEE, CALIF. — Minneapolis-based Ryan Companies has received approval from the city of Santee for the development of Liberty Charter High School. Located within RiverView at Santee, the 47,707-square-foot school is slated for completion for the 2009 school year. Designed by Pacific Cornerstone Architects Inc., the $13.6 million facility will feature natural stone and tile finishes, a food court, a media center and a gymnasium. Additionally, the project is designed to meet LEED certification standards and will feature Photovoltaic panels and wind turbines to generate electricity and SolaTubes for daylighting. The school is situated on a 2.98-acre riverfront lot at the intersection of Riverview Parkway and Magnolia Avenue.
CITRUS HEIGHTS, CALIF. — Illinois-based First Acorn LLC has purchased the ground lease of a 129,346-square-foot Sam’s Club in Citrus Heights for $15.6 million. The property is situated on approximately 12.42 acres of land at 7147 Greenback Lane. Sam’s Club anchors Regency Plaza, which also includes Big Lots!, Western Warehouse and SAS Shoemakers. John Bailey, William Bailey and Jordan Apostolov of Marcus & Millichap represented the buyer; Mark Mason, also of Marcus & Millichap, represented the seller, Trestle Regency LLC, in the transaction.
APPLE VALLEY, CALIF. — Kevin Boeve of Marcus & Millichap represented the undisclosed seller in the disposition of Building H within Jess Ranch Marketplace in Apple Valley. Located at 19201-H Bear Valley Rd., the multi-tenant 7,641-square-foot property is tenanted by GameStop, Ono Hawaiian BBQ, Port of Subs, Nubi Frozen Yogurt and Baja Taco. The property sold for $3.8 million with a cap rate of 8.01 percent. Kenneth Chasin and David Chasin of Pegasus Investments represented the undisclosed buyer in the transaction.
LOS ANGELES — CB Richard Ellis Group Inc. has been selected as a primary advisor to the Federal Deposit Insurance Corp. (FDIC) for the portfolios of owned real estate (ORE) nationwide. The CBRE-led team will be responsible for the management and marketing of residential and commercial ORE throughout all 50 states, Puerto Rico and the U.S. Virgin Islands. The portfolios comprises assets that are held by the FDIC in its capacity as receiver for failed financial institutions. Theodore Carter, executive managing director in CBRE’s Washington, D.C., will lead the ongoing client services, while Ken Pearson, as alliance director, will lead a nationwide team of asset managers, property managers and marketing personnel.
MONROVIA, CALIF. —Urban Housing Group has started construction of The Courtyards at Old Town, a commercial/residential community in Monrovia’s Old Town district. The company is transforming a 3-acre former office/industrial property in to 163 luxury condominiums and 6,000 square feet of commercial office and retail space. Designed by KTGY Group Inc., the project will feature four stories of residential space built over 2,000 square feet of retail space and 4,000 square feet of commercial/flex space along the 700 block of Myrtle Avenue. Additionally, the project will offer a four-story parking garage. The one- and two-bedroom units range in size from 746 to 1,249 square feet. Completion is slated for mid-2010.