SAN DIEGO — Affirmed Housing Group is developing Studio 15, a 275-unit affordable residential project located at 1475 Imperial Ave. in San Diego. Available to individuals making 40 to 60 percent of the average median income, the development will feature studio apartments with efficiency kitchens, twin beds, dressers, desks and 26-inch plasma televisions. Additionally, the common areas include a WiFi-equipped café, a lounge and commercial kitchen and a television/theater room with a 52-inch plasma television and theater system, as well as a laundry room equipped with a state-of-the-art laundry alert system. Completion is scheduled for March 2009. Carrier Johnson Architects provided architectural services, while Allgire General Contractors served as general contractor. Financing was provided by Citibank, Boston Capital and City of San Diego Redevelopment Agency.
LAKE HAVASU CITY, ARIZ. — Havasu Hotel Partners LLC has completed the $2 million renovation and expansion of HEAT Hotel, which is located 1420 McCulloch Blvd. in North Lake Havasu City. The renovation project included approximately 20,000 square feet, 25 guest rooms and a full apartment suite. Formerly known as the Agave Inn, HEAT Hotel now features a new 4,000-square-foot bar and lounge deck with upgraded public space. San Diego-based Graham Downes Architecture provided architectural services for the project. San Diego-based Gold Coast Renovations served as general contractor. EatDrinkSleep LLC operates the hotel.
LOS ANGELES — America Realty represented Young Y. Park in the acquisition of a 12,940-square-foot office property in Los Angeles. The property consists of two adjacent freestanding buildings located at 2064 Marengo St. and 1063 Chicago St. Novak Trust sold the property for $2.7 million. The buyer plans to establish a home health services company at the site. Jack Schlaifer and Jay Martinez of Lee & Associates – LA North/Ventura represented the seller in the transaction.
SEATTLE — Daniel Swanson, Nori Hawkins and Blake Rodgers of Marcus & Millichap’s Seattle office represented the undisclosed seller in the disposition of Capitol Ridge Apartments in Seattle. The 10-unit multifamily property sold to an undisclosed seller for $1.47 million. The property is located at 1810 Boylston Ave.
What area is your expertise? I specialize in the sale and lease of industrial buildings and land in the Denver Metropolitan area. What trends do you see presently in industrial development in your area? Speculative construction is still ongoing in the industrial sector. The demand for functional office/warehouse, distribution and condominium warehouse buildings remains stable which has prompted several local and national developers to bring new product to the market this year. YTD deliveries and anticipated third quarter completion of speculative construction include: East I-7-/Montbello industrial submarket Whirlpool Building — 410,000 square feet (Panattoni Development Co.) Mile High Business Center — with a 337,000-square-foot building and a 90,000-square-foot building (Panattoni Development Co.) Airways Business Center — with an 83,225-square-foot building, a 79,650-square-foot building and a 57,630-square-foot building Majestic Commerce Center — with a 215,000-square-foot building (Majestic Realty Co.) Enterprise Park at Stapleton — with a 153,035-square-foot, a 148,90-square-foot, and 139,695-square-foot building (Etkin Johnson) Northeast industrial submarket OmniCenter — with two 38,240-square-foot buildings (Landmark Properties Group) Southeast industrial submarket Compark Commerce Center — with a 62,000-square-foot building (Urban Construction, Inc.) Corporate Park at Stonegate — with a 44,700-square-foot and a 37,580-square-foot building (Ascendant Development) Twenty Mile Commerce Center — with a …
AURORA, COLO. — Phoenix-based Alliance Residential Co. is planning to develop Broadstone Cornerstar, a 400-unit luxury residential community located at 16045 E. Easter Circle in Aurora. Comprised of 20 individual buildings and a clubhouse, the community will offer one-, two- and three-bedroom units ranging in size from approximately 700 to 1,500 square feet. Additionally, the community will feature a 6,000-square-foot clubhouse/social lounge, a wireless cyber café with coffee bar, a Las Vegas-style sports book lounge, a fully-equipped fitness center, and a resort-style pool with a tanning shelf, an elevated spa and a waterfall. Completion is slated for 2009.
SAN FRANCISCO — KMD Architects, serving as the design/build firm, is currently constructing Mount Zion Medical Office Building, a 48,000-square-foot medical facility located at 1535 Divisidero St. in San Francisco. Designed to achieve LEED Silver certification, the property features a green roof, ample exterior glass to provide interior daylighting to offices and clinical space, interior finishes utilizing recycled contents and low VOC-emitting materials, recycled-content carpet tiles, rapidly-renewable resources, sheet vinyl with recycled content, zero-PVC window shades and air conditioning systems that utilize 100 percent outside air. When complete in early 2010, the property will house the Osher Center for Integrative Medicine and the General Internal Medicine Clinic. The project was made possible by generous land and financial donations from Mr. and Mrs. Bernard and Barbro Osher. The development team includes KMD, SKS Investments and Plant Construction.
POWAY, CALIF. — Ocean Park Hotels has completed the development of Hampton Inn & Suites San Diego-Poway, which is located at 14068 Stowe Dr. in Poway. The three-story, 71,000-square-foot hotel offers 108 rooms, more than 3,000 square feet of meeting space, a fitness room and an outdoor pool. R.D. Olson Construction served as general contractor for the project, which was completed on schedule. Phoenix-based PK Architecture provided design services for the project; Hollywood, Calif.-based Level 3 Design Group provided interior design services.
KENT, WASH. — Joel Deis, Michael Morgan and Christopher Secreto of Marcus & Millichap represented both undisclosed parties in the disposition and acquisition of Clock Tower Self Storage in Kent. The 63,000-square-foot facility sold for $6.3 million. The property is located at 18250 E. Valley Hwy.
ROSWELL, N.M. — Arlington, Texas-based Ascension Group Architects recently began the expansion and renovation of Eastern New Mexico Medical Center in Roswell. The $8.5 million endeavor includes a 14,500-square-foot expansion of the emergency room department, which will feature three new treatment rooms and 16 exam rooms, and 3,700 square feet of additional minor renovations. Completion is slated for September or October 2009.