LOS ANGELES — Los Angeles-based JRK Property Holdings Inc. has acquired a 17-property multifamily portfolio from Apartment Investment and Management Company (AIMCO). The portfolio, which spans five states, is valued in excess of $285 million. The transaction was capitalized through a joint venture with JRK Birchmont Advisors, the private equity division of JRK. The properties are located in Fort Collins, Colo.; Atlanta; Richmond, Va.; Charleston, S.C.; and Cincinnati and Columbus, Ohio. The portfolio will be managed by JRK Residential Group, JRK’s property management affiliate. This acquisition increases the value of JRK Property Holdings’ real estate portfolio to more than $3 billion.
STOCKTON, CALIF. — Sears Holdings Corp. has opened its Stockton Direct Delivery Center, a 780,000-square-foot industrial center in Stockton. The company, which was formed when Sears and Kmart merged, is leasing the built-to-suit property from ProLogis. The property features 120 dock doors, 410 trailer spaces and more than 3,400 floor locations. Sears Holdings plans to utilize the facility to distribute home appliances, tractors, televisions and other large items to more than 104 Sears, Orchard Supply and Kmart stores in California, Nevada, Oregon and Utah. The center is expected to receive LEED Silver certification in spring 2009.
WILSONVILLE, ORE. — Costa Pacific Communities is currently developing Village Center, the residential/retail portion of Villebois in Wilsonville. Designed after traditional European villages, the pedestrian-friendly Village Center will feature a mix of condominiums, row homes, plazas, apartments, green space and boutique shops and services. The project will offer approximately 650 residential units, as well as several buildings featuring ground-level retail and residential space above. The housing products currently under construction include Carvalho Condominiums and Seville Rows. Ranging in size from 1,291 to 2,321 square feet, the three-story townhome or one-level flat units offer two bedroom floor plans that feature flexible living space with loft areas and bonus rooms. Additionally, Village Center will feature Piazza Villebois – a lively plaza and dedicated community space for residents.
WESTMINSTER, COLO. — Woodland Hills, Calif.-based NewMark Merrill Mountain has completed the disposition of Summit Square, a retail center located at 8410-8472 N. Federal Way in Westminster. AZG Westminster LLC purchased the property for $9.5 million. The 96,153-square-foot center is tenanted by Safeway, Adams County Department of Motor Vehicles, Baskin Robbins, World Savings, H&R Block, Wells Fargo, Panda Buffet and Taco Bell. Gene Pride and Patrick Devereuax of Cushman & Wakefield of Colorado Inc. brokered the transaction.
SAN DIEGO — Bilbro Construction Company Inc. has completed the first phase of renovations at Doubletree Golf Resort, which is located in the north San Diego community of Rancho Penaquitos. The company provided modifications to the 138 guest rooms at the Arnold Palmer-managed, 18-hole golf course resort. Renovations included site concrete, storm drain system improvements; waterproofing upgrades; new stucco; HVAC modifications; and updated tile and wall finishes. Marx/Okubo served as construction manager for the project. Bilbro is also acting as general contractor for the second phase, which is currently underway.
CHANDLER, ARIZ. — Phoenix-based Opus West has started construction on Mill Crossing, a 170,000-square-foot retail center located at the southwest corner of Gilbert and Germann roads in Chandler. The center will be occupied by a 104,000-square-foot J.C. Penney, a 10,180-square-foot Shoe Carnival and a 5,000-square-foot Sears, Roebuck and Co., as well as restaurants, including Ah-So Sushi, Teriyaki Experience and Berry Good Yogurt. Additionally, the center will feature stand-alone pads occupied by Commercia Bank, McDonald’s and Native New Yorker. Opus West Construction Corp. is serving as general contractor for the project; BDG and Opus Architects & Engineers are providing architectural services. Completion is slated for fall 2009.
MURRIETA, CALIF. — SPD Group LLC has broken ground for the construction of Ivy Place Office Condominiums, a two-story, 38,800-square-foot office project located in Murrieta’s historic downtown area. The Class A property is divisible to approximately 1,100 square feet with each floor offering approximately 19,400 square feet. Completion is scheduled for first quarter 2009. Newport Beach, Calif.-based Binnquist Development is serving as general contractor for the project. Steve Malley of Sperry Van Ness is marketing the property.
INLAND EMPIRE, CALIF. — Voit Commercial Brokerage has closed two industrial transactions totaling $6.7 million in the Inland Empire. In the first transaction, LIA Properties LLC has acquired a 28,125-square-foot industrial building for $3.6 million. Shengqu and Xiaoling Chen sold the property, which is located at 13810 Mountain Ave. in Chino, Calif. Joe Miller of Voit’s Anaheim, Calif., office represented the buyer; David Kotai of Lin-Kotai Commercial represented the seller. In the second transaction, Kathy M. Gardarian Family Trust has purchased a 31,768-square-foot industrial building, which is located at 1120 Citrus St. in Riverside, Calif., for $3.1 million. Todd Hergesell of Voit’s Irvine office represented the buyer; Milo Lipson of Grubb & Ellis represented the seller, Oakmont Riverside Hunter Park LLC, in the transaction.
KINGMAN, ARIZ. — Streetsboro, Ohio-based Telling Industries LLC has completed the development of its new manufacturing facility in Kingman. The 52,000-square-foot building features a regional sales office, manufacturing assembly lines, slitter pits and a rail spur for shipping and receiving. Telling Industrial manufactures a full line of C-shaped galvanized steel framing products and an array of complementary accessories for the drywall framing industry. Mentor, Ohio-based Cleveland Construction Inc. served as general contractor for the project.
ROCKLIN, CALIF. — Phoenix-based Opus West Corp. has received approval from the city of Rocklin to develop a 20-acre speculative Class A office project within the 3,500-acre Stanford Ranch master-planned community. The project, Opus Point Stanford Ranch, will consist of three buildings totaling 360,000 square feet. Designed as a steel frame structure with floor-to-ceiling glass, the project will seek LEED Silver certification. Stanford Ranch is located at the intersection of Highway 65 and Interstate 80 in the South Placer County foothills.