Western

390-UNIT MULTIFAMILY PROPERTY TRADES HANDS FOR $41 MILLION

by admin November 10, 2008

HAPPY VALLEY, ORE. — Parker, Colo.-based Monterey Springs Holdings LLC has acquired Monterey Springs, a 390-unit multifamily property located at 8640 SE Causey Ave. in Happy Valley. Sherman Oaks, Calif.-based 4414 Wood Apt. I LLC, et al. sold the property for $41 million. The property features one-, two- and three-bedroom units averaging 900 square feet. Additionally, the community features an indoor swimming pool and spa, a clubhouse and a recreation center. Phil Oester of Hendricks & Partners’ Portland, Ore., office represented the seller; Steve Young of the company’s Seattle office represented the buyer in the transaction.

November 10, 2008

231,834-SF MARINE CORPS AIR GROUND COMBAT CENTER UNDERWAY

by admin November 10, 2008

TWENTYNINE PALMS, CALIF. — Straub Construction Inc. has selected KMA Architecture & Engineering to assist in the design coordination for eight sites within the Marine Corps Air Ground Combat Center in Twentynine Palms. Currently under construction, the 14-site project will total 231,834 square feet when complete in April 2010. The 147-building project features 41 administrative buildings (32,640 square feet); nine maintenance structures (16,980 square feet); two large storage structures (8,500 square feet); 63 ISO containers (3,040 square feet); three CMS vaults (1,440 square feet); 12 restroom trailers (3,528 square feet); 13 armories (3,564 square feet); and 4 classroom buildings (7,274 square feet). The KMA project team consists of Jay Janda, Tim Rubesh and Alison Warren. RBF Consultants is providing civil engineering services, while Grace Evan Technical Services is providing engineering specification services.

November 10, 2008

Hospitality Western

BASIN STREET HOSPITALITY DEBUTS 116-ROOM HAMPTON INN & SUITES

by admin November 10, 2008

WINDSOR, CALIF. — Basin Street Hospitality, a division of Basin Street Properties, has completed the development of a Hampton Inn & Suites in Windsor. The 116-room hotel offers high-speed wireless Internet access, a swimming pool, a hot tub, a PreCor Fitness Center and more than 1,200 square feet of meeting room space. The company is also developing a 102-room Hampton Inn & Suites in Suisun City, Calif.

November 10, 2008

Multifamily Western

MARCUS & MILLICHAP BROKERS 48-UNIT APARTMENT COMPLEX SALE

by admin November 10, 2008

AUBURN, WASH. — Brandon Grisham and Scott Morasch of Marcus & Millichap’s Seattle office represented the undisclosed seller in the disposition of Valentia Apartments. The 48-unit property is located at 812 10th St. NE. The asset sold for $3 million to an undisclosed seller.

November 10, 2008

Multifamily Western

HENDRICKS & PARTNERS BROKERS $1.1 MILLION MULTIFAMILY SALE

by admin November 10, 2008

TUJUNGA, CALIF. — Kevin Hurley of Hendricks & Partners’ Pasadena, Calif., office represented the seller, Huntington Beach, Calif.-based 6834-6838 Valmont Street LLC, in the disposition of Valmont View in Tujunga. Located at 6834-38 Valmont St., the nine-unit apartment community sold for $1.1 million. The La Crescenta, Calif.-based buyer was Jorge Molina and Maria A. Molina, trustees of the Jorge Molina and Maria A. Molina Revocable Trust U/T/A January 9, 2004.

November 10, 2008

Multifamily Western

TURNBERRY, GROUP 24 TO DEVELOP 40-STORY CONDO PROJECT

by admin November 7, 2008

SAN FRANCISCO — Group 24 LLC has become a 50 percent partner with Turnberry Ltd. for the development of Turnberry Tower, a condominium tower located in San Francisco’s Rincon Hill neighborhood. Located at 45 Lansing St., the 40-story tower will offer one-, two- and three-bedroom residences, townhouses, penthouses and tower-suite units. Condominiums will range in size from 1,000 to more than 3,800 square feet and offer outdoor terraces featuring views of the city, bay and bridge. Additionally, the project will feature a fitness center, an indoor swimming pool, and 24-hour valet parking, security, concierge and front desk personnel. The $300 million project is the first collaborative effort for the companies.

November 7, 2008

Industrial Western

112,000-SQUARE-FOOT INDUSTRIAL BUILDINGS TRADES HANDS

by admin November 7, 2008

COSTA MESA, CALIF. — Grubb & Ellis Realty Investors, on behalf of tenant-in-common investors, has acquired 1650 Sunflower, an industrial/flex building in Costa Mesa, for an undisclosed price. The property features an approximately 109,000-square-foot sorting and distribution center and a more than 3,000-square-foot vehicle maintenance building. Built in 1976, the property recently underwent renovations, including a renovated lobby, a new roof application and 15 new truck doors. Currently, Federal Express occupies the facility. Panattoni Development Company sold the property. Financing was arranged by Gabe Potyondy and James Ko of Allied Irish Banks, plc.

November 7, 2008

Retail Western

16-SCREEN, IMAX¨ THEATRE PLANNED FOR WINROCK TOWN CENTER

by admin November 7, 2008

ALBUQUERQUE, N.M. — Regal Entertainment Group has reached an agreement with Winrock Partners LLC to develop a 16-screen cinema at Winrock Town Center in Albuquerque. The 75,000-square-foot theater will feature a state-of-the-art IMAX® Theatre. The cinema will be one component of Winrock Town Center, a planned 83-acre open-air, pedestrian-friendly, mixed-use development located just off Interstate 40 at Louisiana Boulevard. Groundbreaking for the theatre is slated for spring 2009.

November 7, 2008

Office Western

SCRIPPS POWAY OFFICE PARK WEST BUILDING SELLS FOR $1.9 MILLION

by admin November 7, 2008

POWAY, CALIF. — Scott Cummings of Independence Realty represented Samuel Flores Jr. in the acquisition of a 6,000-square-foot freestanding office building located at 14265 Danielson St. in Poway. Situated within Scripps Poway Office Park West, the property sold for approximately $1.9 million. Built in 2002, the facility offers four private offices and ample parking. The buyer intends to use the building for a staffing company. James Duncan and Mickey Morera of Cushman & Wakefield represented the seller, Jian Investments LLC, in the transaction.

November 7, 2008

Multifamily Western

406-UNIT MULTIFAMILY PROPERTY SELLS FOR $53.35 MILLION

by admin November 6, 2008

LA MESA, CALIF. — Los Angeles-based Strategic Realty Capital has acquired the Baltimore Apartment Portfolio, a family-built and -owned multifamily property in La Mesa. Constructed in phases between 1973 and 1980, the 406-unit property sold for $53.35 million. Morris and Barbara Steiman sold the property. Steve Huffman, Chris Rogers and Dick Bassett of Hendricks & Partners brokered the transaction. Mike Vinti of First American Title handled the escrow and title services; DLA Piper and Sheppard Mullin provided legal services; Deutsche Bank provided financing for the transaction.

November 6, 2008

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