LOS ANGELES COUNTY, CALIF. — Voit Commercial Brokerage has completed two transactions, totaling $4.1 million, in Los Angeles County. In Downey, Calif., Benedict Partners LLC acquired a 23,200-square-foot property, which is located at 12406-12422 Benedict Ave., for $2.1 million. Rob Socci and Peter Castleton of Voit’s Anaheim, Calif., office represented the sellers, George and Margaret Maginn; Jeff Hubbard of Lee & Associates represented the buyer in the transaction. In a separate transaction, Guthrie Development Company completed the disposition of an 11,516-square-foot property, which is located a 7901 Somerset in Paramount, Calif., for $2 million. The property is located within the 158,000-square-foot Somerset Business Park. Louis Tomaselli, Mitch Zehner, Cameron Driscoll and Luke McDaniel of Voit’s Anaheim office represented the seller; Steve Bryant of Grubb & Ellis represented the buyers, Yungtai and Lisa Hsu.
CLARK COUNTY, CALIF. — BJG Architecture + Engineering has broken ground for the construction of Clark County Fire Station #33, which is located on the Las Vegas Convention Center campus in Las Vegas. The $5.3 million, 14,000-square-foot facility includes a fourth bay for service vehicles. The additional space will also include an area designated for fire prevention personnel and future development. The station’s first two specialized engines will equipped to handle chemical, biological and radiological hazards and paramedic rescue. The project is being built through a partnership between Las Vegas Convention and Visitors Authority (LVCVA), Clark County and the fire department. Clark County will fund the property and lease the facility from the LVCVA.
CONCORD, CALIF. — Concord-based B. Mann’s Properties has purchased Woodstone Apartments in Concord for $2.3 million. Built in 1963, the 20-unit property features two-bedroom/one-bath units, a swimming pool and on-site laundry facilities. Jamie Clifford of Arroyo & Coates represented the seller, CMR Mortgage Fund, in the transaction.
DENVER — Behringer Harvard has acquired 1875 Lawrence, a 15-story office tower in the historic LoDo (lower downtown) area of Denver’s central business district. Built in 1982, the property offers 185,000 square feet of rentable office space. Additionally, the property features a three-level underground parking garage. The seller and acquisition price were not disclosed.
SAN JOSE, CALIF. — San Mateo, Calif.-based The Castle Group, dba Morrison Park Apartments LLC, recently acquired a $19.7 million, 4.4-acre site at 381 Stockton Ave. in San Jose for the development of Morrison Park Apartments. The four-story, 250-unit apartment complex was originally designed as a for-sale condominium property, but due to the economy the project has been converted to a rental housing property. Completion is slated for late 2010. Keith Claxton of NAI BT Commercial San Jose, along with Borelli Investments, represented the undisclosed seller in the land transaction.
VAIL, COLO. — JMJ Development, a division of Dallas-based JMJ Holdings, has completed the development of The Gates Residences, an upscale condominium property located at the entry to Beaver Creek Resort in Vail Valley. The property features 49 luxury two-, three- or four-bedroom condominiums offering residents numerous amenities, including a private driver, an on-site concierge, a ski valet, an indoor heated pool, an outdoor therapy pool, steam rooms, daily continental breakfast, a private lounge with fully equipped bar, a library, a meeting room, a state-of-the-art workout facility, underground parking and an outdoor deck overlooking Beaver Creek. CFC Construction served as general contractor for the project. Western Seasons Management Company is providing on-site management for the property.
HERCULES, CALIF. — Jim Roessler of Roessler Investment Group represented the undisclosed seller in the disposition of Creekside Shopping Center in Hercules. A trade buyer purchased the property for approximately $5.83 million. The property offers 14,000 square feet of retail space.
What area is your expertise? Phoenix Metropolitan Area What trends do you see presently in multifamily development in your area? As construction on the first phase of the Phoenix light rail system wraps up, we’re seeing a major trend towards mixed-use projects with multifamily housing with commercial space along the line’s route from Central Phoenix to Tempe and Mesa. Developers are also targeting the renters-by-choice market by building upscale apartments that offer high-end amenities and finishes. Who are the active multifamily developers in your area? Alliance Residential, Embrey, Fairfield Residential, Trammell Crow Residential, Gray Development, Mark-Taylor, Greystone, Trillium Residential, and the Zaremba Group. Please name one or two significant multifamily developments in your area. What impact will these projects have on the market? CityScape — RED Development and CDK Partners are building this $900 million, 2.5 million-square-foot project in downtown Phoenix. CityScape will feature 1,200 multifamily units, along with a 600,000-square-foot office tower, shops, restaurants, and a 250-room hotel operated by San Francisco-based Kimpton Hotels & Restaurants. Office tenants already committed to the project include Wachovia (regional headquarters) and Squire, Sanders & Dempsey LLP (global law firm). This project is currently supporting more than 3,000 construction jobs, and on-site employment …
CARSON, CALIF. — Watson Land Co. has acquired a 266,780-square-foot industrial property and 8 acres of vacant land in Carson. Located at 771 Watson Center Rd., the building currently serves as a warehouse and distribution facility for UPS Supply Chain Solutions. Built in 1972, the single-story property features 24-foot clearance and 56 dock-high loading doors. Jay Borzi and Steve Silk of Eastdil Secured, along with David Prior and Todd Taunger of The Klabin Company, brokered the transaction. The seller and sales price were not disclosed.
TUSTIN, CALIF. — 15771 Red Hill LLC, a group of private investors, has acquired a 79,756-square-foot industrial property in Tustin. Situated on a 6-acre site at 15771 Red Hill Ave., the property offers 36,000 square feet of office space. The transaction was valued at $12 million. Currently, the facility is 50 percent leased to Cookie Lee, a direct-sale jeweler. Michael Hartel of Voit Commercial Brokerage represented the buyer; Gregg Haley and Kelly Kayl of CB Richard Ellis represented the seller, SK Red Hill Properties LLC, in the transaction.