SANTA MONICA, CALIF. — Santa Monica-based 1550 5th St. LLC has purchased a 35,250-square-foot commercial property in Santa Monica. Located on the northwest corner of 5th Street and Colorado Avenue, the property was 100 percent occupied at the time of acquisition. Los Angeles-based Arthur Goode Family Trust sold the property. Terms of the transaction were not disclosed. Joseph Gabbaian and Guy Eisner of Grubb & Ellis’ West Los Angeles office, along with Kathleen Silver of Colliers International, represented both parties in the transaction.
SANTA ROSA, CALIF. — Jamie Clifford and David Silver of Arroyo & Coates represented the undisclosed seller in the disposition of Vineyard Gardens Apartments in Santa Rosa. Constructed in 1988, the 180-unit multifamily property features one- and two-bedroom townhomes ranging in size from 559 to 926 square feet. The acquisition price was not disclosed. Tim Scherer, also of Arroyo & Coates, represented the buyer, a Marin County, Calif.-based private investor, in the transaction.
VISTA, CALIF. — RREEF has completed the disposition of Bella Terra, a 460-unit apartment community located at 365 Pomelo Dr. in Vista. Hillcrest Montecito LP, VLC Bonnie Brae LP and Vista Bella Terra LP, three R&V Management sponsored partnerships, acquired the property for $69.5 million. The community features one-, two- and three-bedroom units ranging in size from 700 to 1,160 square feet. Community amenities include two swimming pools and spas, an onsite clubhouse, a fitness facility, a business facility and a playground. Ed Rosen, John Chu and Alejandro Lombrozo of Cushman & Wakefield represented all parties in the transaction.
TUSTIN, CALIF. — Jack Markovitz Trust has purchased Red Hill Corporate Plaza, a 44,123-square-foot office building in Tustin, for $12.9 million. The trust acquired the property in a 1031 exchange for cash flow purposes. Built in 1984, the property serves as headquarters for Oncotech, a company that provides molecular oncology testing services. Phil Cohen of Lee & Associates’ Irvine, Calif., office represented the buyer and the seller, John R. Saunders of Red Hill LLC, in the transaction.
GILBERT, ARIZ. — LGE Design Build has been selected to design and build a medical-use facility in Gilbert. Located within Higley Gateway Professional Center, the 154,000-square-foot facility will offer 15,000 square feet of retail space. Situated adjacent to the new Banner Gateway Medical Center, the $21 million project is the fourth medical-use project either designed or constructed by LGE this year.
MUKILTEO, WASH. — InterContinental Hotels Group is developing a 130-room Staybridge Suites in Mukilteo. Located at the intersection of Mukilteo Speedway and Paine Field Boulevard, the five-story, all-suites hotel will feature 1,900 square feet of meeting space, the brand’s Just Like Home Theater with a 52-inch plasma high-definition television, an indoor pool, a 2-mile nature trail, Wireless Anywhere Internet access, daily breakfast buffet, complimentary 24-hour guest laundry, a workout facility, a complimentary 24-hour business center and BridgeMart®, a 24-hour convenience store. The hotel is owned by Mukilteo Hotel LLC and will be managed by 360 Management Company LLC, under a license agreement with a company in the InterContinental Hotels Group. Completion is slated for fall 2009.
TUSTIN, CALIF. — KAMF Tustin LLC has acquired three medical office buildings in Tustin as part of an investment package brokered by John Bosko and Bob Bush of NAI Capital’s Newport Beach, Calif., office. The transaction was valued at $10 million. Located at 13422 Newport Ave., the first property, the 14,023-square-foot Tustin Medical Arts building, sold for $3 million. Bosko and Bush also represented the seller, Tustin Medical Arts, in the transaction. The second property, offering 20,450 square feet at 13362 and 13372 Newport Ave., was acquired for approximately $4.46 million. Gary Stache and Pat Scruggs of CB Richard Ellis represented the seller, Selcasnan Limited Partnership, in the transaction. Located at 1101 Bryan Ave., the 45,302-square-foot third building sold for $2.57 million. The seller, Bryan Medical LLC, was self-represented in the transaction.
LOS ANGELES — Slated to open in December, the second phase of L.A. Live will bring restaurants and entertainment venues to the Los Angeles Sports & Entertainment District. Part of the $2.5 billion, 4 million-square-foot development, the newest phase will feature 12 restaurants, a 2,300-square-foot Club NOKIA, the Conga Room, Lucky Strike Lanes, ESPN Zone, the ESPN West Coast broadcast headquarters and The GRAMMY Museum. L.A. Live is the result of a partnership between Anschutz Entertainment Group (AEG), the city of Los Angeles and numerous consultants. RTKL provided architectural services for the project. The third phase, which is scheduled for completion in late 2009/early 2010, will feature a JW Marriott, The Ritz-Carlton, The Ritz-Carlton Residences and a 14-screen Regal Cinemas, as well as meeting and ballroom spaces.
PORTLAND, ORE. — Phoenix-based Alliance Residential Company has broken ground for the construction of Broadstone Enso, a mixed-use development located in the heart of Portland’s Pearl District. The 152-unit luxury property will offer studio, one- and two-bedroom units ranging in size from 524 to 1,305 square feet. The units will feature 9-foot ceilings, stone kitchen countertops with islands, furniture-style vanities with stone tops, and wood plank-style flooring. Additionally, the property will offer a landscaped outdoor courtyard, a fitness room, a clubroom with a fireplace, a flat-screen television and an exclusive resident wine storage room with a tasting area. Designed by Portland-based Myhre Architects and Interior Design, the property also features 9,900 square feet of storefront retail space. Completion is slated for first quarter 2010.
MONROVIA, CALIF. — Urban Housing Group is breaking ground for The Courtyards at Old Town, a multifamily complex in Monrovia, in early November. Designed by KTGY, the four-story property will feature 163 luxury apartments and 6,000 square feet of ground-level retail space. Units will offer granite countertops, maple cabinets, broadband wiring, in-unit laundry and 9-foot ceilings. The community will feature a pool, a spa, a fitness center, a clubhouse and seven landscaped courtyards. HSBC Realty Credit Corp. is providing financing for the project, which is slated for completion in April 2010.