PASADENA, CALIF. — Hudson Oaks LP, dba Abode Communities, has purchased a 33,670-square-foot apartment building, which is located at 1267 N. Hudson Ave. in Pasadena. The non-profit developer plans to convert the former 46-unit apartment property into low-cost senior housing. Robert Dixon of NAI Capital represented Abode Communities; Lee Ho of NAI Capital represented the seller, Quid Pro Quo, in the transaction, which was valued at $4.5 million. Construction is slated to begin in July.
DENVER — Denver Pavilions, which is located in downtown Denver, has unveiled a $25 million renovation plan for the retail center. Key features of the renovation include energy efficient escalators; Glenarm Street improvements, including valet service, enhanced customer entrances, new lighting and a pedestrian crosswalk; LED signs along 16th Street; elevator upgrades; enhanced lighting throughout the center; courtyard improvements; new landscape treatments; a new paint scheme; and clear way-finding signage and directories throughout the center. Companies working on the project include Semple Brown Design, CommArts and Buchanan Yonushewski Group. Completion is slated for the end of October.
VAIL VALLEY, COLO. — The Gates Residences has opened in Vail Valley. Located at the entrance of Beaver Creek Resort, the upscale condominium offers 49 luxury condos with two-, three- or four-bedroom residences ranging from 1,346 to 2,737 square feet. The condos feature alder wood stained millwork, granite countertops, alder wood mantels and granite-framed gas fireplaces. The community features a variety of services including housekeeping, laundry and dry cleaning, grocery delivery, mountain shuttle service, a private wine locker, après ski cheese and wine, ski tuning and waxing, warming racks for ski boots, ski lockers and boot dryers, and ski lesson arrangements. The project was developed by JMJ Development, a division of Dallas-based JMJ Holdings.
SCRIPPS RANCH, CALIF. — Coast Income Properties Inc. has planned a $4 million renovation for a 70,720-square-foot shopping center, which is located at 9838-9890 Hibert St. in Scripps Ranch. Renovations to the ranch-themed center will include new storefronts and corrugated roofs, as well as enhancements to the parking layout, hardscape and landscape features. Trader Joe’s will anchor the new center with a 15,000-square-foot location, which is slated to open this summer. Other tenants include Chuck E. Cheese and Supercuts. KTGY Group Inc. is providing architectural services for the project. BYCOR is serving as general contractor.
LANCASTER, CALIF. — Los Angeles-based Investment Real Estate Associates (IREA) has completed the sale of a Del Taco restaurant location in Lancaster. Innovative Property Partners LLC sold the property to an undisclosed buyer for $2.25 million. Located at 1751 E. Ave., the property offers 2,547 square feet of space. Warren Berzack of IREA represented the buyer; Matthew Mousavi and Dennis Vaccaro of Faris Lee Investments represented the seller in the transaction.
LOS ANGELES — Josh Cohen and Adrian Malin of Marcus & Millichap represented both parties in the disposition and acquisition of a 5-unit apartment building, which is located at 1536 W. 30th St. in Los Angeles. The property sold for $510,000 or $102,000 per unit. Built in 1912, the property features two- and three-bedroom apartments. The buyer and seller were not disclosed.
CHINA LAKE, CALIF. — Barnhart Inc. and Naval Facilities Engineering Command (NAVFAC) Southwest are developing the $63.7 million Weapons and Armament Technology Center at Naval Air Weapons Station (NAWS) in China Lake. The 170,000-square-foot project comprises state-of-the-art laboratories and supporting administration offices. Designed by KMA Architects, the project is slated to achieve LEED Silver certification. The center will include a dividable 335-seat conference room, secure work areas and fully equipped transient office workspaces. The grounds will offer Navy exhibits, including an F-18A fighter jet, and various Navy missile armaments developed at NAWS China Lake in addition to parking for 700 vehicles.
LAS VEGAS — Las Vegas-based Crisci Builders is developing and constructing Crisci Properties LLC, a commercial building located at 8845 W. Flamingo Rd. in Las Vegas. The two-story, 17,450-square-foot property will house Crisci Builders’ headquarters, as well as two other tenants. The general contractor is to complete ground-up construction on its professional building, which will include a 48-foot tall rotunda with a dual spiral staircase. Completion of the $2.3 million project is slated for June 2009. DAH Design is the architect of record.
SANTA ANA, CALIF. — A private investor has acquired Evergreen Apartments, a 38-unit apartment property located in Santa Ana. The asset sold for $4.2 million. John Nguyen and David Beauchamp of Marcus & Millichap’s Newport Beach, Calif., office represented the undisclosed seller in the transaction. The property is located at 1601-1605 Evergreen.
TUCSON, ARIZ. — Alliant Capital LLC has arranged a $7.92 million loan for the refinance of La Jolla de Tucson, an affordable apartment community located in Tucson. The 223-unit La Jolla de Tucson was the final property to close as part of a three-property Tucson purchase transaction. This portion of the transaction closed on February 27, 2009, using an extended rate lock of 229 days. The loan has a 9-year term and a 30-year amortization. The borrower is Holualoa Arizona Inc., an international real estate investment firm.