RIVERSIDE, CALIF. — Atlanta-based Oakmont Hunter Park Riverside LLC has completed the disposition of a 31,768-square-foot industrial building, which is located at the five-building Hunter Park Business Center in Riverside. Located at 1120 Citrus Ave., the property was acquired by M. Gardarian Family Trust for $3.1 million. The facility houses the West Coast distribution center of Rancho Santa Margarita, Calif.-based Qualis International Inc. Milo Lipson and Ryan Velasquez of Grubb & Ellis represented the seller; Todd Hergesall of Voit Commercial represented the buyer in the transaction. The business park totals 294,051 square feet.
CAMPBELL, CALIF. — Chicago-based Waterton Associates LLC has raised $222 million of equity capital for its Western Residential Property Fund X, which is the company’s fourth joint venture with California State Teachers Retirement System (CalSTRS). The fund, which targets value-added and opportunistic properties, has acquired The Parc at Pruneyard in Campbell as its first acquisition. Built in 1968, the 252-unit property consists of 10 two-story residential buildings, a pool, a picnic/barbecue area and a community clubhouse that features a fitness room and a billiards room. The property features one-bedroom/one-bath units and two-bedroom/one-and-a-half bath units offering washer/dryers, patios or balconies and air conditioning.
LYNNWOOD, WASH. — MulvannyG2 Architecture is designing Northpointe Retail Center and a 186,000-square-foot Fred Meyer store in Lynnwood. Located at the intersection of 164th Street SW and Alderwood Mall Parkway, the center will offer nearly 42,000 square feet of mixed-use space consisting of office, retail and restaurant options. The development will encompass seven buildings, ranging in size from 4,000 to 8,000 square feet. The 18.3-acre site will feature a family-friendly, pedestrian-oriented main street at the heart of the development. The design will also include plazas with outdoor seating.
ENCINITAS, CALIF. — Cardiff, Calif.-based John DeWald & Associates, along with Phase 3 Properties Inc., has broken ground for the development of Pacific Station, a $40 million mixed-use redevelopment project in downtown Encinitas. Located at 687 S. Coast Highway, the transit-oriented project will offer 40,000 square feet of retail space, including a 25,000-square-foot Whole Foods Market, restaurants, public plazas and small shops; 9,000 square feet of office space; and 47 upscale residential townhomes. The design team includes John Maple/Maple Dell + McClellan Architects, Allard Jansen Architects Inc. and Architects Illustrated. The residential portion will feature two-story townhomes, two-story lofts and single-story flats ranging in size from 600 to 2,400 square feet. Additionally, the project is seeking LEED certification. Completion is slated for late 2009 or early 2010.
ANAHEIM, CALIF. — Panattoni Development Company is redeveloping a 60-acre project in Anaheim. The first two phases include the revitalization of Building 3370, a 204,989-square-foot facility, and Building 3330, a 195,798-square-foot facility, both of which formerly served as part of The Boeing Company’s Anaheim campus. The renovation for Building 3370 includes a retrofit of the existing two-story research and development/office building into a 204,989-square-foot office building, showcasing an enhanced entry with feature walls and new windows. Plans for Building 3330 includes retrofitting the existing, 6-story office building with a new exterior façade on all sides. Designed by Ware Malcomb, the project is seeking LEED certification and features recycled materials, a certified cool roof, water efficient fixtures, low VOC materials, reclaimed water use, drought tolerant landscaping, a construction waste management plan, a building recycling program and certified wood. Irvine, Calif.-based Panattoni Construction Inc. is serving as general contractor. Groundbreaking is slated for December.
RIVERSIDE, CALIF. — Atlanta-based Oakmont Hunter Park Riverside LLC has completed the disposition of a 31,768-square-foot industrial building, which is located at the five-building Hunter Park Business Center in Riverside. Located at 1120 Citrus Ave., the property was acquired by M. Gardarian Family Trust for $3.1 million. The facility houses the West Coast distribution center of Rancho Santa Margarita, Calif.-based Qualis International Inc. Milo Lipson and Ryan Velasquez of Grubb & Ellis represented the seller; Todd Hergesall of Voit Commercial represented the buyer in the transaction. The business park totals 294,051 square feet.
HOLLYWOOD, CALIF. — The Metropolitan Hollywood, a luxury residential building in Hollywood, has reopened after undergoing an extensive renovation. Located at the corner of Sunset Boulevard and Van Ness, the property features 52 apartment units offering views of the city. The units feature central A/C; full-kitchens with stainless steel, state-of-the-art appliances; granite countertops; soft-loft style/one-bedroom layouts; high ceilings; walk-in closets and bamboo-style flooring. The building features gated property and parking access, a gym with steam showers in both the men’s and women’s locker rooms, a club room with a flat screen television and NFL Sunday Ticket, an evening concierge, ample parking, laundry facilities and an on-site management and maintenance staff.
SAN JOSE, CALIF. — Virtu Investments has purchased Los Gatos Creek Apartments in San Jose for $18 million or approximately $214,000 per unit. Los Gatos Creek Apartments LLC sold the property, with consists of 84 apartment units. Craig Chiappone, Curtis Gardner and Mike Colhoun of Arroyo & Coates represented both parties in the transaction.
VENTURA, CALIF. — Newport Beach, Calif.-based CT Realty Corp. has acquired Ventura Professional Center, which is located at 5700, 5720 and 5740 Ralston St. in Ventura. Security National Properties Funding II sold the three-building complex for $11.75 million. Situated within the Victoria Avenue corridor, the property consists of 113,346 square feet of office space. CT Realty plans to invest $1.2 million to renovate the property, which is currently 63 percent occupied by 22 tenants. Malcolm Rickards of Colliers International represented the buyer; Buz Miller and Greg Kasner, also of Colliers International, represented the seller in the transaction. Equity financing was provided by CT California Fund VI and private investors, while debt financing was provided by Pacific Coast Capital Partners.
MESA, ARIZ. — Barclay Holdings XXXVI LLC has completed the disposition of Fry’s Marketplace, a destination grocery-anchored shopping center in Mesa. Danny Campbell, et al, has acquired the 20,669-square-foot property for $7.6 million. The center is located at the southeast corner of Stapley Drive and McKellips Road. Jan Finchman and Patrick Dempsey of Lee & Associates Arizona represented the seller; Ryan Schubert of Grubb & Ellis|BRE Commercial represented the buyer in the transaction.