MARINA DEL REY, CALIF. – Through a strategic alliance with Phoenix-based Alliance Residential, Behringer Harvard has acquired the 140-unit Redwood Lofts located at 4055 Redwood Avenue in Marina del Rey. The new development consists of four four-story buildings situated on a 2.6-acre site 15 miles west of Los Angeles’ city center. The acquisition of Redwood Lofts was made through a joint venture of Behringer Harvard Multifamily REIT I Inc. and PGGM Private Real Estate Fund, a vehicle for real estate investments for large Dutch pension funds. Behringer Harvard plans to rebrand the multifamily community to Forty55 Lofts.
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KENT, WASH. — On behalf of Los Angeles-based Mesa West Capital, Hendricks & Partners handled the $14.45 million disposition of the 249-unit Bravado on 27th, located at 25701 27th Place South in Kent. The three-story, garden apartment community had been a lender-owned asset since December 2008. Bravado on 27th was purchased by Bravado Apartments LLC, which is headed by local apartment investor Gurmeet Singh and was represented by Jim McConville of Prudential Northwest. Hendricks & Partners’ Kenny Dudunakis represented the seller.
RANCHO CUCAMONGA, CALIF. — Dedeaux Properties LLC has purchased the $6.5 million, approximately 10-acre, state-of-the-art transportation maintenance and trailer storage facility at 10801 Jersey Blvd. in Rancho Cucamonga. The property consists of a freestanding 8,500-square-foot office building, an approximately 19,000-square-foot maintenance facility and a 10,000-gallon diesel fueling station. Brett Dedeaux, Rustin Mork and Anthony Dedeaux of Binswanger, Realty Advisory Group represented the buyer.
BERKELEY, CALIF. — Roessler Investment Group has handled the $3.1 million sale of an Adidas store at 2333 Telegraph Ave. in Berkeley. Located half a block south of Bancroft Way and Sproul Plaza at the University of California, the 4,450-square-foot store has traded at a 6.2 percent cap rate. Jim Roessler of Roessler Investment Group represented the seller, and Golden Pacific Realty’s Bernard Laffer represented the buyer.
LONE TREE, COLO. — Developer and design-builder Opus Northwest has started construction on the 100,000-square-foot second phase of the Lincoln Commons Retail District at Ridgegate in Lone Tree. Sprouts Market will anchor the second phase upon completion in the summer of 2010. The Mulhern Group is the project architect, and the project owner is Lincoln Commons North Inc.
SAN DIEGO — Grubb & Ellis|BRE Commercial has presided over the $13.8 million sale of the 42,973-square-foot ground-floor retail space occupied by Albertson’s at Market Street Village in San Diego. Grubb & Ellis’s Chuck Klein, Tim Winslow, Kevin Held and Jason Kimmel represented the seller, EVALBS LLC. Douglas Hamm of Narven Enterprises Inc. represented the buyer, LIAD LLC.
CHINO, CALIF. — Represented by Voit Real Estate Services’ Commercial Brokerage division, Westinghouse Lighting Corporation has leased a new 137,523-square-foot building at 6718 Bickmore Avenue in Chino. Relocating from Santa Fe Springs, Westinghouse Lighting will use the new location as its regional distribution facility. Voit’s Peter Castleton represented the tenant in the transaction, and Jim Koenig of CBRE represented the landlord, Manulife Financial.
AUBURN, WASH. — On behalf of Panattoni Development, The Andover Company Inc./CORFAC International has handled Pacific Cascade’s lease of the remaining 48,885 square feet at Auburn Park 277, a 141,970-square-foot high-bay distribution building in Auburn that was completed by Panattoni in June 2008. The Andover Company’s Brian Bruininks and George Rockwell represented the owner in the transaction.
FRUITA, COLO. — Stan Johnson Co. has brokered the sale of a Walgreens store in Fruita, located along Interstate 70, just 15 miles west of Grand Junction. An individual investor purchased the 14,490-square-foot store in a tax-deferred 1031 exchange. Stan Johnson Co.’s Ken Hedrick and Jerry Hopkins represented the seller, a merchant Walgreens developer, and the firm’s Jim Gibson represented the buyer. This constitutes the 17th drugstore transaction for the brokerage firm in 2009.
PHOENIX — CB Richard Ellis (CBRE) has negotiated a 38,988-square-foot lease at a warehouse/distribution building located at 1511 S. 47th Ave. in Phoenix. Pat Feeney, Dan Calihan and Rusty Kennedy of CBRE’s Phoenix office represented the landlord, Los Angeles-based EJM Development, in the 3-year lease agreement. Lee & Associates’ Allen Lowe represented the tenant, Calhoun, Ga.-based Mohawk Industries Inc. Financial terms of the transaction were not disclosed.