HONOLULU — EnviroFinance Group LLC has provided $11 million in financing for the remediation, infrastructure and site development of a 174,240-square-foot land parcel in Honolulu. The borrower, Weston Solutions Inc., plans to take the 4-acre contaminated site, which was formerly a manufactured gas plant, through an extensive environmental remediation. After clean up, the property, which is located at 616 Iwilei Rd., will likely be developed into a retail center. Weston is investigating the use of an innovative in-situ chemical oxidation process to clean up the site, which is contaminated with high concentrations of benzene.
Western
ROCKLIN, CALIF. — An undisclosed buyer has purchased Sunset Street in Rocklin. Located at 3655 Sunset Blvd., the 104-unit property sold for $9.2 million. Al Inouye and Steve Nelson of Hendricks & Partners represented both parties in the transaction. The seller was not disclosed.
KENT, WASH. — Beverly Hills, Calif.-based Kennedy Wilson Multifamily Management Group has acquired Indigo Springs, a 278-unit multifamily community located at 11101 SE 208th St. in Kent, for $36 million. The community comprises one-, two- and three-bedroom apartments in five different floor plans. Units feature kitchens with an open floor plan overlooking the dining and living areas, washer/dryers, linen closets, fireplaces, ceiling fans, track lighting, scenic wetland views and a sunroom/patio/deck with extra storage. Additionally, the community features a clubhouse with fireplace and kitchen, a fitness center, an outdoor pool and spa, a basketball court, a playground, and detached garages. David Young and Phil Oester of Hendricks & Partners represented the buyer and the undisclosed seller in the transaction.
LA MESA, CALIF. — Ledcor Construction Inc. is nearing completion for a five-story 66,000-square-foot medical office project located on the Grossmont Hospital Campus in La Mesa. Ledcor Construction is serving as general contractor for the $9.6 million project, which is owned by Pacific Medical Buildings. The project features a stucco exterior, two machine-room-less elevators, five built-out lobbies, a trash enclosure, a solar crosswalk and a seven-story parking structure. HDR is providing architectural services, Rand Engineering is serving as site work contractor, TMAD Taylor and Gaines is serving as structural and mechanical engineer, BDS Engineering Inc. is providing civil engineer services, Tanner Engineering is serving as electrical engineer and KTU+A is serving as landscape architect.
SEAL BEACH, CALIF. — Phil Voorhees, Megan Wood, Patrick Toomey and Barclay Harty of CB Richard Ellis (CBRE) represented Panattoni Development in the disposition of Pacific Gateway Shopping Center in Seal Beach. A foreign investor purchased the 19,474-square-foot property for $12.8 million or $657 per square foot, which reflects a 6.59 percent cap rate. Located at 2311, 2365 and 2399 Seal Beach Blvd., the property is currently leased to Charles Schwab, Subway, Countrywide, Starbucks Coffee and Anytime Fitness.
SAN DIEGO — Joshua Volen and Andrew John Slade of Marcus & Millichap represented the seller, HPC Properties, in the disposition of Bekaert Specialty Films I, an industrial warehouse building in San Diego. An undisclosed buyer acquired the 48,203-square-foot property, which is located at 4520 Viewridge Ave., for $10.55 million. Bekaert currently occupies the property under a triple-net lease. The company uses the facility to headquarter its Specialty Film Manufacturing division.
OAKLAND, CALIF. — 700 Independence Road LLC has purchased a 132,000-square-foot industrial building, which is located at 700 Independence Road in Oakland. The warehouse distribution facility is situated on a 5-acre land parcel. Casey Ricksen and Greig Lagomarsino of Colliers International represented both parties in the transaction. The seller and the acquisition price were not disclosed.
VALENCIA, CALIF. — Noble Investment Group has acquired Hyatt Regency Valencia, which is located within master-planned Valencia Town Center at 24500 Town Center Dr. in Valencia. The 244-room hotel also houses the Santa Clarita Conference Center, which features 16,000 square feet of meeting and event space including three outdoor garden areas overlooking the Valencia Country Club. The guestrooms feature upscale amenities and finishes, including the new Grand Hyatt bed, i-Home systems, high-speed Internet access and views of the surrounding Santa Susana and San Gabriel Mountains. Additionally, the hotel offers an outdoor heated swimming pool, a whirlpool and a sundeck area. Noble will operate the hotel under a long-term license agreement with Hyatt Hotels Corp.
PHOENIX — Tanger Factory Outlet Centers Inc. has unveiled plans to develop an upscale outlet shopping center in the western suburb of Phoenix. Located at the South West quadrant of the 101 Loop and Camelback Road, the 330,000-square-foot center will be situated in one of the fastest growing sections of the Phoenix market and in close proximity to some of the highest household incomes in the metropolitan area. Tanger has entered into a purchase and sale agreement with HWWCC Development LLC for the center’s more than 30-acre site. The center will feature 80 upscale, brand-name and designer outlet stores. Designed as an open-air shopping center, the project will feature landscaped courtyards, unique architectural details and a park-like setting. Groundbreaking is slated for 2009, with completion scheduled for 2010.
GLENDALE, CALIF. — Los Angeles-based Rexford Industrial has purchased a freestanding industrial building in Glendale for $6.2 million. Located at 700 Allen Ave., the 57,117-square-foot property offers 3,840 square feet of office space. The property is currently occupied by Grant Industries on a 21-year lease, with approximately 1 year remaining. The tenant has the option to renew its lease for an 18-month extension. Peter Castleton of Voit Commercial Brokerage’s Anaheim, Calif., metro office represented the buyer and the seller, the Peterson Family Trust, in the transaction.