Western

VULCAN INC. COMPLETES SECOND PHASE OF UW MEDICINE PROJECT

by admin June 5, 2008

SEATTLE — Vulcan Inc. has completed the second phase of UW Medicine’s research hub in Seattle’s South Lake Union neighborhood. Located at 815 Mercer St., the second phase consists of a 170,000-square-foot laboratory building and an 86,000-square-foot office building. In an effort to foster greater synergies and collaboration, several research groups are co-locating in the building, including the Institute for Stem Cell and Regenerative Medicine, the Center for Lung Biology, the Diabetes & Obesity Center of Excellence, and a proposed Mitochondria and Metabolism Center run by the Department of Anesthesiology. Perkins+Will provided architectural services for the project; Sellen Construction served as general contractor; Magnusson Klemencic Associates served as structural engineer; Affiliated Engineers NW provided electrical and mechanical engineering services; Coughlin Porter Lundeen served as civil engineer and Gustafson Guthrie Nichol provided landscape architectural services.

June 5, 2008

BURKE REAL ESTATE GROUP ACQUIRES 79,926-SF BUSINESS PARK FOR $10.2M

by admin June 5, 2008

GARDEN GROVE, CALIF. — Orange County, Calif.-based Burke Real Estate Group has acquired Cedargrove Business Park in Garden Grove for $10.2 million. Located at 13311 to 13341 Garden Grove Blvd., the four-building park offers 79,926 square feet of space. Mike Hefner and Paul Caputo of Voit Commercial Brokerage’s Anaheim Metro office represented the buyer; John Gates of Central DeAnza LLC represented the seller, Herd Partnership, in the transaction.

June 5, 2008

Office Western

SNYDER LANGSTON COMPLETES 34,000-SQUARE-FOOT OFFICE BUILDING

by admin June 5, 2008

CENTURY CITY, CALIF. — Irvine, Calif.-based Snyder Langston has completed the construction of a 34,000-square-foot office building for Fox Studios. Located on the Fox Studios’ lot in Century City, the four-story building was completed on an accelerated time frame to accommodate one of the tenants. Digital Media is occupying the fourth floor of the facility, while Fox will use the first floor for dressing rooms and the second and third floors for post-production operations. Additionally, the property was constructed to meet LEED certification standards. John Wiedner of Gensler Architects provided architectural services for the project.

June 5, 2008

Multifamily Western

PACIFIC REALTY ADVISORS TAKES SEVEN-BUILDING MF COMPLEX FOR $5.8M

by admin June 5, 2008

EL CAJON, CALIF. — San Diego-based Pacific Realty Advisors has purchased Pacific Mollison LP, a seven-building apartment community located at 520 S. Mollison Ave. in El Cajon. The 68-unit property sold for $5.8 million. Pacific Realty Advisors plans to remodel the project, including upgrades to the windows, roof, doors and additional structural necessities. The community offers 24 one-bedroom/one-bath units, 32 two-bedroom/two-bath units and 12 three-bedroom/two-bath units. Additionally, the property features a recreation room and 106 parking spaces. The buyer was self-represented in the transaction. The seller was not disclosed.

June 5, 2008

Industrial Western

NAI CAPITAL BROKERS SALE OF 78,000-SF INDUSTRIAL FACILITY

by admin June 5, 2008

SEAL BEACH, CALIF. — TPX LP has purchased a 78,000-square-foot industrial building, which is located at 1709 Apollo Ct. in Seal Beach, for an undisclosed price. TPX has leased the property to Torrance, Calif.-based AMONIX, a leader in solar electric power technology. AMONIX will utilize the facility to manufacture its large solar cells. Sheri Messerlian of NAI Capital’s South Bay, Calif., office, along with Clint McMorris of Colliers International, represented the buyer; John Schumaker of CB Richard Ellis represented the seller, Knickerbocker Properties Inc. XLVI, in the transaction. Messerlian also represented AMONIX in leasing the property.

June 5, 2008

Multifamily Western

26,000-UNIT SIMPSON HOUSING SOLUTIONS PORTFOLIO SELLS

by admin June 4, 2008

IRVINE, CALIF. — Avanath Capital Partners and MacFarlane Costa Housing Partners have acquired Simpson Housing Solutions (SHS) and its portfolio of 273 properties. The 26,000-unit portfolio consists of affordable rental apartments in 33 states, Washington D.C. and Puerto Rico, with more than half of the properties located in California. In the initial phase of the two-phase transaction, ownership of the former SHS portfolio will be jointly held by Avanath Affordable Capital, a wholly owned subsidiary of Irvine-based Avanath Capital Partners, and MacFarlane Costa Housing Partners (MCHP). MCHP is a newly formed joint venture between Michael Costa, the president of SHS, and MacFarlane Partners Affordable Housing, an affiliate of San Francisco-based MacFarlane Partners. To finance the acquisition, Avanath is conducting a fund offering for which real estate investment banking firm Presidio Partners is serving as the placement agent.

June 4, 2008

Office Western

GRUBB & ELLIS HEALTHCARE REIT ACQUIRES 104,000-SF OFFICE BUILDING

by admin June 4, 2008

CYPRESS, CALIF. — Grubb & Ellis Healthcare REIT has purchased 5995 Plaza Drive, a five-story Class A office building located in Cypress. Built in 1986, the property consists of 104,000 square feet of gross leaseable area and is situated on nearly 5 acres. The property is leased to United HealthCare Services Inc., a provider of network-based healthcare and well-being services for mid-sized and small employers, as well as individuals and families. Acquired from an unaffiliated institutional investor, the building offers a dual-entrance 445-space parking lot and close proximity to interstates 405 and 605, and Highway 22. Grubb & Ellis Healthcare REIT financed the acquisition through utilization of its line of credit and from funds raised through its initial public offering.

June 4, 2008

Industrial Western

SEEFRIED PROPERTIES BREAKS GROUND FOR TWO-BUILDING BUSINESS CENTER

by admin June 4, 2008

TOLLESON, ARIZ. — Seefried Properties has broken ground for the construction of Tolleson Business Center, a two-building industrial complex in Tolleson. Located at the southwest corner of 83rd Avenue and Van Buren, the project will feature an 86,913-square-foot building, which is divisible to 13,952 square feet, and a 67,014-square-foot facility, which is divisible to 5,365 square feet. McCall and Associates provided architectural services for the project, while Renaissance Contractors served as general contractor. Completion is slated for July. Rob Stephens and Jeff Stapley of Cushman & Wakefield of Arizona Inc. are leasing the project.

June 4, 2008

Retail Western

ABDELMUTI DEVELOPMENT CO. ACQUIRES 10,118-SF RETAIL STORE FOR $6.2M

by admin June 4, 2008

SAN CLEMENTE, CALIF. — Abdelmuti Development Co. LLC has acquired a 10,118-square-foot retail store, which is located at 166-176 Avenida del Mar in San Clemente. The property sold for $6.206 million or more than $600 per square foot. The property is slated to become Orange County’s sixth Jack’s Surf & Sport retail store. The store is scheduled to open in the first half of 2009. David Knowlton of NAI Capital’s Newport Beach, Calif., office represented the buyer; Dennis Weisberg and Steven Bunge of Marcus & Millichap represented the seller, a private partnership.

June 4, 2008

Industrial Western

PUBLIC STORAGE TAKES 1,107-UNIT SELF-STORAGE FACILITY

by admin June 4, 2008

CARLSBAD, CALIF. — Public Storage Inc. has purchased Carlsbad Village Self Storage, a 1,107-unit self-storage facility in Carlsbad. Located at 3235 Tyler St., the 109,535-square-foot, three-level property features 68 exterior drive-up units and 1,039 interior units. Granite Investment Group sold the property, which was constructed in 2004. Greg Wells, Steve Rowland and Michael Roberts of Grubb & Ellis|BRE Commercial represented both parties in the transaction.

June 4, 2008

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