SAN DIEGO — Trammell Crow Company’s (TCC) private equity group has acquired a 49,347-square-foot office building, which is located within the Torrey Pines submarket of San Diego. Constructed in 2001 and located off Genesee Avenue, the two-story property features 24,674-square-foot floorplates, 9-foot ceilings with acoustical system and ample parking. TCC’s private equity group, along with the firm’s Southern California Business Unit, plan to renovate and update the asset and reposition it as either Class A office space or lab/biotech space for single or multi-tenant uses. Jerry Keeney and Matt Nickels Jr. of CB Richard Ellis’ (CBRE) San Diego office will market and lease the property, while Dick Shope and Jennifer McClendon, also of CBRE, are managing the property.
HENDERSON, NEV. — Southwest Gas Corp. has selected Jaynes Corp. to develop its $10.8 million operations facility in Henderson. The new facility, Southwest Operations Center, will feature a 58,000-square-foot concrete tilt-up office/warehouse building, a 14,000-square-foot fabrication shop and a 16-building training facility complex, as well as streets and utilities to support the operations center. The training center will feature 16 mock-up buildings and an open excavation area, which will be used to train employees. The complex is situated on a 16-acre site located south of St. Rose Parkway and east of Henderson Airport. Completion is slated for June 2009.
RANCHO CUCAMONGA, CALIF. — The first Starwood aloft Hotel by W in the United States had opened within the $60 million mixed-use development HavenPark in Rancho Cucamonga. The aloft is the newest brand from Starwood Hotels & Resorts Worldwide Inc. The 136-room aloft Ontario-Rancho Cucamonga is one of the 18 aloft hotels slated to open this year. Guestrooms feature loft-like 9-foot ceilings and oversized windows, high-tech office and entertainment centers, wireless Internet access, plug & play technology, and large, flat-screen HDTV-ready televisions. Chicago-based The John Buck Company partnered with Interstate Hotels to develop the aloft.
SAN DIEGO — PCCP Janez Genesse LLC, a joint venture between San Diego-based Janez Group and El Segundo, Calif.-based PCCP LLC, has purchased Genesee Executive Plaza, a 159,000-square-foot office property located at 9333 and 9339 Genesee Ave. in the La Jolla Golden Triangle area of San Diego. Arden Realty sold the property for $56 million or $350 per square foot. The complex consists of two three-story, 80,000-square-foot office buildings. The property is currently 90 percent leased to a variety of tenants, including FedEx, IGO Medical Group and First Pacific Bank. The buyers plan to implement a capital renovation and improvement plan. Eastdil Secured represented the seller in the transaction; Janez was self-represented.
LOS ANGELES — Beverly Hills, Calif.-based StarPoint Properties has completed the disposition of an 83-unit apartment building in Los Angeles for $17.3 million. NF Hawaiian Gardens LP purchased the property, which is located in the heart of Koreatown at 737 S. Kingley Dr. The property recently underwent a $1 million renovation program, which included upgrading the exterior and common areas, as well as the lobby area, leasing office, pool and gym.
BOULDER CITY, NEV. — M&M Boulder City Apartments LLC, a group of metropolitan Detroit real estate investors, has acquired two apartment projects totaling 106 units in Boulder City for $7.8 million. The projects include Casa De Alicia, a 50-unit, 39,009-square-foot Class-B apartment complex; and M&M II, a 56-unit, 35,024-square-foot property. The properties offer one-, two- and three-bedroom units ranging in size from 617 to 944 square feet. The investment group included principals of Broder & Sachse Real Estate Services Inc. and members of M Group Inc.; both companies are based in Birmingham, Mich.
NORTH LAS VEGAS, NEV. — San Francisco-based Heritage Associates has acquired Pyramid Apartments, a 304-unit apartment complex located at 7055 E. Lake Meade Blvd. in North Las Vegas. Los Angeles-based National Commercial Ventures sold the property for $30.25 million. The property offers one- and two-bedroom apartments featuring electric gourmet kitchens, hardwood floors, washers/dryers, walk-in closets, intrusion alarms and mirrored closet doors. Additionally, the community offers a racquetball court, high-speed Internet access, a clubhouse and a fitness center. Christopher Bentley of The Bentley group represented both parties in the transaction.
LOS ANGELES — Kennedy Wilson, through its sponsored funds, KW Property Fund II and KW Property Fund III, has purchased 6100 Wilshire, a 16-story office property in Beverly Hills. Located on the southwest corner of Wilshire and Fairfax, the 213,961-square-foot property is 85 percent occupied by a variety of tenants including CBS, Ovation, World Link, Fulfillment Fund, Idea Asylum and City National Bank. Built in 1986, the building offers full height, floor-to-ceiling glass bay windows and usable balconies providing city and mountain views. The seller and acquisition price were not disclosed.
HAYWARD, CALIF. — Berkley, Calif.-based Watson Setzer Real Estate Partners LLC has acquired Breakwater Industrial Center, a 58,400-square-foot industrial park in Hayward, for $8.25 million. Located at the intersection of Breakwater Court and Clawiter Road, the property consists of improved warehouse and office space. Built in 1974 by the seller, Weyerhaeuser Company, the facility was used as the company’s regional distribution and customer service center. Greig Lagomarsino and Brady Thomas of Colliers International represented both parties in the transaction.
TWENTYNINE PALMS, CALIF. — San Antonio-based K Partners Hospitality Group has broken ground for the construction of an 80-suite Fairfield Inn & Suites in Twentynine Palms. Located within a 10-acre mixed-use development near a U.S. Marine Corps Ground Air Combat Center, the hotel will feature rooms with double queen- or king-size beds; an in-room entertainment package; luxury bedding and pillows; a refrigerator; a microwave oven; separate living, working and sleeping areas; high-speed Internet access; and an ergonomic desk and chair. The hotel also features an outdoor pool and spa, a fitness facility, a boardroom and complimentary breakfast.