TUCSON, ARIZ. — Grubb & Ellis Healthcare REIT has purchased Academy Medical Center, a four-story medical office building in Tucson. Located at 310 N. Wilmot Rd., the 41,000-square-foot building is 94.5 percent leased to numerous tenants including Healthsouth Surgery, Laboratory Corporation of America and Academy Dental Care. This is the third site acquired by Grubb & Ellis Healthcare REIT in the Tucson area. Braxton Glass of E.B.S. & Associates represented the seller, an unaffiliated third party, in the transaction. Funding for the acquisition was primarily provided by Wachovia Financial Services Inc.
POMONA, CALIF. — Seventh Street Development has sold three industrial buildings within its newly built Mission-71 Business Park in Pomona for a total consideration of $9.3 million. Benik LLC, a shoe importer, acquired a 23,000-square-foot building; Wira Corp., an Indonesian food distribution company, purchased a 22,000-square-foot building; and Zion International Enterprise Inc. acquired a 16,000-square-foot facility. All three buildings feature 24-foot clear heights, 2,293 square feet of ground-floor and mezzanine office space, and dock-high and ground-level truck doors. Tony Phu of Colliers International represented Benik LLC; Sonny Tan of Pacific Coast Real Estate represented Wira Corp. and Zion International Enterprise Inc. Barbara Emmons, Lynn Know, John Privett and Lyn Eisenhower of CB Richard Ellis represented Seventh Street Development in all the building sales. Additionally, Seventh Street Development received planning commission approval to develop a three-building, 213,000-square-foot second phase at Mission-71 Business Park.
AURORA, COLO. — Holland Residential has purchased Tollgate Apartments, a 165-unit multifamily community in Aurora, for $12.95 million or $78,485 per unit. Located at 100 Idalia Court, the 149,740-square-foot apartment community, which was built in 1985, consists of nine three-story garden-style buildings. Dave Potarf, Dan Woodward and Jordan Robbins of Marcus & Millichap’s Denver office represented the buyer and the seller, Baron Properties, in the transaction.
SAN DIEGO — DPR Construction Inc. has purchased Governor Tech Center, an office building located at 5010 Shoreham Place in San Diego, for $6.85 million. Situated on a 3.35-acre site, the 33,705-square-foot property was built in 1984. The single-story, multi-tenant facility is 71 percent leased to five tenants: National City Mortgage, Pentech Financial, Kleinfelder Inc., Guild Mortgage Company and D.C. Pulido Engineering. The buyer plans to relocate to the building. Jed Stirnkorb of CB Richard Ellis represented the buyer; Tony Russell, Richard Gonor, Steve Rowland, Brian Starck and Michael Roberts of Grubb & Ellis|BRE Commercial represented the seller, Shoreham-Viewridge LLC, in the transaction.
CLAREMONT, CALIF. — Richard Longobardo of Marcus & Millichap’s Ontario, Calif., office brokered the disposition and acquisition of a 24,662-square-foot shopping strip center in Claremont. A California-based investment group sold the property to an undisclosed buyer for $3.3 million or $120 per square foot. Located at 903-911 and 951-975 W. Foothill Blvd., the property is situated on the major east-west retail arterial in the Eastern San Gabriel Valley.
RANCHO DOMINGUEZ AND COMPTON, CALIF. — First Industrial Realty has acquired a 30,284-square-foot industrial building, which is located at 18408 Laurel Park Rd. in Rancho Dominguez. Fortune Small Business LLC sold the property for $5.7 million. Don Smith of Lee & Associates’ Los Angeles South Bay office represented both parties in the transaction. Additionally, Fortune Small Business LLC has purchased a 28,350-square-foot industrial space, which is located at 1031 S. Santa Fe Ave. in Compton. The property sold for $3.3 million. Smith represented the buyer, while Ok Kim and David Jo of Coldwell Banker Los Angeles represented the undisclosed seller.
PHOENIX — Brookside Properties LLC has purchased Brookside, a 203-unit multifamily community located at 6131 W. Thomas Rd. in Phoenix, for $10.3 million or approximately $50,739 per unit. The 137,400-square-foot property features a mix of studio, one- and two-bedroom units with walk-in closets, balconies or patios, and ceiling fans. The property also features two swimming pools with spas, a children’s playground, reserved covered parking and two laundry facilities. Richard Butler of Marcus & Millichap represented the buyer; Alon Shnitzer, also of Marcus & Millichap, represented the seller, Brookside-Premier LLC, in the transaction.
PARAMOUNT, CALIF. — McCarthy Building Companies Inc. has been awarded the construction contract for the three-phase expansion of Paramount High School in Paramount. The 2-year, $70 million expansion project includes construction of a stadium and athletic complex in the first phase; a stadium field and house in the second phase; and a new science building, mini gym and the renovation of existing academic and athletic facilities in the third phase. Construction of the first phase is currently underway and will feature a 6,000-seat stadium, a soccer/football field, a nine-lane track and equipment for track and field activities, including the high jump and pole vault, and a fully equipped press box. Construction of the second phase, which is slated to begin in spring 2009, will include an athletic field house with locker rooms, concessions, weight rooms and other related facilities. The final phase will include expansion to the existing gymnasium, a new mini gymnasium and library, upgrades to the existing auditorium and classrooms and a new science building. Construction is expected to continue through 2010. LPA Architects is providing architectural services for the project. Financing is provided through the Measure AA, a $100 million bond that was passed in November 2006.
PORTLAND, ORE. — HomeStreet Capital has provided $10.2 million in construction financing for the redevelopment of the General Automotive Building, which is located in the Pearl District of Portland. Rob Brewster, president of Northwest-based ConoverBond Development, is transforming the vacant warehouse property into a five-story office and retail project. The completed project will offer approximately 37,000 square feet of office space and 7,500 square feet of ground-level retail and restaurant space. The office space will feature open floorplans with exposed walls, ductwork and hanging lights. Additionally, the LEED-designed building will offer on-site showers and bicycle storage. Fortis Construction Inc. is serving as general contractor; SERA Architects Inc. is providing architectural services. Financing was arranged by Gregg Weed of HomeStreet Capital through HomeStreet Bank portfolio funds. Additionally, a seismic loan was provided by the Portland Development Commission.
OAKLAND, CALIF. — Concord, Calif.-based Alameda Apts LP has acquired 6116 Telegraph Avenue in Oakland. The 17-unit apartment community sold for approximately $2 million. Palo Alto, Calif.-based 6116 Telegraph Avenue Associates sold the property. Martin Higgins of Hendricks & Partners’ San Francisco office represented the buyer in the transaction.