SAN YSIDRO, CALIF. — Steadfast Villa Nueva LP has purchased Villa Nueva, a Section 8 affordable housing apartment complex in San Ysidro. Located at 3604 Beyer Blvd., the 390-unit property sold for $41.2 million. Kevin Mulhern of CB Richard Ellis’ (CBRE) San Diego office and Jim Lampman of CBRE’s Seattle office marketed the property on behalf of the seller, Villa Nueva; Steadfast Villa Nueva was represented in-house.
SAN DIEGO — San Diego-based La Jolla Car Wash has acquired a 34,000-square-foot office property, which is located at 1060 Eighth Ave. in San Diego. La Mesa, Calif.-based Pacific View Properties sold the property for $7.6 million. The buyer intends to occupy a portion of the four-story, Class B office building and lease the remaining space. Brian Mulvaney and Jon Boland of Voit Commercial Brokerage’s San Diego office represented the seller; Jeff Hoffman and Hans Strom of Strom Commercial represented the buyer in the transaction.
RIVERSIDE, CALIF. — Newport Beach, Calif.-based CT Realty Corp. has purchased Citrus Park, a 12-building office and industrial park located in Riverside, for $24.5 million. Located on 43 acres, the park consists of 417,811 total square feet. Two buildings are two-story office buildings totaling 78,115 square feet and the remaining buildings are single-story industrial office/warehouse facilities offering approximately 332,695 total square feet. CT Realty plans to invest $7 million to redevelop the park into separate parcels available for sale or lease. Additionally, the entire park will be redeveloped to offer a contemporary, campus-like business park environment. Rick Fuller of Lee & Associates represented both the buyer and the seller, Fleetwood Enterprises Inc., in the transaction. Equity financing was provided by CT California Fund V and Fund VI, with debt financing provided by Pacific Coast Capital Partners.
DES MOINES, WASH. — The Port of Seattle has selected Majestic Realty Co. for the development of Des Moines Creek Business Park. Located just south of Seattle-Tacoma International Airport, the 89-acre park will include a big-box retail center as well as flexible-use business park buildings able to accommodate airport-adjacent tenants. Majestic plans to use the LEED Green Building Rating System as a performance standard for designing the $90 million project. Build-out of the project is expected to occur in three phases over 5 years, with groundbreaking for the first phase slated for summer 2009.
EL MONTE, CALIF. — Kevin Hurley and Kevin Lutz of Hendricks & Partners represented the buyer, Arcadia, Calif.-based David F. Freeman &/or Assignee, in the acquisition of Riverstone, an apartment community in El Monte. Located at 3939 Maxson Rd., the 45-unit community sold for $6.85 million. The Harris Group of Marcus & Millichap represented the seller, El Segundo, Calif.-based 6604 Springpark Partners LLC, in the transaction.
What area is your expertise? Central Business District, Portland What trends do you see presently in office development in your area? We see a lot of new class A properties coming out of the ground, delivering approximately 2010, with a lot of rehab in the Class B market. Who are the active office developers in your area? Shorenstein, based out of San Francisco; TMT, a local developer; Winkler; and Unico are a few of the most active companies right now. Please name one or two significant office developments in your area. What impact will these projects have on the market? First & Main will be the next new construction out of the ground in the downtown core. It is a 13-story Class A office building with a completion date set for First Quarter 2010. Construction on TMT Development’s Park Avenue West has recently begun, also in the downtown core. This will be an office/retail/condo mixed-use building that delivers approximately late 2010 or early 2011. These projects will have a huge impact on the market, where the Class A supply is very tight. Where is the majority of development taking place? Why is this area doing well? There is a lot …
PHOENIX — Des Moines, Iowa-based Principal Finance Group has acquired two industrial facilities in Phoenix for $41 million. The company purchased a 309,485-square-foot distribution warehouse located at 6923 Buckeye Rd. for $18.2 million and a 380,740-square-foot distribution building located at 6825 Buckeye Rd. for $22.9 million. The Alter Group sold the properties, which are located within its 162-acre Buckeye Logistics Center. Pat Harlan and Steve Sayre of Cushman & Wakefield represented the seller in the transaction.
HENDERSON, NEV. — American Nevada Company (ANC) has developed a four-story office building, which is located at 2360 Corporate Cr. within Green Valley Corporate Center in Henderson. As the first green building developed by ANC, the project includes water efficiency elements, a heat island effect on the roof, low-emitting interior materials and photovoltaic panels. The 134,400-square-foot facility also offers tenants spaces ranging in size from 2,000 to 33,900 square feet. Currently, 72,654 square feet has already been pre-leased.
SACRAMENTO, CALIF. — Sundt Construction Inc. has broken ground for the construction of Valley Hi North Laguna Library, which is located at the corner of Bruceville Road and Cotton Lane in Sacramento. Designed by Berkeley, Calif.-based Noll & Tam, the $9.9 million, 20,000-square-foot library will feature several interior and exterior public art projects. Additionally, the facility is utilizing various sustainable elements to achieve LEED Gold Certification upon completion in April 2009.
TROUTDALE, ORE. — Gresham, Ore.-based B3R Properties has purchased Hampton Heights, which is located at 496-628 SW 257th Ave. in Troutdale. The 64-unit apartment community sold for $4.8 million. Grayson Pounder of Hendricks & Partners negotiated the transaction on behalf of the buyer. The seller was Saint Helens, Ore.-based Hampton Heights LLC.
