Western

CONSTRUCTION BEGINS FOR 22-STORY OFFICE TOWER

by admin May 9, 2008

DENVER — Westfield Development Co. has begun construction of 1800 Larimer, a 22-story office tower located in Denver’s central business district. The pre-certified Platinum LEED CS building will offer 500,000 square feet of office space. The project is nearly 75 percent pre-leased to a variety of tenants, including Xcel Energy, Westfield Development Co., Westfield Capital Partners, Frederick Ross Company, Apartment Realty Advisors and Citywide Banks. Wachovia is providing construction financing for the project, which is slated for completion in 2010.

May 9, 2008

MONTECITO POINT SELLS FOR $17.5 MILLION

by admin May 9, 2008

SAN DIEGO — San Mateo, Calif.-based G.W. Williams Co. has acquired Montecito Point, a 72-unit apartment community located at 4179 Third Ave. in San Diego. San Diego-based Hillcrest Montecito sold the property for $17.5 million. Built in 1987, the property offers one- and two-bedroom floor plans, a spa, a barbecue, gated/controlled access, underground parking with elevator service and laundry facilities. Steve Huffman of Hendricks & Partners represented both parties in the transaction.

May 9, 2008

Multifamily Western

ARROYO & COATES BROKERS $11.8 MILLION PROPERTY SALE

by admin May 9, 2008

DALY CITY, CALIF. — Walnut Creek, Calif.-based Diablo Wealth Management has purchased Chateau El Camino, an 85-unit apartment community located in Daly City, for $11.8 million. Constructed in 1965, the property features studio, one- and two-bedroom units, a central courtyard and secured parking. David Silver, Nathan Blair and Ken Meislin of Arroyo & Coates represented the undisclosed seller in the transaction; the buyer was self-represented.

May 9, 2008

Office Western

PACIFIC REALTY ADVISORS ACQUIRES OFFICE PROPERTY

by admin May 9, 2008

CHULA VISTA, CALIF. — San Diego-based Pacific Realty Advisors has acquired a 2.98-acre office property, which is located at 340-342 Fourth Ave. in Chula Vista, for $8.8 million. The property comprises 35,000 square feet of office space. Tracy Clark and Jeff Wells of Voit Commercial Brokerage represented the seller, Doctor’s Park LLC, in the transaction; Pacific Realty Advisors negotiated the transaction in-house.

May 9, 2008

Multifamily Western

MARCUS & MILLICHAP COMPLETES $7.6 MILLION APARTMENT COMPLEX SALE

by admin May 9, 2008

DENVER — Newport Beach, Calif.-based WLA Nevada Inc. has purchased Zuni Square, a 131-unit apartment complex located at 2340 W. 76th Ave. in Denver. Zuni Square Partnership sold the property, which was built in 1984, for $7.6 million. Garrette Matlock of Marcus & Millichap listed and sold the property on behalf of the seller.

May 9, 2008

Mixed-Use Western

JV TO DEVELOP 314-ACRE MIXED-USE PROJECT

by admin May 8, 2008

JOLIET, CALIF. — Los Angeles-based O&S Holdings LLC has partnered with Hollywood, Fla.-based Strategic Retail Development to develop Bridge Street Town Centre, a 314-acre, 3.5 million-square-foot mixed-use project in Joliet. Located at the intersection of Interstates 55, Interstate 80 and Route 59, the approximately $1 billion project will feature 1.7 million square feet of upscale small shops, big-box retail stores and a variety of restaurants; a 60,000-square-foot upscale movie theatre; 96,000 square feet of office space, which includes office space above retail space; at least two hotels and a variety of residential units. Groundbreaking is slated for early 2009, with completion scheduled for 2010. Baltimore-based Development Design Group and Chicago-based OWP/P are providing design and architectural services for the project.

May 8, 2008

Office Western

MAYHEW TRADE CENTER CHANGES HANDS FOR $9 MILLION

by admin May 8, 2008

SACRAMENTO, CALIF. — Portland, Ore.-based NBS Real Estate Capital, on behalf of its Morrison Street series of funds, has acquired Mayhew Trade Center in Sacramento. Located at 9323 and 9333 Highway 50, the two-building flex/office property is currently divided into 10 tenant suites totaling 68,639 square feet. At the time of acquisition, the center was 82 percent leased to seven tenants. The seller was not disclosed.

May 8, 2008

Industrial Western

KOLL CENTER III BUSINESS PARK COMPLETE

by admin May 8, 2008

IRVINE, CALIF. — The Koll Company has completed Koll Center III, a 188,374-square-foot business park located in Irvine. The park consists of 11 one- and two-story industrial/research and development buildings offering 56 units that range in size from 1,100 to 29,000 square feet. LPA Architects provided architectural services for the project. Michael Hartel, Kevin Turner, Joe Winkelmann and Travis Haining of Voit Commercial Brokerage are marketing the project.

May 8, 2008

Mixed-Use Western

DBN DEVELOPMENT TO BUILD MIXED-USE PROJECT

by admin May 8, 2008

SANTA BARBARA, CALIF. — Laguna Hills, Calif.-based DBN Development LLC has received approval to develop Radio Square, a mixed-use project located at 210 W. Carrillo St. in downtown Santa Barbara. The project will involve the demolition of an old strip center and the clean up of an environmentally impacted site. Environmental clean up is slated to begin late this year, with project completion scheduled for late 2010. The two- and three-story development will feature 32 residential units built over and around 16,000 square feet of commercial space and a subterranean parking area. Additionally, the project will incorporate the city’s sustainable design and green building practices with features such as tankless water heaters, accommodations for alternative transportation, renewable energy, water efficient landscaping and storm water management, as well as the storage and collection of recyclables. Santa Barbara-based The Conceptual Motion Company is providing architectural services for the project.

May 8, 2008

Retail Western

PALM CANYON PLAZA SELLS FOR $2.15 MILLION

by admin May 8, 2008

CATHEDRAL CITY, CALIF. — Gary Griggs and Brian Rissman of Marcus & Millichap have brokered the sale and acquisition of Palm Canyon Plaza in Cathedral City. Located at 68487 E. Palm Canyon Dr., the 23,681-square-foot office property sold for $2.15 million or $101 per square foot. The seller and buyer were not disclosed.

May 8, 2008

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