What area is your expertise? I specialize in the sale and lease of industrial buildings and land in the Denver Metropolitan area. What trends do you see presently in industrial development in your area? Speculative construction is still ongoing in the industrial sector. The demand for functional office/warehouse, distribution and condominium warehouse buildings remains stable which has prompted several local and national developers to bring new product to the market this year. YTD deliveries and anticipated third quarter completion of speculative construction include: East I-7-/Montbello industrial submarket Whirlpool Building — 410,000 square feet (Panattoni Development Co.) Mile High Business Center — with a 337,000-square-foot building and a 90,000-square-foot building (Panattoni Development Co.) Airways Business Center — with an 83,225-square-foot building, a 79,650-square-foot building and a 57,630-square-foot building Majestic Commerce Center — with a 215,000-square-foot building (Majestic Realty Co.) Enterprise Park at Stapleton — with a 153,035-square-foot, a 148,90-square-foot, and 139,695-square-foot building (Etkin Johnson) Northeast industrial submarket OmniCenter — with two 38,240-square-foot buildings (Landmark Properties Group) Southeast industrial submarket Compark Commerce Center — with a 62,000-square-foot building (Urban Construction, Inc.) Corporate Park at Stonegate — with a 44,700-square-foot and a 37,580-square-foot building (Ascendant Development) Twenty Mile Commerce Center — with a …
AURORA, COLO. — Phoenix-based Alliance Residential Co. is planning to develop Broadstone Cornerstar, a 400-unit luxury residential community located at 16045 E. Easter Circle in Aurora. Comprised of 20 individual buildings and a clubhouse, the community will offer one-, two- and three-bedroom units ranging in size from approximately 700 to 1,500 square feet. Additionally, the community will feature a 6,000-square-foot clubhouse/social lounge, a wireless cyber café with coffee bar, a Las Vegas-style sports book lounge, a fully-equipped fitness center, and a resort-style pool with a tanning shelf, an elevated spa and a waterfall. Completion is slated for 2009.
SAN FRANCISCO — KMD Architects, serving as the design/build firm, is currently constructing Mount Zion Medical Office Building, a 48,000-square-foot medical facility located at 1535 Divisidero St. in San Francisco. Designed to achieve LEED Silver certification, the property features a green roof, ample exterior glass to provide interior daylighting to offices and clinical space, interior finishes utilizing recycled contents and low VOC-emitting materials, recycled-content carpet tiles, rapidly-renewable resources, sheet vinyl with recycled content, zero-PVC window shades and air conditioning systems that utilize 100 percent outside air. When complete in early 2010, the property will house the Osher Center for Integrative Medicine and the General Internal Medicine Clinic. The project was made possible by generous land and financial donations from Mr. and Mrs. Bernard and Barbro Osher. The development team includes KMD, SKS Investments and Plant Construction.
POWAY, CALIF. — Ocean Park Hotels has completed the development of Hampton Inn & Suites San Diego-Poway, which is located at 14068 Stowe Dr. in Poway. The three-story, 71,000-square-foot hotel offers 108 rooms, more than 3,000 square feet of meeting space, a fitness room and an outdoor pool. R.D. Olson Construction served as general contractor for the project, which was completed on schedule. Phoenix-based PK Architecture provided design services for the project; Hollywood, Calif.-based Level 3 Design Group provided interior design services.
KENT, WASH. — Joel Deis, Michael Morgan and Christopher Secreto of Marcus & Millichap represented both undisclosed parties in the disposition and acquisition of Clock Tower Self Storage in Kent. The 63,000-square-foot facility sold for $6.3 million. The property is located at 18250 E. Valley Hwy.
ROSWELL, N.M. — Arlington, Texas-based Ascension Group Architects recently began the expansion and renovation of Eastern New Mexico Medical Center in Roswell. The $8.5 million endeavor includes a 14,500-square-foot expansion of the emergency room department, which will feature three new treatment rooms and 16 exam rooms, and 3,700 square feet of additional minor renovations. Completion is slated for September or October 2009.
LOS ANGELES — Los Angeles-based JRK Property Holdings Inc. has acquired a 17-property multifamily portfolio from Apartment Investment and Management Company (AIMCO). The portfolio, which spans five states, is valued in excess of $285 million. The transaction was capitalized through a joint venture with JRK Birchmont Advisors, the private equity division of JRK. The properties are located in Fort Collins, Colo.; Atlanta; Richmond, Va.; Charleston, S.C.; and Cincinnati and Columbus, Ohio. The portfolio will be managed by JRK Residential Group, JRK’s property management affiliate. This acquisition increases the value of JRK Property Holdings’ real estate portfolio to more than $3 billion.
STOCKTON, CALIF. — Sears Holdings Corp. has opened its Stockton Direct Delivery Center, a 780,000-square-foot industrial center in Stockton. The company, which was formed when Sears and Kmart merged, is leasing the built-to-suit property from ProLogis. The property features 120 dock doors, 410 trailer spaces and more than 3,400 floor locations. Sears Holdings plans to utilize the facility to distribute home appliances, tractors, televisions and other large items to more than 104 Sears, Orchard Supply and Kmart stores in California, Nevada, Oregon and Utah. The center is expected to receive LEED Silver certification in spring 2009.
WILSONVILLE, ORE. — Costa Pacific Communities is currently developing Village Center, the residential/retail portion of Villebois in Wilsonville. Designed after traditional European villages, the pedestrian-friendly Village Center will feature a mix of condominiums, row homes, plazas, apartments, green space and boutique shops and services. The project will offer approximately 650 residential units, as well as several buildings featuring ground-level retail and residential space above. The housing products currently under construction include Carvalho Condominiums and Seville Rows. Ranging in size from 1,291 to 2,321 square feet, the three-story townhome or one-level flat units offer two bedroom floor plans that feature flexible living space with loft areas and bonus rooms. Additionally, Village Center will feature Piazza Villebois – a lively plaza and dedicated community space for residents.
WESTMINSTER, COLO. — Woodland Hills, Calif.-based NewMark Merrill Mountain has completed the disposition of Summit Square, a retail center located at 8410-8472 N. Federal Way in Westminster. AZG Westminster LLC purchased the property for $9.5 million. The 96,153-square-foot center is tenanted by Safeway, Adams County Department of Motor Vehicles, Baskin Robbins, World Savings, H&R Block, Wells Fargo, Panda Buffet and Taco Bell. Gene Pride and Patrick Devereuax of Cushman & Wakefield of Colorado Inc. brokered the transaction.