WINDSOR, CALIF. — Basin Street Hospitality, a division of Basin Street Properties, has completed the development of a Hampton Inn & Suites in Windsor. The 116-room hotel offers high-speed wireless Internet access, a swimming pool, a hot tub, a PreCor Fitness Center and more than 1,200 square feet of meeting room space. The company is also developing a 102-room Hampton Inn & Suites in Suisun City, Calif.
AUBURN, WASH. — Brandon Grisham and Scott Morasch of Marcus & Millichap’s Seattle office represented the undisclosed seller in the disposition of Valentia Apartments. The 48-unit property is located at 812 10th St. NE. The asset sold for $3 million to an undisclosed seller.
TUJUNGA, CALIF. — Kevin Hurley of Hendricks & Partners’ Pasadena, Calif., office represented the seller, Huntington Beach, Calif.-based 6834-6838 Valmont Street LLC, in the disposition of Valmont View in Tujunga. Located at 6834-38 Valmont St., the nine-unit apartment community sold for $1.1 million. The La Crescenta, Calif.-based buyer was Jorge Molina and Maria A. Molina, trustees of the Jorge Molina and Maria A. Molina Revocable Trust U/T/A January 9, 2004.
SAN FRANCISCO — Group 24 LLC has become a 50 percent partner with Turnberry Ltd. for the development of Turnberry Tower, a condominium tower located in San Francisco’s Rincon Hill neighborhood. Located at 45 Lansing St., the 40-story tower will offer one-, two- and three-bedroom residences, townhouses, penthouses and tower-suite units. Condominiums will range in size from 1,000 to more than 3,800 square feet and offer outdoor terraces featuring views of the city, bay and bridge. Additionally, the project will feature a fitness center, an indoor swimming pool, and 24-hour valet parking, security, concierge and front desk personnel. The $300 million project is the first collaborative effort for the companies.
COSTA MESA, CALIF. — Grubb & Ellis Realty Investors, on behalf of tenant-in-common investors, has acquired 1650 Sunflower, an industrial/flex building in Costa Mesa, for an undisclosed price. The property features an approximately 109,000-square-foot sorting and distribution center and a more than 3,000-square-foot vehicle maintenance building. Built in 1976, the property recently underwent renovations, including a renovated lobby, a new roof application and 15 new truck doors. Currently, Federal Express occupies the facility. Panattoni Development Company sold the property. Financing was arranged by Gabe Potyondy and James Ko of Allied Irish Banks, plc.
ALBUQUERQUE, N.M. — Regal Entertainment Group has reached an agreement with Winrock Partners LLC to develop a 16-screen cinema at Winrock Town Center in Albuquerque. The 75,000-square-foot theater will feature a state-of-the-art IMAX® Theatre. The cinema will be one component of Winrock Town Center, a planned 83-acre open-air, pedestrian-friendly, mixed-use development located just off Interstate 40 at Louisiana Boulevard. Groundbreaking for the theatre is slated for spring 2009.
POWAY, CALIF. — Scott Cummings of Independence Realty represented Samuel Flores Jr. in the acquisition of a 6,000-square-foot freestanding office building located at 14265 Danielson St. in Poway. Situated within Scripps Poway Office Park West, the property sold for approximately $1.9 million. Built in 2002, the facility offers four private offices and ample parking. The buyer intends to use the building for a staffing company. James Duncan and Mickey Morera of Cushman & Wakefield represented the seller, Jian Investments LLC, in the transaction.
LA MESA, CALIF. — Los Angeles-based Strategic Realty Capital has acquired the Baltimore Apartment Portfolio, a family-built and -owned multifamily property in La Mesa. Constructed in phases between 1973 and 1980, the 406-unit property sold for $53.35 million. Morris and Barbara Steiman sold the property. Steve Huffman, Chris Rogers and Dick Bassett of Hendricks & Partners brokered the transaction. Mike Vinti of First American Title handled the escrow and title services; DLA Piper and Sheppard Mullin provided legal services; Deutsche Bank provided financing for the transaction.
LAS VEGAS — CORE Construction–Nevada has completed the construction of Thomas O’Roarke Elementary School in Las Vegas. Located at 6002 S. Durango Dr., the 66,112-square-foot school features classrooms surrounding an exterior learning courtyard. Additionally, the company constructed playgrounds, parking lots and offsite improvements. JMA Architecture Studios provided architectural services for the $20.4 million project. The Clark County School District contracted CORE Construction for the project.
RESEDA, CALIF. — The Community Redevelopment Agency of the city of Los Angeles has purchased two properties in the business district redevelopment area of Reseda. The assets include a 15,000-square-foot shopping center and 46,000 square feet of land at 18128 Sherman Way. The transaction was valued at $5.52 million. J. Richard Leyner, Cal Menzer and Jesse Paster of NAI Capital’s Encino, Calif., office represented the seller, Sixth and Union LLC, in the transaction. The buyer was represented in-house.
