CONCORD, CALIF. — Concord-based B. Mann’s Properties has purchased Woodstone Apartments in Concord for $2.3 million. Built in 1963, the 20-unit property features two-bedroom/one-bath units, a swimming pool and on-site laundry facilities. Jamie Clifford of Arroyo & Coates represented the seller, CMR Mortgage Fund, in the transaction.
Western
DENVER — Behringer Harvard has acquired 1875 Lawrence, a 15-story office tower in the historic LoDo (lower downtown) area of Denver’s central business district. Built in 1982, the property offers 185,000 square feet of rentable office space. Additionally, the property features a three-level underground parking garage. The seller and acquisition price were not disclosed.
SAN JOSE, CALIF. — San Mateo, Calif.-based The Castle Group, dba Morrison Park Apartments LLC, recently acquired a $19.7 million, 4.4-acre site at 381 Stockton Ave. in San Jose for the development of Morrison Park Apartments. The four-story, 250-unit apartment complex was originally designed as a for-sale condominium property, but due to the economy the project has been converted to a rental housing property. Completion is slated for late 2010. Keith Claxton of NAI BT Commercial San Jose, along with Borelli Investments, represented the undisclosed seller in the land transaction.
VAIL, COLO. — JMJ Development, a division of Dallas-based JMJ Holdings, has completed the development of The Gates Residences, an upscale condominium property located at the entry to Beaver Creek Resort in Vail Valley. The property features 49 luxury two-, three- or four-bedroom condominiums offering residents numerous amenities, including a private driver, an on-site concierge, a ski valet, an indoor heated pool, an outdoor therapy pool, steam rooms, daily continental breakfast, a private lounge with fully equipped bar, a library, a meeting room, a state-of-the-art workout facility, underground parking and an outdoor deck overlooking Beaver Creek. CFC Construction served as general contractor for the project. Western Seasons Management Company is providing on-site management for the property.
HERCULES, CALIF. — Jim Roessler of Roessler Investment Group represented the undisclosed seller in the disposition of Creekside Shopping Center in Hercules. A trade buyer purchased the property for approximately $5.83 million. The property offers 14,000 square feet of retail space.
What area is your expertise? Phoenix Metropolitan Area What trends do you see presently in multifamily development in your area? As construction on the first phase of the Phoenix light rail system wraps up, we’re seeing a major trend towards mixed-use projects with multifamily housing with commercial space along the line’s route from Central Phoenix to Tempe and Mesa. Developers are also targeting the renters-by-choice market by building upscale apartments that offer high-end amenities and finishes. Who are the active multifamily developers in your area? Alliance Residential, Embrey, Fairfield Residential, Trammell Crow Residential, Gray Development, Mark-Taylor, Greystone, Trillium Residential, and the Zaremba Group. Please name one or two significant multifamily developments in your area. What impact will these projects have on the market? CityScape — RED Development and CDK Partners are building this $900 million, 2.5 million-square-foot project in downtown Phoenix. CityScape will feature 1,200 multifamily units, along with a 600,000-square-foot office tower, shops, restaurants, and a 250-room hotel operated by San Francisco-based Kimpton Hotels & Restaurants. Office tenants already committed to the project include Wachovia (regional headquarters) and Squire, Sanders & Dempsey LLP (global law firm). This project is currently supporting more than 3,000 construction jobs, and on-site employment …
CARSON, CALIF. — Watson Land Co. has acquired a 266,780-square-foot industrial property and 8 acres of vacant land in Carson. Located at 771 Watson Center Rd., the building currently serves as a warehouse and distribution facility for UPS Supply Chain Solutions. Built in 1972, the single-story property features 24-foot clearance and 56 dock-high loading doors. Jay Borzi and Steve Silk of Eastdil Secured, along with David Prior and Todd Taunger of The Klabin Company, brokered the transaction. The seller and sales price were not disclosed.
TUSTIN, CALIF. — 15771 Red Hill LLC, a group of private investors, has acquired a 79,756-square-foot industrial property in Tustin. Situated on a 6-acre site at 15771 Red Hill Ave., the property offers 36,000 square feet of office space. The transaction was valued at $12 million. Currently, the facility is 50 percent leased to Cookie Lee, a direct-sale jeweler. Michael Hartel of Voit Commercial Brokerage represented the buyer; Gregg Haley and Kelly Kayl of CB Richard Ellis represented the seller, SK Red Hill Properties LLC, in the transaction.
SANTA MONICA, CALIF. — Santa Monica-based 1550 5th St. LLC has purchased a 35,250-square-foot commercial property in Santa Monica. Located on the northwest corner of 5th Street and Colorado Avenue, the property was 100 percent occupied at the time of acquisition. Los Angeles-based Arthur Goode Family Trust sold the property. Terms of the transaction were not disclosed. Joseph Gabbaian and Guy Eisner of Grubb & Ellis’ West Los Angeles office, along with Kathleen Silver of Colliers International, represented both parties in the transaction.
SANTA ROSA, CALIF. — Jamie Clifford and David Silver of Arroyo & Coates represented the undisclosed seller in the disposition of Vineyard Gardens Apartments in Santa Rosa. Constructed in 1988, the 180-unit multifamily property features one- and two-bedroom townhomes ranging in size from 559 to 926 square feet. The acquisition price was not disclosed. Tim Scherer, also of Arroyo & Coates, represented the buyer, a Marin County, Calif.-based private investor, in the transaction.