DENVER — Englewood, Colo.-based Triad Properties Limited has acquired Cherry Tree Apartments, which is located at 1969, 1975 and 1995 S. Decatur St. in Denver. The 49-unit property sold for $2.25 million or $45,918 per unit. Built in 1981 and 1987, the community was 97 percent occupied at the time of acquisition. Erik Robinson and Frank Farrell of Hendricks & Partners’ Denver office represented the seller, Denver-based Colorado Housing and Finance Authority, in the transaction.
Western
What area is your area of expertise? My area of expertise is Southern California, but for the purpose of this interview I will focus on Los Angeles County. What trends do you see presently in multifamily development in your area? The rapid escalation of construction costs has subsided and in some cases is even coming down and labor is more widely available and less expensive. Despite reduced costs, land costs have started to come down. As demand for luxury condos wane, many development sites that were once slated for condo-construction will most likely be redirected to multifamily apartment buildings or mixed-use buildings. Who are the active multifamily developers in your area? A few major multifamily developers in the area are Legacy Partners, Related Development Company, NMS Properties, JPI Development, Lowe Enterprises, Fifield Company, and JSM Development. Please name one or two significant multifamily developments in your area. What impact will these projects have on the market? One significant multifamily development is the $600 million mixed-use development on Hollywood and Vine by Legacy Partners. This project is comprised of a hotel, retail space, condominiums, and 375 luxury apartments. It is scheduled for completion in 2009. Another major development is the NoHo …
SALT LAKE CITY — Rockefeller Group Development Corp., through its regional office in Irvine, Calif., has purchased approximately 57 acres of zoned industrial land in Salt Lake City. The company plans to develop a 930,000-square-foot six-building industrial park on the site, which is located between Interstate 80 and SR 201. Seeking Foreign Trade Zone designation, the property will consist of four 190,000-square-foot buildings and two smaller buildings ranging in size from 32,500 to 80,000 square feet. Construction is slated to begin in July, with completion scheduled for late 2010. Greg Hunter and Nancy Edwards of Commerce CRG, an alliance member of Cushman & Wakefield, represented The Rockefeller Group in the transaction.
RENO, NEV. — The PENTA Building Group has completed the $4.9 million Marguerite Wattis Petersen Foundation Athletic Academic Center at the University of Nevada, Reno. The Silver LEED-accredited facility includes an ADA ramp and new connection combining the new facility and existing Cashell building. Designed by James Mickey of Worth Group Architects, the 8,293-square-foot facility features a masonry and steel structure with a curtain wall system.
ALBUQUERQUE, N.M. — Walt Arnold of Sperry Van Ness/Walt Arnold Commercial represented Albuquerque-based Prospect LLC in the disposition of a 28,800-square-foot industrial building, which is located at 4121 Prospect. 4121 Prospect LLC purchased the property for an undisclosed price. Built in the 1960s, the building was 50 percent occupied by Document Solutions at the close of escrow. The buyer was self-represented.
TEMPE, ARIZ. — Robert Reisner of Tempe-based RWR Enterprises LLC has acquired Broadway Plaza Tempe, a 12,961-square-foot retail building in Tempe. Located at 1740 E. Broadway, the property sold for $4.57 million or $359 per square foot. Erik Marsh of Marcus & Millichap’s Phoenix office represented the buyer; Jamie Medress and Mark Ruble, also of Marcus & Millichap’s Phoenix office, represented the seller, Alan Roselinsky of Las Vegas-based Broadway McClintock Plaza LLC, in the transaction.
VENTURA, CALIF. — Transport Street LLC has purchased a 19,028-square-foot industrial building for $2.6 million. The single-story, tilt-up industrial building is located at 4277 Transport St. in Ventura. Mark Kotake of DAUM Commercial Real Estate Services represented the buyer; Mike Tharp and David Young of NAI Capital represented the seller, Libra Investments, in the transaction.
FONTANA, CALIF. — Heery International has completed Lewis Library and Technology Center, a $65 million civic facility located within Civic Center Park in Fontana. Part of the city’s civic center redevelopment program, the 93,000-square-foot library and technology center houses a collection of more than 142,000 publications, including 7,850 reference, media and periodical items; a 330-seat auditorium; the Dr. Martin Luther King Jr. Children’s Library; public meeting rooms; a homework center with bilingual materials; a Friends of the Library bookstore; a career center; a literacy center with tutoring programs; a 203-computer technology center and a café. The Los Angeles office of RNL Design provided architectural services for the project.
SEATTLE — Capmark Finance Inc. has originated a $28 million floating-rate, interim loan for the acquisition of the 4th & Pike Building, an office property located in Seattle. An affiliate of The Mayfield Companies acquired the 99,491-square-foot property. Tenants of the property include Ben Bridge Jewelers, Quicksilver and Walking Company. Tom Bracken and Robert Newstead of Capmark Finance’s San Francisco office arranged the financing, which was funded by Wrightwood Capital.
VACAVILLE, CALIF. — Westrust has completed the 40,000-square-foot retail component of Nut Tree Valley, a 333,000-square-foot, mixed-use lifestyle center in Vacaville. The component consists of two Class A office buildings that are divisible by suites as small as 900 square feet. The two-story buildings offer signage opportunities along the freeway, freeway access, glass lines and elegant lobbies. Nut Tree Village offers more than 40 retailers and restaurants, as well as a 10,000-square-foot Market Pavilion.