HOLLYWOOD, CALIF. — Los Angeles-based Empire Investments LLC has purchased East Village Hollywood, a 49,023-square-foot apartment/retail property located at 5718-5728 Hollywood Blvd. in Hollywood, for $12 million at a 6 percent cap rate and 11.6 GRM. The four-story building comprises 41 apartments and more than over 2,800 square feet of retail. Built in 2006, the property was 100 percent leased at the time of acquisition. Retail tenants of the property include a steakhouse restaurant with full bar and a coffee shop. The seller was Maman Properties LLC and the Stewart Trust of Los Angeles. Dana Brody and Martin McDermott of Grubb & Ellis represented both parties in the transaction.
CARLSBAD, CALIF. — H.G. Development Company is developing Carlsbad Medical Center, a 40,655-square-foot medical office development located at 2176 Salk Ave. in Carlsbad. Being built exclusively for Scripps Health, the new center will offer medical office and exam rooms and radiology office space. Completion is slated for October. Rod Wright provided architectural services for the project; Perkins & Will are providing interior design services; Ledcor Construction served as both the shell and tenant-improvement contractor.
SALT LAKE CITY — Holliday Fenoglio Fowler (HFF) has arranged a $74 million loan for Trolley Square, a four-building lifestyle center in Salt Lake City. Working on behalf of ScanlanKemperBard Cos., Lloyd Minten of HFF secured the loan with Bank of America as administrative agent in syndication with Wachovia. The financing recapitalizes an existing adjustable-rate loan that was arranged by HFF in 2006 to fund the acquisition and redevelopment of the site. Originally built in 1908 as a trolley barn complex, Trolley Square is listed on the National Register of Historic Places and is designated a Utah Historic Site. Currently, the center is 61 percent occupied by 32 tenants.
CENTENNIAL, COLO. — Denver-based Aardex LLC is planning to develop Signature Tower, a 410,000-square-foot office tower in Centennial. Located at the corner of East Peakview Avenue and South Syracuse Way, the 15-story tower is designed to be LEED-Platinum certified. The building will feature six floors of structured parking, under floor air for individual temperature and ventilation control, and large clerestory windows for natural daylight.
BELLEVUE, WASH. — San Francisco-based CP II Somerset LLC (Carmel Partners Inc.) has purchased Somerset Green Townhomes, a 101-unit apartment complex located 4200-4261 129th Pl. E in Bellevue. Seattle-based Somerset Green Townhouses Associates LLC sold the property for $24 million or $237,624 per unit.
BURBANK, CALIF. — McCarthy Building Cos. is developing the Roy and Patricia Disney Cancer Center in Burbank. Located at Providence Saint Joseph Medical Center, the $21.8 million facility will be San Fernando Valley’s most comprehensive freestanding cancer center when it opens in summer 2009. The four-story, 57,469-square-foot center will provide a combination of Western and Eastern medicine, including oncology, hematology, pathology, rehabilitation, nutrition, social services and spiritual care. Designed by Pasadena, Calif.-based SWA Architects, the project will feature a two-story waterfall in the lobby, exterior fountains and a rooftop meditative labyrinth. The project is being funded through private donations, including a $10 million gift from Roy and Patricia Disney.
POWAY, CALIF. — Strategic Capital Partners through its fund, Strategic Partners Value Enhancement Fund I, has joined with a partnership sponsored by Vancouver, Canada-based Emri Group to acquire a 144,000-square-foot research and development building in Poway. The Class A property sold for $25.29 million. The seller, ResMed Inc., will lease the entire building until June 2009.
CORONA, CALIF. — Wrightwood Capital has provided $26.1 million of senior debt and $8.1 million mezzanine financing for the construction of The Shops at Sycamore Creek, which is located at the intersection of De Palma Road and Indian Truck Trail in Corona. Being developed by Marinita Development Company, the grocery-anchored center will offer more than 93,000 square feet of retail space. Signed tenants include Vons, CVS/pharmacy, Happy Nails and Wells Fargo. Mike Huntley of Buchanan Street Partners sourced the transaction.
SYLMAR, CALIF. — Anderon Holdings LLC has purchased a 41,536-square-foot industrial building, which is located at 12840 Bradley Ave. in Sylmar, for $5.3 million. Previously, the recently renovated property served as West Coast headquarters for Vibra Finish Company. Chad Gahr and David Young of Capital Commercial represented the buyer; Mike LaRocque of DAUM Commercial Real Estate represented the seller, Vibra Finish Company, in the transaction.
LAS VEGAS — United Construction has broken ground for the construction of the 17,383-square-foot retail component of Cactus Plaza, which is located on the corner of Cactus Avenue and Rainbow Boulevard in Las Vegas. The first phase of the estimated $2.7 million center consists of a 5,353-square-foot tavern shell on 3.64 acres of land. Future plans include a 12,030-square-foot retail strip center, bank and convenience store with gas station. Completion of the first phase is slated for July. Tierra Development is developing the project, with Marc Lemoine Architecture serving as architect of record.