Western

MORAN & CO. BROKERS $40.75 MILLION MULTIFAMILY SALE

by admin September 12, 2008

SEATTLE — Seattle-based Cielo Azule LLC has purchased The Sidney, a 128-unit multifamily community located in downtown Seattle, for $40.75 million or approximately $424 per square foot. The property features apartments with 9-foot ceilings, open floor plans, full-size, stackable washer/dryers, balconies, bay windows, walk-in closets, kitchen pantries and electric fireplaces in select units. The community also offers a clubroom with lounge and kitchen, an indoor spa, a 24-hour fitness center, 146 parking spaces, a car wash area, a recycling center, bicycle storage and 7,976 square feet of retail space. Jeffrey Williams of Moran & Co.’s Pacific Northwest office brokered the transaction. The seller was Wallfour Realty Company Inc.

September 12, 2008

TUSTIN BUSINESS CENTER SELLS FOR $28 MILLION

by admin September 12, 2008

TUSTIN, CALIF. — Tustin Business Center LLC has acquired Tustin Business Center, a 156,991-square-foot multi-tenant industrial park in Tustin, for $28 million. Located at 14712-14662 Franklin Ave. within the Irvine Business Center, the property consists of 11 buildings. Michael Hartel, Kevin Turner, Trent Walker and Mark Weeks of Voit Commercial Brokerage’s Irvine, Calif., office represented the buyer; Jim Morrison of Morrison Company represented the seller, HB Tustin Franklin LLC, in the transaction.

September 12, 2008

Office Western

MARCUS & MILLICHAP BROKERS 79,533-SF OFFICE BUILDING SALE

by admin September 12, 2008

RENO, NEV. — Marcus & Millichap has brokered the disposition and acquisition of a 79,533-square-foot office building, which is located at 10375 Professional Circle in Reno. Built in 2008, the property is situated on a 5.04-acre lot within the Reno Tahoe Tech Center. The location offers close proximity to the Reno Tahoe International Airport and Meadow Wood Regional Mall, as well as visibility from Interstate 395. Nicholas Scelsa and Kenneth Blomsterberg of Marcus & Millichap represented the undisclosed seller, while Kirk Trammel, Will Stuart and San Goldenberg, also of Marcus & Millichap, represented the buyer, which was not disclosed. Terms of the transaction were not released.

September 12, 2008

Retail Western

IKEA PLANS 400,000-SQUARE-FOOT STORE

by admin September 12, 2008

CENTENNIAL, COLO. — Sweden-based IKEA has submitted plans to develop a 400,000-square-foot IKEA store in Centennial. The proposed project would be built on 13.5 acres along the western side of Interstate 25 within the Park Meadows area. IKEA Centennial would feature approximately 10,000 exclusively designed items, 50 inspirational room-settings, three model home interiors, a supervised children’s play area and a 350-seat restaurant serving Swedish specialties. The development timeline will be determined at a later date.

September 12, 2008

Multifamily Western

224-UNIT MULTIFAMILY COMPLEX FETCHES $23 MILLION

by admin September 11, 2008

RENO, NEV. — Ryan DeMar, Kenneth Blomsterberg and Dylan Mattole of Marcus & Millichap represented the seller, a North Carolina-based private partnership, in the disposition of Bristle Point, a 224-unit multifamily community in Reno. Located at 2050 Longley Lane, the 213,256-square-foot property sold for $23 million or $102,679 per unit. The property features a mix of one-, two- and three-bedroom units, a swimming pool, a spa, a fitness center, 9-foot and cathedral ceilings, fireplaces and bay windows. Marcus & Millichap also represented the buyer, a private Reno-based owner/operator, in the transaction.

September 11, 2008

Industrial Western

PRECISION MANUFACTURING ACQUIRES 52,881-SF INDUSTRIAL BUILDING

by admin September 11, 2008

UNION CITY, CALIF. — Precision Manufacturing LLC has exercised its purchase option on a 52,881-square-foot industrial building in Union City. The company, which has occupied the building since 2003, acquired the property for $3.86 million or approximately $73 per square foot. Located at 33233 Central Ave., the property features 5,000 square feet of office space, sprinklers, a yard area, a rail spur and dock- and grade-level loading. The seller was Hass Brothers. Jay Hagglund and Paul Beckwith of NAI BT Commercial represented both parties in the transaction.

September 11, 2008

Retail Western

BUCHANAN STREET PARTNERS SELECTED TO CAPITALIZE $218M FOR RETAIL PROJECT

by admin September 11, 2008

SOUTH GATE, CALIF. — Buchanan Street Partners has been selected to structure all the capital for El Portal Entertainment Center, a $218 million retail project in South Gate. Developed by Red Mountain Retail Group and Allied Retail Partners, the 498,880-square-foot, entertainment and multimedia-themed development will be anchored by Target, Ross Dress For Less and Regency Theatres. The project is located at the intersection of Atlantic Avenue and Firestone Boulevard.

September 11, 2008

Office Western

SHUTTERFLY INC. LEASES 101,296 SQUARE FEET AT COTTON CENTER BUSINESS PARK

by admin September 11, 2008

PHOENIX — Redwood City, Calif.-based Shutterfly Inc. has signed a long-term lease for 101,269 square feet of space at Cotton Center Business Park in Phoenix. The company plans to relocate to its new address, 4410 Cotton Center Blvd., in early 2009. Cotton Center Business Park is an office development park offering seven operating buildings, three under development properties and 38 acres of land for future development. John Hanson, Matt McGregor, Mark Detmer and Bo Mills of Cushman & Wakefield represented Shutterfly; Bob Crum of Ross Brown Partners and Mark Krison of CB Richard Ellis represented the owner, Malvern, Pa.-based Liberty Property Trust, in the transaction.

September 11, 2008

Multifamily Western

ICAP ARRANGES $3.9M ACQUISITION LOAN FOR MULTIFAMILY PROPERTY

by admin September 11, 2008

SAN FRANCISCO — Michael Stoneman and Tai Dunson of iCap’s San Francisco office has arranged $3.9 million in financing for the acquisition of a multifamily property, which is located at 240 Cumberland St. in San Francisco’s Liberty Heights neighborhood. The property offers 23 one-bedroom units and seven studio units. The acquisition price of the property was $5.8 million or $193,000 per unit. The loan was priced at a 5.25 percent variable rate on a 12 MTA index using a 1.15x DSC ratio. The borrower and financer were not disclosed.

September 11, 2008

Industrial Western

41,617-SQUARE-FOOT INDUSTRIAL BUILDING SELLS

by admin September 10, 2008

EL SEGUNDO, CALIF. — Los Angeles-based 2355 Utah Capital LLC has acquired a 41,617-square-foot industrial building in El Segundo for an undisclosed price. The property, which is located at 2355 Utah Ave., was 100 percent leased at the time of acquisition. The seller was Redlands, Calif.-based Copeland Properties. Sean O’Donnell and Jeff Smart of Grubb & Ellis’s LA South Bay office represented both parties in the transaction.

September 10, 2008

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