MONROVIA, CALIF. — Urban Housing Group is breaking ground for The Courtyards at Old Town, a multifamily complex in Monrovia, in early November. Designed by KTGY, the four-story property will feature 163 luxury apartments and 6,000 square feet of ground-level retail space. Units will offer granite countertops, maple cabinets, broadband wiring, in-unit laundry and 9-foot ceilings. The community will feature a pool, a spa, a fitness center, a clubhouse and seven landscaped courtyards. HSBC Realty Credit Corp. is providing financing for the project, which is slated for completion in April 2010.
RENO, NEV. — DP Partners has completed the development of the first speculative distribution facility at its LogistiCourt™ at Silver Lake in Reno. Located west of the intersection of Moya and Lear boulevards, the 65-acre master-planned development will feature approximately 1.4 million square feet of industrial space. Situated on a 24-acre site, Building A, a multi-tenant, cross-docked facility, features 32-foot clear ceilings heights, energy-efficient T-5 lighting, 2 percent skylights, 50-foot by 50-foot bays, 60-foot speed bays, 102 truck docks, eight drive-in doors, parking for 163 cars and an ESFR fire-suppression sprinkler system. Designed by Reno-based Blakely Johnson & Ghusn Architects, the facility can accommodate tenants ranging in size from 65,000 to 545,550 square feet. Reno-based United Construction Co. served as general contractor for the property.
LOS ANGELES — Bogert Investment LLC has acquired an 18-unit luxury apartment building in Los Angeles. Located at 1317 S. Westgate Ave., the 21,656-square-foot property sold for $7.3 million. At the time of acquisition, the property was 100 percent occupied. Michael Marechal of Marechal Commercial Real Estate represented the buyer; Michel Hibbert of Charles Dunn Company’s West Los Angeles office represented the seller, 1060 Sherbourne Associates LP, in the transaction.
OCEANSIDE, CALIF. — San Diego-based ConAm Group of Companies has acquired a 14.4-acre land parcel, which is located north of Highway 78 at Rancho Del Oro Road and Vista Way in Oceanside, for $30 million. The parcel features a partially developed residential mixed-use project, which includes 221 multifamily units with commercial office and retail elements. The seller was the orange County, Calif., division of K. Hovnanian® Homes®. According to Irvine, Calif.-based The Hoffman Company, which brokered the transaction, ConAm plans to complete construction and market the units as apartment rentals.
LA MESA, CALIF. — Encinitas, Calif.-based The Villas Apartment Homes LP has purchased The Villas at La Mesa, an 86-unit multifamily community located at 8515 Chloe Ave. in La Mesa. Beverly Hills, Calif.-based KW/WDC La Mesa LLC sold the property for $11.54 million. Built in 1971, the community offers 67 one-bedroom/one-bath units, two two-bedroom/one-bath units and 17 two-bedroom/two-bath units. Additionally, the property features tropical landscaping, a swimming pool, a spa, on-site laundry facilities, and ample open and covered parking. Steve Hoffman of Hendricks & Partners’ San Diego office represented the seller in the transaction.
WALNUT AND RANCHO CUCAMONGA, CALIF. — Faris Lee Investments has completed the sales of two retail properties occupied by Tutor Time, a subsidiary of A.B.C. Learning Centers Limited. In Walnut, a Redwood City, Calif.-based private investor acquired a 10,500-square-foot property, which is located at 21639 E. Valley Blvd., for $4.15 million. August Wen of Century 21 represented the buyer; Jeff Conover of Faris Lee Investments represented the seller, Glendale, Calif.-based Walnut Preschool LP, in the transaction. In Rancho Cucamonga, Los Angeles-based Beccaria Partners has purchased a 10,500-square-foot property for $4.1 million. Glendale, Calif.-based Alta Loma Preschool LP sold the property, which is located at 10420 Alta Loma Dr. Clark Everitt of Investment Real Estate Associates represented the buyer; Conover represented the seller. Both properties are long-term leased to Tutor Time.
OCEANSIDE, CALIF. — San Diego-based LW Properties LLC has received development approval from the city of Oceanside for the construction of Pacific Coast Medical Center in Oceanside. Located within Pacific Coast Business Park, the medical office complex will feature 11 freestanding buildings totaling 80,000 square feet. The new buildings will be sold or leased by units, ranging in size from 1,200 to 27,000 square feet. Groundbreaking is slated for first quarter 2009. Ware Malcomb Architects provided architectural services for the project. Ledcor Construction is serving as general contractor.
PORTLAND, ORE. — Mark McGovern and Jeff Rice of CBRE Capital Markets’ San Diego office have originated $24.7 million in financing for Laeroc Funds’ acquisition of two historical office buildings in downtown Portland. Laeroc 2007 Income Fund LLC has acquired the American Bank Building, a 14-story, 162,000-square-foot office building located at the corner of Broadway and S.W. Morrison Street in Pioneer Square. Built in 1913 and renovated in 1979, the property is 88 percent occupied with major tenants including Wells Fargo and the State of Oregon Department of Justice. Laeroc Edge Fund LLC has purchased the two-story Mohawk Building, which consists of two structures: Mohawk Building and Mohawk Galleries. Originally built in 1902, the 68,700-square-foot property is 100 percent occupied with tenants including Borders Books & Music and Interface Engineering.
LOVELAND, COLO. — John Q. Hammons and Springfield, Mo.-based John Q. Hammons Hotels & Resorts is developing Embassy Suites® – Loveland Hotel, Spa & Conference Center in Loveland. Located at 4705 Clydesdale Pkwy., the eight-story hotel will feature 263 suites and 80,000 square feet of meeting space. Each guest suite features a private bedroom, a living room, two LCD televisions, a refrigerator, a wet bar, a microwave oven, a coffee maker, two telephones with data ports, high-speed Internet access, a work desk and an in-room safe box. The hotel will offer room service, same-day dry cleaning, daily cooked-to-order breakfast and a daily two-hour manager reception. Other amenities include a fitness center, an indoor pool, a sundeck and therapeutic spa treatments at the full-service Spa Botanica, John Q. Hammons’ signature spa. The hotel will be owned by John Q. Hammons and managed by John Q. Hammons Hotels & Resorts. Completion is slated for March 2009.
BEVERLY HILLS, CALIF. — Commercial Defeasance LLC has facilitated a $29.3 million defeasance transaction for an undisclosed Beverly Hills-based company. The transaction will allow the company to refinance a 99,904-square-foot, high-rise office building with Washington Mutual Bank. Parklane Investments and George Smith Partners represented the borrowers in the transaction.