PHOENIX — Ensemble Real Estate has broken ground for the construction of a $16 million development on the campus of John C. Lincoln Hospital-Deer Valley in Phoenix. The project consists of Dear Valley Medical Office III, a 75,000-square-foot, four-story medical office building, and a 540-space parking facility. Located adjacent to Deer Valley Medical Office II, the new medical building will feature a surgery center, an oncology center with two linear accelerators and physicians’ offices. Completion of the parking facility is slated for May, while completion of the medical building is scheduled for January 2009. The John C. Lincoln Health Network selected Ensemble to develop Deer Valley Medical Office, which will also be professionally managed by Ensemble.
Western
CORVALLIS AND HILLSBORO, ORE., AND ORCHARDS, WASH. — Regency Centers has completed approximately 400,000 square feet of retail space in three separate shopping centers located in Oregon and Washington. The properties include the 82,671-square-foot Corvallis Market Center in Corvallis; Tanasbourne Market Center, a 71,000-square-foot retail center in Hillsboro; and Orchards Market Center, a 263,752-square-foot shopping center in Orchards. The centers feature a variety of tenants, including T.J. Maxx, Michaels, Famous Footwear, Dress Barn, Jared’s Jewelers, Peets Coffee, Daphne’s, LA Fitness, Office Depot, Jo-Ann Fabrics & Crafts and Petco.
OAKLAND, CALIF. — BRIDGE Housing Corp. has broken ground for the construction of Ironhouse at Central Station, a 99-unit affordable family apartment community located at 1801 14th St. in Oakland. Situated in the 29-acre Central Station redevelopment site, the property will feature a parking garage, private decks, a community room, classroom space, a landscaped garden area and courtyard. The project will be BRIDGE’s first GreenPoint-rated development, as well as its first to participate in the Bay-Friendly landscaping program. David Baker + Partners are providing architectural services for the project; J.H. Fitzmaurice Inc. is serving as general contractor. Financing for the development is being provided by Redevelopment Agency of the City of Oakland, California Department of Housing & Community Development, Oakland Housing Authority, Federal Home Loan Bank of San Francisco, Union Bank of California NA, US Bancorp Community Development Corp. and Wachovia Mortgage FSB. Completion is slated for November 2009.
OREGON CITY, ORE. — Santa Barbara, Calif.-based Oregon City Apartments LLC has acquired Barclay Square, a 55-unit apartment community located at 290 Warner Milne Rd. in Oregon City. Tualatin, Ore.-based Estate of Paul Oscar Miller sold the property for $3.1 million. Grayson Pounder of Hendricks & Partners’ Portland, Ore., office represented both parties in the transaction.
PHOENIX — Somera Capital Management has partnered with 3 Street Financial LLC to acquire Quail Point Apartments, a 264-unit apartment community located on 67th Ave. in Phoenix, from Newcastle Investments for an undisclosed price. Built in 1988, the property consists of 145 two-bedroom units and 119 one-bedroom units in 12 two- and three-story buildings. Additionally, the property features a swimming pool and spa, basketball, tennis and volleyball courts, a clubhouse, a fitness center, and open space for picnic and play areas. Somera Realty Value Fund II L.P., a value-added, closed-end private-equity real estate fund, provided Somera’s equity to the joint venture.
COLORADO SPRINGS, COLO. — Suwannee, Ga.-based SPCL Property Investments Inc. has acquired a 60,243-square-foot office building, which is located at 2862 Circle Drive South in Colorado Springs, for $2.2 million. Situated on a 3.28-acre site, the property is 100 percent occupied by the Colorado Department of Corrections on a short-term lease. Eric Kimose and Barry Higgins of Marcus & Millichap’s Denver office represented the seller, Broomfield, Colo.-based Colorado and Santa Fe Partners XII LLC, in the transaction.
DENVER — Denver-based The Etkin Johnson Group has partnered with Forest City Development to construct Enterprise Park at Stapleton, a 441,000-square-foot office/industrial campus at the Stapleton redevelopment site in Denver. The three-building project will consist of a 153,000-square-foot building offering 30-foot clear height ceilings, and a 139,695-square-foot facility and a 148,902-square-foot facility offering high parking ratios and 24-foot clear height ceilings. Additionally, the buildings will feature 10-foot glass windows and a front park-rear load configuration. Jim Bolt of CB Richard Ellis and Tim D’Angelo of TD Industrial Properties are marketing the project.
SAN DIEGO — Vancouver, Canada-based Emri Group and Baltimore-based Alex. Brown Realty Inc. (ABR) have formed a joint venture to acquire a 57,200-square-foot research and development (R&D)/office building, which is located in San Diego’s Sorrento Mesa market, for $11.4 million. Built in 1985, the single-story, Class B property was 78 percent occupied at the time of acquisition. Major tenants of the property include OnmiCare and Tensys. ABR Chesapeake Fund III, a value-added real estate investment fund sponsored by ABR, provided an equity commitment of $2.9 million for the acquisition. Mickey Morera and Tim Hoag of Cushman Wakefield’s San Diego office represented the undisclosed seller in the transaction; Don Brenneman served as the West Coast acquisitions officer for ABR.
REDONDO BEACH, CALIF. — Barry Silver, owner of The Silver Group, has brokered the sale of a 31,500-square-foot, single-tenant retail property, which is located at 1401 Hawthorne Blvd. in Redondo Beach. The Alexander Family Trust acquired the property for more than $12.15 million. Previously occupied by The Good Guys until 2006, the property is currently occupied by T.J. Maxx under a 10-year lease, which was negotiated by Silver. Greg Trotter of Coldwell Bank Commercial’s Sherman Oaks, Calif., office assisted with the sale transaction.
CITY OF INDUSTRY, CALIF. — Voit Development Company has completed the disposition of two speculative industrial buildings, which the firm developed in the City of Industry, for $9.7 million. The buildings were part of the company’s three-building project, which included a third-party 144,000-square-foot, built-to-suit distribution and office center for FreshPoint of Southern California, a wholly owned subsidiary of SYSCO Corp. The 31,296-square-foot and 31,914-square-foot buildings are located on separate land parcels totaling more than 3 acres at Long Lane and Nelson Avenue. Mark Latimer and Ryan Lewis of CB Richard Ellis’ Santa Fe Springs, Calif., office represented the company in both transactions. The buyers were not disclosed.