SAN FRANCISCO — San Francisco-based Shorenstein Properties LLC has partnered with San Francisco-based SKS Investments to purchase Oyster Point Business Park and Oyster Cove Marina, a six-building flex/industrial property with adjacent 235-berth marina in South San Francisco. Currently 88 percent leased, the business park consists of six single-story buildings totaling 404,215 square feet. The 34.34-acre property is located on Oyster Point Boulevard and is 1 mile east of Highway 101 and 1.5 miles north of San Francisco International Airport. Shorenstein Properties made the acquisition on behalf of its ninth investment fund, Shorenstein Realty Investors Nine LP, a $2.062 billion private commingled fund formed in spring 2007. NAI BT Commercial Investment Services Group represented the seller, Shelton Corp., in the transaction. Terms of the transaction were not disclosed.
Western
LOVELAND, COLO. — McWhinney Enterprises has broken ground for the construction of a 50,000-square-foot office building located within Precision Office Park at Centerra in Loveland. As a build-to-suit for Waltham, Mass.-based Constant Contact, a provider of email marketing and online surveys for small organizations, the property will be the company’s first expansion beyond its corporate headquarters in Waltham. Dohn Construction is serving as general contractor for the project. Other key consultants include Ware Malcomb – Denver, Burkett Design, Northern Engineering Service Inc. and BHA Design Inc. Completion is slated for early 2009.
SEATTLE — Sea-Mar Community Health Center has acquired a 30,000-square-foot retail property, which is located at 9635 S. Des Moines Dr. in Seattle. Northshore sold the property for $4.6 million. Kurt Sorensen of GVA Kidder Mathews represented the seller; Brian Petro of Odella Pacific Properties represented the buyer in the transaction.
LA CRESCENTA, CALIF. — Emmanuel Ndu of Marcus & Millichap’s Encino, Calif., office represented Larry Rubenstein in the acquisition of Mountain View Townhomes, an 18-unit multifamily property in La Crescenta. Myron Lieberman and Arlene Lieberman sold the property for $3.9 million. Earle Hyman, also of Marcus & Millichap, represented the sellers in the transaction.
LAKEWOOD, COLO. — NorthMarq Capital Inc. has arranged $2.45 million in permanent financing for Academy Center, a four-story, multi-tenant office building in Lakewood. Located at 7175 W. Jefferson Ave., the 68,717-square-foot property was built in 1984. Steve Bye and Brian Smith of NorthMarq’s Denver office arranged the financing for the undisclosed borrower.
BOULDER, COLO. — Crown West Realty LLC has purchased a two-story office building in Boulder for $10.9 million. Located at 5775 Flatiron Pkwy., the property offers 96,000 square feet of office space. Invesco Real Estate sold the property, which was built in 1987. At the time of acquisition, the building was 96 percent occupied by a variety of tenants, including CH2M Hill, Konica-Minolta, Wall Street on Demand, Vexcel and SimAuthor Inc.
RANCHO DOMINGUEZ, CALIF. — First Industrial Realty Trust Inc. has leased its First Dominguez Gateway Center, a 214,000-square-foot distribution center in Rancho Dominguez, to DHL Excel Supply Chain, a major international third-party logistics provider and subsidiary of Deutsche Post. Located at 3015 E. Ana, the property offers several features that are unique to the South Bay submarket, such as a secured yard for trailer storage and two rail spurs. Ryan McClean and Jackie Baker led the First Industrial team on the lease transaction. Todd Taugner, Frank Schulz and David Bales of The Klabin Company also assisted with the transaction.
PALO ALTO, CALIF. — Brian Henry and Bryan Danforth of Marcus & Millichap’s Palo Alto office represented both parties in the disposition and acquisition of Mayfield Manor, a 38-unit multifamily building in Palo Alto. The transaction price was not disclosed; however, the final sales price was significantly more than the list price of $10 million or $263,985 per unit. Located at 408 Grant Ave., the 32,880-square-foot four-story building offers a mix of studio, one- and two-bedroom units. Community amenities include a swimming pool, a lounge area, a recreation room, a coin-operated laundry, a fire sprinkler system, underground parking and large balconies in every unit. The buyer and the seller were not disclosed.
LA JOLLA, CALIF. — Broadway & 9th LP has purchased a multi-tenant retail building located at 7643-7645 Girard Ave. in La Jolla for $6.6 million. The 10,700-square-foot property includes three local antique retailers: Ark Antiques, Pied-e-Terre and Skolout & Tilghman Estate Company. Mike Slattery of Grubb & Ellis|BRE Commercial represented the seller, Girard Avenue Investments LLC, in the transaction. The buyer was represented in-house.
YUBA CITY AND CITRUS HEIGHTS, CALIF. — TRI Commercial Property Management, a subsidiary of TRI Commercial/CORFAC International, has added two regional apartment communities to the company’s portfolio of managed properties. The portfolio now includes River Oaks Apartments, a 148-unit, Class A community located at 700 Bogue Rd. in Yuba City; and Sunrise Wood, a 168-unit complex located at 7911 Sunrise Blvd. in Citrus Heights. Sunrise Wood offers a mix of one- and two-bedroom units and individual in-unit laundry facilities, setting the complex apart from many of its competitors in the area.