PORTLAND, ORE. — Urban Renaissance Group and Boston-based Great Point Investors have acquired the Morgan Building in Portland for $27.5 million. The 8-story, 156-984-square-foot historic building is located at 720 S.W. Washington St. in the central business district. It is currently home to Morgan’s Alley, a 17,500-square-foot retail arcade. The sellers name was undisclosed.
Western
SOUTH GATE, CALIF. — Golden Boy Partners has broken ground on a 107-unit multifamily community in South Gate. Tierra del Rey will be situated on 5 acres at Firestone Boulevard and Calden Avenue, and will offer two- and three-bedroom townhomes. Golden Boy Partners is a real estate development company formed by Oscar De La Hoya and John Long, CEO of Highridge Partners. Tierra del Rey is scheduled for completion in March 2009.
CARLSBAD, CALIF. — Continuing Life Communities has completed Phase IV of La Costa Glen Carlsbad, a retirement community located in Carlsbad. The final phase features 211 apartment homes, 52 villas and a 32,000-square-foot Fairway Clubhouse. New amenities include a 12,000-square-foot recreation/fitness center featuring a sauna, yoga, massage and exercise facilities, a heated indoor swimming pool, a movie theater, and a pitch-and-putt golf course. The 281-acre community, located at 1940 Levante St., first opened in 2002.
SAN FRANCISCO — San Francisco-based New Urban Properties has acquired three Category I historic buildings in San Francisco. The first property, 166 Geary St., is a 16-story building; 17 Maiden Ln. is a two-story boutique building; and 944 Market St. is an eight-story building located in the Mid-Market submarket. The acquisition price and seller’s name were undisclosed.
SAN DIEGO — San Diego-based Benson & Bohl Architects have been chosen to design Merrill Gardens at Bankers Hill in San Diego. The 84-unit senior residential community will be situated on 1.38 acres at the corner of Laurel Street and Second Avenue. The 131,018-square-foot, five-story property will feature 18 studio units, 46 one-bedroom units and 20 two-bedroom units. Construction is slated to begin in early 2009.
REDLANDS, CALIF. — A private investor has acquired a 266,850-square-foot industrial property in Redlands from Oakmont Redlands Palmetto Ave. LLC for $20.4 million. The Class A property is located at 26940 Palmetto Ave. and offers proximity to the San Bernardino International Airport. Features include new concrete tilt-up construction, 2,800 square feet of expandable office space, an ESFR Sprinkler System, 49 dock-high loading doors and 32-foot ceilings. Clyde Stauff and Stephen Calhoun of Colliers International represented the buyer, and Cushman & Wakefield represented the seller in the transaction.
SAN DIEGO — Construction is complete on a 39,000-square-foot academic building at National University in San Diego. The $7.4 million facility, located at the intersection of Aero Drive and Aero Court, was designed by Architects | Delawie Wilkes Rodrigues Barker and features classroom space, lab space, and a production studio for the Media and Communications program. The two-story building is one of four facilities Architects | Delawie Wilkes Rodrigues Barker has designed on the campus that is either complete or under construction. Project partners included ROEL Construction as general contractor, HOPE Engineering as structural engineer, RBF Consulting as civil engineer, Xnth as electrical and mechanical engineer, and Wimmer Yamada Caughey as landscape architect.
TORRANCE, CALIF. — Dean Zander and David Casper of Hendricks & Partners have brokered the $11 million sale of Alondra Park apartment community in Torrance. Torrance, Calif.-based Diversified Holdings acquired the 68-unit community from Los Angeles-based DMC Investment Group. Alondra Park is located at 3338 Redondo Beach Blvd. and has received substantial upgrades.
PHOENIX — Armor Designs has signed a 5-year, $2.7 million lease for a 71,345-square-foot industrial facility in Phoenix. The facility is located at 4645 South 35th St. near the Maricopa (10) Freeway. Rich Sica of DAUM Commercial Real Estate Services represented the lessee and Pete Klees of Grubb & Ellis represented the lessor, PCCP Bar I LLC, in the transaction.
FEDERAL WAY, WASH. — Liquid Capital has acquired Silver Shadow apartments in Federal Way from Silver Shadow LLC for $13.45 million. The property, located at 27606 Pacific Highway South, features 11 two- and three-story buildings with 44 one-bedroom units, 72 two-bedroom units and 16 three-bedroom units. Amenities include a clubhouse, a heated indoor pool, a spa and an exercise room. Jim Claeys of Apartment Realty Advisors’ Seattle office represented the buyer, who acquired the property to complete a 1031 Exchange.