AURORA AND THORNTON, COLO. — Barry Silver of The Silver Group has completed the sales of two Walgreens properties in Colorado. In Aurora, a 14,820-square-foot property sold for an undisclosed price. The seller and buyer were not disclosed. Additionally, a Walgreens property in Thornton sold. The property was built in 1994. Terms of the transaction were not released. The Silver Group represented all parties in both transactions.
What area is your expertise? Salt Lake Valley, Utah What trends do you see presently in industrial development in your area? Large flex office, warehouse and light industrial centers are planned for the northwest quadrant of the Salt Lake Valley near the new Pacific Railroad’s Salt Lake City Intermodal hub at Highway 201 and Bangerter Highway. What type of industrial product is doing well in your area? With vacancy less than 5 percent, all industrial products are doing will. First generation product landlords will continue to push for increasing rates of $.55+ psf/mo/nnn (warehouse) and $1.00+ psf/mo/nnn (office). Second generation industrial buildings remain occupied with some softening of lease rates. Who are the active industrial developers in your area? Argent Group, Roderick Enterprises, and Rockefeller Group Development Co, Please name one or two significant industrial developments in your area. What impact will these projects have on the market? Two developments are planned to be constructed at Bangerter Highway and Highway 201. When completed, The Commerce Center, developed by The Argent Group, will add 1.8 million square rentable square feet. The Rockefeller Group will increase available space by 930,000 rentable square feet. Where is the majority of development taking place? Why …
GERSHAM, ORE. — Portland-based Carrington Investments LLC has purchased Carrington Square Apartments for $2.7 million or approximately $50,000 per unit. Located at 637 SE 182nd in Gresham, the 2-acre property offers 54 units and a private pool. Portland-based Hagerman Frick O’Brien represented the seller, Gresham-based P. Carlson, in the transaction.
POWAY, CALIF. — Josam Properties LLC has acquired a 21,000-square-foot industrial building in Poway. Sebco Inc. sold the property for $4.2 million. Built in 1998, the two-story, single-tenant facility was leased to Clean Air Power for 10 years in September 2007. Paul Lafrenz and Bill Dolan of CB Richard Ellis represented the seller; Mike Moser of CB Richard Ellis represented the buyer in the transaction. The property is located at 13615 Stowe Dr.
LONG BEACH, CALIF. — Regency Centers LP has purchased Marina Shores Shopping Center, a 67,727-square-foot retail center in Long Beach. Located at 6600 Pacific Coast Highway, the three-building center is occupied by Whole Foods Market, Petco and Boaters World Marine Center. Additionally, a restaurant operated by Mimi’s Café occupies a freestanding pad. The seller was Marina Shores Shopping Center. Chris Jackson and Todd Lorber of Encino, Calif.-based NAI Capital represented both parties in the transaction.
SACRAMENTO, CALIF. — Grove Investment Co. has leased 285,016 square feet of office space to the California Highway Patrol (CHP). Located at 591, 601 and 611 N. 7th St. in Sacramento, CHP will use the property for a state headquarters campus. The three-building property comprises Continental Plaza. Bill Newland, Clyde Rawlings and Toss Vallentine of Grubb & Ellis represented the lessor, Newport Beach, Calif.-based Grove Investment Co., in the transaction; Cornish & Carey represented the lessee. Terms of the 20-year lease were not disclosed.
RIVERSIDE, CALIF. — Atlanta-based Oakmont Hunter Park Riverside LLC has completed the disposition of a 31,768-square-foot industrial building, which is located at the five-building Hunter Park Business Center in Riverside. Located at 1120 Citrus Ave., the property was acquired by M. Gardarian Family Trust for $3.1 million. The facility houses the West Coast distribution center of Rancho Santa Margarita, Calif.-based Qualis International Inc. Milo Lipson and Ryan Velasquez of Grubb & Ellis represented the seller; Todd Hergesall of Voit Commercial represented the buyer in the transaction. The business park totals 294,051 square feet.
CAMPBELL, CALIF. — Chicago-based Waterton Associates LLC has raised $222 million of equity capital for its Western Residential Property Fund X, which is the company’s fourth joint venture with California State Teachers Retirement System (CalSTRS). The fund, which targets value-added and opportunistic properties, has acquired The Parc at Pruneyard in Campbell as its first acquisition. Built in 1968, the 252-unit property consists of 10 two-story residential buildings, a pool, a picnic/barbecue area and a community clubhouse that features a fitness room and a billiards room. The property features one-bedroom/one-bath units and two-bedroom/one-and-a-half bath units offering washer/dryers, patios or balconies and air conditioning.
LYNNWOOD, WASH. — MulvannyG2 Architecture is designing Northpointe Retail Center and a 186,000-square-foot Fred Meyer store in Lynnwood. Located at the intersection of 164th Street SW and Alderwood Mall Parkway, the center will offer nearly 42,000 square feet of mixed-use space consisting of office, retail and restaurant options. The development will encompass seven buildings, ranging in size from 4,000 to 8,000 square feet. The 18.3-acre site will feature a family-friendly, pedestrian-oriented main street at the heart of the development. The design will also include plazas with outdoor seating.
ENCINITAS, CALIF. — Cardiff, Calif.-based John DeWald & Associates, along with Phase 3 Properties Inc., has broken ground for the development of Pacific Station, a $40 million mixed-use redevelopment project in downtown Encinitas. Located at 687 S. Coast Highway, the transit-oriented project will offer 40,000 square feet of retail space, including a 25,000-square-foot Whole Foods Market, restaurants, public plazas and small shops; 9,000 square feet of office space; and 47 upscale residential townhomes. The design team includes John Maple/Maple Dell + McClellan Architects, Allard Jansen Architects Inc. and Architects Illustrated. The residential portion will feature two-story townhomes, two-story lofts and single-story flats ranging in size from 600 to 2,400 square feet. Additionally, the project is seeking LEED certification. Completion is slated for late 2009 or early 2010.