Western

WELLS FARGO FINANCES $53 MILLION LOAN FOR MF PROPERTY

by admin May 27, 2008

DOWNEY, CALIF. — Wells Fargo & Co. has closed a $53 million Fannie Mae loan for the refinancing of Park Regency Club Apartments in Downey. The loan carries a 7-year term plus a 1-year extension option. The 460-unit community features two swimming pools, a heated spa, barbeque grills, tennis courts, two fitness centers, a children’s playground and a multi-level clubhouse. Phil Morse of Wells Fargo Multifamily Capital in McLean, Va., originated the loan, with Doug Thompson of HFS Capital Advisors Inc. as a correspondent. The borrower, an affiliate of Gehr Enterprises, plans to use the proceeds to diversity its real estate portfolio in the Manhattan, N.Y., hospitality market.

May 27, 2008

HARMONY GROVE INDUSTRIAL PARK NEARS COMPLETION

by admin May 27, 2008

ESCONDIDO, CALIF. — Pacific Realty Advisors is developing Harmony Grove Industrial Park, a 36,500-square-foot industrial park located at 1291 Pacific Oaks Pl. in Escondido. With completion slated for June, the multi-tenant project features suites ranging in size from 1,219 to 2,198 square feet, with the option to combine spaces. The separately metered warehouse units also feature grade-level truck doors. Kenneth D. Smith Architects provided architectural services for the project; Kenard Construction is serving as general contractor. Matt Strockis and Eugene Marini of Cushman & Wakefield are marketing the project.

May 27, 2008

Office Western

RESEARCH CORPORATE CENTER SELLS FOR $7.7 MILLION

by admin May 27, 2008

TEMPE, ARIZ. — El Segundo, Calif.-based Tempe Investment Associates LLC, a Titan Real Estate Investment Company, has completed the disposition of Research Corporate Center in Tempe. Located at 2085 E. Technology Dr., the three-story, 45,238-square-foot office building sold for $7.7 million. The buyer was an undisclosed party out of California. Built in 1989, the center was 100 percent leased at the time of acquisition. The largest tenant is Cytec Engineering Materials Inc., a global specialty chemicals and materials company. Barry Gabel, Mindy Korth and Mark Dancer of CB Richard Ellis’ (CBRE) Phoenix office, along with Kevin Shannon and Ken White of CBRE’s South Bay, Calif., office, represented the seller in the transaction.

May 27, 2008

Industrial Western

GRUBB & ELLIS|BRE BROKERS $3.9 MILLION INDUSTRIAL PROPERTY SALE

by admin May 27, 2008

SAN DIEGO — LDF LLC, a manufacturing company, has acquired a 23,568-square-foot industrial building for $3.9 million. Innovative Oil & Gas Development & Trading sold the property, which is located at 8710 Avenida de la Fuente in San Diego’s Otay Mesa area. Allen Evans of CB Richard Ellis represented the buyer; Robert Mooney of Grubb & Ellis|BRE Commercial represented the seller in the transaction.

May 27, 2008

Multifamily Western

49-UNIT APARTMENT COMPLEX TRADES HANDS FOR $2.3 MILLION

by admin May 27, 2008

ALBUQUERQUE, N.M. — Philadelphia-based NWJ Albuquerque Investment Fund II LLC has purchased Theta Apartments, a 49-unit apartment community located in Albuquerque, for $2.3 million. Built in 1972, the five-building community consists of 48 two-bedroom/two-bath units and one one-bedroom/one-bath manager’s unit. At the time of acquisition, the property was 97 percent occupied. Kunal Chothani of Investment Property Advisors represented the buyer; Pat Frerkes of Sperry Van Ness/Pat Frerkes Investments LLC represented the seller, Littleton, Colo.-based SIDMAR LLC, in the transaction.

May 27, 2008

Industrial Western

STIRLING CAPITAL COMPLETES 296,490-SQUARE-FOOT INDUSTRIAL BUILDING

by admin May 23, 2008

VICTORVILLE, CALIF. — Stirling Capital Investments has completed its fourth industrial building at the Southern California Logistics Centre (SCLC) in Victorville. The center, known as Distribution Centre 13A, consists of 296,490 square feet of industrial space. Located on a 17-acre site, the cross-docked facility features 32-foot clear height ceilings, ESFR sprinklers, 112 dock high loading doors, 147 truck trailer parking spaces and 164 automobile parking spaces along with a 185-foot concrete truck yard. Additionally, the building was designed for LEED certification and includes skylights and energy efficient lighting. The building is part of the 6.5 million-square-foot first phase of SCLC. Jay Dick, Darla Longo and Mark Latimer of CB Richard Ellis are marketing the facility.

May 23, 2008

Office Western

BRISTOL PARK MEDICAL PLAZA SELLS FOR $13 MILLION

by admin May 23, 2008

IRVINE, CALIF. — Irvine-based Sanderson J Ray has purchased Bristol Park Medical Plaza in Irvine for $13 million or $458 per square foot. Located at 250 E. Yale Loop, the 28,365-square-foot property is fully occupied by five tenants, including Bristol Park Medical and Irvine Diagnostics Center. Dennis Vaccaro of Faris Lee Investments represented the buyer and the seller, Orange County, Calif.-based Yorba Hawthorne LLC, in the transaction.

May 23, 2008

Retail Western

DANOSKI CLUTTS TO BUILD SECOND PHASE OF DESERT MARKETPLACE

by admin May 23, 2008

LAS VEGAS — Las Vegas-based Danoski Clutts Building Group has been selected to build the second phase of Desert Marketplace in Las Vegas. Located at Warm Springs and Durango, the project includes ground-up construction for 107,000 square feet of retail space. Tenants of the project will include TJ Maxx, Big 5 Sporting Goods, Petco and other major retailers. With completion slated for October, the project will feature steel, wood and masonry structures.

May 23, 2008

Office Western

CONSTRUCTION COMPLETE FOR 57,000-SQUARE-FOOT OFFICE CAMPUS

by admin May 23, 2008

SAN DIEGO — Soledad Development Group has completed the developed of Highland Skypark, a 57,000-square-foot office campus located along Ruffin Road in San Diego. Designed by Smith Consulting Architects, the $5 million project features five office buildings ranging in size from 4,765 to 20,060 square feet. Planning & Engineering served as civil engineer; Ridge Landscape Architects provided landscape architectural services; Prime Structural engineers served as structural engineer; DEC Engineers provided mechanical engineer services; MPE Consulting served as electrical engineer and TSA Contracting Inc. served as general contractor.

May 23, 2008

Mixed-Use Western

AFFORDABLE HOUSING ACQUIRES SITE FOR 23-STORY MIXED-USE PROJECT

by admin May 23, 2008

SAN DIEGO — Affordable Housing has acquired a 20,000-square-foot property, which is located at 1050 B St. in San Diego, for an undisclosed price. The company plans to develop Ten Fifty B, a 23-story mixed-use project, on the site. The project will feature 229 studio, one-, two- and three-bedroom apartments and approximately 14,000 square feet of retail space. Completion is slated for spring 2010. The seller, The Smiedt Children’s Trust and the Josephson Children’s Trust, received a combination of cash and retail space in the transaction. Timothy Winslow and Jason Kimmel of Grubb & Ellis|BRE Commercial represented the seller; the buyer was self-represented.

May 23, 2008

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