What area is your expertise? Phoenix Metropolitan Area What trends do you see presently in multifamily development in your area? As construction on the first phase of the Phoenix light rail system wraps up, we’re seeing a major trend towards mixed-use projects with multifamily housing with commercial space along the line’s route from Central Phoenix to Tempe and Mesa. Developers are also targeting the renters-by-choice market by building upscale apartments that offer high-end amenities and finishes. Who are the active multifamily developers in your area? Alliance Residential, Embrey, Fairfield Residential, Trammell Crow Residential, Gray Development, Mark-Taylor, Greystone, Trillium Residential, and the Zaremba Group. Please name one or two significant multifamily developments in your area. What impact will these projects have on the market? CityScape — RED Development and CDK Partners are building this $900 million, 2.5 million-square-foot project in downtown Phoenix. CityScape will feature 1,200 multifamily units, along with a 600,000-square-foot office tower, shops, restaurants, and a 250-room hotel operated by San Francisco-based Kimpton Hotels & Restaurants. Office tenants already committed to the project include Wachovia (regional headquarters) and Squire, Sanders & Dempsey LLP (global law firm). This project is currently supporting more than 3,000 construction jobs, and on-site employment …
CARSON, CALIF. — Watson Land Co. has acquired a 266,780-square-foot industrial property and 8 acres of vacant land in Carson. Located at 771 Watson Center Rd., the building currently serves as a warehouse and distribution facility for UPS Supply Chain Solutions. Built in 1972, the single-story property features 24-foot clearance and 56 dock-high loading doors. Jay Borzi and Steve Silk of Eastdil Secured, along with David Prior and Todd Taunger of The Klabin Company, brokered the transaction. The seller and sales price were not disclosed.
TUSTIN, CALIF. — 15771 Red Hill LLC, a group of private investors, has acquired a 79,756-square-foot industrial property in Tustin. Situated on a 6-acre site at 15771 Red Hill Ave., the property offers 36,000 square feet of office space. The transaction was valued at $12 million. Currently, the facility is 50 percent leased to Cookie Lee, a direct-sale jeweler. Michael Hartel of Voit Commercial Brokerage represented the buyer; Gregg Haley and Kelly Kayl of CB Richard Ellis represented the seller, SK Red Hill Properties LLC, in the transaction.
SANTA MONICA, CALIF. — Santa Monica-based 1550 5th St. LLC has purchased a 35,250-square-foot commercial property in Santa Monica. Located on the northwest corner of 5th Street and Colorado Avenue, the property was 100 percent occupied at the time of acquisition. Los Angeles-based Arthur Goode Family Trust sold the property. Terms of the transaction were not disclosed. Joseph Gabbaian and Guy Eisner of Grubb & Ellis’ West Los Angeles office, along with Kathleen Silver of Colliers International, represented both parties in the transaction.
SANTA ROSA, CALIF. — Jamie Clifford and David Silver of Arroyo & Coates represented the undisclosed seller in the disposition of Vineyard Gardens Apartments in Santa Rosa. Constructed in 1988, the 180-unit multifamily property features one- and two-bedroom townhomes ranging in size from 559 to 926 square feet. The acquisition price was not disclosed. Tim Scherer, also of Arroyo & Coates, represented the buyer, a Marin County, Calif.-based private investor, in the transaction.
VISTA, CALIF. — RREEF has completed the disposition of Bella Terra, a 460-unit apartment community located at 365 Pomelo Dr. in Vista. Hillcrest Montecito LP, VLC Bonnie Brae LP and Vista Bella Terra LP, three R&V Management sponsored partnerships, acquired the property for $69.5 million. The community features one-, two- and three-bedroom units ranging in size from 700 to 1,160 square feet. Community amenities include two swimming pools and spas, an onsite clubhouse, a fitness facility, a business facility and a playground. Ed Rosen, John Chu and Alejandro Lombrozo of Cushman & Wakefield represented all parties in the transaction.
TUSTIN, CALIF. — Jack Markovitz Trust has purchased Red Hill Corporate Plaza, a 44,123-square-foot office building in Tustin, for $12.9 million. The trust acquired the property in a 1031 exchange for cash flow purposes. Built in 1984, the property serves as headquarters for Oncotech, a company that provides molecular oncology testing services. Phil Cohen of Lee & Associates’ Irvine, Calif., office represented the buyer and the seller, John R. Saunders of Red Hill LLC, in the transaction.
GILBERT, ARIZ. — LGE Design Build has been selected to design and build a medical-use facility in Gilbert. Located within Higley Gateway Professional Center, the 154,000-square-foot facility will offer 15,000 square feet of retail space. Situated adjacent to the new Banner Gateway Medical Center, the $21 million project is the fourth medical-use project either designed or constructed by LGE this year.
MUKILTEO, WASH. — InterContinental Hotels Group is developing a 130-room Staybridge Suites in Mukilteo. Located at the intersection of Mukilteo Speedway and Paine Field Boulevard, the five-story, all-suites hotel will feature 1,900 square feet of meeting space, the brand’s Just Like Home Theater with a 52-inch plasma high-definition television, an indoor pool, a 2-mile nature trail, Wireless Anywhere Internet access, daily breakfast buffet, complimentary 24-hour guest laundry, a workout facility, a complimentary 24-hour business center and BridgeMart®, a 24-hour convenience store. The hotel is owned by Mukilteo Hotel LLC and will be managed by 360 Management Company LLC, under a license agreement with a company in the InterContinental Hotels Group. Completion is slated for fall 2009.
TUSTIN, CALIF. — KAMF Tustin LLC has acquired three medical office buildings in Tustin as part of an investment package brokered by John Bosko and Bob Bush of NAI Capital’s Newport Beach, Calif., office. The transaction was valued at $10 million. Located at 13422 Newport Ave., the first property, the 14,023-square-foot Tustin Medical Arts building, sold for $3 million. Bosko and Bush also represented the seller, Tustin Medical Arts, in the transaction. The second property, offering 20,450 square feet at 13362 and 13372 Newport Ave., was acquired for approximately $4.46 million. Gary Stache and Pat Scruggs of CB Richard Ellis represented the seller, Selcasnan Limited Partnership, in the transaction. Located at 1101 Bryan Ave., the 45,302-square-foot third building sold for $2.57 million. The seller, Bryan Medical LLC, was self-represented in the transaction.